A Study On Birla Sun Life Commerce Essay

To accomplish partial and concrete consequences, it is necessary that theoretical cognition must be supplemented with practical environment. Keeping this position in head, I have completed my research work sing “Performance rating of Birla Sun Life Insurance products” By making this research work I have learnt a batch of things which would be truly helpful for me in future. This experience in determination devising and practical application of cognition has contributed greatly to my growing

Executive summary-

Under this term paper I have full surveies the services selling environment, selling mix, client demands and client ‘s outlooks, services recovery schemes, pricing of services, pull offing waiting lines and other subject related Birla sun life insurance.

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Birla Sun Life Insurance Company Limited ( BSLI ) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. , a taking international fiscal services organisation.

The local cognition of the Aditya Birla Group combined with the expertness of Sun Life Financial Inc. , offers a formidable value proposition to clients. Sun Life Financial and its spouses today have operations in cardinal markets worldwide, including India, Canada, the United States, the United Kingdom, Hong Kong, Philippines, Japan, Indonesia, China and Bermuda.It was the first participant in the industry to sell its policies through the Bank confidence path and through the cyberspace.It was besides the first private Sector participant to present a pure term program in the Indian market. This was supported by gross revenues patterns, which brought a grade of transparence that was wholly new to the market.Aditya Birla Group and presently in charge of BSLI expressed, “ The Birla Sun Life Insurance concern distribution web is national in nature covering more than 1000 points across the state.We have made our entry in several grade I and tier II towns.

It is hence really of import for the trade name to link at the grass root degree and make trust.They believe that our association with Kapil Dev as our trade name embassador will assist us make this connects in a shorter period of clip. We hence now have two strong connects — our parent trade name Birla and our trade nameOn 26 November 2006, Birla Sun Life hosted the one-year golf tourney at the Chembur Golf Club in Mumbai where Kapil Dev participated.

About the Aditya Birla Group

The Aditya Birla Group has a turnover near to Rs.38, 000 crore ( as on 31 March 2008 ) and is one of the largest concern houses in India. It enjoys a leading place in all the sectors in which it operates. With over 75 concern units crossing the South East Asian belt, Africa, Canada and the UK among others, it is reckoned as India ‘s first transnational corporation. The group is anchored by 72,000 employees and has seven lakh stockholders, with a market capitalisation of Rs.

53, 400 crore.


When of all time there is uncertainness there is hazard. We do non hold any control over uncertainnesss which involves fiscal losingss. The hazard may certain events like decease pension retirement or unsure events like larceny, fire accident, etc.Birla sun life Insurance is fiscal services for roll uping the nest eggs of public and supplying them with hazard coverageThe chief map of Birla sun life insurance is to supply the protection against the possible opportunity generating losingss. It eliminates the concerns and wretchednesss of losingss by devastation of belongings and decease. It besides provided the capital to society as the fund accumulated to be invested in productive caputs.


?To determine and analyse the Market Potential of the Birla Sun Life Insurance Company.

?To determine whether the clients are satisfied with the policies of the company.?To know the client consciousness sing the Birla-sun life insurance and its merchandises.?To survey and find the rival place in the market.

?To know the future programs of the people for purchasing the policies.?Proper apprehension and analysis of life insurance industry.


To be a world-class of fiscal security to persons and corporate and to be amongst the top three private sectors life insurance companies in India.


To be the first penchant of our clients by supplying advanced demand based life insurance and retirement solutions to single every bit good as corporate. Well -trained professionals through a multi channel distribution web and superior engineering will do these solutions available. Our enterprise will be to supply changeless value add-on to clients throughout their relationship with us, within the regulative model. We will supply calling development chances to our employees and the highest possible returns to our stockholders

Problems in the organisation,

It is clear that BIRLA SUN LIFE INSURANCE COMPANY is a unit- linked insurance, which is fundamentally involved in the life insurance solutions.

