sbi life insurance(babloo nayak)

8/12/2019 SBI Life Insurance(Babloo Nayak)

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A PROJECT REPORT ON

INVESTOR SATISFACTION WITH REGARDSTOINVESTMENT WITH SBI LIFEINSURANCE

SUBMITTED TO

UTKAL UNIVERSITY

IN PARTIAL FULLFILLMENT OF THE

BACHELORE IN BUSINESS ADMINISTRATION

BY

PRACHI NAYAK 2011-2014)ROLL NO. 56355UT11029

UNDER THE GUIDANCE OFMr. Chandan Mohalick Mrs. Rashmi Ranjita Dash

Senior Agency Asst. Prof.

Manager Marketing

Institute of entrepreneurship Development

(An Institute of Industries Department, Govt. of Odisha)

Mancheswar industrial estate ,bHUBANESWAR,ODISHA


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CERTIFIC TE

Guide Name: Mrs. Rashmi Ranjita Dash

Designation : Assistant Professor

This is to certify that the project report entitled Investor Satisfaction with

regard to investment with SBI Life Insurancehas been prepared by Mr.

Prachi Nayak under my supervision and guidance for the fulfillment of

Bachelor in Business Administration. His field work is satisfactory.

Signature of HOD Signature of Internal guide


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DECLARATION

I do hereby declare that this project work entitled

Investor Satisfaction With Regards to investment submitted

by me for the partial fulfillment of the requirement for the award

of Bachelor In Business Administration(BBA)is a record of my

own research work .

The report embodies the finding based on my study and

observation and has not been submitted earlier for the award

of any degree or diploma to any Institute or University

Date: Prachi Nayak

Roll

No.56355UT11029


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EXAMINER CERTIFICATE

This is to certificate that this piece of work entitled

Investors satisfaction with regards to investment in SBI LIFE

INSURANCEsubmitted on partial fulfilment for degree of BBA is

a record of studies and confide project work carried out by

Prachi Nayak (Roll No.56355UT11029), student of BBA program

2011-2014 of INSTITUTE OF ENTREPRENEURSHIP

DEVELOPMENT, Bhubaneswar.

INTERNAL EXAMINER EXTERNAL EXAMINER

PREF CE


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I had undergone a project in SBI LIFE INSURANCE Bhubaneswar, as a

partial fulfillment of Bachelor Of Business Adminstration. The project

assigned to me is Investor satisfaction with regards to

investment.

The successful completion of this project was a unique experience for me

because by visiting many places and interacting with various people, I

achieved a better knowledge about sales. The experience which I gained by

doing this project was essential at this turning point of my career. This

project is being submitted which contains detailed analysis of the research

undertaken by me. During the survey I got a chance to know what the

customers think about the stock market and online trading, how they

perceive when a salesman tells him/her about any schemes related to stock

marketing, what are their queries about it?

CONTENTS


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TOPIC PAGE NO.

Front page i

Certificate of Summer Training ii

Internal guide certificate iii

Acknowledgement iv

Declaration v

Examiner certificate vi

Preface vii

Chapter 1

Introduction 1

Insurance 2

Role of Life Insurance 5

About SBI Life Insurance 10

Objective 15

Scope 16

Limitation 17

Chapter 2

Theoretical framework

2.1Marketing 18

4 Ps of Marketing 19

2.2 consumer behavior 20

2.3 consumer satisfaction 22

2.4 consumer relationship management 23

2.5 consumer decision making process 24

Chapter 3

3.1 Company profile 26

Money Back 26


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Chapter 4

Product 30

4.1 Life Long Pension 30

4.2 EDU Shield 33

4.3 Scholar II 35

4.4 Sudarshan - An Endowment Policy 36

4.5 Setubandhan 37

Chapter 5

5.1 My Study 38

Chapter 6

6.1 Research methodology 41

6.2 Research Methodology Process 42

6.3 Type of Data 44

Primary data

Secondary data

6.4 Sampling methodology 45

Chapter 7

7.1 News Report 46

7.2 Survey Report and Analysis 47

Chapter 8

8.1 Findings 48

8.2 Conclusion 49

Bibliography

Appendix


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meaning in every day usage but sometime it has a specialized

connotation when used in particular fields.

Definition of Risk

Risk is defined as "a condition in which there is a possibility of an

adverse deviation from a desired outcome that is expected or hopedfor". Thus risk is a combination of circumstances, and in this

combination there is possibility of loss. An adverse even is possible

and it has a probability from a zero to one. This it is neither possible

nor definite. We may or may not be able to measure the degree of

risk but the probability of the adverse outcome must be between zero

and one. The undesirable even is known as deviation.

A pure & perfect technique for handling risk is by insurance. For most

individuals, this is the most practical method for handling a major risk.

First, risk transfer is used since a pure risk is transferred to the insurer.

Second, the pooling technique is used to spread the losses of the few

over the entire group so that average loss is substituted for actual loss.

Finally, the risk may be reduced by application of the law of large

numbers, whereby an insurer can predict future loss experience with

some accuracy .

INSURANCE

The insurance is related to the protection of the economic value of

assets. Every asset has a value. The asset would have been created

through the efforts of the owner, in the expectation that, either

through the income generated there from or some other output,

some of his needs would be met. In the case of a motorcar, it provides


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comfort and convenience in transportation. There is no direct income.

There is a normally expected lifetime for the asset during which time it

is expected to perform. The owner, aware of this, can so manage his

affairs that by the end of that lifetime, a substitute is made available

to ensure that the value or income is not lost. However, if the asset

gets lost earlier, being destroyed or made non-functional, through anaccident or other unfortunate event, the owner and those deriving

benefits there from suffer. Insurance is a mechanism that helps to

reduce such adverse consequences.

Insurance is a contract between two parties - the insurer (the

insurance company) and the insured (the person or entity seeking

the cover) - wherein the insurer agrees to pay the insured for

financial

losses arising out of any unforeseen events in return for a

regular payment of "premium". These unforeseen events are

defined as "risk" and that is why insurance is called a risk cover.

Hence, insurance is essentially the means to financially compensate

for losses that life throws at people - corporate and otherwise.

Insurance Companies are active in the field of Life, Health & General

Insurance. The major part of insurance business is life insurance, the

operation of which depends on the law of the morality.

Why Insurance?

The entire effort of human life is to proceed from uncertainty

to certainty. The rigmarole of life proceeds with first acquiring the


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wherewithal to earn a living and then striving for its betterment and

ensuring that the comfort and pleasure derived from a physical

commodity or a human being continues. It is at the latter stage that

the mechanism of insurance comes in play.

The concept of insurance is in essence related to the protection

of the economic value of assets. Every asset whether physical or in

form of a human being has a value. The asset is built up in the

expectation that, either through the income generated there from or

some other output, some needs of the individual would be met. For

example, In the

case of an industry its production is sold and income generated.

