A SUMMER TRAININGPROJECT REPORT

ON

CONSUMER AWARENESS OF SHRI RAM LIFE INSURANCE

CO. LTD

Submitted in partial fulfillment of requirements for

MBA

Academic Year

2018 – 2020

Submitted To : Submitted by:

MRS. SWATI CHAUDHARY POOJASHARMA (Asst. Professor)

ROLL NO 1873370023

A-42, INSTITUTIONAL AREA , SECTOR -62, NOIDA (UP)

201301
DECLARATION

I, POOJA SHARMA, student of HIERANK BUSINESS SCHOOL, NOIDA hereby declare

that the project work presented in this report is my own work and has been accomplished under

the supervision ofMrs.SWATI CHAUDHARY of M.B.A. DEPARTMENT, HIERANK

BUSINESS SCHOOL (AKTU University)

The report has not been previously submitted to any other university for any other examination.

DATE:

PLACE:

2
 PREFACE

A man without practical knowledge is just like a rough diamond. To shine like a real diamond

one must have practical exposure of what he has learnt. For the students of management

theoretical knowledge is just like lock without key so practical knowledge is of so much

important.

It is quite true that world outside; your cozy home is many times quite different from what you

have perceived. Similarly it is possible that theoretical knowledge acquired in the classroom may

differ from the practical knowledge.

Practical knowledge is the best experience and on this basis, we can easily understand about

what they want to say. Firstly each student knows about the theory, so that on the basis of

theory, he can easily learn how to do the work and what is the best way to achieve satisfaction.

That is why we can say that theory is guidelines for practical.

As a curriculum part of course of M.B.A., I have taken my practical training and conducted a

research project at SHRIRAM LIFE INSURANCE CO. LTD.

It is my pleasure to present this project work after I had finished my 45 days of training at

SHRIRAM LIFE INSURANCE CO. LTD. This training has expanded my horizon of

knowledge in practical as well as theoretical, which is vital for student in management level
3
studies. Only the basic understanding of the principles of management is not sufficient but their

application is also equally important.

Such type of training promotes a student to boost his potentialities and the inner qualities and

thereby students come to know about how the theoretical knowledge works in actual sense in any

unit. And this has indeed proved to be very useful to students.

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 ACKNOWLEDGEMENT

I am heartily thankful to Shriram Life Insurance Co Ltd., which gave me an opportunity to

take training in the company.

I am also very thankful to Mr. JUNAID SIR Zonal Manager ,and Ms. PreetimaamCRM

Manager,for their kind support and valuable guidance.

I am also thankful to my professors and especially to my project guide Mrs. Swati Chaudhary

She had guided me a lot during the summer training and also Chairman of Hierank Business

schoolMR. RAJESH SAHAY

At last, I am grateful to all those respondents without whose co-operation my research would

have not been completed.

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 EXECUTIVE SUMMARY

I feel pleasure to present this project report as a part of curriculum of M.B.A. course. The

objective of this research project is to know the consumer awareness of Shriram Life Insurance

Company Ltd. This research project with Shriram Life has been very informative and

inspirational

For this project the random respondents are taken various areas of NOIDA. I had to meet them

and to collect information through structured questionnaire by taking interview of responsible

person in the respondent companies. I visited 50respondents of NOIDA and gathered

information about this project.

Consumer awareness of Shriram Life is present among the people of NOIDA. However it is

quite lower than the public sector general insurance companies.

From this research project the awareness level of consumer about Shriram Life Insurance is

known which would be helpful to the company

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 INDEX

No Content Pg.No.
1 INTRODUCTION TO THE TOPIC 8-38

INTRODUCTION TO THE COMPANY 39-59

2 LITERATURE REVIEW 60-63
3 OBJECTIVE OF THE STUDY 64
4 SCOPE OF THE STUDY 64
5 RESEARCH METHODOLOGY 65-69
6 DATA ANALYSIS AND INTERPRETATION 70-86
7 OBSERVATION &FINDINGS 87-90
8 CONCLUSION 91-92
9 RECOMMENDATIONS 93-95

10 Bibliography 96-97
11 Questionnaire 98-99

INTRODUCTION

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Consumer Awareness is an act of making sure the buyer or consumer is aware of the information

about products, goods, services, and consumers rights. Consumer awareness is important so that

buyer can take the right decision and make the right choice.

