SUMMER INTERNSHIP PROJECT REPORT

“A Study on Operation Department”

Submitted to partial fulfillment of

the requirements for the degree of

MASTER OF BUSINESS ADMINISTRATION [FINANCE]

Submitted By-
SHIVANI GHOSHI
{Y23282332}
MBA IIIRD
SEM

Under the Guidance of

Bhupendra Singh
Kshatriya
(Faculty of Management)

DEPARTMENT OF BUSINESS MANAGEMENT

DR. HARISINGH GOUR UNIVERSITY, SAGAR (M.P.)

YEAR-2023-2024

1
 DECLARATION

DATE ………………..

I, Shivani Ghoshi, MBA 3rd Sem. Student at Dr Hari Singh Gour

Vishwavidyalaya, Sagar, MP at this moment declare that the work presented
here is genuine work done originally by me under the supervision of
“Bhupendra Singh Kshatriya” Assistant Professor, Department of Business
Management, Dr Hari Singh Gour Vishwavidyalaya (A Central University),
Sagar (M.P) and same has not been submitted for the award of any other
degree/diploma/fellowship or other similarities or prizes.

(SHIVANI GHOSHI )
MBA IIIRD SEMESTER
. {Y23282332}

2
 CERTIFICATE

This is to certify that the SUMMER INTERNSHIP PROJECT REPORT

entitled “A project report submitted in partial fulfilment of SBI Life
Insurance, in Operation Department” submitted by Shivani Ghoshi
(Y23282328) has been carried out under the guidance of Bhupendra Singh
Kshatriya Master of Business Administration, Dr Hari Singh Gour
Vishwavidyalaya, Sagar, MP

The SUMMER INTERNSHIP PROJECT REPORT is approved for submission

requirement for SUMMER INTERNSHIP PROJECT 3rd semester in Master of
Business Administration DR HARI SINGH GOUR CENTRAL UNIVERSITY,
SAGAR (M.P.) during the academic session Nov 2024 - June 2025.

Signature of the Supervisor Signature of the Examiner

Signature of Head of Department

3
 INDEX

1. Introduction 8
2. SBI Life Insurance 9
3. Type of SBI Life Insurance 10
4. Benefits of SBI Life Insurance 12
5. Vision, Mission and Objective 14
6. Life Insurance 15
7. Kind of Life Insurance 17
8. Purpose to Need For Life Insurance 21
9. Research Design 24
10. Insurance Industry in India 30
11. Findings and Conclusion 37

4
5
 ACKNOWLEDGEMENT

The summer internship opportunity I had with SBI Life Insurance, Varanasi
Branch was a great chance for learning and professional development. Therefore, I
consider myself a very lucky individual as I was provided with an opportunity to
be a part of it. First, I owe my heartfelt gratitude to Mr. Bhupendra singh
Kshatriya for giving me an internship opportunity to work on this project, and for
his kind support. I would also like to thank him for his guidance throughout the
completion of the project. This is a great opportunity to express my sincere thanks
to Prof. Y. S. Thakur, Head of the Department of Business Administration, Dr
Hari Singh Gour Vishwavidyalaya, Sagar, MP. I want to pay my special gratitude
to Bhupendra Singh Kshatriya, who supervised my work, and for his valuable
guidance and constant encouragement throughout my project work. I am very
thankful to all the respected faculty members of the department, who supported
me in the preparation of my project.

……………………………..
SHIVANI GHOSHI
MBA-III (Finance)
{Y23282328}

6
EXECUTIVE SUMMARY

The purpose of this training was to have practical experience of working an

organization in the field of Finance &Operation and to have an exposure to various
management practices in the field of Finance &Operation.

Development of channel is very important for any company to boost it’s business.
Development of channel includes creating a network of financial consultants for
facilitating the increase in sales of the company.

I have done the work for 45 Days in SBI Life Insurance Company. I worked in SBI
life insurance in Varanasi Area Office.
.

The main purpose of the project was basically to develop the channel of SBI Life
Insurance Company.

7
INTRODUCTION

INSURANCE

Insurance is a contract between the insurance company (insurer) and the

policyholder (insured). In return for a consideration (the premium), the insurance
company promises topay a specified amount to the insured on the happening of a
specific event. In layman term Insurance is the mechanism of transfer of risk
wherein the person taking out insurance transfers their risk to the insurance
company in return for a payment (known as the premium).
Insurance is necessary because no one foresees the event which may happen in
future. If anybody can see their future then there was no need of Insurance. In case
of future untoward events risk like Accident/Death, Insurance comes to rescue
where the financial gap due to these risks is compensated upon. Insurance is
generally divided into two parts:-

➢ Life Insurance: -

Life insurance companies cover risks that relate to human lives. They offer
different benefits under different types of products and cover the risk of early
death, as well as the risk of living into old age. Under traditional plans, like term
insurance plans, insurance companies provide death cover. If the insured person
dies within the term of the policy then the nominee/beneficiary is paid a specified
amount (also known as the sum insured). Under pension plans, insurance
companies offer periodic monthly payments (annuities) to support the insured
during their retirement.