In the case of a vehicle, it provides comfort and convenience in

transportation.

However there is a normally expected life cycle for every asset

during which time it is expected to perform its assigned role. So, a

prudent individual can manage his affairs so that by the end of that

life cycle, a substitute is in place to ensure continued

benefit/comfort. However, if due to an accident or other unfortunate

event, the asset gets destroyed or made non- functional earlier, the

person deriving benefits therefore suffer. Insurance is the

mechanism that helps to soften the impact of such adverse


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consequences by providing for some monetary substitution to face

such unforeseen circumstance.

The need of insurance arises from the chances of an accidental

occurrence destroying or making an asset non-functional. Such loss

producing eventualities are called perils e.g. fire, floods, breakdowns,

lightning, earthquakes, etc however, it has to be remembered that

what is being talked about is only a probability of a loss. The

protection of Insurance is against a contingency that may or may not

happen.

Life Insurance

Life Insurance is a contract between person and a life insurance

company, which provides your beneficiary with a pre-determined

amount in case of your death during the contract term.

Buying insurance is extremely useful if you are the principal

earning member in the family. In case of your unfortunate premature

demise, your family can remain financially secure because of the life

insurance policy that you have purchased.

The primary purpose of life insurance is therefore protection of the

family in the event of death. Today, insurance is also seen as a tool to

plan effectively for your future years, your retirement, and for your

children's future needs. Today, the market offers insurance plans that


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not just cover your life and but at the same time grow your wealth

too.

5 ROLE OF LIFE INSURANCE

Role 1: Life insurance as "Investment"

Insurance is an attractive option for investment. While most

people recognize the risk hedging and tax saving potential of

insurance, many are not aware of its advantages as an investment

option as well. Insurance products yield more compared to regular

investment options, and this is besides the added incentives (read

bonuses) offered by insurers.

You cannot compare an insurance product with other investment

schemes for the simple reason that it offers financial protection from

risks, something that is missing in non-insurance products. In fact, the

premium you pay for an insurance policy is an investment against

risk. Thus, before comparing with other schemes, you must accept

that a part of the total amount invested in life insurance goes towards

providing for the risk cover, while the rest is used for savings.

In life insurance, unlike non-life products, you get maturity

benefits on survival at the end of the term. In other words, if you

take a life insurance policy for 20 years and survive the term, the

amount invested as premium in the policy will come back to you with

added returns. In the unfortunate event of death within the tenure


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of the policy, the family of the deceased will receive the sum

assured.

Now, let us compare insurance as an investment options. If you

invest Rs 10,000 in PPF, your money grows to Rs 10,950 at 9.5 per

cent interest over a year. But in this case, the access to your funds

will be limited. One can withdraw 50 per cent of the initial deposit

only after 4 years.

The same amount of Rs 10,000 can give you an insurance cover

of up to approximately Rs 5-12 lakh (depending upon the plan, age

and

medical condition of the life insured, etc) and this amount can

become immediately available to the nominee of the policyholder on

death.

Thus insurance is a unique investment avenue that delivers sound returns in

addition to protection.

Role 2: Life insurance as "Risk cover"

First and foremost, insurance is about risk cover and protection

- financial protection, to be more precise - to help outlast life's

unpredictable losses. Designed to safeguard against losses suffered

on account of any unforeseen event, insurance provides you with

that unique sense of security that no other form of investment


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provides. By buying life insurance, you buy peace of mind and are

prepared to face any financial demand that would hit the family in

case of an untimely demise.

To provide such protection, insurance firms collect

contributions from many people who face the same risk. A loss claim

is paid out of the total premium collected by the insurance

companies, who act as trustees to the monies.

Insurance also provides a safeguard in the case of accidents or

a drop in income after retirement. An accident or disability can be

devastating, and an insurance policy can lend timely support to

the family in such times. It also comes as a great help when you

retire, in case no untoward incident happens during the term of the

policy.

With the entry of private sector players in insurance, you have

a wide range of products and services to choose from. Further, many

of these can be further customized to fit individual/group specific

needs. Considering the amount you have to pay now, it's worth

buying some extra sleep.


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Role 3: Life insurance as "Tax planning"

Insurance serves as an excellent tax saving mechanism too. The

Government of India has offered tax incentives to life insurance

products in order to facilitate the flow of funds into productive

assets. Under Section 88 of Income Tax Act 1961, an individual is

entitled to a rebate of 20 per cent on the annual premium payable

on his/her life and life of his/her children or adult children. The

rebate is deductible from tax payable by the individual or a Hindu

Undivided Family. This rebate is can be availed upto a maximum of

Rs 12,000 on payment of yearly premium of Rs 60,000. By paying Rs

60,000 a year, you can buy anything upwards of Rs 10 lakh in sum

assured. (Depending upon the

age of the insured and term of the policy) This means that you

get an Rs 12,000 tax benefit. The rebate is deductible from the tax

payable by an individual or a Hindu Undivided Family.

Role 4: Life insurance as "Financial Planning"

Most insurance plans available today have a built in savings

element. Plans like the Endowment Plan, Money back Plan, Child

Advantage Plan, Preferred Retirement Plans, etc allow you to meet

your dual financial goals of life cover and Savings for the future.


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You may avail of a loan from the insurance company against

certain plans. Your policy could also be pledged as a collateral to

raise funds from banks and other financial institutions. In case of

your unfortunate death the loans may be repaid from the proceeds

of the life insurance policy. Insurance promotes compulsory savings

with regular premium payments and helps build up a corpus of funds

along with financial security for the dependants in case of premature

death. For your medical needs and that of your family.

Hospitalization costs and quality healthcare is becoming

increasingly expensive. Without insurance, you can actually face a

situation where you have withdrawn all your money and borrowed

to

pay the medical bills. This can be provided with our Critical

Illness Benefit. Insurance provides you the option of covering

yourself towards any critical illnesses that can become extremely

costly. Choosing this facility pays you a lump sum upon diagnosis of

certain diseases like cancer, kidney failure, heart attack, stroke,

coronary bypass, vital organ transplants, Alzheimer's disease,

paralysis, etc.


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Role 5:Role of Insurance as "Economic Development."

It reducing burden of Government in providing relief to the old

citizens as well as providing funds to Govt. for nation building

activities. Direct investments made by Insurance serve a twofold

purpose. It acts as a major instrument for the mobilization of savings

of people, particularly from the middle and lower income groups.

These savings are channeled into investments for economic growth

thereby creating employment. These savings in turn go into the task

of nation building.

ABOUT SBI LIFE INSURANCE

Life is full of surprises, some pleasant and some not so

pleasant. Our families and we have to live with these uncertainties.

Preparing for

the uncertainties of life is what Insurance is all about. Insurance

is a tool, a solution for delegating the worries concerning tomorrow

onto a trustworthy institution so that you can start living today.

