INRODUCTI

ON

HISTORY
The history of life insurance in india dates back to 1818
when I was conceived as a means to provide for English
windows. Interestingly in those days a higher premium
was charge for India lives that non-India lives, as Indian
lives were considered more risky for coverage.
The Bombay Mutual Life Insurance Society started its
business in 1870 . It was the first company to charge
same premium for both Indian and non-Indian live. The
oriental Assurance Company was establishing in 1880.
The first general insurance company- Tital Insurance
Company Limited was established in 1850.
Insurance regulation formally began in India with the
passing of the life insurance companys act of
1912 and the provident fund act of 1938 . Several
frauds during 20s and 30s sullied insurance
business in India. By 1938 there were 176
insurance companies . The first comprehensive
legislation was introduced with the insurance Act of
that 1938 that provided strict state control over
insurance business. The government of India in
1956 , nationalized monopoly cooperation and LIC
was born. This was in conformity with the
governments chosen part of state lead planning
and development.

With this nearly 107 insurer were amalgamated and

grouped into four companies-National Insurance
Company, New India Assurance Company ,Oriental
Insurance Company and United India Insurrance
Company. These were subsidiary of the general
insurance company (GIC).

PRESENCE SCENARIO OF THE

INSURANCE SECTOR
Liberalization commitments of the country to help in
disciplining future economic policies will include
the insurance reform. When the word over,
insurance, markets have been opened up, India
cannot remain in isolation. Globalization is the new
economic reality, Which is here to stay heralding a
new era of insurance in india. With the opening of
the insurance industry, India stands to gain the
following major advantages:
1. Globalization will provide improved to the
customers for better products, with more
reasonable and affordable pricing.
2. The customer will get quicker servicing.
3. It will enhance the saving rate.
4. Long-term funds for infrastructure development
will be available to the country.
5. It will secure for India larger inflows of foreign
capital needed to sustain our GDP growth.

INDUSTRY
OVERVIEW

WHAT IS INSURANCE
Insurance is a legal contract that protects people from
the financials costs those result from loses of life, loss
of health, lawsuits, or property damage. Insurance
provide a means for individuals & society to cope up
with some of the risks faced in everyday life by
everybody.
People purchase contracts of insurance, called a policy,
from various insurance companies.
Life insurance is a contract for payment of sum of
money to the person assured on the happening of
the event insured against. Usually the contracts
provide for the payment if an amount on the date
of maturity or at unfortunate death. The contracts
also provide for payment of premium periodically
to the corporation by the assured.

IMPORTANT FOR INSURANCE

If there is someone who would suffer economic
hardship if you died, then the answer is yes.You
need life insurance! Families with young children
have a clear need of life insurance. If both spouses
work, the loss of one income will cause the family
immediate economic hardship and make it harder
for them to realize future goals, such as paying for
the childrens education, his or her death will
require the surviving spouses to hire child care.

If you are married without children or single, then you

may need life insurance to protect your partner of
surviving family members against the costs
associated with your death. And, they can add up
quickly. Unless you already have sufficient financial
resources, your survivors will probably need life
insurance to cover these expenses. Along with your
savings and investments strategy, but your death
can be costly to your loved ones. At the very least,
there will be funeral and burial costs. There may
also be estate taxes and outstanding debts to pay,
such as medical expenses not covered by health
insurance. If you have dependents, they will have
to cope up with these costs while no longer having
your income to rely on. The proceeds from a life
insurance policy can be of tremendous value at
this time.

ADVANTAGES OF LIFE INSURANCE

1. It is superior to an ordinary saving plan: Unlike

other saving plans, if affords full protection against
risk of death, the full sum assured is made
available under a life assurance policy; whereas
under saving scheme the total accumulated saving
alone, if death occurs during early.
2. Easy settlement & protection against creditors: The
life assured can name person(s) called Nominee to
whom the policy money would be payable in the
events of his death. The proceeds against the
claim of creditors life assured by effecting a valid
assignment of the policy.
3. Ready marketability & suitability for quick
borrowing: After an initial period, if the policyholder
finds him unable to continue payment of
premiums, he can surrender the policy for a cash
sum. Alternatives, he can tide over a temporary
difficulty by taking loan on the sole security of the
policy without delay. -14- Further, a life insurance
policy is sometimes acceptable as security for a
commercial loan.
4. Tax Relief: The India Income- Tax allows deduction
of certain proportion of the taxable income, which
is diverted to payment of life insurance premiums
from the total income tax liabilities. When this tax
relief is taken into account, it will be found that the
assured is in effecting paying a lower premium for
his insurance.