➢ Non-Life Insurance (General Insurance): -

Non-life insurance companies generally cover risks other than those relating to
human lives. The exceptions to this are personal accident and health insurance,
which are provided by non-life insurance companies. Any asset either gives a
monetary return (e.g. a house given on rent), or offers convenience (e.g. a car
which can be used to travel from one place to another) can be insured. All assets
are exposed to various risks: they can be damaged or destroyed by fire, earthquake,
riot, theft, flooding, cyclones etc. If the asset is damaged by any of these risks, the
owner will be at a disadvantage and they will lose the income or the convenience
the asset provided. Non-life insurance companies offer products that cover these
risks and compensate the owner should the asset be damaged by one of them. It is
a product from this type of company that an individual would buy to protect their
assets, for example, their home against fire etc.

8
 SBI LIFE INSURANCE

SBI Life Insurance Company Limited is a joint venture company formed between
the State Bank of India and BNP Paribas Assurance. State Bank of India owns 74%
and BNP Paribas Assurance holds the remaining 26% of the stake of the joint
venture as per the guidelines of the Indian government. State Bank is the largest
banking franchise in India and is beyond competition. Along with its seven
associate banks, SBI has the strength of over 14,500 branches across the country
and the largest in the world. Their presence is felt in the remotest parts of the
country. BNP Paribas Assurance is the insurance arm of BNP Paribas. It is one of
the world's top 10 banks by the market value and one of Europe's top 3 banking
companies. In fact it is one of the oldest foreign banks with its presence in India
since 1860. SBI Life is registered with a capital of Rs.2000 crore and a paid-up
capital base of Rs.1000 corers.

SBI caters to over 100 million accounts across the country. It offers a great base for
insurance penetration across every region and economic strata in the country
ensuring true financial inclusion. SBI Life also follows the unique multi-
distribution business model encompassing Bancassurance, Agency and Group
Corporate for its business. SBI Life is strongly supported by its skilled staff and
sales force allocated across the country. SBI Life comprise of the most productive
force of more than 63,000 Insurance Advisors, offering door to door insurance
solutions to customers. SBI Life uses SBI Group as a platform for cross-selling
insurance products to its already existing large customer base along with its various
banking product packages such as housing and personal loans. The company offers
comprehensive range of Life Insurance and pension products designed to meet the
requirements of the customers at competitive prices. It aims to provide high
standard customer service and world class insurance product.

9
 TYPES OF SBI LIFE INSURANCE

Individual Life Insurance

Term Plans

➢ SBI Life eShield

➢ SBI Life eShield Next

Endowment Plans

➢ SBI Life Smart Elite

➢ SBI Life Endowment Plus

Whole Life Plans

➢ SBI Life Saral Shield

Money Back Plans

➢ SBI Life Money Back Gold

➢ SBI Life Money Back 20 Years

Health Insurance
➢ Critical Illness Plans
➢ SBI Life Critical Illness Insurance
➢ Health Insurance Plans
➢ SBI Arogya Premier Policy

10
Group Insurance
➢ Group Term Insurance
➢ Group Credit Life Insurance
➢ Group Health Insurance

Investment Plans
➢ Unit Linked Insurance Plans (ULIPs)
➢ SBI Life Smart Wealth Assure
➢ SBI Life Shubh Nivesh

Retirement Plans
➢ Pension Plans
➢ SBI Life Annuity Plus
➢ SBI Life Saral Pension

Child Plans
➢ Child Education Plans
➢ SBI Life Smart Champ
➢ SBI Life Child Advantage

Riders
➢ Accidental Death Benefit Rider
➢ Critical Illness Rider
➢ Waiver of Premium Rider

11
Benefits of SBI Life Insurance

➢ Financial Security: Life insurance is a great way to safeguard your family's financial
stability. It can help protect against the uncertainties of life like illness, accidents, and
death.
➢ Wide Range of Options: SBI Life Insurance offers a range of products to meet your
needs and budgets, as well as the option to choose between term and permanent cover.
➢ Claim settlement Ratio: SBI Life Insurance Company has a good claim settlement
ratio of 94.52% which means your family doesn't have to go through any
inconvenience while getting claims.
➢ Solvency Ratio: SBI life has a 2.15 solvency ratio compared with other companies
that offer equity shares too.
➢ Market Share: SBI Life Insurance Company has seen growth in its annual premium
over the past few years which in turn has increased its market share to 20%.