Consumer Awareness towards Life Insurance Policies

Apart from the basic socio-economic factors, more intrinsic variables like peer

groups, occupation, annual savings, investment pattern and media contribute to

the level of awareness of consumers with respect to life insurance products.

With the opening up of insurance market to the private players, 23 private

companies are at present in the Indian market to compete with the public sector

life insurance company LIC. The activities carried out by insurance companies

are important from the consumer’s point of view. From the company’s point of

view, they have to give utmost importance to the consumer’s behaviour and

perception while designing insurance products. With the rise in incomes and

growing investment attitudes, insurance products are repeatedly bought by

consumers for insurance coverage and investment.

Determinants of Consumer Awareness

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The awareness of consumers in general is influenced by several factors. The

major factors that frame the level of awareness of consumers include the

following:

 Social Factors: The basic social and demographic profile of the

consumers largely influences the awareness level of the consumers.

These factors include age, gender, region or place of residence,

education level and occupation.

 Economic Factors: Economic factors ranging from monthly income to

general price level changes influence the awareness level of consumers.

 Marketing Efforts of Companies: Brand promotion and awareness

campaigns of marketers largely influence the awareness level of

consumers.

SHRI RAM LIFE INSURANCE –

LIFE INSURANCE PLAN Shriram Life Family Protection Plan: This plan caters to the needs

of people who want to protect their families in case of an untimely death. It offers flexibility in

paying premiums - Monthly (only by ECS) or Annually. The insured has the option to select to

whom the ‘Death Sum Assured’ has to be paid in case of an untimely death.
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Death Benefit Payout option - The policyholder can opt for either a lump sum option or

installment option. In case of a lump sum payout, the death sum assured is paid at once and the

policy terminates. If, on the other hand a policyholder opts for an installment option, then the

50% of the sum assured is paid as a lump sum amount and the rest is paid in 5 equal annual

installments. There are no survival benefits. The minimum eligibility age is 18 years while

maximum is 60 years with a sum assured ranging between INR. 15,00,000 to 5 crores.

Shriram Life Cash Back Term Plan: The Shriram Life Cash Back Term Plan featuresa lump sum

payout in case of an unfortunate death of the insured in order to protect the financial security of

his/her family members. It offers flexibility in paying premiums - yearly, half yearly, quarterly

and monthly with an option to choose policy term as per 10/15/20/25 years.

Death Benefit Payout option - The sum assured on death is paid only if all the premiums have

been met. The death benefit will be higher of basic sum assured or at least 105% of all the

premiums paid. The minimum eligibility age is 12 years while the maximum is 50 years with a

sum assured ranging between INR. 2,00,000 to INR. 20,00,000.SURANCE PLANS

Unit Linked Insurance Plans (ULIPs)by Shriram Life Insurance Company.A unit linked

insurance plan is a plan, which is a combination of investment and insurance. The performance

of these plans are the linked to the market, as a part of the premiums is invested in market

10
securities - equity, debts, hybrid, based on the investor’s choice that helps to build funds and the

remainder of the premiums is kept to provide life cover.

Shriram Life Growth Plus V2: This plan offers multiple choices in respect of premium payment,

fund classes and flexibility of investment. The policy can also be taken on your significant

other’s name - spouse, child and grandchild.