COMPANY
PROFILE

PROMOTERS

Birla Sun Life Insurance Company Limited is a

joint venture between. The Aditya Birla Group
and Sun Life Financial Inc. Birla Sun Life started
its operation on 19-March-2001. The local
knowledge of Aditya Birla Group combined with
the domain expertise of Sin Life Financial Inc.
Offer a formidable protection for its customer
future.
Aditya Birla Group has 74% stake in the
company, and Sun Life Financial has 26%.
VISION
The companys vision is to be a world class
provider of financial security to individuals
and corporates and to be amongst the top
three privates sector life insurance
companies in india.

Understanding the need of customer and offering

them superior products and service.
Leveraging technology to service customer quickly,
efficiently and conveniently.
Developing and implementing superior risk
management and investment senttrategies to offer
sustainable and stable return to our policy holder.
Providing an enabling environment to foster growth
and learning for our employees.
And above all, building transparency in all our
dealings.

SALES CHANNEL
BIRLA SUNLIFE INSURANCE COMPANY LTD is INDIAS
No.1 Pvt. Insurance Company Ltd. All the insurance
company provides its policies through sales force or
advisor or agents. Main work of agents is to sale the
policies. Policies are the concept product.
Role of advisor in this industry is to presents and sale
the concepts in the market. An advisor wants healthy
management support and professional environment. So
in this project I am searching the suitable profile for
insurance sales.
ADVISOR
BIRLA SUN LIFE Insurance Company Ltd. Aspires to
provide state of art of the customer, service &
opportunities & avenues for enterprising people to grow
and prosper. The company wish to grow exponentially
that is backed by latest technology , hence offering its
costomers:

Complete and diversified product portfolio.

Faster and more accurate service.
Multi-channel distribution systems.
Highly trained professional sales people offering
quality pre and post sales service.
The company in its principles clearly state out than an
advisor to mean, Much more than a salesman or a
saleswoman, we at Birla Sinlife recognize our advisor as
the ambassador of our organization in the market place
and we consider the advisor force would we our biggest
differentiating factor in the coming years.

THE PROFILE OF AN ADVISOR

Qualification
The person must be
Be at least 18 years old.
Must have passed atleast 12th standard or more.
Have Undergone training for at least 100 hours in life or
general insurance business as the case may be from an
institute, approved & notified by authority.
Should have also passed the pre-recruitment examination
conducted by the Insurance of India or any other
examination body recognized by the authority.
Good & convincing communication skills.

Charges / fees
Birla Sun life Insurance Charges Rs.1200 (refundable) for the
100 hours Training program. This amount will be deposited on
the finalization of become an insurance advisor.
After the training program is completed in Insurance advisor
has to appear for the pre-examination by IRDA. As he clear the
exam he provides a license, which is the proof of a legalized
insurance advisor, which permits him to deal in his insurance
business.

REQUIRED MOVES FOR INSURANCE ADVISOR

Approach to the likely person

Appointed as per condition
Discuss the topic
Give the documents which includes:
Prospectus of the company
Brochure
Companys plan
Questionnarie
Collect the document after its completion
Forward it to project manager
Feed it in the computer as the database
Follow up as per conditions

JOB PROFILE

Benefits & Support Provided

The benefits have already been mentioned very often
in the previous section but its necessary to look into
them as a comprehensive criterion. The main benefits
& support that an advisor would be availing of are the
district Birla Sun life Insurance.

Rewarding Career
The job profile as mentioned earlier is unlimited & an
advisor will help people realize their dream & provide
the financial & Psychological security & faith. The
ultimate reward will be differences made to all these
lives & that would be most satisfying in the sense.