With SBI Life, you could smoothen the rough edges of life;

make it a bit easier, so you needn't worry about your children's

education, or your family's future. Whether you are looking for a safe

investment vehicle with good returns or life cover with regular


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returns in the future, all it needs is one small action on your part.

Leave the rest to us and SBI Life will take care of your near and dear

ones, and most importantly you.

SBI Life Insurance is a joint venture between the State Bank of

Indiaand Cardif SA of France.SBI Life Insurance is registered with an

authorised capital of Rs 500 crore and a paid up capital of Rs 350

crores. SBI owns 74% of the total capital and Cardif the remaining

26%. SBI Life has already covered more than 8 lacs group lives with

an additional 2.5 lacs lives through individual policies. State Bank of

India enjoys the largest banking franchise in India. Along with its 7

Associate Banks, SBI Group has the unrivalled strength of over

14,000 branches across the country, the largest in the world.

Cardif is a wholly owned subsidiary of BNP Paribas, which is The

Euro Zones leading Bank. BNP is one of the oldest foreign banks with

a presence in India dating back to 1860. It has 9 branches in the

metros and other major towns in the country. Cardif is a vibrant

insurance company specializing in personal lines such as long-term

savings, protection products, and creditor insurance. Cardif has also

been a pioneer in the art of selling insurance products through

commercial banks in France and 29 more countries.


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While sharing its aggressive plans, SBI Life also announced the

infusion of additional fresh capital of Rs. 75 crores to take its

capital base up to its authorized share capital limit of Rs. 500

crores. Speaking on the occasion, Mr. S. Krishnamurthy, MD and

CEO, SBI Life Insurance said, The additional capital has been

injected to maintain stipulated solvency margins for the

exponential new business growth and expanding branch network

SBI Life Insurancesmission is to emerge as the leading company

offering a comprehensive range of Life Insurance and pension

products at competitive prices, ensuring high standards of

customer service and

world class operating efficiency. The company plans to make the

insurance buying process quick, simple, and based on well-

informed judgments. In 2004, SBI Life Insurancebecame the first

company amongst private insurance players to cover 30 lakh lives.

The company expects to carve a niche in the Indian insurance

market through extensive product innovation and aims to provide


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the highest standards of customer service through a technological

interface. To facilitate this, call centers have been already installed

and help lines will be installed and customers will have access to

their accounts through the Internet or through SBI branches. The

company proposes to make available ready liquidity to its Life

Insurance policies by way of loans at SBI counters. This will make Life

Insurance a liquid asset in the financial portfolio of households.

SBI Life Insurance is uniquely placed as a pioneer to usher

bancassurance into India. The company hopes to extensively utilise

the SBI Group as a platform for cross-selling insurance products

along with its numerous banking product packages such as housing

loans, personal loans, and credit cards. SBIs access to over 100

million accounts

provides a vibrant base to build insurance selling across every

region and economic strata in the country.

Mission Statement: 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


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5 reasons to select SBI Life as people preferred insurance company.

Customer Satisfaction - many of their customers who have

bought an insurance policy with them have bought a second one!

Financially sound with over a 100 years of Banking experience,

when people trusted company with their money, why would they

trust somebody else with their protection needs.

Affordability

Easy to buy (accessibility)

Trust & reliability.

OBJECTIVE

1) To determine the present position and satisfaction of investors in SBI Life

Insurance.

2) To determine the market share of different brands.

3) Responses of customer

Responses from them were collected through survey and for the questionnaire

were prepared for both of them.

4) Benefits derived by assessing investors satisfaction are:

- Feedback to organization regarding product.

- Understanding customer s requirements.


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- Providing superior service to customer.

- Strengthen the relationship with customers.

- Formulating sales strategies.

5) Identify pros and cons of the brand SBI Life Insurance

This was a fundamental objective of the whole research. Company wants to

identify that where does the brand lack. In other words, what are the brands so

that it can rectify them in order to establish the brand in the market?

6) Suggestions and recommendations.

The objective of the research was not only to find out the problem but also

the identification of solutions or suggestions of the problems.

SCOPE

People differ from each other not only due to the biological characteristics

but also due to financial position such as income, expenditures, savings

they have. According to these their needs vary from each other. Due to this

the financial requirement and ability to get the requirement differ from

person to person so that the financial market such as life insurance carters

to a vast area from each of these aspects stated above.

The title of my project is investors satisfaction with regards to pre and

post investment with SBI LIFE INSURANCE means to gather informations

about how the customers are satisfied with their respective investments

made by them.


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On the basis of clients need suggest them about the variousopportunities

of life insurance, explain them about the products of the company and fulfill

their needs.

LIMITATION

Interacting with the respondents during working hours was a critical

task especially with the service holders.

Some of the respondents, because of fear of misuse of information

didnt disclose some information nor did respond to my

questionnaire.

Few respondents showed lack of interest in answering to the

questionnaire.

The survey is limited to few clients in Bhubaneswar.

It was very difficult to take appointments of respondents.

Opinion of the respondents may be biased.


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Chapter 2Theoretical Framework)


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MARKETING

DEFINATION:-

According to Philip Kotler marketing is defined as satisfying needs and

wants through an exchange process.

According to Palmer marketing is defined as marketing is essentially

about marshalling the resources of an organization so that they meet the

changing needs of the customers on whom the organization depends.

From a societal point of view, marketing is the link between a societys

material requirements and itseconomic patterns of response. Marketing

satisfies these needs and wants through exchange processes and building

long term relationships. Marketing can be looked at as an organizational

function and a set of processes for creating, delivering and communicating

value to customers, and managing customer relationships in ways that also

benefit the organization and itsshareholders. Marketing is thescience of

choosingtarget markets through market analysis andmarketsegmentation, as well as understandingconsumer buying behavior and

providing superior customer value.

There are five competing concepts under which organizations can choose

to operate their business; the production concept, the product concept, the

selling concept, the marketing concept, and the holistic marketing

concept. The four components of holistic marketing are relationship

marketing, internal marketing, integrated marketing, and socially

responsive marketing. The set of engagements necessary for successfulmarketing
http://en.wikipedia.org/wiki/Economichttp://en.wikipedia.org/wiki/Shareholdershttp://en.wikipedia.org/wiki/Sciencehttp://en.wikipedia.org/wiki/Target_marketshttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Market_segmentationhttp://en.wikipedia.org/wiki/Target_marketshttp://en.wikipedia.org/wiki/Sciencehttp://en.wikipedia.org/wiki/Shareholdershttp://en.wikipedia.org/wiki/Economic


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management includes, capturing marketing insights, connecting with

customers, building strong brands, shaping the market offerings, delivering

and communicating value, creating long-term growth, and developing

marketing strategies and plans.

4 PS OF MARKETING

PRODUCT:-

Product are the goods and services that your business

provides for sales to your target market. When developing a product you

should consider quality, design, features and packaging, customer service

and any subsequent after sales services.