Comparison Table of SBI Life Insurance vs LIC Life Insurance

Parameter SBI Life Insurance LIC Life Insurance

Claim settlement 93.09% 96.69%

ratio

Solvency Ratio 2.15 1.83

Availability Online/Offline Online/Offline

Life Cover Up to 99 Years Up to 99 years

Number of 514 2048

Branches Available

12
Death Benefit Yes Yes

Maturity Benefit Yes Yes

E-services • Buy policy • Premium Calculator

• Renewal policy • Update Information
• Update • Claim Settlement
information • Premium Payment
• Claim settlement • Policy Status
• Download Checking
Certificates • Buy Policy
• Online Premium • Renewal Policy, etc
Payment
• Fund Switch, etc

Riders • Accidental Death • Accidental Death

Benefit Rider Benefit Rider
• Accidental Total • Accidental Death and
and Permanent Disability Benefit
Disability Rider Rider
• Critical Illness • Critical Illness
Rider Benefit Rider
• Term Benefit • New Term Assurance
Rider Rider
• Premium Waiver
Benefit Rider

13
Mission, Vision and value of SBI Life

Mission: -
"To emerge as the leading company offering a comprehensive range of life
insurance and pension products at competitive prices, ensuring high standards of
customer satisfaction and world class operating efficiency, and become a model life
insurance company in India in the post liberalization period".

Vision: -
"To be the most trusted and preferred life insurance provider."

Values: -
Trust worthiness.
Ambition.
Innovation.
Dynamism.
Excellence.

Channels of SBI Life: -

SBI Life has got four important channels of distribution of its Life
InsuranceProducts: -

➢ Banca Assurance.
➢ Institutional Alliance.
➢ Retail Agencies.
➢ Corporate Solutions.
➢ Online

14
 LIFE INSURANCE

Life Insurance is a financial cover for a contingency linked with human life like
death, disability accident retirement etc. Human life is subject to risks of death and
disability due to natural and accidental causes. When human life is lost or a person
is disabled permanently or temporarily, there is loss of income to the household.
Though human life cannot be valued, a monetary sum could be determined based
on the loss of income in future years. Hence, in life insurance the Sum Assured (or
the amount guaranteed to be paid in the event of a loss) is by way of a ‘benefit’.
Life Insurance products provide a definite amount of money in case the life insured
dies during the insured dies during the term of the policy or becomes disabled on
account of an accident.

➢ Why you should buy Life Insurance:

All of us face the following risks:

Dying too soon Living too long Life insurance is needed:

To ensure that you’re immediate family has some financial support in the
event of your demise.

To finance your children’s education and other needs.

To have a savings plan for the future so that you have a constant source of income
when your earning are reduced due to serious illness or accident.

To provide for other financial contingencies and life style requirement.

15
 ➢ Who needs Life Insurance

Primarily, anyone who has a family to support and is an income earner needs Life
Insurance. In view of the economic value of their contribution to the family,
housewives too need life insurance cover.

Even children can be considered for life insurance in view of their future income
potential being at risk.

➢ How much Life Insurance is needed:

The amount of Life Insurance coverage you need will depend on many factors such
as:

How many dependants you have

Whether you have any debts or mortgages

What kind of lifestyle you want to provide for your family

How much you need for your children’s education

What your investment needs are.

What your affordability is

You should seek the help of an insurance agent or broker to understand your
insurance needs and suggest the right type of cover.

16
 Kind of Life Insurance Policies:

➢ Term Insurance

You can choose to have protection for a set period of time with Term Insurance,
you are guaranteed lifelong protection. Whole life insurance pays out a death
benifit so you can be assured that your family is protected against financial loss that
can happen after your death. It is also an ideal way of creating an estate for your
heirs as an inheritance.

➢ Whole Life Insurance

With whole life insurance, you are guaranteed lifelong protection. Whole life
insurance pays out a death benefit so you can be assured that your family is
protected against financial loss that can happen after your death. It is also an ideal
way of creating an estate for your heirs as an inheritance.

➢ Endowment Policy

An Endowment policy is a saving linked insurance policy with a specific maturity

date. Should an unfortunate event by way of death or disability occur to you during
the period, the Sum Assured will be paid to your beneficiaries? On your surviving
the term, the maturity proceeds on the policy become payable.

➢ Money back plans or cash back plans:

Under this plan, certain percentage of the sum assured is returned to the insured
person periodically as survival benefit. On the expiry of the term, the balance
amount is paid as maturity value. The life risk may be covered for the full sum
assured during the term of the policy irrespective of the survival benefits paid.

➢ Children policies

These types of policies are taken on the life of the parent/children for the benefit of
the child. By such policy the parents can plan to get funds when the child attains
various stages in life. Some insurers offer wavier of premiums in case of case of
unfortunate death of the parent/proposer during the term of the policy.

17
 ➢ Annuity (pension) plans

When an employee retires he no longer gets his salary while his need for a regular
income continues. Retirement benefits like Provident Funds and gratuity are paid in
lump sum which are often spent too quickly or not invested prudently with the
result that the employee finds himself without regular income in his post-retirement
days. Pension is therefore an ideal method of retirement provision because the
benifit is in the form of regular income. It is wise to provide for old age, when we
have regular income during our earning period to take care of rainy days. Financial
independence during old age is a must for everybody.