Successful Team
Being at Birla Sun Life gives the opportunity to be a
part of indias best team of life insurance advisors. The
company in numerous uno among the private player in
the industry & has won numerous recognition & awards
that gives it the international edge.

Attractive Remuneration
Birla Sun Life Offers the most competitive remuneration
benefits at person in the industry, which provides to be
very useful from long-term prespective of financial
security. There is absolutely no limit to ones earnings &
the added incentives just help as advisor to get more
than what he / she expects.

Extensive Product Portfolio

The company has got more than four hundred policies
for its customer. This consists of the unique individuals,
group & rider policies. This extensive diversified &
comprehensive range provides the competitive edge
that no other advisor would be having in the market.

Financial Strength
Birla Sun Life offers the advisor & the
Customers,
Unmatched financial strength & solidity .The huge
amount paid up capital & growing revenues are an
indicator of the same.

Support Provides by the Unit

Manager
Field visits for the incumbents
Training on products & selling skills
Regular business review to monitor the progress
The UM acts both as a coach & a mentor
The UM recognizes the performers
Help in becoming financial independent

PRUDENTIAL PLC
Established in London in 1848, Prudential Plc, through
its business in the UK and Europe, the US and Asia ,
provides retail financial services, product and services
to more than 16 million customers policyholders and
unit holder worldwide.

PRODUCT

PROB. SOL.

GIS

While traveling in authorized mass transport vehicle,

the beneficiary will be entitled to twice the sum assure
as additional benefits.
Accidents Benefits: This rider option pays the sum
assured the rider on death due to accident.
Critical Illness Benefits: Protect the insured against
financial loss on the event of 9 specified critical
illness . Benefits are payable to the insured for
medical expenses prior to death.
Major Surgical Assistance Benefits: Provides financial
support in the event of medical emergencies,
ensuring benefits are payable to the life assured for
medical expenses incurred for surgical procedures.
Cover is offered against 43 surgical procedures.
Income Benefits: this rider pays the 105 of the sum
assured to the nomiee every year, till maturity , in
the event of death of the life assured, it is available
on smart kid ,secure plus and cash plus.
Wavier of premium : In case of total and permanent
disability due to an accident, the premiums are
wavier till maturity. This ride is available with secure
plus and cash plus.

FINDING
SUITABLE PROFILE
FOR INSURANCE
SALES

FINDING SUITABLE PROFILE FOR INSURANCE SALES

Since privatization of insurance sector in india is new
concept for insurance market in India hence people are
not much know about business opportunity of in the
insurance field in the insurance sector company want
those persons whom re self motivated have great
communication skills and desired to earn handsome
amount of money so my work in this project to search
the suitable profile for insurance sales or advisor or
agent.
First of all I researched on companys working advisors
profile that which kind of advisors are giving maximum
sales for BIRLA SUN LIFE INSURANCE COM PANY LTD. So
I collected information about current advisors working
in company . Finally I selected 10 best policies seller
advisors and observations that in Jaipur people who are
between 20 to 25 years age are making business
frequently on a large scale.
This age group age has these basic skills and
competencies:
1. The level of sincerity much more than other.
2. Want to earn a handsome amount of money.
3. Want growth in life.
4. Want recognition form society and organization.
5. Reliability in this group much more than other.
6. They have many contacts in society.
So I found that a city like Jaipur where the approx. 35
lac over 25 % of this population earns high amount

of money .If an advisor make plan on this segment

of society than he can earn great money. So I come
to the conclusion that the age group of 20 to 25
years age is the best profile for advisors. The
advisor who has 2 or 3 years experience of sales
market and decent communications skills will an
edit advantage to the profile of advisors.

SELECTION PROCEDURE
STEPS FOR APPOINTMENT AND SELECTION1. Advertisement in newspaper.
2. Applications received for candidates.
3. Applications are short listed on the basis of
qualification and work experience.
4. Walk in interview.
5. Interview committee holds the interview.
6. Select the candidates.
7. Finally director of organization takes decision.

