Birla Sunlife Insurance-MR-BHW

FOR
BIRLA SUNLIFE INSURANCE

COMPANY LIMITED
A Report Submitted in Partial Fulfillment of the Requirement of
MBA Program
In Guidance With
SUNDIP KUMAR PARIDA
BUSINESS DEVELOPMENT MANAGER
Submitted By:
SUBASH CHANDRA BEHERA

Roll No : 12MBAS02045
EXAMINER CERTIFICATE
This Project is Submitted by Subash Chandra Behera EXPLORING
THE CONSUMER BUYING BEHAVIOUR OF THE INSURANCE PRODUCT
FOR BIRLA SUNLIFE LIFE INSURANCE of MBA under DDCE,
Sambalpur University and forwarded for evalution.
Internal Examiner
External Examiner
DECLARATION
I, Subash Chandra Behera, do hereby declare that the project report

have been prepared by me under BIRLA SUNLIFE INSURANCE. This report
EXPLORING
THE
CONSUMER
BUYING
BEHAVIOUR
OF
THE
INSURANCE PRODUCT FOR BIRLA SUNLIFE LIFE INSURANCE CO. LTD.

Being the result of original and authentic work, have not been submitted any
where earlier to this for publication from any sources. This is a completely true
and genuine work to the best of our knowledge & belief. The data collected
during the survey is supposed to be kept confidential and not to be used for
any commercial purpose. The facts and findings presented in this project are
true to the best of my belief.
Place :
Date :

BIRLA SUNLIFE INSURANCE

COMPANY LIMITED
CERTIFICATE
This is to certify that Subash Chandra Behera, a student of DDCE,
Sambalpur
University
has
prepared
under
INSURANCE. The Project Report Titled
BIRLA
SUNLIFE
EXPLORING THE
CONSUMER BUYING BEHAVIOUR OF THE INSURANCE

PRODUCT FOR BIRLA SUNLIFE LIFE INSURANCE CO. LTD. as
a partial fulfillment of MBA. This has not formed a basis for the award of
any Degree /Diploma by this university or any other university.
We wish all success in his future endeavor.
Place:
Date:
SANDIP KUMAR PARIDA

(Business Development Manager)
ACKNOWLEDGEMENT
The sense of contentment and elation that accompanies the successful

completion of this project would be incomplete without mentioning the names
of the people who helped me in accomplishing this project, people whose
constant guidance, support and encouragement resulted in its realization.
First of all express my sincere thanks to BIRLA SUNLIFE for showing
confidence in me and giving me an opportunity to complete my on job training
in this esteemed organization. It will always be a matter of pride for me to
express my experience here.
This project bears the imprint of many people. I am highly indebted to
SANDIP KUMAR PARIDA (Business Development Manager) for the
constant guidance and support given by him. No study is complete without
understanding the practical aspects of the same. Sir ensured that I got a
practical overview; this report of that exposure.
I owe a lot to my faculty guide Mr. Binayak Behera for the constant
encouragement and help extended to me.
Last but not least are my parents, whose financial support and
encouragement help me to give this project a final touch in time.

CERTIFICATE OF APPROVAL
This is to certify that the Project Report Entitled:
EXPLORING THE CONSUMER BUYING BEHAVIOUR OF THE
INSURANCE PRODUCT FOR BIRLA SUNLIFE LIFE INSURANCE
Submitted by Subash Chandra Behera (Roll No. 12MBAS02045), Sambalpur
University, towards partial fulfillment of the requirements for the award of the degree
of Master of Business Administration (MBA) is a bona fide record of the work carried
out by him under the able guidance of Mr. Binayak Behera, Veer Surendra Sai
Institute, Angul.
(Approval of the Center Director)
TABLE OF CONTENTS
PAGE NO.
CHAPTER-I
INTRODUCTION
THE CONCEPT OF INSURANCE
INSURANCE SECTOR REFORMS
CLASSIFICATION OF INSURANCE SECTOR
CHAPTER-II
OBJECTIVE
CHAPTER-III
COMPANY BACK GROUND
ABOUT BIRLA SUNLIFE INSURANCE COMPANY
VISION
MISSION
VALUES
MARKET SHARE
CHAPTER-IV
INTRODUCTION TO THE TOPIC
UNDERSTANDING ABOUT CONSUMER BEHAVIOUR
CHAPTER-V
METHODOLOGY
COLD CALL APPROACH
REFERENCE MARKETING APPROACH
CHAPTER-VI
THEORITICAL ASPECT
(A) COMPANYS PRODUCT
FLEXI LIFE LINE
GOLD PLUS II
(B) THE SALES PROCESS
COLD CALL APPROACH
SALES PRESENTATION
CHALLENGES FACED DURING SALES PROCESS
MISTAKES IN SALES
CHAPTER-VII
DATA COLLECTION
SAMPLE SIZE
SAMPLE FRAME
DESCRIPTION OF QUESTIONNAIRE ITEMS
CHAPTER-VIII
A SWOT ANALYSIS
CHAPTER-IX
ANALYSIS OF DATA
CHAPTER-X
FINDINGS
CUSTOMER EXPECTATIONS
CUSTOMER PERCEPTION
CONCEPT OF THE PERFORMANCE GAP
CHAPTER-XI
RECOMMEDATION TO THE COMPANY
CHAPTER-XII
CONCLUSION
BIBLIOGRAPHY
QUESTIONNAIRE
ABSTRACT
The entry of competition into the insurance sector has altered the rules of the
game to a notable extent. The market today is witnessing a wide array of
products from players whose numbers seem to grow by leaps and bounds.
Today the number of insurance companies has grown to a total of 42. The
main aim of the project is to study the consumer behavior in the process of
forwarding insurance products of BIRLA SUNLIFE INSURANCE Company
limited. When players are in plenty the factors that give one player an edge
over the others are products, services and of course pricing. Insurance has
started gaining ground as an investment vehicle today, security and tax
benefits being the traditional benefits.
For undertaking any project it is important to have a basic knowledge of the
various aspects of the field and to be suitably qualified to work therein and
hence keeping this in mind the project was started by the theory classes on
the fundamentals of insurance and detailed of various products. The theory
classes help to develop the function structure on the basis of which the rest of
the project is conceived and developed.
In the subsequent stage the task given was to implement the theory classes
given on the products and sales process to generate results for the company
i.e., to try and achieve the objectives for which project was taken up viz.
The aim of the project is to throw light on the skills, which are required
in good sales personnel in order to push any product in the market.
To analyze consumer behaviour towards different insurance products in
the present scenario and understand their psychology.
Understanding customers needs and priorities.
Bringing out different issues on the surface related to insurance
products with respect to customers and sellers.
In order to achieve the objectives of the project my primary duty was to work
as an insurance advisor who could use various methods to forward the
products and services of the company and to make a record of the various
reactions of the customers and to reason out the possible causes for or for not
making a sale.
CHAPTER-1
INTRODUCTION
THE CONCEPT OF INSURANCE
The business of insurance is related to the protection of the economic value of
an asset for which a normal lifetime exists during which it is expected to perform.
However if the asset gets damaged, destroyed or is made non functional by the
occurrence of some unfortunate event the owner of the assets suffers. Insurance is a
mechanism to reduce the financial implications of such consequences. The insurance
is a mechanism by which the financial loss experienced, due to the damage or losses
of asset because of happening of uncertainties or not happening of certainties, is
transferred to an insurance pool.
The insurance is a risk transfer mechanism by which one organization can
exchange its uncertainties and losses to ascertained loss, by receiving the contribution
from the common fund to the insurance business.
Early Attempts
Life insurance in its modern form came to India from England in1818 with the
formation of the oriental life insurance company in Kolkata with the passage of time
Indians were also covered by this company. By 1868 there were 285 companies
operating in India and were primarily into insuring the European lives, those Indians
who offered were charged an Extra premium of 15 to 20% and treated as substandard
lives.
First Indian Company
The first insurance company under the title the Bombay life insurance Society
started its operation in 1870 and started insuring lives of Indians at standard rates.
Later Oriental Government Life Insurance Company was established in 1874 which
emerged as the leading insurance company in India.
Pre-Independence history
With the various freedom movements various leaders encouraged domestic life
insurance companies to enter the fray. In 1914 there were only 44 companies and in
1940 this number grew to 195. From here on the growth of life insurance was quiet
steady except in 1947-48 during the partition of India.
Nationalization of Insurance Business (1956)
After independence our nation was moving a socialist pattern of society and with the
main aim of spreading the concept to rural areas and to channel the money into nation
building activities the government of India nationalized the life insurance business
and formed the Life Insurance Corporation of India started functioning from
01.09.1956 and is today the largest insurer in the country with one central office,
10
seven zonal offices and over 2048 branch offices with a workforce of 125000
employees and over 800000 life insurance agents.
INSURANCE SECTOR REFORMS:
Why it became Inevitable?
Despite the phenomenal success of The Life Insurance Corporation of India the
government and the public at large were not satisfied with it and by signing the GATT
accord the government of India was committed to open up the insurance sector to both
domestic and international firms.
A committee under the chairmanship of late Mr. R. N. Malhotra was formed (Ex
Governor RBI) and came to conclude that the monopoly of LIC lead to the lack of
sensitivity towards policy holders and only 22 % of the insurable population was
insured.
The committee thus recommended a number of measures to revamp LIC and to allow
foreign companies to operate in India with an Indian partner; It left that this would
lead to a greater scope in product innovation and services improvement as well.
In 1999 the Insurance Regulatory and Development Authority Bill was passed by the
government to facilitate the growth and regulate the newly opened insurance sector
and to guarantee the investments made by the people.
On August 15, 2000 the sector was finally opened for foreign sector participation.
Deregulation came with certain conditions:
Firstly all new foreign players entering the Indian market must set up a joint
venture with a local company.
Secondly, the maximum share the foreign player can hold is 26 % with the
local company or companies holding the balance. Regulators are currently
reconsidering the foreign equity cap of 26%.
CLASSIFICATION OF INSURANCE SECTOR:

Insurance sector can be classified using different yardsticks such as time period of
insurance policy, nature of risk coverage, nature of risk and happening of event,
nature of subject matter or insurable interest, external nature insurance business and
purpose of insurance business but broadly for the common understanding this sector
can be divide into life and non-life insurance.
11
Some of the Life Insurance Services providing companies are

SL. No
Name of the Life Insurance Company
Life Insurance Corporation of India
Birla Sun Life Insurance Co. Ltd
ICICI Prudential Life Insurance Co. Ltd
HDFC Standard Life Insurance Co. Ltd
Met Life India Insurance Company Ltd.
Max New York Life Insurance Co. Ltd
Bajaj Allianz Life Insurance Company Limited.
SBI Life Insurance Co. Ltd
Kotak Mahindra Old Mutual Life Insurance Limited
10
ING Vysya Life Insurance Company Ltd
11
Aviva Life Insurance Company India Limited
12
Cholamandalam
13
Tata AIG Life Insurance Company Limited
14
Reliance Life Insurance Company Limited.
15
Sahara India Life Insurance Co, Ltd.
16
Shriram Life Insurance Co, Ltd
17
Bharti AXA Life Insurance Company Ltd.
18
Future Generali India Life Insurance Company Limited
19
21
IDBI Fortis Life Insurance Company Ltd.,