There are two types of annuities (pension plan)

➢ Immediate annuity

In case of immediate Annuity, the Annuity payment from the Insurance Company
starts immediately. Purchase price (premium) for immediate Annuity is to be paid
in iumpsum in one installment only.

➢ Deferred Annuity

Under deferred Annuity policy, the person pays regular contributions to the
insurance company, till the vesting age/vesting date. He has the option to pay as
single premium also. The fund will accumulate with interest and fund will be
available on the vesting date. The insurance company will take care of the
investment of funds and the policyholder has the option to encase 1/3 rd of this
corpus fund on the vesting age/vesting date tax free. The balance amount of 2/3 rd
of the fund will be utilized for purchase of Annuity (pension) to the Annuitant.
Unit Linked Insurance Policy

Unit Linked Insurance Policy (ULIPs) offer a combination of investment and

protection and allow you the flexibility and choice on how your premiums are
invested. IN UNIT LINKED PLANS, THE INVESTMENT RISK PORTFOLIO
IS BORNE BY YOU AS YOU ARE THE INVESTOR.
Typically, the policy will provide you with a choice of funds in which you may
invest. You also have the flexibility to switch between different funds during the
life of the policy. The value of a ULIP is linked to the prevailing value of units you
have invested in the fund, which in turn depends on the fund’s performance. In the
event of death or permanent disability, the policy will provide the Sum Assured (to
the extent you are covered) so that you can take comfort in knowing that your
family is protected from sudden financial loss. A ULIP has varying degree of risk
and rewards. There are various charges applicable for Unit Linked Policies and the
balance amount out of the premium is only invested in the fund/funds chosen by
18
you. It is important to assess your risk appetite and invested horizon before
deciding to buy a ULIP policy. You must also read the terms and conditions of the
policy including the lock-in period, surrender value surrender charges etc.
All the type of plans mentioned above can be offered under ULIP plans.

Comparison of our products with competitors’ products

SBI Life offers many quality insurance policies in the group insurance segment.
Among those the gratuity product (Capassure Gold) and the group term insurance
product (Sampoorn Suraksha) are two of the most important offerings. These two
products were compared separately with their counterparts from 8 other insurance
companies. Various important parameters like minimum and maximum entry age,
maximum maturity age, product type, sum assured, group size, benefits, charges,
etc. were taken into consideration for this extensive comparison.

The purpose behind the comparison was to check how our products fare in terms of
different features as compared to their alternatives. Capassure Gold and Sampoorn
Suraksha are two really comprehensive products. However, if we compare similar
products from some of the prominent players in the industry, there isn’t much
differentiating them from each other. The two factors that affect the purchasing
decision of a prospective client i.e. premium and returns or sum assured are also
very much similar for most of the top companies in a fiercely competitive industry.

This product differentiation shows where SBI Life stands in the market as
compared to other insurance players in the market. It shows that there is not much
differentiation in the market but the only difference is the premium to be paid by
the client and commission of the broker. The broker pushes the products in which
they expect the high commission from the Insurance company

19
Company SBI Life LIC’s New HDFC Life ICICI Pru
- One Year Group Term GroupTerm
Sampoorn Renewal Insurance Plus
Suraksha GroupTerm
Assurance
Plan
Min 16 yrs (E- 8 years 16 yrs (18 15 years
Entry E)/18 yrs yrs for
Age (NE-E) riders)

Max 79 years 75 years 79 yrs (64 79 years

Entry yrs for
Age riders)

Max 80 years 80 years 80 years NA

Maturity
Age

Min INR 1,000/- INR 1,000/- INR 5,000/- INR 5,000/-

Sum
Assured

Max INR No Limit No Limit NA

Sum 50,00,00,000
Assured /-

Policy Annually Annually Annually Annually

Term Renewable Renewable Renewable Renewable

Min 10 25 (E-E)/50 10 (E-E)/50 10 (E-E)/50

group (NE-E) (NE- E) (NE- E)
size

Min NA NA NA INR
Premium 10,000/-

20
PURPOSE AND NEED FOR INSURANCE

Functions of Life Insurance: -

➢ Protection
The four hazards against which life insurance offers protection are:

Death

Disability

Disease

Destitution

➢ Means of Savings
Life insurance is a sound method of savings. In all other savings, there is always
temptation to withdraw. However, there are in-built provisions under a life
insurance policy (such as paid-up value, surrender value etc.) which discourage the
person from discontinuing a policy. The contracts of life insurance are of long
duration, which is an element of encouragement to thrift and compulsion for
saving.

➢ Prudent Investment
Returns under a life insurance policy are comparatively lower than other financial
instruments in the market. However, in view of its very sound investment policy
and accumulation of a vast life fund, the ‘Security’ of funds is very high. Further
‘Liquidity’ under life insurance policy is also guaranteed due to provisions of
survival benefit, loans, surrender values etc.