TRAINING PROCEDURE
ICICI has two types of training procedure for
employees:
1. ON THE JOB TRAINING
2. OFF THE JOB TRAINING
ON THE JOB TRAINNING:
BSLI gives on the job training to their employees. For
this they include the job rotation apprenticeship, under
study assignment and formal mentoring programmed.
OFF THE JOB TRAINING:
Primary drawback of on the job training are that they
often disrupt the work place. So organization invent in

off the job training. For this they include the curriculum
combines operations enhancement, product
management and interpersonal and skill trade info
manager of other trainess.

MOTIVATION
Motivation is the most important factor of the affecting
human behaviour. A success of organization is
dependent of its motivation pattern.
The success of BSLI is mostly dependent on its
employees because employees are highly
motivated. The organization has obtained a simple
motivation pattern. The organization used their
efforts, evaluate their performance,
promote/demote according to the performance and
finally help to achieve their personal goals.
Mainly the training can be related to the expectancy
theory of motivation. The organization also makes
some relation efforts:1. Effort- performance relationship
2. Performance reward relationship
3. Reward personal goal relation ship
Individual Individual
personal
Efforts
Goals

Performance

Organization

Reward

GRIEVANCE HANDLING
Today every organization has many problem relate
to the grievance between the employers and in
between employees also. And they make efforts for
solving the problems.
Birla Sun Life also make efforts to handle this
grievance.
Every Saturday they organize a meeting.
Members of the meeting discuss about the
problems reasons and reach on proper decision of
that problem.
PERFORMANCE APPRAISAL
Performance appraisal is done in every
organization and gives reward to the employees to
their better performance and motivate to the
employees for achieving the targets.

 Birla Sun Life also do performance appraisal of

employees.
They give the opportunity to each of their
employees and every year they prepare a check
list for their performances and they give appraisal
for their performance.
Appraisal can be terms of monetary or non
monetary.

SEARCH AND FIX CRITERIA ABOUT SUITABLE PROFILE

OF
INSURANCE SALES

SEARCH AND FIX CRITERIA ABOUT SUITABLE

PROFILE OF
INSURANCE SALES
BIRLA SUN LIFE INSURANCE COMPANY LTD. All the
insurance company provides its policies through
sales force or advisor of agents.
Main work of agents is to sale the policies. Policies
are the concept products.
Role of advisor in the industry is to presents and
sales the concepts in the markets.
An advisor wants a healthy management support
and professional environment.
So in this project I am searching the suitable profile
for insurance sales.

METHODOLOGY

OBJECTIVES OF STUDY
THE OBJECTIVES ARE
1. TO EVALUATE THE RECRUITMENT PROCEDURE OF
AN ADVISOR.
2. TO KNOW THE CONSUMER PRECEPTION ABOUT
THE BIRLA SUN LIFE INSURANCE COMPANY AND
KNOW THE POSITIVE AND NEGATIVE ASPECTS OF
ORGANIZATION.
3. TO KNOW WHAT IS OWN IMAGE OF ORGANIZATION
IN THE MARKET.
4. TO KNOW AWARENESS OF CONSUMER ABOUT
BIRLA SIN LIFE INSURANCE COMPANY.

REVIEW OF LITERATURE
The basic project is promoting the concept of insurance
from BIRLA SIN LIFE as a business opportunity. Business
opportunity is in the form of being an advisor with the
company. As the company wants to grow in Rajasthan,
this can be achieved through quality advisor who can
bring more and more business for the company so the
search of prospective advisor is done.
The various methods used to determine the prospective
advisors are:

Personal contact
Sales blitz
Tele calling
Leads from the unit

FEATURE OF INDIA INSURANCE INDUSTRY

LOW MARKET PENETRATION

 EVER-GROWING MIDDLE CLASS

COMPONENT IN POPULATION.
GROWTH OF CONSUMER MOVEMENT
WITH AN INCREASING DEMAND FOR
BETTER INSURANCE PRODUCTS.
ADEQUATE FILLIP FROM THE GOVT. IN
THE FORM OF TAX INCENTIVES TO THE
INSURANCE.