Canara HSBC Oriental Bank of Commerce Life
Insurance Company Ltd.
AEGON Religare Life Insurance Company Limited.
22
DLF Pramerica Life Insurance Co. Ltd.
20
12
CHAPTER-II
OBJECTIVE
The project deals with exploring of selling skills and understanding
consumer behaviour for products of BIRLA SUNLIFE insurance Company.
The aim of the project is:
To understand the psychology of customer behaviour and the reaction

of the customers when they are approached.
To develop an overall view of the insurance sector in the company.
Bringing out different issues on the surface related to insurance

products with respect to customers and sellers.
To understand the selling mechanism and various techniques involved

in the marketing of insurance products.
To throw light on the skills, which are required in good sales personnel
in order to push any product in the market.
To understand customers perceptions regarding for opting of life

insurance.
To understand customers perceptions regarding insurance products

(What features are important for them).
To understand various life insurance players in the market and reasons

for their preferences. To understand the customers perceptions about
BIRLA SUNLIFE brand image.
To understand the customers perceptions related to sales calls (What

makes them interested and what annoys them).
CHAPTER-III
13
COMPANY BACKGROUND
A collaboration of the US$ 28 billion Aditya Birla Group and the US$404.7 billion
Sun Life Financial of Canada, the group brings together global and Indian expertise to
the area of financial service
Aditya Birla Group
The Aditya Birla Group (www.adityabirla.com), a US $28 billion conglomerate, is

among the largest business houses in India.
It enjoys a leadership position in all the sectors in which it operates. It is anchored by
a force of 100,000 employees, belonging to 25 nationalities. Its operations span 25
countries across six continents and are reckoned as India's first multinational
corporation. Aditya Birla Group Headquartered in Mumbai, India, over 60 per cent of
the Group's revenues flow from our overseas operations. The Group nurtures a work
culture where success is built on learning and innovation. The Aditya Birla Group has
been adjudged "The Best Employer in India and among the top 20 in Asia" by the
Hewitt, Economic Times and Wall Street Journal Study 2007.
Sun Life Financial Inc.
Sun Life Financial Inc. is a leading international financial services organization

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 March 31st, 2010, the Sun Life Financial group of companies had total assets
under management of US$ 404.7 billion. Sun Life Financial Inc. trades on the Toronto
(TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol
"SLF". Additional information can be found at www.sunlife.com
About Birla Sun Life Insurance Company Limited
14
Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance
Solutions in India.
Within 4 years of its launch, BSLI has cemented its position as a leading
player in the Private Life Insurance Industry.
There has been focus on Investment Linked Insurance Products, supported
with protection products to maintain leadership in product innovation.
Multi Distribution Channels- Direct Sales Force, Alternate Channels and
Group offering convenient channels of purchase to customers.
Web-enabled IT systems for superior customer services.
First to have issued policies over the Internet.
Corporate governance and a high degree of transparency in all business
practices and procedures.
First to have an operational Business Continuity Plan.
Strong fundamentals based on the Aditya Birla group's local insight and Sun
Life financials's global expertise.
BIRLA SUN LIFE INSURANCE COMPANY LIMITED

A COMING TOGETHER OF VISIONS
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 organization. The local knowledge of the
Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a
formidable protection for your future.
The Aditya Birla Group has a turnover of close to Rs. 119000 crores, with a market
capitalization of Rs. 133875 crores (as on 31st March 2010). It has over 100,000
employees across all its units worldwide. It is led by its Chairman - Mr. Kumar
Mangalam Birla. Some of its key companies are Hindalco, Grasim and Aditya Birla
Nuvo.
Sun Life Financial Inc. and its partners, have operations in key markets worldwide.
These include Canada, the United States, the United Kingdom, Hong Kong, the
Philippines, Japan, Indonesia, India, China and Bermuda. Sun Life Financial Inc. has
assets under management of over US$404.7 billion (as on 31st March, 2010). It is a
leading performer in the life insurance market in Canada.
Birla Sun Life Insurance (BSLI) has been operating for 7 years. It 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
Bancassurance route and through the Internet. It was the first private sector player to
introduce a Pure Term plan in the Indian market. BSLI has covered more than 2
million lives since it commenced operations. And its customer base is spread across
more than 1500 towns and cities in India. The company has a capital base of Rs.
1274.5 crores as on 31st March 2010.
Vision
15
To create long term value along with market leadership

Mission
To help people mitigate risks of life, accident, health and money at all stages and
under all circumstances enhance the financial future of our customers, including
enterprises.
Values
Integrity
Commitment
Passion
Seamlessness
Speed
Market Share
Birla Sun Life Insurance Company Ltd. (BSLI), the pioneer of Unit Linked Life
Insurance plans amongst the private life insurers in India, has registered strong growth
amongst the private life insurers, as per reports for the Q1 of the fiscal 2010-11. As
per the Q1 FY 2010-11 figures, BSLI has a market share of 8.15% amongst private
life insurance players as compared to BSLI's market share for Q1 FY 2007-08, which
was 4.9%, indeed a significant leap. BSLI's life insurance business has achieved a
growth rate of 194%. The total APE (Annualized Premium Equivalent) is at
Rs.507.4crores.
16
CHAPTER-IV
INTRODUCTION TO THE TOPIC
Understanding about Consumer Behaviour
Consumer behaviour is a vast and complex subject. Understanding consumer
behaviour and knowing consumers are not that simple. It is almost impossible to
predict with 100 % accuracy how consumer(s) will behave in a given situation.
Marketers are interested in watching people behave in different ways as they gain an
insight in a wide variety of behaviour they display. The efforts of all the marketers are
to influence the behaviour of consumers in a desired manner. The success or failure in
this pursuit determines the difference between success and failure of marketing efforts
or even the business itself.
Consumer behaviour is an applied science. Though, the nature of the subject is such
that there are few definitive answers. The study of consumer behaviour goes well
beyond the mere act of acquiring or using the product or service. The study also
includes of how having or not having things affects our lives and our possessions or
use of products and services influence the way we feel about others and ourselves.
The survey conducted on consumer behaviour includes responses from the consumers
for various situations and conditions posed. The data retrieved from them is subjected
to analysis by using various qualitative as well as quantitative tools. The survey is a
combination of qualitative and quantitative findings. The sample size consists of 150
respondents, which is basically a simple random sample in which almost every
member of the population has an equal chance of being selected.
The sample is even stratified as it is divided on the basis of gender ratio and different
sectors of the society. The sample also falls in the category of quota sample, as the
subdivisions are equally male and female. The findings of the sample can be projected
as well as can act as a representative of the whole population.
Since the survey is totally based on market segmentation i.e., the consumer as a whole
is divided in to various segments based on the occupation, gender, martial status etc.
since all the customers are not same as they have different needs, wants, tastes,
educational level, background and experience. Due to this variation and variety the
market today is totally heterogeneous. Hence the market is divided into relatively
distinct homogeneous subgroups of consumers with common needs and
characteristics. To survey these segments about the insurance products floating in the
market and explore the consumer behaviour is the objective of the project.
Segmentation is important in consumer behaviour analysis because understanding the
consumer will allow us segment the market more meaningfully.
The findings of the survey are about the behaviour of consumers towards the
insurance products and the status of different insurance products in the market offered
by the companies. These findings are totally derived from the data personally
collected from those consumers who are using these products and belong to different
sectors of the society (broadly divided as government sector and private sector).
Apart from these major divisions there are several sub-divisions which are also
worked upon to explore the consumer behaviour about insurance products. By
combing the results of the different segments I came to certain conclusions that are
being presented in the report.
17
CHAPTER-V
METHODOLOGY
The main aim of this project is to study the consumer behaviour and various reactions
of customers in reference to BIRLA SUNLIFE Insurance Company for this I have
planned to use the methodology adopted is
Cold call Approach

Reference Marketing Approach
Questionnaire survey
Direct Interviews
THE SALES PROCESS

The two widely followed methods of selling insurance policies are:
The cold call approach
In the cold call approach the insurance advisor does not know the prospect personally
but has the database of the various prospects and thus his main aim is to appointment
over the phone and then make the sales presentation and follow up the prospect as the
case may demand. The hurdles in this process are gatekeepers who are those people
who obstructs the way to meet the right pers0on and hence sales like the assistants,
secretaries and other.
The reference marketing approach
In this case the insurance advisor approaches his existing contacts of friends and
acquaintances and does not follow any specific methodology. Here the aim lies in
developing a vast network of friends and acquaintances by various means in order to
prospect a larger size of the population to whom he knows personally. The drawback
of this process however is that the advisor may soon run out of references as he would
have finished approaching all his close circles of influence
The sales presentation
The sales person is recognized as a surrogate for the service and in the case of life
insurance may be perceived as being the service. The sales person should have
thorough knowledge of the products with which he is dealing with and the sales
process should offer what could not be delivered- especially where abstract words are
used to describe the product or service.
Generating Interest
What really interest the prospect in the product?
What are the needs concerns worries of the customers?
Refer to a customer who is of similar background and his decisions taking up a policy.
18
CHAPTER-VI
THEORITICAL ASPECTS
Consumer Behaviour
The study of consumer behaviour is of how individuals make decisions to spend their
available resources. It includes the study of what they buy, when they buy, where they
buy it and how often do they use it.
The term consumer is divided in two sub categories
The individual customer or personal customer who buys good and services for his
own use as in this case for his own investments and tax needs as well as for his
familys insurance coverage.
The organizational customer including government agencies institutions and
commercial establishments and industries that purchase the insurance policies as key
man insurance cover or group cover for their employees.
The customer and the markets are diverse and thus for any marketer it is important to
know why and how individuals make their consumptions decisions thus to make
better strategic marketing decisions. Thus by gaining an insight into the consumer
behaviour it may be possible to predict how they react towards different information
and thus gaining a competitive advantage in the markets. Thus if we can model
behaviour then we can predict it and help us to examine the strengths and weakness of
brand positions and develop marketing strategies designed to maximize attraction/
minimize defection as well as identify individuals of opportunity and risk.
As a student of human behaviour we are concerned in understanding consumer
behaviour with gaining insights into why individuals react in certain consumption
related ways and to gain an insight into the internal and external influences that impel
to act so thereby helping us to understand our strategies and thereby to become more
aware of own purchasing decisions and consumptions.
Market Segmentation
Market segmentation can be defined as the process of dividing the market into distinct
subsets of customers with common need or characteristics and selecting each target
segment with a distinct marketing mix.
Need For Market Segmentation
All customers are not alike thus the concept of mass marketing i.e. of offering the
same marketing mix to all the customers cannot be applied here. The strategy of
segmentation allows the marketers to avoid head on competition in the market place
by differentiating their offerings.
Thus after identifying the segments and clustering them into homogeneous groups the
marketer must select a segment and design a specific product or services as well a
promotional appeal to for each distinct segment and position the same in such a way
19
that it is perceived by the target segment as satisfying the customers need better than
the competitive offerings.
Birla Sun Life Insurance Flexi Life Line Plan