PLACE:-

Place in regards to distribution, location, methods of

getting the product to the customer. This includes the location of your

business, shop front, distributors, logistics and the potential use of the

internet to sell the product directly to customers.

PRICE:-

It concerns the amount of money that customers must pay

in order to purchase your products. There are a number of considerations

in relation to price including price setting, discounting, credit and cash

purchases as well as credit collection.

PROMOTION:-


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It refers to the act of communicating the benefit and value

of your product to customers. This then involves persuding general

customers to become customers of your business using methods such as

advertising, direct marketing, personal selling and sales promotion.

CONSUMER BEHAVIOUR

Management is the youngest of sciences and oldest of arts and

consumer behavior in management is a very young discipline. Various

scholars and academicians concentrated on it at a much later stage. It was

during the 1950s, that marketing concept developed, and thus the need tostudy the behavior of consumers was recognized. Marketing starts with the

needs of the customer and ends with his satisfaction. When every thing

revolves round the customer, then the study of consumer behaviour

becomes a necessity. It starts with the buying of goods. Goods can be

bought individually, or in groups. Goods can be bought under stress (to

satisfy an immediate need), for comfort and luxury in small quantities or in

bulk. For all this, exchange is required. This exchange is usually between

the seller and the buyer. It can also be between consumers.

DEFINTION:- Consumer behaviour is defined as the decision making

process and physical activity involved in acquiring, evaluating, using and

disposing goods and services.

This definition clearly brings out that it is not just the buying of

goods/services that receives attention in consumer behaviour, but the

process starts much before the goods have been acquired or bought. A

process of buying starts in the minds of the consumer, which leads to the

finding of alternatives between products that can be acquired with their

relative advantages and disadvantages. This leads to internal and external

research.


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Then follows a process of decision-making for purchase and using the

goods, and then the post purchase behavior which is also very important,

because it gives a clue to the marketers whether his product has been a

success ornot.

To understand the likes and dislikes of the consumer, extensive consumer

research studies are being conducted. These researches try to find out:

What the consumer thinks of the companys products and those of its

competitors?

How can the product be improved in their opinion?

How the customers use the product?

What is the customers attitude towards the product and its advertising?

What is the role of the customer in his family?

The following key questions should be answered for consumer research. A

market comes into existence because it fulfils the needs of the consumer.

Consumer behaviour is a complex, dynamic, multidimensional process, and

all marketing decisions are based on assumptions about consumer

behaviour.


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CUSTOMER SATISFACTION

In regular, satisfaction is a persons feeling of pleasure or disappointment that

result comparing to product perceived performance to expectation. If the

performance falls short of expectation, the customer is dissatisfied. If it

matches the expectation the customer is satisfied. If it exceed expectation, the

customer is highly satisfied or delighted. Customer assessments of product

performance depend on many fact-ors, especially the type of loyalty

relationship the customer has with the brand. Consumer often form more

favorable perception of a product with a brand they already feel positive about.

Marketers play several roles in helping their companies define and deliver and

deliver high quality goods and service to target customer

they correctly identify customers need and requirements.

They communicate customer expectation properly to product designers.

They make sure customer order are filled correctly are on time.

They check that customers have received proper instruction, training, and

technical assistance in the use of the product.

They stay in touch with customer after the sale to ensure they are, and

remain, satisfied.

They gather customer ideas for product and service improvements and

convey them to the appropriate departments.

When the marketers do all this, they make substantial contribution to total

quality management and customer satisfaction, as well as to customer and

company profitability.


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CUSTOMER RELATIONSHIP MANAGEMENT

Q. What is CRM (customer relationship management)?

CRM (customer relationship management) is an information industry term formethodologies, software, and usually Internet capabilities that help a company

manage customer relationships in an organized way. For example, an enterprise

might build a database about its customers that described relationships in

sufficient detail so that management, salespeople, people providing service, and

perhaps the customer directly could access information, match customer needswith product plans and offerings, remind customers of service requirements,know what other products a customer had purchased, and so forth.

According to one industry view, CRM consists of:

Helping an enterprise to enable its marketing departments to identify and

target their best customers, manage marketing campaigns and generatequality leads for the sales team.

Assisting the organization to improve telesales, account, and sales

management by optimizing information shared by multiple employees,

and streamlining existing processes (for example, taking orders using

mobile devices)

Allowing the formation of individualized relationships with customers,

with the aim of improving customer satisfaction and maximizing profits;identifying the most profitable customers and providing them the highest

level of service.

Providing employees with the information and processes necessary to

know their customers understand and identify customer needs andeffectively build relationships between the company, its customer base,and distribution partners.


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CONSUMER DECISION MAKING PROCESS

It is every marketers goal to get inside the head of a consumer. You want to

figure out how the consumer makes decisions and how you can get them to

make a decision to purchase your product or service. There are 5 steps in a

consumer decision making process a need or a want is recognized, search

process, comparison, product or service selection, and evaluation of decision.

PROBLEM RECOGNITION:-

Most decision making starts with some sort of problem. The consumer develops

a need or a want that they want to be satisfied. The consumer feel like

something is missing and needs to address it to get back to feeling normal. If

you can determine when your target demographic develops these needs or

wants, it would be an ideal time to advertise to them. For example, they ran out

of toothpaste and now they need to go to the store and get more.

SEARCH PROCESS:-

Most of us are not experts on everything around us. In the searching phase we

research for products or services that can satisfy our needs or wants. Search

Engines have become our primary research tool for answers. It is an instant and

easy way to find out what you are looking for.

Also dont forget about actual human beings. Our friends and families all havehad many different experiences and can offer us recommendations. In most

cases recommendations from actual people instead of a search engines are

preferred. You have more of a trust factor with people close to you then a

computer program.

You also may have had past experiences that assist you in solving your

problem. You may have had a life experience in the past that helps you make

the correct


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purchase decision. You could also just know what decision to make just by

picking up things over the years and knowing how to solve them.

In this stage you are also beginning your risk management. You might make a

pros vs. cons diagram to help make your decision. People often dont want to

regret making a decision so extra time being put into managing risk may be

worth it. People also remember bad experiences over good ones, take that into

account.

EVALUATING ALTERNATIVES:-

Once the consumer has determined what will satisfy their want or need they will

begin to begin to seek out the best deal. This may be based on price, quality, or

other factors that are important for them. Customers read many reviews and

compare prices, ultimately choosing the one that satisfies most of their

parameters.

SELECTION STAGE:-

After tallying up all the criteria for the decision the customers now decide on

what they will purchase and where. They have already taking risk into account

and are definite on what they want to purchase. They may have had prior

experience with this exact decision or maybe they succumbed to advertising

about this product or service and want to give it a try.

Evaluation of Decision:-

Once the purchase has been made, does it satisfy the need or want? Is it above

or below your expectations? The goal for every marketer is not for a one-time

customer but a repeating lifetime customer. One bad experience of buyers

remorse and your brand perception could be tarnished forever. On the other

hand, one superb experience can lead to a brand loyal customer who may even

become a brand evangelist for you.


