Rukaiya Final Synopsis

8/10/2019 Rukaiya Final Synopsis

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Project Report

ON

AGENCY CHANNEL OF SBI LIFE INSURANCE

M.B.A. Programme,

Department of Business Administration

A.P.S. University, Rewa [M.P.]

Submitted To

Dr. Atul Pandey

H.O.D.Deptt. Of Business

Administration

Submitted By

Ms. Varsha Tiwari

Marketing M.B.A. 3 rd SEMDeptt. Of Business

Administration


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INTRODUCTION:

Why Insurance sector?

The service industry is one of the fastest growing sectors in India today. The

upcoming sectors which are really showing the graph towards upwards are -

Telecom, Banking, and Insurance. These sectors really have a lot of

responsibility towards the economy.

Amongst the above-mentioned areas insurance is one sector, which took a lot of

time in positioning itself. The insurance business of non-life companies was notmuch in problems but the major problem was with life insurance. Life Insurance

Corporation of India had monopoly for more than 45 years, but the picture then

was completely different. Previously people felt that Insurance is only for

classes not for masses but now the picture is vice-versa.

The formation of IRDA, entrance of private life insurance companies into India

with one foreign partner, compulsory training of Insurance agents etc.

developments started to take place. And this was the time when thesecompanies started searching for proper channel partners who can help the

organization in expanding its network and business in India.

After the Insurance Regulatory and Development Authority Act have been

passed there has been establishment of many private insurance companies in

India. Previously there was a monopoly business for Life Insurance Corporation

of India (L.I.C.) who was the only life-insurance company for the people till 2000.

L.I.C. still holds 71.4% of the market share in 2006.

But after the introduction of private life insurance companies there is a great

competition in Indian market now. Everyone is trying to capture the fresh market

here and penetrate it with aggressive marketing strategies. either want to extend

or diversify their business.


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COMPANY PROFILE

SBI Life Insurance is a joint venture life insurance company between State

Bank of India (SBI), the largest state-owned banking and financial

services company in India, and BNP Paribas Assurance. SBI owns 74% of the

total capital and BNP Paribas Assurance the remaining 26% of the capital. SBI

Life Insurance has an authorized capital of 20 billion (US$320 million)and a paidup capital of 10 billion (US$160 million).

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's,

gave the company a AAA/Stable/P1+ rating.

History

When the government of India opened the life insurance sector to private

companies, SBI started SBI Life as a joint venture with BNP Paribas in 2001.

While in its initial stage its business was mainly from bancassurance channel,

now it is developing its own agency team for selling its life insurance products.
http://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/Financial_servicehttp://en.wikipedia.org/wiki/Financial_servicehttp://en.wikipedia.org/wiki/BNP_Paribashttp://en.wikipedia.org/wiki/CRISILhttp://en.wikipedia.org/wiki/Standard_%26_Poor%27shttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/Bancassurancehttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/File:SBI_Life_Insurance_Company_Limited.svghttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/File:SBI_Life_Insurance_Company_Limited.svghttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/Indian_rupeehttp://en.wikipedia.org/wiki/File:SBI_Life_Insurance_Company_Limited.svghttp://en.wikipedia.org/wiki/Bancassurancehttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Standard_%26_Poor%27shttp://en.wikipedia.org/wiki/CRISILhttp://en.wikipedia.org/wiki/BNP_Paribashttp://en.wikipedia.org/wiki/Financial_servicehttp://en.wikipedia.org/wiki/Financial_servicehttp://en.wikipedia.org/wiki/Government-owned_corporationhttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_India


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OBJECTIVE OF THE STUDY:

1. To know about the saving habits of consumers.

2. To know the awareness about Insurance Plans and their benefits.

3. To know the attitude of individuals towards risk bearing.

4. To know the objective of individuals while purchasing insurance.

5. To know the attitude of individuals towards insurance plans and

preference to SBI Life.

6. To check out the consumers financial position.


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RESEARCH METHODOLOGY

A Marketing research design specific a procedure for conducting and controlling

the research project. Every marketing research must explicitly state its plan about

collection and analysis of data. It is the conceptual framework within which thestudy is conducted and deals with the procedures used in the study for the

purpose of investigation.

Methods of Data collection:

The analysis tools would be of both types which include

1. Primary data.

a) Questionnaire.

b) Personal Interview.

2. Secondary Data.

a) Newspaper & Magazines

b) Internet & Journals.

Sample Area & Size:

The sample area of the study will be restricted to the Rewa city only and

the sample size would be of 100 respondents.


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DATA ANALYSIS & INTERPRETATION

Data is the very important aspect of a research report because the data is the

only thing from which the analysis and findings could be made; this is the reason

why the data is being collected for the purpose of the research study. The studycan be made easier through the collection of data and while collecting it the data

can be reformed and furnished like this so that meaningful information can be

withdrawn from it.

The question will be framed as according to the respondents, the

information gathered from the questionnaire is being used in the forms of pictorial

representation and in tabular form thus the data representation is done in the

form of pie chart, and graphs.