In this policy, the investment risk in investment portfolio is borne by the
policyholder
Highlights
Lifelong insurance cover till 100 years of age
Guaranteed returns of 3% p.a net of policy charges
Choice of 3 investment fund options
Option for tax free partial withdrawals
UNIT-LINKED LIFE INSURANCE SOLUTIONS: THE BEST OF BOTH
WORLDS
Birla Sun Life Insurance was the first Private Life Insurer in India to introduce UnitLinked life insurance plans. A Unit-Linked plan is an auspicious coming together of
security from life insurance and earnings from investments. Which means, apart from
securing your future, they offer efficient returns. What's more, they're transparent,
flexible and simple to understand.
With insurance cover till the age of 100 years*, this plan is designed to provide you a
lifetime of security. While its compounding factor keeps adding on to your Investment
Fund, the flexibility allows you to withdraw money from the Investment Fund
whenever you require it in your lifetime. Tax-free ** by nature, it can also be used as
a tax efficient pension plan.
Unique Features
The plan is a unit linked non-participating plan which gives you efficient
earnings in the long term.#
Lifelong Insurance cover till age 100 years^ in addition to other durations
available.
A choice of three Investment Fund Options: Protector, Builder and Enhancer,
with the freedom to switch between the Investment Fund Options anytime
during the policy tenure. $
Flexibility to make additional lump sum investments (top ups) to increase the
savings portion of your policy.
Minimum Guaranteed returns of 3% p.a. on your premium and any top up
amounts, net of all Policy Charges. More importantly the entire upside in the
performance of the Investment Fund is passed on to you.@
Options to make tax free Partial Withdrawal **from your Fund Value anytime
after three years.
Surrender the policy without penalty any time after 4 policy years.
20
Increase the Sum Assured during the premium-paying period depending on

your life insurance requirements.
Convenient premium payment options: Short or Regular paying period.
The Plan
Birla Sun Life Insurance Flexi Life Line Plan
Minimum Entry Age
30 days
Maximum Entry Age
65 years, 59 years for 10 pay.
Minimum Sum Assured

Rs. 5,00,000 for 10 yrs Premium Paying Period for all
ages
Rs. 3,00,000 for 15, 20, 25 yrs and Regular Premium
Paying
Period
for
minors.
Rs. 2, 00,000 for 15, 20, 25 yrs and Regular Premium
Paying Period for majors.
Maximum Maturity Age
70 years for minors for all pay options
70 years for all ages for 10 pay option.
100 years for majors for 15,20,25 or regular pay.
Premium Paying Period
Premium
Frequency
10, 15, 20, 25 years or Regular Premium Paying Period
Payment
Annually, Semi-annually, Quarterly (for annual
premium more than Rs. 20,000 only), Monthly
(through ECS only).
Premium Payment Mode
Cash (upto Rs. 20000), Cheque, Credit Card, Salary

Deduction, ECS, Direct debit
Top up Premium
You can top up$ the fund whenever you have

additional savings during the tenure of the policy. The
minimum amount of top ups will be Rs. 5,000. The
maximum amount of top up in any policy year will be
Rs. 50,000 or the Annual Premium whichever is higher.
The Sum Assured in the plan will increase if the
cumulative top up amount exceeds 25% of the Annual
premium paid till date. The additional Sum Assured
will be 125% of the excess top up premium and is
subject to the administrative and underwriting rules of
the company.
Guaranteed
Guaranteed Funds
Returns/ A minimum guaranteed return of 3% p.a. applies on

premiums and top-up premium, net of policy charges
and survival benefits. This total will constitute the
Guaranteed Fund Value. The guaranteed returns are
21
applicable in case of all exits.

Maturity Benefits
The higher of the Fund Value or the Guaranteed

Fund Value (based on 3% net returns)
Amount due to nominee in Higher of Fund value or Guaranteed Fund or Sum

event of death of the life Assured less all applicable Partial Withdrawals in the
insured
24 months preceding the death of the life insured.
In case of death at the age of 60 yrs or above then the
Sum assured will be reduced by the applicable Partial
Withdrawals made since the life insured attained the
age of 58 yrs. Where the policy is bought on or prior to
the 1st birthday of the life insured, higher of the Fund
Value or the Guaranteed Fund Value is payable to the
policy owner in the event of death of life insured within
the first policy year.
Partial Withdrawals
In a year two Partial Withdrawals are free of charge.

Partial Withdrawals are allowed after three policy years
or on attaining the age of 18 years (in case of minors)
whichever is later. The Partial Withdrawal is subject to
the condition that the minimum Fund Value after the
Partial Withdrawal is equal to the 'Guaranteed Fund' or
'One Annual Policy Premium plus Surrender Charges'
applicable in that year, whichever is higher.
Surrender Benefits
The policy can be surrendered any time during the

tenure of the policy. The surrender charges will be zero
after the 4th policy year. In case of surrender in the first
3 policy years the benefits will be paid out only after
the 3rd policy year
Free Look Period
You will have the right to return your policy to us

within 15 days from the date of receipt of the policy.
We will pay the Fund Value plus all charges levied till
date (excluding the Fund Management Charge) once
we receive your written notice of cancellation (along
with reasons thereof) together with the original policy
documents.
Tax Benefits
Under Section 80C and 10 (10D) of the Income Tax

Act, 1961 **
^ For adults
$ In a year, two switches between Investment Fund Options are free. For every
additional switch, a charge of Rs. 100 will be levied
# Please refer Risk Factors given below
@ Conditions Apply
** As per the current tax legislation.
22
$ Any top up premium made during the period of the contract cannot be withdrawn
for three years from the date of payment of that top up premium. Only amount paid in
excess of the Annual premium in any policy year only will be considered as a top up
amount.
Increase Your Plan Sum Assured

Depending on your changing needs for life insurance during your lifetime, you have
the option of increasing the Life Insurance cover under your policy once in every five
Policy Years. The minimum amount of increase in Sum Assured will be Rs. 50,000
and will be subject to Underwriting and other rules of BSLI prevailing at the time of
increase.
Keep Track of your Fund Value
BSLI will send you an annual policy statement giving details on the number of the
units and the NAV of the units, held by you under the various Investment Funds as of
the last policy anniversary. The NAV of the various Investment Funds will be
available on our website www.birlasunlife.com, as well as in the newspapers.
Electronic Clearing Service (ECS)
The ECS is a convenient and hassle-free method of paying your premiums through an
electronic debit to your bank account
Riders
You can further customize your Birla Sun Life Insurance Plan by adding riders to the
base plan at a marginal extra cost.
Accidental death and Dismemberment Benefit Rider:
It provides 100% of coverage in case of death due to accident; loss of more than one
limb or sight in both the eyes or in case of loss of one limb and loss of sight in one
eye; 50% coverage in case of loss of one limb or sight in one eye.
Term Rider:
It provides additional amount of cover in the event of death of the life insured.
Critical Illness Rider:
It provides a cover in the event of life insured being diagnosed as suffering from any
of four illnesses specified under the Critical Illness Rider.
Critical Illness Plus Rider:
It provides a cover in the event of life insured being diagnosed as suffering from any
of the seventeen illnesses specified under the Critical Illness Plus Rider.
Critical Illnesses Woman Rider:
23
It provides a cover against several critical illness including woman specific illnesses
like Pregnancy complications and congenital anomalies in a new born child.
Waiver of Premium:
This rider waives payment of future premiums on the happening of any of the
unforeseen events as covered under this rider.
Investment Fund Particulars
You can choose from 3 Investment Fund Options to match your risk profile and help
you earn efficient returns on your Investment Funds.
The Portfolio and the risk profile of the different Investment Funds are given below:
Investment
Risk
Fund
Profile
Option
Protector
Low
Builder
Low
Enhancer
Medium
Asset Allocation *
Min.
Max.
Debt Instruments, Money Market &Cash
90%
100%
Equities & Equity Related Securities
0%
10%
80%
90%
10%
20%
65%
80%
20%
35%
* In each Investment Fund Option, the Money Market & Cash asset allocation will
not exceed 40%.
The Investment Funds have a varying amount of debt and equity. You can select the
Investment Funds based on your risk preference and switch between them based on
your needs.
Protector
Objective: The objective of the Investment Fund Option is to generate consistent
returns through active management of fixed income portfolio and focus on creating
long-term equity portfolio, which will enhance yield of composite portfolio with
minimum risk appetite.
Strategy: To invest in fixed income securities with marginal exposure to equity up to
10% at low level of risk. This product is suitable for those who want to preserve their
capital and earn steady return on investment through higher exposure to debt
securities.
Builder
Objective: This Investment Fund Option helps build your capital and generate better
returns at moderate level of risk, over a medium or long-term period through a
balance of investment in equity and debt strategy: Generate better return with
moderate level of risk through active management of fixed income portfolio and focus
24
on creating long term equity portfolio which will enhance yield of composite portfolio
with low level of risk appetite.
Enhancer
Objective: This Investment Fund Option helps you grow your capital through
enhanced returns over a medium to long term period through investments in equity
and debt instruments, thereby providing a good balance between risk and return. This
fund is suitable for those who want to earn higher return on investment through
balanced exposure to equity and debt securities.
Strategy: To earn capital appreciation by maintaining diversified equity portfolio and
seek to earn regular return on fixed income portfolio by active management resulting
in wealth creation for policyholders.
Policy Charges
The Premium Allocation Charge* is an up-front charge and varies as per the premium
payment term and the Policy Year as given below:
Pay period
Policy Year
10-14 pay
15-pay+
54.6%
65%
7.5%
7.5%
7.5%
7.5%
4+
5.0%
5.0%
*As a percentage of premium

The Premium Allocation Charge for top ups and on Underwriting Extra (if any) will
be 2.0 percent. There is no Premium Allocation Charge on Rider Coverage Premium.
The Premium Allocation Charge is guaranteed for the duration of the contract.
Charges
1. Mortality Charges for the Life Insurance Coverage will be deducted by
cancellation of units at the prevailing NAV on a monthly basis. The annual
mortality charges per thousand Sum At Risk for sample ages are as follows:
Sex
/
20
30
40
50
60
Age(Yrs)
Female
0.896
1.163
1.657
4.030
10.660
Male
1.016
1.171
2.150
5.532
13.732
The Mortality Charges are guaranteed for the entire period of the contract.
2. A Fund Management Charge not exceeding 1.5% p.a. of the Fund Value will
be charged by adjustment of daily NAVs. Currently this charge is 1% p.a. for
Protector, Builder and Enhancer.
3. A Policy Administration Charge will be recovered by cancelling units on a
monthly basis at the prevailing NAV. The annual Policy Administration
Charge per 1000 of the Life Insurance Coverage Sum Assured is given in the
table below:
25
Policy Administration Charge

Life Insurance Coverage Sum Assured
Policy
Year
For
First
Rs.1,00,000
On Amount in excess
of Rs.1,00,000
5.52
2.88
17.88
15.24
3+
5.52
2.88
This annual charge cannot exceed Rs. 20 per thousand of the Life Insurance
Coverage Sum Assured:
For example, Suppose you had chosen a Sum Assured of Rs 10, 00,000. In this
case the total Policy Administration Charge in Year 1 is 5.52 * 100 + 2.88 * (1000
100) = 3144 and the amount Rs 3144/12 = 262 will be collected on every
monthly processing date by cancellation of units during the first Policy Year.
4. A Rider Premium Charge will be recovered monthly by cancellation of Units.
The Rider Premium Charge will be the equivalent monthly Rider Coverage
Premium payable when the Rider Coverage Payment Period equals the Rider
Coverage Benefit Period. Rider Coverage Premiums may be subject to market
risks.
Fund Switching Charges
In a year, two switches between Investment Fund Options are free.
For every additional switch, a charge of Rs.100 will be levied.