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Chapter 3


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COMPANY PROFILE

ABOUT SBI LifeSmart Money Back Insurance:-

SBI Life Insurance Company Limited is an established life insurance company

with over a decade of experience serving more than 100 million customers in

over 18000 cities in India. Headquarters in Mumbai and Maharashtra, SBI LifeInsurance Company Limited is 100% owned by State Bank of India.

The company distributes its products through key channels like Tied Agency,

Bank assurance and Alliances. The Tied Agency channel comprises over 40,000

SBI Life Insurance Advisors, spread across the country. The Banc assurance

and Alliances business within SBI Life Insurance is a fast growing distribution

channel, and includes the Banc assurance partner (SBI Life Insurance.co.ltd),

Referral Partners, Corporate Agents and Brokers.

The word "SBI" and the device " " are trademarks of SBI Group N.V. and

are used under license.

MONEY BACK

Get your Money Back and still stay insured

Introducing SBI Life Money Back plan, a smooth way to plan for all the

special moments in your life. As an individual your life is fueled by dreams.

You experience different special moments in life like wedding, birth of a child,

childs education, or purchasing a new home. You have to be financially

prepared for these special moments. What you need is easy liquidity at regular

intervals with life insurance protection to take care of these special moments.

Benefits of the plan:

Twin benefits of Life Insurance and increased cash inflow at regular intervals.


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Guaranteed Survival Benefit Payments more than 100% of the Sum Assured.

Increasing Survival Benefit payments. Bonus for the entire term of the policy.

Available in a wide range of terms: 10, 15, 20, or 25 years to suit your needs.

In the event of claim your beneficiary would receive full sum assured and

bonuses,

Irrespective of Survival Benefits already paid.

Tax benefit u/s 80 C and 10 (10 D) of IT Act*

Convenient premium payment options. & Attractive rider cover.

Attractive rebate for Female lives.

Rebates for Annual / Semi- Annual modes of Premium.

Rebates on high value policies. &15 days Free Look Period.

Feature:

SBI Life Money Back is a saving plan with added advantage of life cover

and cash inflow at regular intervals. This plan is designed for individuals who

want to plan for various financial obligations at specified times in life.

Keeping customers convenience in mind, we have designed four plan options:

for 10, 15, 20, or 25 years.

Term of the Plan Guaranteed Survival Benefit payable Cumulative Guaranteed SurvivalBenefit


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A) 10 Years The last 3 years on the term 110% of Basic Sum Assured

B) 15 Years After every 3 years on the term 115% of Basic Sum Assured

C) 20 Years After every 4 years on the term 120% of Basic Sum Assured

D) 25 Years After every 4 years on the term 125% of Basic Sum Assured

* Single premium mode is also available.

The premium payment term is less than the policy term. Your investment goes

through a "Growth/Deferment Period" in which the money you've invested

continues to multiply; in the Growth/Deferment Period you will not be entitled

for any Survival benefit. At the end of this Period, you get your money back

annually for 5 years or 10 years, depending on the plan option chosen by you.

However you remain covered for the entire duration of the policy for the full

Sum Assured, irrespective of survival benefit already received.

In addition to the Basic Cover, you are also entitled to opt for extra covers

(riders): Term Assurance rider and Accident rider (Accidental Death and

Accidental Total Permanent Disability), by paying nominal additional

premiums.

No riders available for Single Premium Mode.

Rider Sum Assured cannot exceed the Basic Sum Assured

Premium Payment Mode:-

1) Regular premium payment mode: Quarterly, half-yearly and yearly.


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Single premium payment: One time premium payment for the selected term at

commencement

2) Premium Amount:

Premium rate is different depending on the plan selected, term, the gender, the

Sum Assured, and mode of payment.


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Chapter 4

PRODUCT

a) LIFE LONG PENSION

To make post retirement years truly golden, SBI Life introduces Lifelong Pensions a unique Pension

plan for retirement days.


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Life expectancy is improving rapidly. People live longer. A person cannot

work throughout their life. You will have to retire from work. In the post

retirement period you have lot of time for yourself. You would like to do things

you have not done while you were working. You need to have a comprehensive

plan to meet our post retirement financial needs ensuring complete peace of

mind.

Advantages of the plan:-

A maximum of Rs. 1,00,000 p.a. paid as a contribution on a pension plan

is fully deductible from the taxable income (within the max. ceiling Rs. 1

lakh)

Minimum Guaranteed returns of 4% p.a. (compounded annually) on your

Personal Pension Account (till 31st March 2010) + Vested bonus.

It helps you to accumulate enough savings to meet the old age needs and

look for a reliable and enduring pension payment.

It is an extremely flexible plan:

Choice of the contribution amount you want depending on yourpremium paying capacity.

You may exercise the Top-up facility whenever by paying

additional amount to increase your retirement kitty, irrespective of

contribution payment mode.

Convenient Contribution payment mode monthly, quarterly, half-

yearly, yearly, and single contribution is also available.

Choice of the choosing your own retirement age.


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Postponing/ Proponing to a convenient date, the decision for

receiving the Pension Benefits.

Contribution holiday available from year 4 onwards

The total/balance amount (after withdrawal from PPA, if any) can

be utilized in seeking immediate annuity.

Free to chose annuity from either SBI Life or other insurance

companies

At Vesting Age you have multiple choices of Pension/ Annuity

options including Joint Life Time Annuity.

On maturity you have a choice to withdraw up to 33% from your

Personal Pension Account in a lump sum. This withdrawal amount is tax-

free as per the current fiscal law.

Helps you to utilize all alternatives of tax savings today and also plan for

a worry free tomorrow.

In Pension cum Life Cover plan, you have the facility of Automatic

Cover Maintenance, which ensures that the cover remains in force even

when you miss the premium payments. This facility is available after the

first three years of the term. In Pension cum Life Cover plan, the life cover acceptance is based on a

simple medical questionnaire without any Medical examination

Rebates for Annual, Semi- Annual mode of premium and on high

Contribution amount. Enjoy financial independence when you retire.

30 days Free Look Period from the date on which you receive the policy

documents.

Lifelong Pensions plan helps to meet your financial requirement no matter which life stage

you are at. It is designed specially for individuals who wish to build their kitty retirement

with no risk and tax advantage u/s 80 CCC (1) of IT Act.


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SBI Life Insurance have designed 2 plans to meet different requirements:

Plan 1: Pure Pension

This plan is a pure savings accumulation vehicle. No medical

underwriting required. You can enjoy the benefits of this plan without any

hassles,Automatic Acceptance. You have to just fill a simplified Proposal form.