There are figure of job which are as follows-1 ) The chief job of the organisation is that the it is non authorities organisation like a life insurance solutions.2 ) The 2nd chief job is that deficiency of believes on the organisation by the people.3 ) The 3rd job assigned by the organisation that there are the few subdivisions of the BRILA SUN LIFE INSURANCE SOLUTION.4 ) Another job is that the deficiency of good quality, good accomplishment insurance advisers.

Rivals: –

•Life insurance corporation•Max web life insurance•MetLife insurance•Aviva life insurance•Bharathi Axa life insurance•Bajaj Allianz life insurance•Tata AIG life insurance

ICICI Prudential Life Insurance

•Reliance life insurance•Kotak Mahindra life insurance

Selling MIX-


Life is unpredictable. But in face of hardship, our duties towards our parents, kids and loved 1s need non be compromised.

Insurance be aftering equips you to smooth out the uncertainnesss and hardships that life might direct your manner, so that the best that life has to offer, secure in the cognition that your beloved 1s are good provided for. BSLI offers a complete scope of insurance merchandises1. Protection Plans2. Savingss Plans3. Child Plans4. Investing Plans5. Retirement Plans6.

Group Plans7. Rural Plans



: Birla Sun life insurance sends you an one-year policy statement on every policy day of remembrance to maintain you wholly informed on the public presentation of our assorted financess based on the unit monetary value will be available on our web site


The ECS is a convenient and hassle- free method of paying premiums through an electronic debit to your bank history.

Investing Fund PORTFOLIO

:Upper bound of % plus in defender builder foilGovernment and authorities approved 85 % 70 % 55 % SecuritiesRated corporate bonds ( AA 30 % 30 % 30 % and above )Money market and other 20 % 20 % 20 %Liquid assetsInfrastructure sectors as 25 % 25 % 25 %defined by the IRDAListed equities 10 % 20 % 35 %


: The policy lading fee* is an up-front charge and varies as per the premium payment manner and the policy twelvemonth as given underPolicy twelvemonth Single 5-pay 10-pay 15-pay or greater1 3 % 29.9 % 54.6 % 65 %2 N/A 5.0 % 7.

5 % 7.5 %3 N/A 5.0 % 7.5 % 7.

5 %4+ N/A 5.0 % 5.0 % 5.0 %As a per centum of premium. The policy-loading fee for top up wills 2.0 per centum.


. Charges towards the cost of insurance will be deducted by cancellation of units at the predominating unit monetary value on a monthly footing.

The one-year insurance charges per thousand-face sum for sample ages for healthy lives are as follows:Sex/age ( year ) 20 30 40 50 60Female 0.90 1.16 1.66 4.03 10.

66Male 1.02 1.17 2.15 5.

53 13.73An investing direction frees non transcending 1.5 % p.a. of the fund will be charged by accommodation of day-to-day unit monetary values.Presently this fee is 1 % p.a.

The undermentioned disposal fees will be deducted by call offing units on a monthly footing.( a ) Rs. 22 per month( B ) An one-year charge of Rs.

2.88 per 1000 face sum will be deducted in the first 10 old ages of the policy expect in the 2nd twelvemonth where it will be Rs. 15.24 per 1000 face sum.

From the 11the twelvemonth onwards this one-year charge will increase capable to a upper limit of 3.75 % per twelvemonth.A monthly rider tax write-off will use by cancellation of units on a monthly footing based on the tantamount monthly rider premium collectible over the full coverage benefit period. If rider tax write-offs are non guaranteed, so the lower limit policy values of your policy might be affected due to any alteration in the rates of the rider coverage.


In a twelvemonth, one switch between investing fund options is free.

For every extra switch, a charge of Rs.100 will be levied.


Birla sun life promotes the gross revenues through the selling communications activities like personal merchandising, advertisement, or promotion. The object of gross revenues publicities is to bring on the coveted consequence from possible clients, trade mediators or the gross revenues people.

The Birla sun life provides — — — –

Training to employeesMore inducements to clients, gifts, discounts, direct mail, E-marketing and keep public dealingss.