Key features of this Plan include:

Guaranteed Loyalty Additions

Additional life cover with Riders

Nil fund switching & redirection charges

Profit generating fund options

Incase of survival of the life assured, the fund value will be payable where fund value is total of

base premium fund value and top up premium fund value, if any. Incase of death of the life

assured, under option 1 - the sum assured plus top-up sum assured (if any), plus fund value

where fund value is total of base premium fund value and top up premium fund value, will be

paid to the nominee and the policy terminates. Under option 2 - Higher of Sum Assured and Top-

up Sum Assured or Base premium fund value Plus Top-up premium fund value will be paid.

11
The minimum eligibility age is 30 days while the maximum is 55 years with a sum assured

ranging between INR. 1,00,000 to INR. 10,00,000 over a policy term of 10-20 years.

HISTORY OF INSURANCE

Insurance has been around since ancient times. The Babylonians and Phoenicians had ocean

marine insurance to protect a merchant against losses incurred when a ship did not reach its

intended destination with its load of goods or did not return with payment. This form of

insurance, called Respondentia, evolved because the goods on board often were used as

collateral for a loan. The lender charged the borrower interest on the loan and levied an

additional sum, the premium, to cover the cost of the respondentia contract. If the ship reached

its destination and returned, the merchant received payment for the goods and in turn paid the

moneylender. If the ship failed to return, the debt was cancelled. This system was profitable to

lenders because many respondentia contracts were sold, and debts were paid more often than

cancelled. In ancient Rome, associations had a form of insurance for their members. Each

member made regular payments to the association in return for coverage of funeral expenses or

for assistance to family members who were injured or ill.

Insurance also existed in 17th-century England, which was then one of the world's principal

maritime powers. Those seeking marine insurance would post a list of their cargo and voyages in

a London coffee house owned by Edward Lloyd. Private investors would examine the list and

sign their name by the entries they were willing to guarantee for a fee. These private investors

were the first insurance underwriters, and the coffee house became the world center of marine

insurance. Today the organization is known as Lloyds of London, and it brings together

individuals, most often working in syndicates, who write all types of insurance.
12
Insurance in the modern form originated in the Mediterranean during 14th century. The earliest

references to insurance have been found in Babylonia, the Greeks and the Romans. The use of

insurance appeared in the account of North Italian merchant banks who then dominated the

international trade in Europe at that time. Marine insurance is the oldest form of insurance

followed by life insurance and fire insurance. The patterns that have been used in England

followed in other countries also in these kinds of insurance

The oldest and the earliest records of marine policy relates to a Mediterranean voyage in 1347. In

the year 1400, a book written by a merchant of Florence, indicates premium rates charged for the

shipments by sea from London to Pisa. Marine Insurance spread from Italy to trading routes in

other countries of Europe.

Fire insurance has its origin in Germany where it was introduced in municipalities for providing

compensation to owners of the property, in return for an annual contribution, based on the rent of

those premises. The fire insurance in its present form started after the most disastrous fire in

human history known as the 'Great Fire' in London, which had destroyed several buildings. It

drew the attention of the public and the first fire insurance commercially transacted in 1667. The

Industrial Revolution (1720-1850) gave much impetus to fire insurance. The Nineteenth century

marked the development of fire insurance.      

Due to the increasing demands of the time, different forms of insurance have been developed.

Industrial Revolution of 19th century had facilitated the development of accidental insurance,

theft and dacoits, fidelity insurance, etc. In 20th century, many types of social insurance started

13
operating, viz., unemployment insurance, crop insurance, cattle insurance, etc. This way the

business of insurance developed simultaneously with human and social development. Today, the

use of computers in the field of insurance is frequently increasing. Insurance becomes an

inseparable part of human development.  

 The early developments of life insurance were closely linked with that of marine insurance. The

first insurers of life were the marine insurance underwriters who started issuing life insurance

policies on the life of master and crew of the ship, and the merchants. The early insurance

contracts took the nature of policies for a short period only. The underwriters issued annuities

and pension for a fixed period or for life to provide relief to widows on the death of their

husbands. The first life insurance policy was issued on 18 th June 1583, on the life of William

Gibbons for a period of 12 months.