Partial Withdrawal Charges
In a year two Partial Withdrawals are free of charge

For every additional Partial Withdrawal, a charge equal to Rs.100 subject to a
maximum charge of Rs.500 will be levied.
Surrender Charges
The Surrender Charges are levied in the first four years and varies based on the
duration of the Policy. During the first 24 months of the Policy, the charge will be an
amount equal to the annualized Life Insurance Coverage Premium payable for this
Policy. For the purpose of Surrender Charges only, annualized Life Insurance
Coverage Premium is defined, as the amount that is payable if the Coverage Paying
Period is equal to the Coverage Benefit Period. In the 25th month, the Surrender
Charge is 24 percent of the annualized Life Insurance Coverage Premium. The
26
Surrender Charge per cent reduces by one for every month thereafter. If the Policy is
surrendered at any time after the 49th month, the Surrender Charge is zero.
The Surrender Value is calculated after deducting the Surrender Charges from the
Fund Value.
Premium Discontinuance
In the first three Policy Years:
To keep the Policy in force, you must contribute, within the grace period of 30 days,
the amount of Policy Premiums, which is due but unpaid. At the end of the grace
period if the premium is not received, then the Policy will lapse and all Coverage will
terminate immediately.
Once the policy lapses it has to be revived within two years from the lapse date,
failing which the Surrender Value as at the lapse date will be paid out at the end of the
third Policy Year or at the end of the revival period whichever is later. In case the
Policy is surrendered during the revival period, then the Surrender Value as at the
lapse date will be paid out at the end of the third Policy Year or the date of Surrender
whichever is later.. The Surrender Value will be calculated by deducting the Surrender
Charges applicable on the lapse date. The Surrender Value will not be affected by the
market fluctuations and will remain constant till the time it is paid out. There will be
no deduction of the Policy Charges (as set out in the Policy Charges section)
thereafter from the Surrender Value. If the life insured dies while the policy is not yet
revived, we will pay the Fund Value as of the lapse date immediately and terminate
the contract.
After the first three Policy Years:
To continue the Policy, you must contribute, within the grace period of 30 days, the
amount of Policy Premium due but unpaid. At the end of the grace period if the
premium is not received, you will be given a period of two years to pay all due and
unpaid Policy Premiums. During these two years all Coverage will continue to be in
force and all applicable charges will continue to be deducted from the Fund Value till
the Surrender Value falls to one Annual Policy Premium. At this time the Policy will
be terminated and the Surrender Value will be paid out.
At the end of the two year period we will give you an option to continue the Policy. If
you do not opt to continue the Policy, the Policy will be terminated and the Surrender
Value will be paid out.
If you decide to continue with the Policy, the Company will not accept further Policy
Premium under this Policy. All Coverage will continue to be in force and all
applicable charges will continue to be deducted till the Surrender Value falls to one
Annual Policy Premium. At this time the Policy will be terminated and the Surrender
Value will be paid out
Policy Revival
27
Should your Policy lapse due to non-receipt of premiums within the first three Policy
Years; you can request that it be revived within two years from the lapse date. Revival
or Reinstatement of the Life Insurance Coverage is subject to the following:
Evidence of insurability satisfactory to us with respect to the Life Insured (if
applicable); and
Contribution in full of an amount equal to all Policy Premiums due but unpaid
till the Effective Date of Revival.
The Effective Date of Revival is the date on which the above requirements are met
and approved by the Company. On this date, the Fund Value as on the lapse date will
be re-invested in the Investment Fund at the NAV applicable on the Effective Date of
Revival. All outstanding Policy Charges, if any, for the period between the lapse date
and the Effective Date of Revival shall be deducted from the Fund Value.
We reserve the right to levy a charge subject to our administrative rules then in force
to cover the Underwriting costs arising at the time of Revival. The Revival charge
currently is Rs 100. This charge cannot exceed Rs. 1000.
In case of non-receipt of premium after the first three Policy Years, you can request
that it be continued within two years from the end of grace period after non-receipt of
premium by contributing all Policy Premium due but unpaid from the date of
premium discontinuance.
Closure of Policy
After first three Policy Years, if the Fund Value falls to one Annual Policy Premium
net of Surrender Charges, we will terminate the Policy and pay the Surrender Value to
you.
Service Tax and other levies
Service Tax and other levies, as applicable, will be levied as per the extant tax laws
NAVS
The basis used for calculation of NAV would be the appropriation price and
expropriation Price. The Appropriation price shall apply in a situation when the
company is required to purchase the assets to allocate the units at the valuation date.
The Expropriation price shall apply in a situation when the company is required to sell
assets to redeem the units at the valuation date.
The NAV per unit of each Investment Fund will be calculated as per the prevailing
IRDA guidelines mentioned below.
When Appropriation price is applied: The NAV shall be computed as:
(Market Value of Investments held by the fund + The Expenses incurred in Purchase
of the Assets + Value of Any Current Assets + Any Accrued Income Net of Fund
Management Charges - Value of any Current Liabilities - Provisions, if any)Divided
by the number of units existing at valuation date (before any new units are
allocated)When Expropriation price is applied: The NAV shall be computed as:
(Market Value of Investments held by the fund - The Expenses incurred in Sale of the
28
Assets + Value of Any Current Assets + Any Accrued Income Net of Fund
Management Charges - Value of any Current Liabilities - Provisions, if any)Divided
by the number of units existing at valuation date (before any new units are allocated)
Terms used
Premium- The amount one has to pay during the premium paying period in
order to subscribe to a particular plan for a given level of plan benefit.
Premium Paying period- The period over which you agree to pay the
premiums.
Policy Period- the period for which the insurance plan has been taken.
Sum Assured- Is the amount of life insurance cover chosen by you.
Maturity- The time when the insurance plan taken comes to an end for
example the maturity for 10 year plan will be at the end of the 10th year.
Age- As per the last birthday.
Top up the Lump sum investment that you can make to enhance the savings
portion of the Policy.
Sum at Risk - is the Sum Assured less the Fund Value.
Suicide
If the Life Insured dies by suicide within one year of the issue of the policy or the
reinstatement of the Life Insurance Coverage whichever is later, we will not pay the
life insurance cover. In such a case, we will refund the higher of the premiums paid
towards the policy since the issue date or the Fund Value on the date of death.
Section 41 of Insurance Act

No person shall allow or offer to allow, either directly or indirectly, as an inducement
to any person to take or renew or continue an insurance in respect of any kind of risk
relating to lives or property in India, any rebate of the whole or part of the
commission payable or any rebate of the premium shown on the policy, nor shall any
person taking out or renewing or continuing a policy accept any rebate, except such
rebate as may be allowed in accordance with the published prospectuses or tables of
the insurer.
Section 45 of Insurance Act
No Policy of Life Insurance effected before the commencement of this Act shall after
the expiry of two years from the date of commencement of this Act and no Policy of
29
Life Insurance effected after the coming into force of this Act shall, after the expiry of
two years from the date on which it was effected be called in question by an Insurer
on the ground that statement made in the proposal or in any report of a medical
officer, or referee, or friend of the Life Insured, or in any other document leading to
the issue of the Policy, was inaccurate or false, unless the Insurer shows that such
statement was on a material matter or suppressed facts which it was material to
disclose and that it was fraudulently made by the Life Insured and that the Life
Insured knew at the time of making it that the statement was false or that it suppressed
facts which it was material to disclose. Provided that nothing in this section shall
prevent the Insurer from calling for proof of age at any time if he is entitled to do so,
and no Policy shall be deemed to be called in question merely because the terms of
the Policy are adjusted on subsequent proof that the age of the Life insured was
incorrectly stated in the application.
Risk Factors / Disclaimers
This policy is underwritten by Birla Sun Life Insurance Company Limited

(BSLI).
This is a non-participating Unit-Linked Plan.
Birla Sun Life Insurance Flexi Life Line, Protector, Builder and Enhancer are
only the names of the Company, Policy and the Investment Funds respectively
and do not in any way indicate the quality of the Policy, Investment Funds or
their future prospects or returns.
The above mentioned charges are applicable to the base coverage only and do
not include riders.
The charges mentioned above are applicable to all the three Investment Fund
Options offered at present.
All the policy charges (except Premium Allocation Charge and Mortality
Charge) can be modified by the company subject to approval of the IRDA.
The value of the Investment Fund reflects the value of the underlying
investment. These investments are subject to market risks and change in
fundamentals such as tax rates etc affecting the investment portfolio.
The premium paid in Unit Linked Life Insurance policies are subject to
investment risk associated with capital markets and the NAV of the units may
go up or down based on the performance of Investment Fund and factors
influencing the capital market and the insured is responsible for his/her
decisions. There is no guarantee or assurance of returns above the guaranteed
returns from the Investment Funds.
BSLI reserves the right to recover levies such as the Service Tax levied by the
authorities on insurance transactions. If there be any additional levies, they too
will be recovered from you.
30
This brochure contains the salient features of the plan. For further details
please refer to the policy contract.
Insurance is the subject matter of the solicitation.
For more details and clarification call your BSLI Insurance Advisor or visit
our website and see how we can help in making your dreams come true.
Birla Sun Life Insurance Gold-Plus II