Topographic point

Where the agents of Birla sun life insurance is meet to clients and supplying the cognition related services like premium, involvement, etc.



The services of Birla sun life is more closely regulated than goods like revenue enhancements, limitations on publicities, monetary value favoritisms etc.

Economic environment—

Changing the life manner, consumer demands, and promotions of engineerings besides affected the Birla Sun life insurance because after altering the new engineering the batch of accidents and deceases has inauspicious affect of insurance.Due to globalizations the batch of rivals in market so it is really hard to pull the new client and deriving the net incomes.

Socio-culture environment-

Due to alter the income and higher instruction change the head of consumers so increases the investings in insurance sectors so the private participants like Birla sun life insurance growing is really high relatively old old ages.

Technology environment-

Due to alter the engineering the Birla Sun life insurance form is besides change like insurance of net income and loss history insurance of new machinery etc.

, Blue print of Birla Sun life

?Physically visits clients — — — — — — — — H2O ice chest — — — — washing room — — –Explain policy in item — — — — — — — — — — -wait for response — — — — registries to clients with insurance company — — — — — — — — — — — — — -check the premium payments — — — — — — — — — — — -Checks and verifies the portal references

Quality concern—

— Hire the right people– Develop the people through services quality.– Provided the needful support to client– Retain the best employeeThe quality of client service, reactivity, a personal touch, doing him experience particular are some of the factors that will hold a bearing on the relationship with the client and a happy client helps open more doors. Good offerings that meet the client demands, good advice followed by good service will heighten the concern

Integrated selling communication—



The tool can acquire your messages to big audiences expeditiously through such avenues as wireless, Television, Magazines, Newspapers ( ROP ) , Internet, Billboards and other nomadic technological communicating devices. This method can expeditiously make a big figure of consumers, although the costs may be slightly expensive.

2. Gross saless Promotion:

This tool is used through vouchers, competitions, samples, premiums, presentations, shows or inducements. It is used to speed up short-run gross revenues, by constructing trade name consciousness and encouraging repetition purchasing.


Public Relations:

This incorporate selling communications tool is initiated through public visual aspects, news/press releases or event sponsorships, to construct trust and good will by showing the merchandise, company or individual in a positive visible radiation.

4. Direct Selling:

The BIRLA SUN LIFE has direct selling through electronic mail, mail, catalogs, promote direct responses to radio and Television, in order to make targeted audiences to increase gross revenues and prove new merchandises and alternate selling tactics.

5. Personal Selling:

Puting gross revenues assignments and meetings, place parties, doing presentations and any type of one-to-one communicating, to make the clients and strengthen relationship with Birla sun life,Employee function in service bringingListen to clientsObtain client feedbackProvide excellence services to clientsGeting closer to client

Customer function in services bringing —

Without the contact of clients the services could non present so the client is really of import function for services bringing he physical presences and engagement is required of client ‘s.

The client as productive resource ;– The client as subscriber to quality, satisfaction and value ; and– The client as rival to the service organisationWord of oral cavity advertising. — A happy and satisfied client is much more likely to direct more clients your manner

Managining waiting lines — —

When the demand exceeds the supply so the Birla Sun life has pull offing the waiting lines through different ways—( 1 ) How long make your clients expect to wait? Set operational aims based on what is acceptable.( 2 ) This is particularly of import when the waiting clip will be longer than normal. State them why the waiting clip is longer than normal and what you are making to relieve the waiting line f a group of clients demands something that can be done really rapidly, give them a particular line so they do non hold to wait for the slower clients( 3 ) Inform clients of times when they normally would non hold to wait ; besides tell them when the extremum periods are—this may assist to smooth the burden( 4 ) Develop plans for alternate ways to function your clients. Where appropriate, develop programs for automatizing or rushing up the procedure in some mode. This is non o say you want to extinguish personal attending ; some clients expect this.

Expectation of the consumers

Therefore old every bit good as new insurance companies will hold to offer advanced merchandises to the consumers.