➢ Tax-saving instrument

Premiums under life insurance and annuity policies secure attractive tax benefits.
These get substantial rebates under Income tax, Wealth tax, Gift Tax etc. The
proceeds of life insurance policy are exempt from Income tax and Wealth tax.

21
 ➢ Business Protection

Large numbers of business houses are of proprietary nature. With the untimely
death of proprietor, the business can be wiped out due to debts, un-recovered bills
and inability of heirs to carry on the business. A proper planning with the help of
life insurance can save such business and enhance their “goodwill” value.

➢ Best Collateral

No other financial instrument can compete with life insurance as sound collateral.
By going in for life insurance one creates an instant estate, which can be used as
collateral against housing loans and other business loans.

➢ Relieves Anxiety and Promotes Initiative

This is a hidden but very significant benefit of life insurance plan for an individual.
A man is not prone to take risk for security considerations. But once he is assured
of basic minimum security, he is inclined to take risks and launch any
entrepreneurial activity. Life insurance takes care of one of his biggest worries and
thus enables him to embark upon new initiatives.

22
 Understanding Various Aspects & Leveraging Online Platform for
Channel Development:

A case of Bancassurance Channel

IRDA INDUSTRY RANKING FOR MARCH 2023 (FIGURES IN RS. MILLIONS)

TURNOVER TURNOVER
COMPANY 2023 2022
INR USD INR USD EVOLUTI TOTAL
ON SHARE
SBI LIFE 673156 8192 587596 7768 14.56% 8.61%
ICICI PRUDENTIAL 399328 4860 459628 4952 6.61% 5.11%
HDFC LIFE 575334 7002 459628 6076 25.17% 7.36%
BAJAJ ALLIANZ 194614 2369 161271 2132 20.68% 2.49%
MAX LIFE 253419 3084 224142 2963 13.06% 3.24%
BIRLA SUNLIFE 150697 1834 121402 1605 24.13% 1.93%
RELIANCE LIFE 51221 624 50366 666 1.70% 0.65%
TATA AIA LIFE 205035 2495 144450 1910 41.94% 2.62%
INSURANCE
KOTAK MAHINDRA LIFE
153205 1865 130151 1721 17.71% 1.96%
INSURANCE
PNB MET LIFE 87852 1069 73483 971 19.55% 1.12%
SREERAM LIFE 25464 310 23496 311 8.38% 0.32%
INSURANCE
LIC 4742634 57718 4276052 56529 10.91% 60.64%
INDIA FIRST LIFE 60475 739 51866 686 17.12% 0.78%
INSURANCE

23
 RESEARCH DESIGN

RESEARCH METHODOLOGY

Primary as well as Secondary Research is done to find out the cause behind decline in
Bancassurance Channel Performance and low- usage of Banca Online Portal (BAOL).

Primary Research: -

➢ Visiting various branches along with BDMs to know more about how they
perform their tasks and problems they are facing in business during branch visits,
also to gather information from the CIFs working on a particular branch by
having detailed conversation and from these information to generate more ideas
for improving efficiency of the Channel by focusing on problems related to CIFs.
This is availableon Field Work.

➢ During JFM period, New Year Hungama Contest was launched by SBI where
different rewards and recognitions are entitled to CIFs those who have done
voluminous businesses for SBI Life by selling insurance on their behalf. As a
representative of SBI Life to monitor the performance and as general awareness
telephonic conversation with the CIFs to make them aware of the rewards they
are getting for their performances and to motivate them to perform to their utmost
potential and drive volume business for SBI Life so as to achieve maximum
rewards. Also making note of suggestions or any problems they are facing
right now while doing their business. On similar lines this contest was also for
Branch Managers for rewarding them and steps followed were exactly the same.
The detailed findings are given under Rewards and Recognitions under Analysis
and Findings.

➢ CIF are branch staffs of SBI and Associate Banks and cross-sell insurance
products on behalf of SBI Life. For selling Insurance they need license and IRDA
has the authority for issuing license. For first timers CIFs need to give exam and
pass that exam for obtaining license from IRDA along with stipulated hours of
training. The license is valid for only three years. Over past few years a trend is
seen that many CIFs are unaware of their license expiry date and thus they get
exited from the system. They are so large in numbers that they exceed CIFs added

24
 into system by huge margin. Thus throughput of the system declines. Thus a
telephonic conversation with CIFs was made to make them aware about their
license being expired or on verge of expiring. Analysis is given under License
Renewal Project.

➢ e-Suraksha Plus plan is the new product launched on this year. Since it is an
online plan, customers were facing many difficulties while filling up the online
form. The main task was to guide them and understand the responses given by the
customers and suggest possible solutions or redirect them to some other
alternative way out so that to have a better customer relationships. Research was
done on basis of telephonic conversations with esteemed customers through lead
generation in MIS. Detailed Analysis regarding this can be found under e-
Suraksha Customer Calling.