Plan 2: Pension cum life cover

This plan is a pension builder plan with life insurance option. A simple

medical questionnaire needs to be filled. The term of the life cover is equal to

the Vesting Age / 65 whichever is earlier. If Life cover is extended due to

postponement of Vesting Age, new medical questionnaire and new premium

amount will be applicable. In this plan you have the facility of Automatic Cover

Maintenance, which ensures that the cover remains in force even when you miss

the premium payments. This facility is available after the first three years of the

term. The Premiums due for Life Cover will be deductible from your Personal

Pension Account.

Pure Pension Plan 1 Pension cum Life Cover Plan2

Minimum term 2 years 5 years

Maximum term 52 years 52 years


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Eligibility: -

b) EDU SHIELDSecure your future. Secure your Education Loan.

As a loving parent you dream of a bright future for your child. You want

your childs higher education secured and fulfilled under all circumstances. We

have a scheme for you to accomplish your wishes!

Edu Shield is a unique insurance plan from SBI Life that provides Life

Insurance Protection for Education Loan borrowers.With a policy under Edu

Shield in hand, you can cross the important milestones of your life with a broad

smile.

Edu Shield is a non-participating plan. It provides level insurance cover to the

education loan customers throughout the term of the loan. It is meant for the studentsand parents. Both the lives are covered separately. In case of claim, the Life Cover sum

Pure Pension Plan1Pension cum Life Cover

Plan2

Minimum Age at entry* 18 years 18 year

Maximum Age at entry* 65 Years 60 years

Maximum cover age for life cover Not Applicable 65 years


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assured is payable to the Bank. The Bank will refund any surplus over the outstanding

loan amount to the legal heir. The Premiums are Payable on annual basis through

Standing Instructions to the Bank to debit the loan account.

Benefits: -

I . Maturity Benefits:

No benefits are payable to the surviving borrower/s on maturity of the term of

the policy.

II . Death Benefit:

The life cover sum assured is payable to the Bank (as the Bank is the assignee).

Surplus amount after adjusting the dues, if any, will be paid to the legal heir by

the Bank

No death benefi t is available for suicide within the first year of the poli cy.

III . Tax Benefit

You are eligible for Tax benefit for the premium payment u/s 80 C and 10 (10 D) of IT

Act*

c) SCHOLAR II

Why take chances with your child's future?

As a caring parent you would always want your child to get the very best.

Is there a way to protect your children against lifes risks? Is there a way to

make tomorrow safe for them? Therefore this is the time when careful financial

planning can help you fulfill the aspirations that you have for your childrens.

We at SBI Life can help you ensure that your childrens future is secure and

prosperous. SCHOLAR II is designed to protect your childs future educational

needs.


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Advantages:

Twin benefit of saving for your child's education and securing a bright

future despite the uncertainties of life.

Full risk cover throughout the policy term irrespective of payment of

survival benefits installments.

Option to receive the installments in lump sum at the due date of first

installment of Survival benefit.

Tax benefit u/s 80 C and 10 (10 D) of IT Act*

Attractive rider options

Attractive rebate for Female lives and High Sum Assured.

15 days Free Look Period.

d) SUDARSHAN-AN ENDOWMENT POLICY

Sudarshan is an Endowment Policy designed to provide savings and

protection to you and your family. You can save regularly for the future. Thus atthe end of the plan, you will receive a substantial amount of savings along with

the accumulated bonuses declared. At the same time, your family will be

protected for death risk for the full Sum Assured. 'Sudarshan' is available under

two Plans.


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Fixed Sum Assured (Plan A): Fixed amount of cover for the entire

duration of the plan

Increasing Sum Assured (Plan B): Increasing amount of cover every

year for the entire duration of the plan with level premium.

In addition to the Basic Cover, you are also entitled to opt for extra covers

(riders): Term Assurance Cover, Accidental Death and Accidental Total

Permanent Disability Cover and Critical IllnessCovers by paying nominal

additional premiums.

e) SETUBANDHAN

Attractive New product for NRIs

Setubandhanis Investment - cum - Life Insurance opportunity

A unique Life Insurance bond that helps you, the NRI living abroad, build a

bridge between you and your dear ones back in India.

Eligibility

Minimum sum assured on each policy Rs.3 lakhs, maximum Rs. 1 crore.

Entry age minimum 18, maximum 60. Cover available up to maximum

70 years.

Benefits: -

Base Policy for NRIs:


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Guaranteed 5% annual additions (Simple) on Sum Assured with benefit of

Single Premium payment In the event of death, the Sum Assured as

increased by the annual addition on the date of death will become payable.

Upon survival, the Sum Assured with total additions during the period will

be payable

Rider benefits for NRIs:

Critical illness cover (Dhanwantari-Supreme), subject to maximum of

Rs.5 lakhs. Premium payable annually, and the rate will be valid for

maximum 5 years, subject to review thereafter for 10-year Plan.

Optional Life Cover for Dependant

Term insurance cover for a dependant living in India, subject to a

minimum sum assured of Rs. 3 lakhs and maximum Rs. 10 Lakhs.

Premium payable annually. `Dependant will mean spouse, and parents

not above the age of 55 at the time of entry. Term insurance premium will

be refundable at the end of the term upon survival of the life covered

(Swadhan). Full refund of premium for a 10-year term and 50% for a 5-

year term.

Critical illness covers for the dependant, subject to the maximum of Rs.5

lakhs. Premium payable annually.

Surrender benefits:

No surrender benefit during the first year.

90% of basic premium paid for surrender during 2nd and 3rd year.

95% of basic premium paid for surrender from the 4th year.


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No guaranteed addition will be payable for policies surrendered under the

5-year Plan. In respect of policies with 10-year term, the guaranteed

addition to the extent of 50% will become payable for policies

surrendered between 6th and 7th years, and 75% in respect of policies

surrendered from the 8th year.

Loan facility available from Branches of SBI and Associate Banks based on the

surrender value of the policy. Rebate on premium on high value policies

CHAPTER-5


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60 year

Option 1: 60 year

Option 2: 55 year

Option 3: 50 year

Option 4: 45 year

Maximum Maturity Age

75 year70 year

Special Rebate

No any declarationWomen get special rebate of 5% on

premium base.

Kotak Endowment Plan SBI-Endowment Plan

Entry Age

Minimum 18 year

Maximum 65 year

Minimum 12 year

Maximum 65 year

Term

Minimum 10 year

Maximum 30 year

Minimum 8 year

Maximum 30 year

Death Benefit

In event of death nominee will receivebasic sum assured or accumulated account

which is higher

Sum assured + bonus

TIME & COST OF INSURANCE

The minute you have people dependent on your income, you should

insure yourself. The younger the age, the lower is your premium. At SBI-Life,

they believe anybody who is married and has children or plans to have children

needs to be insured. Even if you are single, earning and intending to marry, you

should think of buying a policy now, as it costs less now than it will when you

marry.

Remember, it is never too late to buy an insurance policy. Even if you are

45, and are not insured, you could choose insurance products that provide

benefits to your family and provide income during your retirement period.