The consumers are peculiarly anticipating good pension programs, wellness insurance, and term insurance and investing merchandises like unit-linked insurance, from the life insurance companies. Similarly the consumers expect advanced merchandises from the general insurance companies for pull offing health care, belongings insurance, accident insurance and other merchandises related to the personal line of insurance Addition exposure through media ( Television, Radio and Internet ) . In this instance, the traditional theoretical account is more generic and there is a demand to reinvent the messages based on mark groups to accomplish the concern

Delivering Service through Mediators

An insurance mediator is a individual or a company that helps you in purchasing insurance. Insurance agents, insurance agents and fiscal advisors are insurance mediators.On the other manus, a mediator is person who solicits tactful concern or invites possible clients to come in into tactful contracts with operators. They are besides known as tactful agents and tactful agents

Reason of delivering services through mediators of Birla sun life.

Exhibit good cognition of the merchandises and services offered by the insurance company or tactful operator.

( In add-on, insurance agents and fiscal advisors are expected to exhibit good cognition of merchandises available in the market ) .
Make an attempt to understand your insurance or tactful demands and aid you in the pick of insurance or tactful merchandises and services.
Explain to you clearly the nature of information required in the proposal signifier and besides the importance of unwraping material facts.
Explain clearly the chief footings and conditions of the proposed insurance contract or tactful program so as to assist you understand what you are purchasing.
Draw attending to any limitations and exclusions applicable under the proposed insurance contract or tactful program.

Follow up and provides uninterrupted service to you, such as reclamation of policy and supply updates on relevant new merchandises.

Provide aid when you are doing claims against the insurance company or tactful operator.
It Protect your involvements and rights:Deal merely with registered/licensed mediators.

Deal with mediators with proved path record or those with good referral from friends and relations.
Be true about yourself and declare material facts.
Never be persuaded to subscribe on clean signifiers or anything you do n’t understand.
Never be persuaded to sink an bing policy to purchase a new life policy.

Ensure that you understand the merchandises you are purchasing.
Read the policy benefits and footings carefully, and compare them with other similar merchandises.
Shop about to acquire value for money.
Buy merely what you need and what you can afford.
Ask for gross revenues stuffs, for illustration the gross revenues illustrations, merchandise booklets or client fact happen signifier ( for life merchandises merely ) , and maintain these paperss safely.

When in uncertainty, ever inquire for more information from the mediators or seek elucidation from the insurance company or tactful operator that offers the insurance or tactful merchandises.
Ask for a reception as the cogent evidence of premium payment and maintain it safely.Servicess Recovery schemes must incorporate:* nonsubjective mensurable standards for delisting the species* site-specific actions* Estimates of the clip and cost for implementing the recovery program.Under base there relationship between client outlook and services recovery actionsUnderstand the services recovery paradoxKnown the elements of an effectual services recovery scheme manage the services failure efficaciouslyFactor influences the client the client response to services recoveryDesign a services recovery scheme


Lack of consciousness among the people –

This is the biggest restriction found in this sector.

Most of the people are non cognizant about the importance and the necessity of the insurance in their life. They are non cognizant how utile life insurance can be for their household members if something happens to them.

Percept of the people towards Insurance sector –

Peoples still see insurance merely as a Tax economy device.

So today besides there is ever a haste to purchase an Insurance Policy merely at the terminal of the fiscal twelvemonth like January, February and March doing the other 9 months dry for this concern.

Insurance does non give good returns –

Still today people think that Insurance does non give good returns. They are non cognizant of the modern Unit Linked Insurance Plans which are offered by most of the Private sector participants. They are still under the perceptual experience that if they take Insurance they will acquire merely 5-6 % returns which is non true now yearss. Nowadays most of the modern Unit Linked Insurance Plans gives returns which are many times more than that of bank Fixed sedimentations, National salvaging certification, Post office sedimentations and Public provident fund.