DATA

COLLECTION

In this section of my project, the requirement

is to describe the source of collecting primary
and secondary data. For collecting the
primary data, method adopted was focus
group method.
Source of Primary Data
1. Natural Market
Relatives
Friends
Neighbours
2. Stall operations
3. Survey

4. Seminar (focus group)

Source of secondary Data
1. Yellow pages
2. Data base of different companies LI/GI
agents
3. Tele calling leads
4. Reference Data

LIMITATION

 IT WAS GREAT PROBLEM TO GET APPOINTMENT

FROM PEOPLE IN THE MONTH OF MARCH AS MOST
OF THEM WERE BUSY IS FILING THEIR RETURNS.
SOME PEOPLE ASK ABOUT COMPARATIVE ANALYSIS
WITH LIC.
NON- AVAILABLE OF PART-TIME TRAINING.
ALL SMALL TOWNS ARE NOT OPEN FOR DOING
THIS BUSINESS.
ONE PERSON CANNOT TAKE LIFE INSURANCE
AGENCY OF TWO DIFFERENT COMPANIES.
TIME CONSTRAINT IS THE BIGGEST CONSTRAINT IN
TAKING UP THE STUDY.

IRDA

THE INSURANCE
REGULATORY
&
DEVELOPMENT
AUTHORITH

TYPICAL
CAREER

PROGRESSIO
N
PATH

Career progression
The TIGER TEAM
It is an exclusive program achievers among
the advisors but the scope of progression is
limited only to a few hand picked all around
performers. The tiger represents a fast track
career path for the advisors. The successful
candidates are recognized as tigers. One
continues to do his/ her business but the
benefits come added on.
The criteria for selections are:
Age 25-40 years

At least one year of working in the system

Cash count should be at least of two per month
THE MOBILE TIGERS
This program offers the following benefits:
Part time career as a trainee
To conduct foundation program
Opportunity to share the best field practices
Chance to replicate ones own business
Freedom to continue with ones business
The selection criteria for the program are:
Age 25-40 years
At least six month of working in the system
Case count should be at least two per month
THE PINNACLE PROGRAM
The program is for the the high achievers in the
major benefits offer are as following:
A full time career as a Unit Managers

The possibility of growth within ICICI Prudential

Greater earning potentials
The scope for personal development
The selections criteria for this program are:
Age 25-40 years
At least six month of working in the system
Case count should be at least two per month

FAST PINNACLE PROGRAM

This program offers the followings features:
Offering a full time career as a Unit Managers
Opportunity of growth within ICICI Prudential
Scope Greater earning potentials
The scope for personal development

The selections criteria for this program are:

Age 25-40 years
At least six month of working in the system
Case count should be at least five per month (for 6
months)

AGENCY CHAMPION
This is the highest level of career progression
on offer. It has got several distinct features,
which sets it apart from all the above
mentioned programs. This program aims at
rewarding the super-achievers working with
the company. The features of this program
are as follows:
The chance of taking ones business to
higher lebel
To develop ones own business, i.e. to
develop into an entrepreneur
The freedom of recruiting new advisors and
making ones own team
The potential of increased reach of network.
The selections criteria for this program are:

At least one year of working in the system

Minimum of 36 policies & Rs. 3.60 lacs premium
Selection process(assessment center)
COMMISION STRUCTURE
The production targets shall be split into two
stages:
1. Minimum business guarantee (MBG)
2. Bonus target
Minimum Business Guarantee
The minimum business that has to be achieved
Every quarter required to sell at least three policies &
collect Rs. 20,000 as FYP
Weight age for premium on single premium is 10%
Only the premium received in a quarter will be
considered
FYP implies premium for all new business in that
quarter
Annual target of Rs. 80.000 FYP & 12 policies to be met
Bonus Target
The advisors are aptly rewarded for higher levels of
Productivity that they achieve. The bonus target for
such Achievers are as following:
Production level per quarter
quarter
0-22,500

Bonus per
Nil

22,501-35000
commission

10% of base

35,000-above
commission

40% of base

CONCLUSI
ON

CONCLUSION
1. BIRLA SUNLIFE INSURANCE COMPANY has great
goodwill in market in liberalized Indian market
there are approximately 13 big companies in
Indian market and BIRLA SUNLIFE is the no. 1
private insurance company. I found this fact in
my recent survey.