Data will be collected by questionnaire method and these data will be analyzed

by following methods:-

1) Bar chart

2) Pie chart

3) Tabulation format

On sample basis

On percentage basis


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EXPECTED OUTCOME OF THE STUDY

There are a lot of possibilities in the market for SBI Life Insurance Products due

to their unique features. To get the benefit of this opportunity the company

should consider the following points.

1. The study will shows awareness for the companys Plans in Market.

2. Advertisement strategy on their plans on a large scale e.g. on T.V. channel,

leading newspapers etc.

3. Is company`s recruitment policy effective for their channel promotion.

4. Company would make plans for promotion of company business it should

organize road shows seminars, exhibition or contests because these things make

a clear picture of companys plans.

5. SBI should open the branches and enhance its infrastructure so that the

people of that region can also be awarded about these plans.

6. Company should open customer service point in rural areas also.

7. Company should issue less premium plan.


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CONCLUSION

The objective of the project of studying the AGENCY CHANNEL IN A SBI LIFE

INSURANCE has been achieved during the course of time. Today insurance

industry is a rapidly growing sector. After coming of the private players thisindustry is becoming complex day to day and their competition very fast.

After analyzing the responses of the people about main feature which influence

the insurance buying, the result shows that awareness level is increasing day by

day about the private insurance company. Till 1999 LIC have the monopoly in

insurance sector. But today is the era of private insurance companies, and the

awareness level and buying behavior is increasing day by day.

Major finding of the study show that protection is the prime preference along

with saving or tax benefits. At the same time people are more focused on their

Childrens future planning In particular SBI Life Insurance has huge brand

awareness in the urban market due to Bharti Airtel presence in the market. But

at the same time company is struggling for its market share in rural market. In

brief it can be said that the people are getting confident to be the investor of SBI

Life Insurance products while they have heard about all the benefits of these

plans.


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BIBLIOGRAPHY

Kotler. Philip

Marketing Management,

2003 revised edition

1. Compilation of Service Marketing provided by DBA.

2. Kothari, C.R.

Research Methodology,2007

3. www.sbi.org

4. www.google.co.in

www.wikipidia.com
http://www.sbi.org/http://www.sbi.org/http://www.google.co.in/http://www.google.co.in/http://www.wikipidia.com/http://www.wikipidia.com/http://www.google.co.in/http://www.sbi.org/


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ANNEXURE:

QUESTIONNAIRE:

General Information:

1. Name:

2. Age:

3. Sex: Male [ ] Female [ ]

4. Marital Status: Single [ ] Married [ ]

5. Educational Background: High School [ ] Plus 2 [ ] Graduation [ ] Post

Graduation [ ]

6. Address: ___________________________________________

Questions:

________________________________________________________________

___________

1. You are? Self Employed / Professional [ ] Business owner [ ] Salaried [ ]

2. Which income group do you belong to? > 1, 00,000 [ ] 1, 00,000 to 2, 00,000

[ ] 200,000 to 500,000 [ ] 500,000 & above [ ]

3. Are you aware about the different options of investment? Yes [ ] No [ ]

4. On whose advice would you invest? Experts Advice [ ] Friends Advice [ ]

Self Analysis [ ]

5. Where would you prefer to invest? Govt. Securities [ ] Mutual Funds [ ] EquityShares [ ] Insurance [ ]

6. Are you aware that Life Insurance is a good option for investment, tax saving,

savings as well as financial protection? Yes [ ] No [ ]


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7. Do you have any Life Insurance Policy? Yes [ ] No [ ]

8. What type of plan do you have or would you prefer? Investment [ ] tax saving [

] savings [ ] as well as financial protection [ ]

9. How much do you pay or can you invest per annum? < 10,000 [ ] 10,000 -

15,000 [ ] 15,000 - 20,000 [ ] > 20,000 [ ]

10. For what duration would you like to hold the policy? < 5 Years [ ] 5- 10 Years

[ ] 10 - 20 Years [ ] > 20 Years [ ]

11. What is your main expectation from the insurance company? Security [ ]

Good Return' [ ] Service [ ] Flexibility [ ]

12. What additional benefit do you want from the policy? Accidental [ ] Critical

Illness [ ] Start of Life [ ] Family Income Benefit [ ]

13. What is your purpose behind taking an insurance plan? Tax Planning [ ] Risk

Cover [ ] Retirement Planning [ ] Investment Planning [ ] All of these [ ]

14. Which company would you prefer to invest in? L.I.C. [ ] HDFC [ ] Bajaj

Allianz [ ] ICICI Prudential [ ] SBI [ ] others [ ]

15. Are you satisfied with the services that are offered by your insurance

company? Yes [ ], No [ ]

16. What are the factors that have motivated you to prefer SBI over the other

companies? Brand Name [ ] Goodwill of SBI [ ] Service [ ] Advertisement [ ]

17. If Given a Chance do you again prefer to buy the SBI Life Insurance policy in

future? Yes [ ] No [ ]

18. What is the most dissatisfying factor do you feel about SBI? After Sale

Service [ ] Product Diversification [ ] Fund Performance [ ] Advertisement [ ]

19. Rank the service of SBI Life Insurance? Excellent [ ] Good [ ] Average [ ]

Below Average [ ]


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Rukaiya Final Synopsis

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