➢ Personal research was also carried out in the area regarding number of CIFs for
the top honors who do among the best business so that they are recognized in the
MDRT (Million Dollar Round Table) League. Every year Bancassurance
Channel of SBI Life produces large number of MDRT CIFs which is globally
recognized as highest standard of business by a Life Insurance Agent. So from
MIS report accessible found out the number contributed from each and every
circle. Detailed Analysis is given under MDRT Sorting.

➢ To know about the reasons of Bancassurance Online (BAOL) not being used
widely, primary research was required. The research was conducted in three
phases. In the first phase, telephonic interview of 500 CIFs were taken. Since
there were no predetermined factors, open ended questions about issues being
faced while using Bancassurance Online were asked. This gave insights about top
of the mind issues. Also, it was observed how CIFs use the platform and the
practical issues that exist were noted. The questions asked included the following
points:

➢ Usage rate of BAOL

➢ Problems faced in using BAOL
➢ Requirements in BAOL/ Suggestions

25
In the second phase, close ended telephonic interview of 100 CIFs were taken based
on the identified issues faced and the requirements of content in the online platform,
Bancassurance Online. This helped to find out what are the issues that are also
faced by CIFs when asked in particular. A calculator, Custom Benefit Illustrator
(CBI), is provided as a tool which calculates the amount of premium customer will
have to pay based on the product, sum assured and the customer’s details. This
calculator is of prime use to the CIF. Most CIFs might be using Bancassurance
Online to use this tool. However, lot of other useful information and reports are
provided in the platform. In order to find out the awareness about other features of
the platform, users were asked if they knew about all the features. This all are given
under Banca Online Analysis.

Secondary Research: -

➢ Before doing above activities, read about different Products in SBI Life through
Brochures given by the company.
➢ Gone through IC-33 manual which gave a lot of confidence to understand various
terminologies used in Insurance Industry which was completely new.
➢ Also gone through various reports on Bancassurance Channel to find out
different models followed in India and across the World.
➢ Along with that got accessed to various news and reports from IRDA to find out
recent channel performance decline and current trend going on regarding future
scope and penetration of Insurance in India.
➢ Also accessed information of comparison charts of SBI Life Products and their
competitors from their Quarterly Magazine (e- Bandhan).
➢ Accessed several data about CIFs form MIS system of SBI Life and made a
detailed study.
➢ The Banca Online Portal website was extensively browsed; all links and reports
were checked. This was done in order to personally observe the kind of issues
that a CIF might face in accessing certain features or reports provided in the
website.

26
SAMPLING

(i) Field Work- Sample size of 4 CIFs were taken who were questioned in details.

(ii) Rewards and Recognitions- Telephonic Conversations with CIFs and Branch
Managers (BMs).

(1) JFM Contest for CIFs

Sample Size of the CIFs meeting the persistency criteria- 720 Sample
Size of the CIFs not meeting the persistency criteria- 659

(2) Branch Manager Contest

Sample Size of the Branch Managers called- 399

(iii) License Renewal Project- Sample Size for telephonic interaction with the CIFs
whose licenses are about to expire- 196 in the Quarter 4(FY 2012-13) and 946 CIFs
in Quarter-1(FY 2013-14). Sample Size of CIFs license already being expired- 104.

(iv) e-Suraksha Customer Calling- Sample size taken for customer calling as part of
telephonic conversation- 314.

(v) Banca Online Analysis- Sample size of 600 CIFs taken for understanding the
problems they faced in the portal. Sampling was done by accessing CIF Master File
from MIS of organisation where details about them were there.

27
DATA COLLECTION METHODS

Field Work: -

➢ Primary Research was done by direct one to one conversation with CIFs where
open ended questions were asked about to know in details about how they
approach customers when they sell insurance, what are the problems they are
facing on ground level and any suggestions to improve the situation based on
their problems. Also primary research was carried out in same fashion with
BDMs who were coordinating and supervising their works. Detailed interview
were taken by asking them open-ended questions. Noted down the suggestions if
any mentioned. All was documented which is available in Key Analysis and
Findings-Section.
➢ Secondary Research was carried out where details of CIFs received from
MIS of the organization and made detailed study of about CIFs and BDMs as
available from the Reports on SBI Life Intranet Portal mainly how they functions
to have better knowledge before actual Field Visit which aided Primary Research
mentioned above.

Rewards and Recognition: -

➢ Primary Research was done by telephonic conversations with CIFs and Branch
Managers and the feedback or responses were noted. This research helped to
gain insights about the awareness about the rewards and how many were really
interested to work harder to achieve these rewards. It brought out the attitude and
problems of CIFs in better way by having detailed conversations.
➢ Secondary Research was done earlier by accessing and studying various types of
rewards the CIFs and Branch Managers were eligible for and structure of
rewards. Some rewards were Quarterly Based whereas some rewards were given
on basis of annual performance. Also Club Membership there is reward which is
given at end of Financial Year based on bracket which they fall under. Also
information about CIFs and Branch Managers lists were given from MIS data of
organization which were properly studied beforehand.