2. There are lot of scope of life insurance in India

only 2.5 people secure with life insurance sector
is its booming stage this boom will more
increase in 2 or 3 years.
3. Good profile insurance advisor could do the
better job. If BIRLA SUN LIFE mention the level of
advisor then they may give great sales to the
company.
4. BIRLA SUN LIFE INSURANCE has tough
competition with LIC as well as TATA AIG, BAZA
ALLIAAZE, ICICI PRUDENTIAL, SAHARA, ING
VYASA, OM KOTAKMAHINDRA, HDFC INSURANCE
AND ABI LIFE.
5. If the company started to concentrate on village
segment market then company can get great
business.
6. BIRLA SUN LIFE has interested and profitable
plans for different age groups like smart kids plan
unit link insurance plan and pension plan.
7. I got the good profile near by bank and share
market. When I concentrated on the 20-25
year age group people I found ood result.
8. Within 20-25 year age group the sincerity level is
high. They are career oriented and want to earn
more.
9. In this age group people made interes to
purchase the kids plan and pension plan
and money back plan.
10. In the age group of 30-35 year the people who
earning more than 3 lacs p.a. made interest to
purchase ULIP.
11. I found that in insurance sector a person should
have great communication and convenience skill.
12. People made interest in the business
opportunity of BIRLA SUN LIFE because there a
lot of chance to increase earnings and make high
place in the company.
13. People took interest in pinnacle programmed of
people are aware with the life insurance.
RECOMMENDATIONS & SUGGESTIONS

AFTER GOING THROUGH THE ABOVE TABLE

REGARDING MARKET SHARE OF CVARIOUS
COMPANIES IN THE FINANCIAL YEAR 2003-04.
THERE IS NO REASON WHY ICICI PRUDENTIAL
SHOULD REJOICE OF BEING THE NUMBER ONE
COMPANY IN THE COUNTRY.
THE GROWTH THAT COMPANIES LIKE BIRLA
SUNLIFE SBI-LIFE INSURANCE TATA-AIG, BAJAJ
ALLIANZ, OM KOTAK MAHINDRA, AVIVA, ING
VYASSA METLIFE & AMP SANMAR HAVE
PRODUCED THAT CAN BE QUITE A BIG UNSEEN
THREAT FOR THE COMPANY IN THE COMING
YEAR. SO THE COMPANY SHOULD START
THINKING OF WHAY THEY WANT FROM THE
MARKET & WHERE THEY WANT TO SEE
THEMSELVES AFTER A SPAN OF 10 YEARS
BECAUSE OF THE POPULARITY OF THESE
COMPANIES CONTINUES THEN ONE DAY THEY
WILL BECOME GOOD COMPETITORS OF BIRLA
SUN LIFE & THEN THE CONSEQUENCES CAN BE
QUITE DISTURBING FOR THE COMPANY.

BIBLIOGPRAPHY

BIBLIOGPRAPHY

BOOKS REFERED
RAMASWAMI & NAMAKUMARI: MARKETING
MANAGEMENT, 2009 MACMILLIAN, NEW DELHI
SUMATHI: MARKETING RESEARCH AND CONSUMER
BEHAVIOUR, VIKAS PUB. HOUSE, PG 250-268
WEB SITES

www.icicirulife.com
www.ipruuniverse.com
www.icici.com
www.irdaindia.com
www.indiacore.com
www.maxnewyorlife.com
www.google.com
www.hdfcinsurance.com
www.licindia.com

APPENDIX

QUESTONNAIRE-1

PURPOSE: TO PROMOTE THE CONCEPT OF INSURANCE FROM

BSLI AS A BUSINESS OPPORTUNITY AND CREATING AWARENESS.
QUESTIONNAIRE FOR THE ADVISOR
1. Who are the most appropriate for the advisor?
Professional
Businessman
ED unemployed
Housewife
Student
Serviceman
2. What is the basis factor that you will consider before
picking up a business opportunity?
Monetary benefits
Recognition
Flexible timing and ones own boss
3. According to you what is insurance?
Investment tool
Tax saving tool
Security
All of the above
4. Are you insured?
Yes
No
If yes, then what is the reason to buy it?
Tax planning
Risk coverage

Investment
Any other
5. Do you think that insurance is a highly paying
business?
Yes
NO
6. If you are