In this policy the investment risk in investment portfolio is borne by the
policyholder.
Highlights
Eight Fund Options including a 100% equity option - Maximiser: A wide
range of investment funds to choose from depending on your risk appetite.
Also, a golden opportunity to higher your return on investments by investing
in 100% equity option - Maximiser.
Manage your investment fund portfolio: Free unlimited switches and
premium redirection - The plan allows you to monitor your investment fund
performance and change its portfolio according to your preferences at different
stages through free unlimited switches and premium redirection.
Short pay option-3 pay: Convenient short pay option that allows you to pay
your premiums for 3 years only thus avoiding the hassle of paying regular
premiums.
Premium Flexibility: The plan offers the flexibility to reduce your premiums
from the 2nd year depending upon your financial situation.
Liquidity: The plan offers good liquidity through Partial withdrawals and
Surrender. After three years there is no penalty on surrender of policy. Free
unlimited partial withdrawals after 3 policy years allowed subject to a
minimum withdrawal amount of Rs. 5000.
Your Future, Your Success
The Birla Sun Life Insurance Gold-Plus II Plan which gives you much more than a
good insurance cover, an opportunity to grow your investments for the medium term.
It is worth more than Gold.
It is Birla Sun Life Insurance Gold Plus II Plan
Birla Sun Life Insurance Gold-Plus II Plan
31
This plan is a unit linked, non-participating, insurance plan for duration of 8 years. A
simple, hassle free plan it helps you strike the right proportion between protection and
savings. Our plan offers you the convenience of paying for a limited period of 3 years
with the flexibility to reduce premium (subject to minimum of INR 10000) from the
second policy year onwards without reduction in sum assured. The plan, also offers
you the benefits of top-up besides providing liquidity in the form of partial
withdrawals and surrender benefits. Our plan has eight fund options, which empowers
you with the flexibility of allocating premiums in varying proportions into different
fund options and achieves superior investment returns. Free unlimited switches and
premium redirection give you an opportunity to optimize your returns.
Eligibility
Entry Age: 18 yrs to 70 years.
Minimum Premium: INR 50, 000.
Minimum Sum Assured: 5 x annual premium.
Premiums
You can choose your desired premium and the sum assured.
Premium Payment Frequency

You can pay the policy premium monthly (through ECS only), quarterly, halfyearly or annually.
Premium Paying Mode
You can pay your policy premium by cash (up to INR 50,000), cheque, credit
card, salary deduction, ECS and direct debit
Top-Up Premium
You can top-up the fund whenever you have additional savings prior to the
maturity of the policy. The minimum top-up premium is INR 5,000.
The sum assured in the plan will increase if the top-up amount exceeds 25% of
the policy premium paid till date. The additional sum assured will be 125% of
the excess top- up premium and is subject to the administrative and
underwriting rules of the company.
Investing Your Premiums
We offer eight investment funds to suit your particular investment needs - Assure,
Protector, Builder, Enhancer, Creator, Magnifier, Maximiser, and Multiplier. If you
wish to diversify your risk, you can choose to allocate your premium in varying
proportions amongst the available investment fund options. You can switch between
the fund options or change the allocation into the various funds anytime during the
tenure of the policy. The minimum switch amount is INR 5000.
Assure
Objective: To provide capital conservation, at a high level of safety and liquidity
through judicious investments in high quality short-term debt.
Strategy: To generate better return with low level of risk through investment into fixed
interest securities having short-term maturity profile.
32
Protector
Objective: To generate consistent returns through active management of a fixed
income portfolio and focus on creating a long-term equity portfolio, which will
enhance the yield of the composite portfolio with minimum risk appetite.
Strategy: To invest in fixed income securities with marginal exposure to equity up to
10% at low level of risk. This investment fund is suitable for those who want to
preserve their capital and earn a steady return on investment through higher exposure
to debt securities.
Builder
Objective: To build capital and generate better returns at moderate level of risk, over a
medium or long-term period through a balance of investment in equity and debt.
Strategy: To generate better returns with moderate level of risk through active
management of a fixed income portfolio and focus on creating a long-term equity
portfolio, which will enhance the yield of the composite portfolio with low level of
risk appetite.
Enhancer
Objective: To grow capital through enhanced returns over a medium to long-term
period through investments in equity and debt instruments, thereby providing a good
balance between risk and return. This investment fund is suitable for those who want
to earn higher return on investment through balanced exposure to equity and debt
securities.
Strategy: To earn capital appreciation by maintaining a diversified equity portfolio
and seek to earn regular returns on the fixed income portfolio by active management
resulting in wealth creation for policy owners.
Creator
Objective: To achieve optimum balance between growth and stability to provide longterm capital appreciation with balanced level of risk by investing in fixed income
securities and high quality equity security. This fund option is for those who are
willing to take average to high level of risk to earn attractive returns over a long
period of time
Strategy: To invest into fixed income securities & maintaining diversified equity
portfolio along with active fund management policyholder's wealth in long run.
Magnifier
Objective: To maximize wealth by managing diversified portfolio.
Strategy: To invest in high quality equity security to provide long-term capital
appreciation with high level of risk. This fund option is suitable for those who want to
have wealth maximization over long-term period with equity market dynamics.
Maximiser
Objective: To provide long term capital appreciation by actively managing a well-
33
diversified equity portfolio of fundamentally strong blue chip companies. Further, the
fund seeks to provide a cushion against the sudden volatility in the equities through
some investments in short-term money market instruments. Strategy: To build and
actively manage a well-diversified equity portfolio of value and growth driven stocks
by following a research focused investment approach. While appreciating the high
risk associated with equities, the fund would attempt to maximize the risk-return pay
off for the long-term advantage of the policyholders. The fund will also explore the
option of having exposure to quality mid cap stocks. The non-equity portion of the
fund will be invested in good rated (P1/A1 & above) money market instruments and
fixed deposits. The fund will also maintain a reasonable level of liquidity.
Multiplier
Objective: To provide long-term wealth maximization by actively managing a welldiversified equity portfolio, predominantly comprising of companies whose market
capitalization is close to Rs. 1000 crores and above. Strategy: To build and actively
manage a well-diversified equity portfolio of value & growth driven stocks by
following a research driven investment approach. The investments would be
predominantly made in mid cap stocks, with an option to invest 30% in large cap
stocks as well. While appreciating the high risk associated with equities, the fund
would attempt to maximize the risk-return pay-off for the long-term advantage of the
policyholders. The fund will also maintain reasonable level of liquidity
We record your allocation instructions as per the premium allocation percentage, and
our only requirement is that the percentage allocated to each investment fund be in
increments of 5%, ranging from 0% to 100%. For added flexibility, you can at any
time:
Use our premium redirection facility and change your premium allocation
percentage applicable to future policy premiums and top-up premiums; and
Switch part or all of your allocated units in one investment fund to another at
the then prevailing unit prices.
Keeping Track Of Your Investments
BSLI will send you an annual policy statement giving details on the number of
units and their unit price, held by you under the various investment funds as of
the last policy anniversary.
The unit price of the various investment funds will be available on our website
www.birlasunlife.com, as well as in the newspapers.
Accessing Your Investments

Fund Value is the balance of all units allocated to your policy multiplied by their
respective then prevailing unit price.
Partial Withdrawals
34
You are allowed to make unlimited partial withdrawals after 3 policy years, free of
cost. The minimum withdrawal amount is INR 5,000. The maximum partial
withdrawal you can make is the excess, if any, of the fund value over the higher of:
INR 30,000; or
Top-up premiums paid by you during the three years preceding the partial
withdrawal date.
Policy Surrender
The policy can be surrendered any time during the tenure of the policy subject to a
surrender charge. The surrender charges will be zero from the 4th policy year. In case
of surrender in the first 3 policy years the benefits will be paid out only after the 3rd
policy year. The surrender value as of the date of your surrender remains constant till
paid to you.
Policy Loans
We do not offer this facility on this plan.
Benefits
Maturity Benefit
On maturity, your fund value will be paid to you.
Death Benefit
In the unfortunate event of the death of the life insured prior to the maturity date of
the policy, we will pay to the nominee the greater of (a) the fund value or (b) the sum
assured reduced for partial withdrawals as follows:
Before the life insured attains the age of 60, the sum assured payable on death
is reduced by partial withdrawals made in the preceding two years.
Once the life insured attains the age of 60, the sum assured payable on death is
reduced by all partial withdrawals made from age 58 onwards.
Premium Allocation Charge
Premium allocation charge is deducted from your policy premium when received and
before units are allocated. It is guaranteed to never increase. See Schedule B.
Fund Management Charge
A fund management charge not exceeding 1.75% p.a. of the fund value will be
charged by adjustments of the daily unit prices. The charge is 1% p.a. for funds
Assure, Protector, Builder, and Enhancer for Creator, Magnifier, Maximiser funds it is
1.25% p.a. for Multiplier fund it is 1.50%
Policy Administration Charge
A policy administration charge will be recovered by canceling units on a monthly
basis proportionately from each investment fund. See Schedule B for the annual rate
per 1000 of sum assured. We may increase this charge at any time after the 3rd policy
year, subject to a maximum increase of 5% p.a. since inception.
35
Mortality Charge
Mortality charge will be deducted on a monthly basis. We will take these charges by
canceling units proportionately from each of the investment funds at that time.
The annual rates per 1000 of sum at risk (sum assured less fund value) for sample
ages are provided in table below for your reference. Please visit our website or ask
your financial advisor for the rates applicable to you. It is guaranteed never to
increase
Sex/Age (in years)
25
35
45
55
65
Female
1.023
1.162
2.385
6.441
15.92
Male
1.083
1.363
3.110
8.571
21.06
Surrender Charge
The surrender charge is applied if and when you surrender your policy in the first 3
policy years. The surrender charge as a percentage of the annual policy premium
chosen at issue is shown in Schedule B.
IRDA Approval
Only when specified and within stated limits, we may increase a particular charge at
any time in the future. We, however, need to get prior approval from the IRDA before
such charge increase is effective. Otherwise, all other charges in this policy are
guaranteed to never increase during the tenure of the policy.
Schedule A
Investment
Risk
Fund
Profile
Option
Assure
Very Low
Protector
Low
Builder
Low
Enhancer
Medium
Creator
Medium
Asset Allocation *
Min.
Debt Instruments, Money Market & Cash
100% 100%
0%
0%
90%
100%
0%
10%
80%
90%
10%
20%
65%
80%
20%
35%
50%
70%
30%
50%
36
Max.
Magnifier
High
Maximiser
High
Multiplier
High
10%
50%
50%
90%
0%
20%
80%
100%
0%
20%
80%
100%
* In each Investment Fund Option, the Money Market & Cash asset allocation will
not exceed 40%.
Schedule B
Policy Years
Policy Charges
Premium Allocation Charge on policy premium
Premium Allocation Charge on top-up premium
Policy Administration Charge*
Surrender Charge
4+
8%
4%
4%
---
2%
2%
2%
2%
19.4
19.4
19.4 14.4
15%
12.5%
10%
Nil
* Per 1000 sum assured up to INR 50,000. An additional 5 per 1000 will be charged
in the first three policy years only on any excess sum assured over INR 50,000.
Current Tax Benefits
You will be eligible for tax benefits under Section 80C and Section 10(10D) of the
Income Tax Act, 1961.
Under Section 80C, premiums up to INR 100,000 are allowed as a deduction from
your taxable income each year.
Under Section 10 (10D), the benefits you receive from this plan are exempt from tax,
subject to mentioned exclusions.
Service Tax and other levies
37
Service Tax and other levies, as applicable, will be levied as per the extant tax laws.
Premium Discontinuance
If you are unable to pay the policy premium by the due date, you will be given a grace
period of 30 days during which time all coverage under the policy will continue. If we
do not receive the entire policy premium by the end of the grace period the insurance
under your policy will cease and your fund value will be held in suspense after
deduction of surrender charges. You will then have two years from the lapse date to
revive your policy.
If the policy is not revived by the end of the two-year revival period, we will
terminate the contract and pay the surrender value as of the lapse date to you at that
time or at the end of the third policy year, whichever is later. The current charge for
revival is INR 100. We reserve the right to increase this charge at any time, subject to
a maximum of INR 1000.
If the life insured dies while the policy is not yet revived, we will pay the fund value
as of the lapse date immediately and terminate the contract.
Terms & Conditions