28
License Renewal Projects: -

➢ Primary Research was done to find out how many of them actually renew their
license which expires after every 3years. This research was based on telephonic
interview of CIFs where their responses are noted regarding whether they say
yes,no, not interested on awareness about their license which is about to expire.
If they are not interested the reasons are noted down. It helped to gain proper
insights how many of them really interested with business they are doing on
behalf of SBI Life.
➢ Secondary Research was carried out to back above primary research. Data about
the CIFs were accessed from MIS of organization and studied in details. Also
datawas there regarding their last license renewal date, date when their license is
going to expire, contact numbers along with their BDMs contact number and
name (if in case CIFs were unable to respond when call is made).

e- Suraksha Customer Calling: -

➢ Primary Research was done regarding the problems the customer faces while
filling up online form. Also some feedback or suggestions were noted related to
the product. This research was carried out by having a detailed telephonic
conversation with the customers by asking them the issues or problems they
faces while filling up form or anything related to product be it product
knowledge, its terms and conditions. Calling was done on behalf of SBI Life as
SBI Life representatives.
➢ Secondary Research was carried out regarding detailed study of product which is
Suraksha Plus, features along with terms and conditions etc. Also accessed to
listsof Lead Customers from the MIS data.

Banca Online Analysis: -

Both primary and secondary data were used. Primary data was collected by
conducting telephonic interviews of CIFs and during the field visit to various
branches. Secondary data about details of CIFs was obtained from SBI Life office,
it included:

➢ CIF Code
➢ Name
➢ Phone number
➢ Circle/ Bank
➢ Area
➢ Age
➢ Time since CIF is associated with SBI Life
➢ YTD Rated Premium (March’13) collected

29
 INSURANCE INDUSTRY IN INDIA

Life Insurance Corporation (LIC) India Company –

Life Insurance Corporation of India is the oldest insurance providerin the insurance
sector of our country. Established in 1956, one of the largest insurance companies in
India and is a state-owned insurance group and investment firm that offers a range of
insurance products to its customers. Some of the common products that are offered by
the company are life insurance plans, pension plans, child insurance plans, unit-linked
plans, special plans, and group schemes.

Market Capitalization (in Cr):- Rs.5,80,000

Market Share - LIC's market share fell 67 basis points to 58.78% for FY23 from
63.25% for FY22, according to data provided by insuranceregulator Irdai.

Product & Services :-

➢ Term Insurance Plan
➢ Money-Back Plans
➢ Health Insurance Plans
➢ Pension Plans
➢ Mutual Fund
➢ Loan & etc.

30
SBI Life Insurance Company:-

Introduced in the year 2001, SBI Life Insurance Company is a Joint venture between the
State Bank of India and BNP Paribas Cardif. SBI Life Insurance Company offers an inclusive
range of life insurance and pension products at a very economical rate. You can also
purchase pure protection plans, health insurance, and savings solutions as well. You can buy
the SBI life insurance plans online and offline.

Market Capitalization (in Cr):- Rs. 179,000/-

Market Share – NBP of Rs 7,030 Crore with 13% growthand 22% market share.

Product & Services :-

➢ Life Insurance Policies.
➢ Health Insurance
➢ Savings and Investment Products
➢ Online Services
➢ Financial Planning
➢ Customer Service and Support

31
Bajaj Allianz Life Insurance Company-

Bajaj Allianz Life Insurance is a joint venture between the Europeanfinancial services
company Allianz SE and Bajaj Finserv Limited.
Launched in the year 2001, this life insurance company provides aone-stop
solution for customer’s insurance needs and helps themin achieving their financial
goals by providing them with a huge range of products, right from term insurance
to group insurance. The company provides a huge array of customized products
that cater to the needs of the customers and provides them with innovative
services.

Market Capitalization (in Cr):- Rs. 260,000/-

Market Share - BALIC is one of the biggest life insurance playerswith market
share of 7.6% in terms of individual rated new business.

Product & Services:-

➢ Life Insurance Policies.
➢ Health Insurance
➢ Child Plans
➢ Retirement and Pension Plans
➢ Online Services
➢ Customer Support
➢ Financial Planning and Advisory

32
HDFC Life Insurance Company -

HDFC Life Insurance Company India is a joint venture between Housing

Development Financial Corporation Ltd. and Standard Life Plus. It was founded in
the year 2000. The company currently has 38 individual and 13 group products in
its portfolio. In order to meet the various needs of the customer the company
provides an array of individual and group insurance solutions like pension plans,
saving and health plans, protection plans, child plans, and women's plans.

Market Capitalization (in Cr):- Rs. 1,672/-

Market Share – Market share of 15.8%, HDFC Standard Life isranked at number 2
in terms of overall new business received premium.