Ideally, you should insure yourself for as long as you are the critical or crucial


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breadwinning member of the family.

With the growing nuclear families and the typical Indian sacrificing

mothers/wives, it may be prudent to ensure that the working man covers himself

for his whole life; to ensure that his wife receives a lump sum upon his death. A

general rule of thumb is that you should insure yourself for at least six times

your annual income. This amount is normally adequate for your family to

sustain themselves at present levels, until they recover from the financial losscaused by your absence.

The cost of buying an insurance policy depends on:

Your age, health, and the nature of work you do

The type of policy you selectThe sum assured i.e. amount you insure yourself forThe term i.e. number of years you insure yourself forThe premium paying term i.e. number of years you choose to pay

premium

The mode i.e. the frequency with which you choose to pay premium(monthly, quarterly, half-yearly, yearly)

The rider's i.e. additional benefits you select, their term and premiumpaying term

Example of an Endowment product for a 30-year old male

An Endowment with profit policy, for a sum assured of Rs 100,000, a premium

paying term and insurance term of 25 years, can cost between Rs 3,500-4,500

per annum. However, there are a number of riders you can add on to an

insurance policy, which could increase your insurance cost by 20-30 per cent.

Upon maturity or in the event of death of the insured, the insured or thenominee receives the sum assured plus bonus for the term of the policy.


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RESEARCH METHODOLOGY

INTRODUCTION

Research is an art of scientific investigation through search for new facts in any

branch of knowledge. It is a moment from known to unknown.

Research always starts with a question or a problem.

Its purpose is to find answers to questions through the application of the

scientific method.

It is a systematic and intensive study directed towards a more completeknowledge of the subject studied.

As marketing does not address itself to basic or fundamental question, it does

not qualify as basic research. On the contrary, it tackles problems, which seem

to have immediate commercial potential. In view of the major consideration,

marketing research should be regarded as applied research. We may also say

that marketing research is of both types problem solving and problem oriented.

Marketing research is as systematic and objectives study of the problems

pertaining to the marketing of the goods and services. It may be emphasized that

it is not restricted to any particular area of marketing, but is applied to all the

phases and aspects.


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concepts often have different definitions depending on who is

reading the study. To minimize confusion about what the terms and

phrases mean, the researcher must specifically define them for the

study.

Step 5: Define the Population:-Research projects can focus on a specific group of people, facilities,

park development, employee evaluations, programs, financial status,

marketing efforts, or the integration of technology into the

operations. For example, if a researcher wants to examine a specific

group of people in the community, the study could examine a specificage group, males or females, people living in a specific geographic

area, or a specific ethnic group. Literally thousands of options are

available to the researcher to specifically identify the group to study.

The research problem and the purpose of the study assist the

researcher in identifying the group to involve in the study.

Step 6: Develop the Instrumentation Plan:-The plan for the study is referred to as the instrumentation plan. The

instrumentation plan serves as the road map for the entire study,

specifying who will participate in the study; how, when, and where

data will be collected; and the content of the program.

Step 7: Collect Data:-Once the instrumentation plan is completed, the actual study begins

with the collection of data. The collection of data is a critical step in

providing the information needed to answer the research question.

Every study includes the collection of some type of datawhether it

is from the literature or from subjectsto answer the research

question. Data can be collected in the form of words on a survey, witha questionnaire, through observations, or from the literature.

Step 8: Analyze the Data:-All the time, effort, and resources dedicated to steps 1 through 7 of the

research process culminate in this final step. The researcher finally has

data to analyze so that the research question can be answered. In the

instrumentation plan, the researcher specified how the data will be

analyzed. The researcher now analyzes the data according to the plan.


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The results of this analysis are then reviewed and summarized in a

manner directly related to the research questions.

TYPES OF DATA

There are two types of data. They are as follows:-

PRIMARYDATA:- These are the data otherwise known as first handdata only meant for a specific purpose of a research never used

previous.

I have collected my primary data from the investors through

questionnaire

SECONDARY DATA:- It refers to the data already available in the

market normally the data available in internet , different website,business journals, company document, news paper, articles relating

to a specific subject are known as secondary data. I have collected my

secondary data from different website, business journals and SBIs

official documents given to me for my study


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SAMPLING MEDHODOLOGY

SAMPLING TECHNIQUE:-

Initially a rough draft was prepared

keeping in mind the objectives of the research. A study plot was done in

order to know the accuracy of the questionnaire. The final questionnairewas arrived only after the certain important changes were done. Thus my

sampling came out to be judgmental and convenient.

Sampling technique is random sampling

SAMPLING UNIT:-

The respondents who were asked to

fill out the questionnaire are the sampling units. These comprise of doctors,

organizations, restaurants, private companies etc.

SAMPLING SIZE:-

The sample size was restricted to a

few, which comprised of mainly people from different region of

Bhubaneswar. Total sampling size collected was 100.

SAMPLING AREA:-

The area of the research was at

Master canteen, Bhubaneswar. The total sample collected was 100.

LIMITATION OF THE RESEARCH:-

The research is confined to certain parts of Bhubaneswar. Some respondents were reluctant to divulge personal thoughts which

can affect the validity of all respondents.


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Chapter - 7

NEWS REPORTS

TIMES OF INDIA


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Currently managing a portfolio of whopping 6 million lives; SBI Life is set to

maintain its leadership in Group Lives coverage. So far this financial year, SBI

Life has already covered more than 8 lacs group lives with an additional 2.5 lacs

lives through individual policies. SBI Life is now the fastest growing life

insurance company, with New Premiums growing at a scorching 264% (YTD)

basis, from Rs. 275 crores to 1000 crores and Total Premiums keeping pace,

growing at 211% from Rs. 370 crores to Rs. 1150 crores. A strong growthacross all its channels namely Bancassurance, Agency Channel, and Group

Corporate is the major attributing factor for SBI Lifes exponential business

growth. While sharing its aggressive plans, SBI Life also announced the

infusion of additional fresh capital of Rs. 75 crores to take its capital base up to

its authorized share capital limit of Rs. 500 crores. Speaking on the occasion,

Mr. S. Krishnamurthy, MD and CEO, SBI Life Insurance said," The additional

capital has been injected to maintain stipulated solvency margins for the

exponential new business growth and expanding branch network He added,This growth has come primarily on account of our multi-channel business

model coupled with a balanced mix of savings and protection products. SBI

Life currently has the largest and most robust Bancassurance network

complimenting the most productive and active Insurance Advisor force of

Agency Channel in the country.

FINANCIAL EXPRESS

SBI Life has rapidly expanded its operations this year to strengthen its unique

multi-distribution network. The company now is leveraging the 14,500-strong SBI Group

branch network from where SBI Life products are currently available. SBI Life also has

increased its own branch network from 68 branches as March 06 to 95 as on December

06. While the number of Life Insurance Advisors recruitment has gone up by more than

double from 8000 as on March 06 to 18,525 as on December 06. The two other channels

of Group Insurance & Credit Life have also been showing significant growth.