Unit Price
On each business day and for each investment fund, we determine the unit price by
dividing the net asset value (NAV) of the investment fund at the valuation time by the
number of units in existence for the investment fund in question. We publish the unit
prices of all investment funds on our website www.birlasunlife.com as well as in the
newspapers.
The NAV is determined based on whether we are purchasing (appropriation price) or
selling (expropriation price) assets in order to meet the daily transactions of unit
allocations (redemptions) associated with the investment fund. When appropriation
(expropriation) price is applied, the NAV of the investment fund is the market value of
investment held by the fund; plus (less) the expenses incurred in purchasing (selling)
assets; plus the value of current assets; plus any accrued income net of fund
management charges; less the value of any current liabilities or provisions. This NAV
divided by the number of units existing on the valuation date, before units are
allocated (redeemed), gives the amount of money we put in to (take out of) the
investment fund per unit allocated (redeemed).
Suicide
We will refund higher of the fund value or policy premiums paid to date in the event
the life insured dies by suicide, whether medically sane or insane, within one year
after the issue or revival date, whichever is later.
38
Free-Look Period
You will have the right to return your policy to us within 15 days from the date of
receipt of the policy. We will pay the fund value plus all charges levied till date
(excluding the fund management charge) once we receive your written notice of
cancellation (along with reasons thereof) together with the original policy documents.
Section 41 of the Insurance Act, 1938
No person shall allow or offer to allow, either directly or indirectly, as an inducement
to any person to take or renew or continue an insurance in respect of any kind of risk
relating to lives or property in India, any rebate of the whole or part of the
commission payable or any rebate of the premium shown on the policy, nor shall any
person taking out or renewing or continuing a policy accept any rebate, except such
rebate as may be allowed in accordance with the published prospectuses or tables of
the insurer.
Section 45 of the Insurance Act, 1938
No policy of life insurance effected after the coming into force of this act shall, after
the expiry of two years from the date on which it was effected be called in question by
an insurer on the ground that statement made in the proposal or in any report of a
medical officer, or referee, or friend of the life insured, or in any other document
leading to the issue of the policy, was inaccurate or false, unless the insurer shows that
such statement was on a material matter or suppressed facts which it was material to
disclose and that it was fraudulently made by the policyholder and that the
policyholder knew at the time of making it that the statement was false or that it
suppressed
facts
which
it
was
material
to
disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of
age at any time if he is entitled to do so, and no policy shall be deemed to be called in
question merely because the terms of the policy are adjusted on subsequent proof that
the age of the life insured was incorrectly stated in the application.
Risk Factors & Disclaimers
This policy is underwritten by Birla Sun Life Insurance Company Limited (BSLI).
This is a non-participating unit linked savings plan. Birla Sun Life Insurance, GoldPlus II, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximiser,
Multiplier are only the names of the Company, Policy and the Investment Funds
respectively and do not in any way indicate the quality of the Policy, Investment
Funds or their future prospects or returns. The charges mentioned above are
applicable to all the eight Investment Funds offered at present. Only the policy
administration charge and fund management charge can be modified by the company
subject to specified limits and approval of the IRDA. The value of the Investment
Fund reflects the value of the underlying investments. These investments are subject
to market risks and change in fundamentals such as tax rates etc affecting the
investment portfolio. The premium paid in Unit Linked Life Insurance policies are
subject to investment risk associated with capital markets and the unit price of the
39
units may go up or down based on the performance of Investment Fund and factors
influencing the capital market and the policy owner is responsible for his/her
decisions. There is no guarantee or assurance of returns from the Investment Funds.
BSLI reserves the right to recover levies such as the Service Tax levied by the
authorities on insurance transactions. If there be any additional levies, they too will be
recovered from you. This brochure contains the salient features of the plan. For
further details please refer to the policy contract. Tax benefits are subject to changes
in the tax laws. Insurance is the subject matter of the solicitation. For more details and
clarification call your BSLI Insurance Advisor or visit our website and see how we
can help in making your dreams come true.
THE SALES PROCESS

COLD CALL APPROACH
Steps involved to cold call process
Prospecting:
The various leads of prospects can be obtained from various sources or number of
ways. The most predominant methods used is records of existing customers,
enquiries, database of other concerns and referrals of existing prospects etc.
Preparation and planning
The sales person should try and get as much information as possible about the client
before contacting him or taking an appointment. He can get this information from the
person who has given the reference. In the case of database the various prospects are
likely to have some common interests like they may all be the members of a social
service organization and have the similar interests.
Determine your sales approach and plan your sales call.
Determine which products and services best suit particular prospects.
Uncover reasons why you should not pursue some prospects, saving your
valuable time and resources.
Tele calling
40
After the above two stages are complete the next stage is to contact the prospect over
the phone. This is one of the most crucial stages in the sales process as it involves the
generation of interest by the customer and his agreeing to affixed appointment
Factors that make Tele calling effective
Effective script
Ability to articulate the script correctly
Ability to handle the customers queries and resistance
Availability of a large database
Silent surroundings
Correct pronunciation of words
Moderate pitch and tone
Moderate speech rate
Absence of any interruptions and noise
Script
The script is a standard set of words each prospect over the phone. It is scientifically
designed such that it enables the message to get across to the prospect over the phone.
Parts of the script

Opening
Introduction and confirmation
Main body
Reasons for calling

What do you want to do?
Why do you want to do?
Close
Alternate close
Take details from the prospect
Confirmation of appointment
The sales presentation
41
The sales person is recognized as a surrogate for the service and in the case of life
insurance may be perceived as being the service. The sales person should have
thorough knowledge of the products with which he is dealing with and the sales
process should offer what could not be delivered- especially where abstract words are
used to describe the product or service.
Generating interest
What really interests the prospect in the product?

What are the needs, concerns, worries of the customers?
Refer to a customer who is of similar background and his decisions taking up a
policy.
The presentation process

Introduction and salutation exchange.
Reconfirm that it is the right time for the meeting
Explain the purpose of the meeting and what they expect at the end of it
Propose the next step and carry on with it
Agreement on need
You will summarize for your prospect the information you gathered in above steps to
verify and clarify these facts. You will be demonstrating your understanding of the
prospects unique problems and needs. Your prospects buy from you not because they
understand your product and service, but because they believe you understand them.
Most of the success you will have in selling engagements or software solutions
depends on the job you do in these three steps.
Sell the company
Your prospects second buying decision is about your company. Does it operate with
integrity? Does it have the competence and capability to perform as promised? You
will supply your prospects with the information they need to make the decision
positively.
Fill the Need
Your prospects next two buying decisions are about the product or service you sell
and the price. In this step, you will show your prospects how your product or service
solve their problems or fill their needs precisely and the value they will receive for
their purchase price. Review the key features and related benefits of the product.
Outline the role your services will play and other ways you answer their unspoken
question. What will it do for me?
Act of commitment
There is always a best time to ask for the order and close the sale and that is when the
only buying decision left is when to buy. In the accounting and software professions,
the majority of selling opportunities do not conclude with the seller asking for the
42
engagement or sale. It concludes with the prospect saying they need to think over the
proposal and will call back. However the sales professionals know now is the time to
ask for the order or the act of commitment. In step six, you will ask for the
engagement or software sale more than once, if necessary- without applying any
pressure. In professional selling, when the previous steps are properly handled,
closing the sale becomes the logical conclusion to a well given presentation. Peak
performers know that closing the sale is no more important or difficult than any other
step in the selling process.
Cement the sale
People buy emotionally, then justify their buying decisions logically. In this step you
will cement in your prospects minds the logical reasons that made their purchasing
decisions sound and intelligent so that your sales will wear well.
Handling Objections
During the sales process one probably meets a familiar obstacle; the objection
Objections are prospects statements about why they dont plan to buy your product
or service. It may be statement such as I dont need that service right now or I
already buy those products from ABC Company
Dont be afraid of an objection: Its simply part of the sales process. In fact objections
oftentimes are a signal that the sale is progressing and youre getting closer to yes.
Objections are oftentimes a prospects way of saying I am not convinced yet: but I
could be
Anticipate objections Rehearse answers to standard objections. Learn to ask
questions of prospects to drill down to their real objections.
Techniques for overcoming objections

Treat every objection with respect and diplomacy
Employ the yes, but technique. Agree with your customers (the yes) and
then offer them new information (the but)
Question prospects when they make statements about why they wont buy or
what they dont like about your product. Ask why they feel as they do: this
will help you get to the root cause of their concerns.
Restate the objection so the customer can hear it. This tends to reduce the
magnitude of an objection or allows prospects to modify your statement
(really theirs) to get closer to the true objection.
Tactfully respond directly to the customers statement. You might even
contradict your customer. Use this approach carefully; however, it will offend
some while proving to be the best approach for others.
Closing the sale
43
Although one should never be shy about asking for the business prospects will
probably give you some signals when they are ready to become customers.
Familiarize yourself with the following readiness signals:
Asking about availability such as how soon can someone be here?
Asking specific questions about rates, prices or statements about affordability.
Asking about features, options quality, guarantees or warranties.
Asking positive questions about your business.
Asking for something to be repeated
Making statements about problems with previous vendors: they might be
seeking reassurance from you that you wont pose the same problems.
Asking about follow-up service or other product you carry.
Requesting a sample or asking you to repeat a demonstration for them or for
others in their company or family.
Asking about other satisfied customers. You should have a list of satisfied
customers ready to give to prospects who, ask (Make sure youve already
contacted your customers and gained their approval for providing their names.
Follow-Up and service after the sale
After the sale follow-up after the sale is just as important as making the sale. Thats
when your relationship with a customer really takes hold. It helps to build long-term
relationship with the customer and helps in retaining him and referring the products to
his peers.
CHALLENGES FACED DURING SALES PROCESS

There were many hurdles and challenges faced during the sales process, which made
the process really exciting
People were not even ready to give time for appointment.