Lack of consciousness about the earning chance in the Insurance sector –

Peoples still today are non cognizant about the earning chance that the Insurance sector gives. After the denationalization of the insurance sector many private giants have entered the insurance sector. These private companies in order to crush the competition and to increase their Insurance Advisors to increase their range to the clients are giving really high committee rates but people are non cognizant of that.

Increased competition –

Today the competition in the Insurance sector has become really stiff.

Today each and every company is seeking to increase their Insurance Advisors so that they can increase their range in the market. This state of affairs has created a scenario in which to enroll Birla sun life insurance Advisers and to sell life Insurance Policy has became very- really hard.


?To be successful in selling of insurance merchandises, the full concern scenario has to be taken into history.?During the survey to be found that bulk of people are cognizant of life insurance sector.

?During the study it was observed that major beginning of information for consumer are telecasting and newspaper and least penchant are given to magazines, agents and friends.?Attractive strategies and trade name image are the most of import factor that influences the purchasing behaviour of the consumers. Majority of respondents will switch to any other insurance company.?People are non satisfied with the opted insurance. It was found that the ground for the dissatisfaction of consumer is high premium, hold in claim colony and hapless after sale service.?So to accomplish a greater insurance incursion, insurance sector companies have to make a more vivacious and competitory industry, with greater efficiency, pick of merchandises and value for clients.


) Information sing new merchandise should be provided to the clients.

2 ) The company should happen out the no. of people who are non holding any of the insurance programs through an intensive market research and actuate them to acquire insured.3 ) At some flat Company should supply information to the clients about the charges of the policy.4 ) Company should aim each and every category of the society.5 ) Charges should be low of the policies.

6 ) Annual premium should be reasonable.7 ) BSLI Company should work in systematic manner.


1 ) Even though most of the policy holders are satisfied with policies, plans they have but some new attractive insurance programs should be introduce to adhere them non to exchange over to other companies insurance programs.2 ) The company should happen out the no. of people who are non holding any of the insurance programs through an intensive market research and actuate them to acquire insured.3 ) Leveraging engineering to service clients rapidly, expeditiously and handily.4 ) Developing and implementing superior hazard direction and investing schemes to offer sustainable and stable returns to our policyholders.5 ) Company should aim each and every category of the society6 ) Company should supply full information to the clients before aiming so they can take involvement.


The market potency for private insurance companies is found to be greater in the long tally as most of the Indians are of the sentiment that, private insurance companies would be able to execute good in the hereafter. The private and foreign insurance companies have to take immediate stairss in naming more figure of agents and/or advisers in add-on to the employees as it has been found out that agents are the best channel to make the general public sing merchandising of insurance merchandises. The private and foreign insurance companies have to concentrate on the factors like ‘Prevention of Loss ‘ , ‘Assured Returns ‘ and ‘Long term Investment ‘ . They can besides concentrate on an insurance sum of Rs. 1 – 2 hundred thousand with ‘money back policies ‘ .

Hence, the market has possible. The private and foreign insurance companies that are taking immediate stairss can tap it easy & A ; quickly

Mentions — — –

I am really grateful the instructor of which provides the cognition related services for finishing my term paper. Another information I have collected through — — Services selling book of Ram pal S.


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.Ques.1 which Birla Sun Life Scheme does you hold?

( a ) Life ( B ) Retirement ( c ) Health

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

( a ) Yes ( B ) No

Ques.3 what pull you towards Birla Sun Life Plans?

— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —

Ques.4 Are you satisfied with the services provided by the company sing new programs and strategies?

( a ) Yes ( B ) No

Ques.5 Are you interested to do more investings in Birla Sun Life?

( a ) Yes ( B ) No

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

( a ) Yes ( B ) No

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

( a ) LIC ( B ) Bajaj Allianz ( degree Celsius ) Birla Sun life ( vitamin D ) Reliance( vitamin E ) Others

Ques.8 if you get any attractive program than are you ready to exchange over?

( a ) Yes ( B ) no




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