SURVEY REPORT

PolicyHolder

6

8

10

12


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With the help of survey on SBI Life Insurance policyholder we can see that

there is 40% Money back policyholder, 24% Pension, 20% other & 16%

Endowment policy holder. So overall research & analysis say that Money back

policy is popular due to its convenient term period: 10,15,20,25 years, easy

liquidity at regular interval & fair guaranteed survival benefits. It is really

benefited to meet various financial obligations at crucial junctures. Next

SBI Life Insurance Policyholder

24%

40%

16%

20% Pension

Money Back

Endow ment

other


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Pension policy is popular due to their goodwill & attractive benefits. The

insured has the option of selecting when and for how long (term) she or he

would like to receive the pension amount. Endowment & other policy are quite

popular due to their selective benefits & low premium amount.Mostly smart

person use endowment amount to buy an annuity policy to generate a monthly

pension for the rest of your life, or put it into any other suitable investment of

your choice. This is the major benefit that an endowment policy offers over awhole life one.

Overall survey, Insurance advisors, & experts' comments I conclude here that

numerous policyholders are satisfactory with SBI-Life Insurance service for the

reason that its reputation, brand name, Convenient premium payment mode,

large network branches, attractive returns bonus incentives, affordability etc. It

will further grow with high marketing & new innovative product & services.

Feedback of SBI Life Insurance

Policyholder

68%

32%Satisfactory

Unsatisfactory


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Chapter - 8

FINDINGS

Majority of the customer s belonged to age group of 25-35 years that is

38 consumers.

90% of customers think Life Insurance is essential for them.

135 respondents are investing in life insurance companies like SBI LifeInsurance, LIC, Tata Allianz, Max New York, HDFC, ICICI and ING.


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36 percentages of the total respondents invest in SBI Life Insurance for

getting high ROI.

Most of respondent s preferred SBIGuaranteed Income plan.

37.5% of respondents expect bonus and other schemes from SBI Life

Insurance.

56 % of respondents satisfied with services given by SBI Life Insurance.

As per 28% of respondents SBI Life Insurance providers good tax

benefits to the Investors.

64% of respondents are willing to purchased policies from SBI Life

Insurance in future.

CONCLUSION

Economic growth & development has been widely accepted as major goalof national policy in country. Economic growth is today decided more by

human capital than material capital. Equipment, process, & property are

leveraged not by their inherent capability but by action of human being.

Therefore Human Resources is significant asset for country but this human life

is full of uncertainties & risks.

Preparing for uncertainties SBI life Insurance company is came out withthe different insurance policy as a solution for delegating worries. It reimburses


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people for lovered losses in the event of an unfortunable occurrence such as

illness, accident, & death. At the some time, it can encourage safety measure,

provide investment capital, lend money, & help to reduce anxiety for society at

large.

SBI Life Insurance is to emerged as leading company offering a comprehensive

range of life Insurance & pension product at competitive price, ensuring highstandard of customer service & world class operating efficiency. Different

products are designed to a suitable in different life event stage. Bancassurance

recorded a premium income of Rs 163 crore, about 80% of the total premium

income, he said, adding that other channels too showed good growth over the

corresponding period last year. The company's business was growing 4-5 times

a stood at Rs. 100 crore till July, of which Rs. 84 crore came from premium

from new business. If the company continues to grow at this rate, SBI Life

could end this fiscal with a premium income of Rs. 1,000 crore as against Rs.225.65 crore in 2003-04.The company plans to make insurance buying process

quick, simple based on well-informed judgment, which will satisfy customer in

all manners. As looking growing function of SBI Life Insurance sector we

assume that 100% function of human will become insured in coming 2010 with

different product in low cost.


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BIBLIOGRAPHY

BIBLIOGRAPHY

Nature & Scope of Banking, Insurance & other Financial Service In

Economic Growth - P.K. Bandgar

SBI- life Insurance Brochure, Pamphlet, magazines.

Life Insurance Handbook.

DNA

Financial Express.

Economics Time.

www.sbilife.co.in- Only 20 % information

REFERENCES


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1. KOTLER. P, MARKETING MANAGEMENT, PHI PUBLICATION, 4TH EDITION,

CUSTOMER SATISFACTION. Pg. 120 to 130

2. SAXENA. R , MARKETING MANAGEMENT, TMH PUBLICATION, 3RD EDITION,

C, Pg 532 to 544.

3. KOTHARI. C. R., RESEARCH METHODOLOGY, NA PUBLISHER,2nd

EDITION

RESEARCH PROCESS, Pg . 1-10

COMPUTER WEBSITE

www.IRDA.com

rda.com/search_caf.php?src=linen&uid=irda5272a28a8d3307.82298440&abp=0&query=Insurance Companies&afdToken

APPENDIX

1. Personal detail

Name: ______________

Age

18-24_______ 25-35________ 35-45________

45-55_______ 55 and above________

Phone No.

Email ID:

Office Address: - Residential Address: -

__________________ _____________________

__________________ _____________________

__________________ _____________________
http://www.irda.com/http://www.irda.com/http://www.irda.com/


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2.Do you think is it essential to have Life Insurance ?

YES________ NO_________

3.Which are the companies you have interested your money for Life Insurance ?

a) SBI Life Insurance e) Tata AIG

b) LIC f) Max New York Life Insurance

c) Bajaj Allianz g) HDFC Life Insurance

d) ICICI Prudential Life Insurance h) ING Vysya Life Insurance

4.Why did you choose SBI Life Insurance?

a) ROI

b) Peer Pressure

c) Tax Benefit

d) Security/safety

e) Low Premium

5.Which of the following planed you is insured?

a) Flexi Plan

b) Retirement Plan

c) Endowment Plan

d) Capital Multiplier Plan

e) Child Advantage Plan

6.What kind of services you expect from Insurance Provides?

a) Easy access ability to deposit center

b) Time to time premium collection


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c) Provision In case of dues

d) Bonus & other scheme

7.How will you rate the services given by SBI Life Insurance ?

a) Poor

b) Average

c) Good

d) Excellent

8.What difference you find between SBI & other insurance companies?

a) Good Returns

b) Effective service/Liquidity

c) Tax planning

d) Security/ safety benefit & Protection on your capital

9.Do have any suggestion for SBI Life Insurance?

YES________ NO________

10.In future, will you purchase policies from SBI Life Insurance?

YES________ NO________

11. Are you satisfied with the service of SBI Life Insurance?

a) very satisfied

b) quite satisfied

c) neither satisfied nor dissatisfied

d) quite dissatisfied

e) very dissatisfied

12.How would you rate SBI Life Insurance companyas comparison to other insurance

company ?a) high b)medium c)low


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sbi life insurance(babloo nayak)

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