Most of the time gatekeepers objected the path to the concerned person
Customer psyche was also a problem, for people insurance means LIC that is
what impression people are carrying in their mind, which was posing a
problem in forwarding the products of BIRLA SUNLIFE. Sometimes people
are not even ready to listen about other companys products.
The number of products in hand was limited. So when sometimes people
asked for other products they were not in my possession.
Going to government offices was only an option left with us, which was
already occupied by the great LIC.
MISTAKES MADE DURING SALES PROCESS
44
A sale is basically the process of closing a deal, because selling is first and foremost a
transaction between the seller and the prospective buyer or buyers. Selling is the art of
persuading the consumer that buying the product or service will benefit him or her. A
perfect salesman is a person who can sell ice to an Eskimo. But still there are some
mistakes, which sales people generally make without paying attention that they are
actually committing them. There are very few basic things we should keep in mind
before starting the sales process and this could be really of immense use.
CHAPTER-VII
DATA COLLECTION
SAMPLE SIZE
Collection of data was done randomly from different sectors of employees who are
basically falling into the tax slab. In order to retrieve basic data from them, a
comprehensive tool was adopted which comprised a set of 13 close ended and 1 open
ended question.
A total of 150 people were interviewed and were subjected to the questionnaire for the
retrieval of data required.
SAMPLE FRAME
The whole sample size was divided into different categories as follows
First two primary categories were
45
Government employees
Private employees
(MEN=32
-10
-40
WOMEN=18)
Further the two main categories were divided into six sub categories as
1. Total no of Advocates
-12
2. Total no of Doctor
-03
3. Total no of Businessman
-07
4. Total no of Sahara members
-10
5. Total no of chartered Accountants
-10
6. Total no of Others
-08
DESCRIPTION OF THE QUETIONNAIRE ITEMS

The questionnaire consists of 15 close ended questions. These questions are quite
comprehensive in nature. Each question is designed in such a way that it directs the
consumer to give the detail description of what he thinks about the insurance products
and what is the value of these products in his or her life. The question helps in
retrieving the necessary data from the consumer, which in turn will help in exploring
the behaviour.
First two questions finds out whether the person is having any insurance
policy or not and if not then what is the reason for not having one?
Then third one tells about if the person is not having any insurance policy then
the questionnaire ends then and there. If a person having any plan then what
type of plan he has taken.
46
Fourth one finds out what factors help the person in taking decisions when
investing his money in any company?
Then fifth question tells that before buying the insurance policy, whether the
consumer consults anybody before investing money in any plan and if
consulting is done then who are the people who play important role in making
buying decision.
Sixth question gives the information about the consumers concern and
awareness about the insurance or investment plans.
Seventh one tells that whether the person is satisfied with the service and
benefits of his company.
Eighth question gives information about whether the consumer is satisfied
with the kind of services been provided by the company. It depicts the degree
to which the company is able to satisfy its customers as far as services are
concerned.
Ninth question gives information about the company awareness and the credit
of the company in the market, which has motivated and provided customer
with enough reasons to take policies from.
Tenth question gives details about the reasons for which the consumer has
gone for the product of the insurance company. Basically the primary reason
for investing money in such type of policies is tax benefit, but there can be
other reasons as to why the consumer goes for such type of investment such as
insuring the future in case of any unexpected happening or securing source of
income even after the retirement.
The eleventh one tells about how much the company is careful to solve the
problems of the customer.
Twelfth question is quite important as it gives the reasons for which the
customer is not willing to change the company and desires to continue with it.
This is an important aspect of consumer behaviour. Customer develops an
image of the company in his mind, which is due to the degree of satisfaction
provided by the company.
Thirteenth question gives information about whether the consumer is satisfied
with the kind of benefits he is getting from BIRLA SUNLIFE
Fourteenth questions give the perception of the customers about the BIRLA
SUNLIFE i.e. what they think about the company.
Fifteenth one tells about the rating i.e. what they give rating the service and
benefit of the BIRLA SUNLIFE
47
CHAPTER-VIII
BIRLA SUNLIFEs Product- A SWOT ANALYSIS
Major Strengths:
Premium rates are increasing and so are commissions

The variety of products is increasing.
Prospects expect more services from their brokers
Flexibility in payment of premium
Flexibility in investment option
Open office structure
Competitive environment
48
Major Weaknesses
Insurance companies are often slow to respond the changing needs

There is an increasing trend of financial weakness among the companies
There are more competitors for agencies to compete with banks and internet
players
Opportunities
The ability to cross sells financial services is barely being tapped and can still
be developed by collaborative efforts.
Technology is improving to the point that paperless transactions are available
The clients increasing need for an insurance consultant can open new ways
to service the client and generate income.
Threats
The increasing cost and need for insurance might hit a point where a backlash
with occurs.
Government regulations on issues like health care, mold and terrorism can
quickly change the direction of insurance.
Increasing expenses and lower profit margins will hit hard n the smaller
agencies and insurance companies.
Increasing in the number of private players in the market
CHAPTER-IX
ANALYSIS OF DATA
After the collection of data the next task is to interpret and analyze the data. The
questionnaire is design in such a way that the entire questions are answered. After
editing the data are tabulated and analyzed. This survey was conducted in Cuttack for
the purpose of collecting data. The sample of 50 respondents was interview out of that
64 % are male and 36 % are female. So that opinion from both the sex can be taken,
which makes the data analysis free from gender biasness.
The analysis and interpretation of data in order to their responses from the
respondents are as follows:1. TYPES OF RESPONDENTS:-
49
Advocates
12
Doctors
03
Businessmen
07
Chartered Accountants
10
Sahara personnel
10
Others
08
Number of persons having insurance
50
Reason for respondent not having insurance policy
Respondent having Types of insurance plans
Factor affecting in decision Making
51
Respondents Consulting the Advisor before Buying
Customers Satisfaction with Insurance Company
Customer Satisfaction for BIRLA SUNLIFE Products

52
Mindset of the customer for BIRLA SUNLIFE Products
The insurance company has best performance
CHAPTER-X
53
FINDINGS OF DATA
After the details survey, study and analyzing of the collected data I find that the
consumer have their perception about the company and their expectation from the
companys products are:UNDERSTANDING CUSTOMER PERCEPTION GAP FOR BIRLA SUNLIFE:
CUSTOMER EXPECTATIONS:
Customer expectations play a vital role in a companys success and have a deeper
meaning in services marketing than being mere requirements of a customer. It is
clearly important to know with which type of expectation the customer compares the
performance of the particular service. The psychological dimensions of expectations
relate to the fundamental aspects of the service delivery. Customer expectations are
based on customers experience with the service, feedback received or based on their
present needs. Customers do not expect service providers to fulfill all their
requirements but only that they deliver what have promised. They want to get a fair
deal for the price they pay the service. For instance insurance customers often find
that most of their requirements are not met by insurance policies due to exclusion
cases.
Insurance companies are trying to understand customer expectations and design their
policies accordingly. Customer service expectations can be measured along four
dimensions of service quality:
Value: It should be known to the service providers that, what specific value
will the client gain by performing the services. This value can be articulated in
money, in efficiencies, or in quicker resolution of their problem. No matter
what method the company uses, by being specific and clear about its solution,
it will make it easier for the prospect to buy.
Solution: Once the conversation is done to uncover needs, now a solution has
to be crafted. It is not a question of offering all the services that are available,
but offering only those that connect with the scope of the articulated needs.
Need: The service provider needs to find out what kinds of needs the prospect
might have in the general area of expertise. The service providers concern for
the customers and devote individual attention to the service providers to each
customer is shown by this dimension. In the insurance industry the employees
are expected to give individual attention to the customers in making them
understand the services offered and listening to their queries.
Trust: This refers to the ability of the service provider and his employees to
use their knowledge and courteous behaviour to instill confidence regarding
the service. In the insurance industry trust begins with the initial rapport that is
developed with each prospect. As the prospect begins to feel that the service is
indeed competent and professional, he will start to let it into their world.
CUSTOMER PERCEPTION:
Customer perception provides with a way to accurately measure how customers think
of the company, its products and services.
54
In marketing of services, perception can be defined as customers judgment about the

service experience and pertains to the aspects of value of service delivery, service
quality and customer satisfaction. Perception change over time, differ from person to
person and from one culture to another. It is extremely important for the insurance
companies to have knowledge about the customers think or perceive about the
services so that they can update their services according to the needs of the customers.
Insurance companies should also have the knowledge about the influence of such
factors like service encounter, service evidence, image of the service organization and
price of the service on customer perception. They should also attempt to understand
the various types of service encounters like remote, face-to-face and phone encounters
to be able to understand customer perceptions. Once a firm articulates the tangible
aspects of its services it can better promote them, control service delivery quality and
set prices.
The major factors that influence the customer perception about a service provided by
an insurance company are
Service encounter: Customer perception of a service quality is primarily

influenced by the service encounter. A customer estimates the quality of
service through his interaction with a service provider. It is during these
interactions when a customer assesses the quality of service offered by the
service provider. Insurance companies have agents who come in direct contact
with the customers so it is through them that the customer will have his
perceptions about the company. For e.g. if a person who visits an insurance
company for claim is not received properly by the employees of the company,
he may not like to take any more insurance coverage from the company.
Service Evidence: The intangibility property of the service makes customers

look for evidences of the service in every interaction with the service provider.
Marketing message and campaigns should be crafted properly for services as
company only has a few seconds to grab its clients and prospects attention.
Service evidence for an insurance company is not very important as customers
seldom visit the office.
Image: A customers perception of the service quality is also dependent on the

image of the service organization in the mind of the customer. A customer who
has a good image about a company is likely to ignore some instances of poor
service. In contrast to this if the customer has a negative of the service
organization and if the organization fails to provide proper service, it will
further add to the negative image of the organization in the mind of the
customer and result in dissatisfaction.
Price: The price of a service has an impact on customer perception of the

service. It also influences customer perceptions of value, quality and
satisfaction. If an insurance company prices its policies low then customers
might doubt its quality. On the other hand customers can have expectations of
a high quality if the service is priced high.
In the traditional service quality literature there are five major dimensions; tangibles,
reliability, responsibility, assurance and empathy.
55
In the Parsuraman model:
Tangibles refer to physical facilities, equipment and appearance of personnel.
Reliability means ability to perform the promised service dependably and

accurately
Responsiveness means willingness to help customers and provide prompt

service
Assurance indicates knowledge and courtesy of employees and their ability to

inspire trust and confidence.
Empathy refers to caring, individualized attention the firm provides its

customers.
CONCEPT OF THE PERFORMANCE GAP:

A gap model focusing on the identification of the key components of service quality
management and delivery based up on customer expectation and perception and the
service delivery associated with these was created by Parsuraman. The basic premise
of the model was that a gap often exists between customer expectations and
perceptions and the actual delivery of the service.
Why customer perception gap is important:

This concept is important because a company should understand where their gap i.e.
what is there fault. If they would analyze this, then the companies would decrease the
gap. By decrease these gaps they would increase their profits, sales market share, etc.
Study of Gaps for BIRLA SUNLIFE:
56
Tangibility takes into consideration the visual appeal and usage of the physical
facilities available from the above graph it can be seen that almost 37% agree to some
extent there should be a good amount of tangibility in the services. But respondents
also disagree that there is not much tangibility factor in BIRLA SUNLIFE. Hence
there lies a gap between expected service and perceived service.
There is more pronounced variation in the graph when it comes to reliability of the
service. As far as BIRLA SUNLIFE is concerned it is a private company so customers
dont think it as reliable. So it should try and reduce the gap by fulfilling its promises
on time.
57
Responsiveness includes factors such as availability of technical and problem solving.