Product & Services :-

➢ Life Insurance Policies.
➢ Health Insurance
➢ Savings and Investment Products
➢ Online Services
➢ Financial Planning
➢ Claims Settlement
Aditya Birla Health Insurance:-

Aditya Birla Health Insurance Co. Limited (ABHICL), a part of Aditya Birla Capital
Ltd. (ABCL), is a joint venture between Aditya Birla Group and MMI Holdings of
South Africa. ABHICL was incorporated in 2015 wherein Aditya Birla Capital
Limited (ABCL) and Momentum Metropolitan Strategic Investments (Pty) Limited
(Formerly known asMMI Strategic Investments (Pty) Ltd.)

Market Capitalization (in Cr):- Rs. 59,384/-

Market Share – Aditya Birla Health Insurance Co Ltd (ABHICL) is one of five
active standalone health insurance companies with a 10.4% marketshare

Product & Services :-

➢ Health Insurance
➢ Critical Illness Insurance
➢ Wellness Programs
➢ Telemedicine Services
➢ Digital Services
➢ Customer Support
Max Life Insurance:-

Max Life Insurance Company Limited (formerly known as Max New York Life
Insurance Company Limited) is an Indian life insurance company headquartered at
New Delhi, and the largest non-bank private-sector life insurer in India. It is a 80:20
joint venture between Max Financial Services and Axis Bank. The company is a
subsidiary of the publicly-listed Max Financial Services. It was founded in 2000 after
the liberalization of the insurance sector in India and its operations began in 2001.

Market Capitalization (in Cr):- Rs. 118,000/-

Market Share – Max Life has secured 10.8% market share amongst private life
insurers

Product & Services :-

➢ Health Insurance
➢ Life Insurance Plans
➢ Group Insurance
➢ Online Services
➢ Child Plans
➢ Customer Support
Kotak Mahindra Life Insurance:-

Kotak Mahindra Life Insurance Company Limited is a privately held lifeinsurance company
based in India. It was established in 2001 and currently serves 46 million customers in 148
cities and towns across India. The company provides protection, retirement, savings,
investment, and annuity plans.

Market Capitalization (in Cr):- Rs. 15,320/-

Market Share – 5.5%

Product & Services :-

➢ Health Insurance
➢ Life Insurance Plans
➢ Savings and Investment Plans
➢ Online Services
➢ Child Plans
➢ Customer Support

36
 FINDINGS

FINDINGS

During my project I have found out various things by which I have learned a lot. As
insurance is one of the toughest sectors in business world and we are the dream sellers
in the industry because we never give the customers return in that very day we are
assuring some amount so its all about faith on we people which customers are
suppose to do.

SBI Life Insurance Key Features

➢ SBI life insurance policy is designed to provide protection for the family's future.
➢ It provides coverage for death, terminal illness, and critical illness.
➢ The policy can be bought online without any medical tests or physical checkups.
➢ SBI Life Insurance Covers Childless Couples as well as those with children.
➢ SBI Life Insurance offers a Wealth Creation Option.
➢ SBI Life Insurance will help to plan for your retirement.

POSITIVE VIEW
➢ Brand name helped a lot while financial advisors are opting for calling.
➢ Branches are almost everywhere.
➢ Higher level of advertising and all are very effective
➢ Advertising through all media.

NEGATIVE VIEW
➢ Customers are much more relying upon LIC.
➢ People don’t rely upon private insurance sector.
➢ Competitors are very tough.
➢ All products are not attractive to the customers so that kind of products
are very hard to sale.
➢ Less number of traditional plans that’s why people who rea ly need
traditional plans are still not satisfied.
37
 CONCLUSION

Truly speaking neither an insurance policy nor any other investment can replace the
other. One must have both for a complete, intelligent and a secure portfolio.
Comparing one investment with other is like comparing oranges with apples.
Investments deal with attempting to capitalize on calculated risk. Working with SBI
LIFE INSURANCE was a very nice and a good learning experience. It has helped me
a lot learning about different kinds of investments and the pros-corns of its. It has also
helped me to know about how to works in a corporate world is done.

RECOMMENDATIONS

Given the current level of dissatisfaction experienced by customers, it is the time

for SBI LIFE Insurance to concentrate on providing high quality services for
differentiating their offerings. Some areas on which they should concentrate
immediately are:-

➢ Gear up sales services particularly those that will help in reducing customer
anxieties.
➢ Simplify documents wherever necessary, without loosing control.
➢ Enhance post sales services in such areas as sending all renewal notices in
time, expeditious settlement of claims and refunds etc. Customize products
to cater to the needs of each individual.
➢ Emphasize with the customers. Employees coming in contact with
customers must show courtesy and good behavior.
➢ To deliver the above, will need to build the suitable organization with an
appropriate management system, optimum physical infrastructure and a
culture of innovation, productivity and customer-orientation that will enable
them to survive and grow in exciting and fast growing line of personal
insurance.

38
Referenceses

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]
[Link]/en/article/list-of-main-insurance-companies-in-india&ved=2ahUKEwjc2K-
z44CJAxWNe_UHHeNAKDEQFnoECBgQAQ&usg=AOvVaw2vaeDx0jxucO7Y1KoE-Knx

39