BIRLA SUNLIFE being a privatized firm believes more in attracting and retaining
customers and hence trains its employees to be more caring and show willingness to
solve the problem. And also expect individual attention whereas there lays almost no
gaps in case of BIRLA SUNLIFE.
Assurance: This refers to the ability of the service provider and their employees to use
their knowledge and courteous behaviour to instill trust and confidence in customers
regarding the service. For this factor both have almost equal gaps.
58
From the above graph it can be seen that customers are happy with the services of
BIRLA SUNLIFE as they are more empathetic and as can be observed from the graph
that is a small gap between the expected and perceived value.
Private sector rely less on Life Insurance Policy in comparison to the Govt. sector.
Although there is also saving taxes and majority go for life Insurance but there is
more stress on the pension plan in comparison to the Govt. sector as they obviously
dont get any pension after retirement as Govt. sector people so they think more for
securing their source of income in the future after retirement apart from saving taxes.
People in this sector are more aware and go for the details before buying any policy or
investing their money in any plan. They compare the alternatives that are similar
products from different companies which are available to them and find out which is
more giving them more benefits. Here this graph indicates that out of total sample
pension plan has sold out 30%, Investment plan is 34%, saving plan is 16%, child
plan is 12% and medical benefit 8%
59
Here from the survey I found that different people have different perception regarding
the product of insurance company in terms of value of money. Out of my sample 15%
think they are getting satisfactory products, 20% think they are getting poor products
from the company and 21% are neutral.
From this I found that what are the reasons that customer are not coming to the
BIRLA SUNLIFE. Out of them 12% think BIRLA SUNLIFE has more hidden
charges, 35% think the company has costly service, 18% think poor customer service,
15% people think they are not getting personal attention from the company, 20% are
not able to give any specified reason.
60
The motivation of buying any product starts from the need recognition, until and
unless the need for any commodity or service arises, the process of acquiring the same
doesnt start. Once the need is generated, people go for gathering information. This
can be done through various sources such as personal sources, commercial sources,
public sources and experiential sources. The most common of them is personal and
commercial sources such as friends, family, advertising and sales persons. Consumers
in government sector and private sector also follow the same process of acquiring
information about insurance products. The company also plays an important role in
creating awareness about the product through advertisement and the other methods.
Consumers have different beliefs and values which effect their buying actions. The
first impression of any company is formed through the quantity and quality of
promotional activity it does to forward its product in the market. Consumers in both
the sectors are rational enough to analyze the insurance product in the market.
Consumers in both the sectors are rational enough to analyze the insurance product in
the market. They collect a lot of data from different sources before buying any
insurance product.
61
The psychology of consumers is directly affected by the surroundings he is in most of

the times. It is again the perception, belief and values which derives the decision
making process. It is but natural that any consumer looks for certain attributes
attached to the company before investing money in buying the product or services.
Depending on the priorities, a consumer goes forward towards making any buying
decision regarding product of any company. Consumers in the government sector are
mostly features which a consumer looks before buying any financial products and
they are reputation, age, network, origin, type, listing in stock market. Consumers in
private sector are more influenced by the reputation of the company in the market
which is derived directly from the amount of value delivered and utility of the product
to the customers.
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CHAPTER-XI
RECOMMENDATION TO THE COMPANY
It is a fact that LIC is the leader in the field of insurance today and ICICI Prudential
has first position in private sector insurance companies. But BIRLA SUNLIFE has
also set its position firmly in this field. BIRLA SUNLIFE having the back of Aditya
Birla Group is the most assurance private companies among the private insurance
companies. They dont show highly aggression for their customer base like ICICI
Prudential or BAJAJ Alliance. During the survey a lot of customers were interviewed
through an open ended question about the level of satisfaction they are getting from
the company, the answers from them revealed a lot of facts about the reputation of the
company among consumers.
BIRLA SUNLIFE apart from penetrating and capturing the market should also ponder
over the sentiment of the consumers, creating a healthy environment in which
consumer feel convenient and secure should be the primary objective of the company.
The low level of service and lack of follow may lead to attrition of consumers which
is the biggest weak point of the company in the current scenario. Standards of service
should be maintained and efforts to delight the customers should be put into.
BIRLA SUNLLIFE is growing at a tremendous pace due to variety and flexibility of
its products. The benefits provided are also satisfying but this alone is not enough to
sustain in the leading position and not at all deserving factor for the top position.
Customer satisfaction especially in the form of service and courtesy should be the
main aim of the company, as they should not forget that insurance industry is basically
a service industry.
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CHAPTER-XII
CONCLUSION
A remarkable trend in the insurance industry in the last three years is the rapid change
in the knowledge level as well as EXPECTATIONS OF THE CUSTOMERS. Studies
conducted on consumer behaviour in pre and post liberalization days of the industry
had revealed stunning changes in consumer expectations.
It looks as though the docile, uniformed, insurance consumer has suddenly been
transformed into an aggressive and highly demanding species. In case of insurance the
potential buyers are motivated to buy the products generally for three major reasons:
Security of the money invested
Saving for one or more specific purposes
Availability of tax benefit
Customers are increasingly known to place less reliance on the tax benefit factor and
stress more on the security aspect and the end-use objective. The challenge of the
insurance companies is to address and pose the motivating factors imaginatively and
come up with innovative and genuine solutions. A potential buyer primarily expects
that the saving should be a painless process and that the money saved should be
absolutely safe. The companies should make sure that they should not only provide
convenience in payment options but also a sense of relief and protection if the
customer is not able or is forced to terminate the payments due to unforeseen or
unexpected happenings.
There has been a vast change in the approach of the insurance agent from the preliberalization days. While the agent in the past established informal contacts with
potential buyers and often depended on referrals from friends and family members,
the new age companies insist on a professional and often aggressive stance on the part
of the sales staff which is not very healthy from consumer retention point of view.
Consumer needs to be delighted instead of only getting satisfied, the company needs
to go an extra mile in order to delight the consumers. Consumer today has become
aware and analytical in behaviour and expects the sales staff to furnish the right and
accurate (updated) information regarding the product. Comparative analysis of the
various products in the market is also asked for by the consumers at point and times in
order to get the best product, which suits his requirements optimally.
64
BIBLIOGRAPHY
www.google.com
www.birlasunlife.com
www.irdaindia.org
Consumer behaviour- by Satish k Batra and S. H. H. Kazmi-Excel Books
Marketing Management- by Philip Kotler- eastern economy Edition.
Consumer behaviour- McGraw hill
65
QUESTIONNAIRE
Name:
Designation:
Age:
Organization:
Gender:
Marital Status:
1. Do you have any insurance policy?

Yes
No
2. If No, What are the reasons for not having one?
Not interested
Dont Come in Tax Slab
Other ways are to save tax
Others
3. If yes, which type of plan do you have?
Pension plan
Investment Plan
Saving Plan
For child
Medical Benefit Plan
4. What factors help you in taking decisions when investing your money in any
company?
Age of the company
Reputation of the company
Security from the company
Type of company
Listing in the stock market
5. Before buying any insurance policy did you like to consult any insurance advisor?
Strongly Disagree
Somewhat disagree
Neutral
Somewhat Agree
66
Strongly Agree
6. When did you think about the insurance?
Before marriage
After marriage
7. Are you satisfied with the benefits you are getting from your insurance company?
Yes
No
8. Thinking about your most recent experience with your insurance company, how
satisfied are you with the customer service you received
Very satisfied
Satisfied
Neutral
Dissatisfied
Very dissatisfied
9. If you were not totally satisfied with the customer service, do you want to have an
insurance policy plan in BIRLA SUNLIFE?
Agree
Strongly agree
Disagree
Strongly disagree
Somewhat agree
10. How would you rate the the products of your insurance company value for
money?
Excellent
Good
Fair
Poor
Not sure
11. Please choose an option that closely represents your option about the process with
which your most recent problem gets solved.
Excellent
Good
Fair
67
Poor
12. If you are not an existing customer, what are the reasons for not selecting BIRLA
SUNLIFE?
Hidden charges
Costly service
Poor customer service
No personal attention
Any other reason
13. If you are an existing customer of BIRLA SUNLIFE, you are satisfied with the
benefits?
Very satisfied
Satisfied
Neutral
Dissatisfied
Very dissatisfied
14. What comes to your mind when you think of BIRLA SUNLIFE?
Better service
Personal attention
Well connected
Friendly atmosphere
More products
15. Which insurance company would you rate the best on overall performance?
BIRLA SUNLIFE
LIC India
ICICI Prudential
TATA AIG
MetLife India
BAJAJ Alliance
68

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FOR

BIRLA SUNLIFE INSURANCE

SUNDIP KUMAR PARIDA

BUSINESS DEVELOPMENT MANAGER

SUBASH CHANDRA BEHERA

Sambalpur University and forwarded for evalution.

I, Subash Chandra Behera, do hereby declare that the project report

INSURANCE PRODUCT FOR BIRLA SUNLIFE LIFE INSURANCE CO. LTD.

SUBASH CHANDRA BEHERA

BIRLA SUNLIFE INSURANCE

INSURANCE. The Project Report Titled

CONSUMER BUYING BEHAVIOUR OF THE INSURANCE

SANDIP KUMAR PARIDA

The sense of contentment and elation that accompanies the successful

SUBASH CHANDRA BEHERA

(Approval of the Center Director)

CLASSIFICATION OF INSURANCE SECTOR:

Some of the Life Insurance Services providing companies are

Name of the Life Insurance Company

Life Insurance Corporation of India

Birla Sun Life Insurance Co. Ltd

ICICI Prudential Life Insurance Co. Ltd

HDFC Standard Life Insurance Co. Ltd

Met Life India Insurance Company Ltd.

Max New York Life Insurance Co. Ltd

Bajaj Allianz Life Insurance Company Limited.

SBI Life Insurance Co. Ltd

Kotak Mahindra Old Mutual Life Insurance Limited

ING Vysya Life Insurance Company Ltd

Aviva Life Insurance Company India Limited

Tata AIG Life Insurance Company Limited

Reliance Life Insurance Company Limited.

Sahara India Life Insurance Co, Ltd.

Shriram Life Insurance Co, Ltd

Bharti AXA Life Insurance Company Ltd.

Future Generali India Life Insurance Company Limited

IDBI Fortis Life Insurance Company Ltd.,

DLF Pramerica Life Insurance Co. Ltd.

To understand the psychology of customer behaviour and the reaction

To develop an overall view of the insurance sector in the company.

Bringing out different issues on the surface related to insurance

To understand the selling mechanism and various techniques involved

To understand customers perceptions regarding for opting of life

To understand customers perceptions regarding insurance products

To understand various life insurance players in the market and reasons

To understand the customers perceptions related to sales calls (What

The Aditya Birla Group (www.adityabirla.com), a US $28 billion conglomerate, is

Sun Life Financial Inc. is a leading international financial services organization

About Birla Sun Life Insurance Company Limited

BIRLA SUN LIFE INSURANCE COMPANY LIMITED

To create long term value along with market leadership

Cold call Approach

THE SALES PROCESS

Birla Sun Life Insurance Flexi Life Line Plan

Increase the Sum Assured during the premium-paying period depending on

Maximum Entry Age

65 years, 59 years for 10 pay.

Minimum Sum Assured

10, 15, 20, 25 years or Regular Premium Paying Period

Premium Payment Mode

Cash (upto Rs. 20000), Cheque, Credit Card, Salary

You can top up$ the fund whenever you have