The history of life insurance in India dates back to 1818 when it was conceived as a means to

provide for English Widows. Interestingly in those days a higher premium was charged for

Indian lives than the non-Indian lives as Indian lives were considered more riskier for coverage.

The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company

to charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company

was established in 1880. The first general insurance company- Tital Insurance Company Limited

was established in 1850. Till the end of nineteenth century insurance business was almost

entirely in the hands of overseas companies.

Insurance regulation formally began in India with the passing of the Life Insurance Companies

Act of 1912 and the Provident Fund Act of 1912. Several frauds during 20's and 30's sullied

insurance business in India. By 1938 there were 176 insurance companies. The first
14
comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict

State Control over insurance business. The insurance business grew at a faster pace after

independence. Indian companies strengthened their hold on this business but despite the growth

that was witnessed, insurance remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life insurers and provident

societies under one nationalized monopoly corporation and LIC was born. Nationalization was

justified on the grounds that it would create much needed funds for rapid industrialization. This

was in conformity with the Government's chosen path of State- led planning and development.

15
 INTRODUCTION TO INSURANCE SECTOR

The insurance sector in India has come a full circle from being an open competitive market to

nationalization and back to a liberalized market again. Tracing the developments in the Indian

insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years. The

business of life insurance in India in its existing form started in India in the year 1818 with the

establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1912– The Indian Life Assurance Companies Act enacted as the first statute to regulate

the life insurance business.

1928 – The Indian Insurance Companies Act enacted to enable the government to collect

statistical information about both life and non-life insurance businesses.

1938 – Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956 – 245 Indian and foreign insurers and provident societies taken over by the central

government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,

with a capital contribution of Rs. 5 crores from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton

Insurance Company Ltd., the first general insurance company established in the year 1850 in

Calcutta by the British.

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Some of the important milestones in the general insurance business in India are:

1907 – The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business.

1957 – General Insurance Council, a wing of the Insurance Association of India, frames a

code of conduct for ensuring fair conduct and sound business practices.
1968 – The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.

1972 –The General Insurance Business (Nationalization) Act, 1972 nationalized the

general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies’ viz. the National Insurance

Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd.

and the United India Insurance Company Ltd. GIC incorporated as a company.

REFORMS OF INSURANCE SECTOR

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N.

Malhotra was formed to evaluate the Indian insurance industry and recommend its future

direction.

The Malhotra committee was set up with the objective of complementing the reforms initiated in

the financial sector. The reforms were aimed at "creating a more efficient and competitive

financial system suitable for the requirements of the economy keeping in mind the structural

17
 changes currently underway and recognizing that insurance is an important part of the overall

financial system where it was necessary to address the need for similar reforms…"

In 1994, the committee submitted the report and some of the key recommendations included:

1 STRUCTURE :

Government stake in the insurance Companies to be brought down to 50% Government should

take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as

independent corporations. All the insurance companies should be given greater freedom to

operate

2 COMPETITION:

Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the

industry No Company should deal in both Life and General Insurance through a single entity.

Foreign companies may be allowed to enter the industry in collaboration with the domestic

companies Postal Life Insurance should be allowed to operate in the rural market. Only One

State Level Life Insurance Company should be allowed to operate in each state.

3 REGULATORY BODY :

The Insurance Act should be changed An Insurance Regulatory body should be set up Controller

of Insurance (Currently a part from the Finance Ministry) should be made independent

4 INVESTMENTS :

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 Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to

50% GIC and its subsidiaries are not to hold more than 5% in any company (There current

holdings to be brought down to this level over a period of time)

5 CUSTOMER SERVICE :

LIC should pay interest on delays in payments beyond 30 days Insurance companies must be

encouraged to set up unit linked pension plans. Computerization of operations and updating of

technology to be carried out in the insurance industry The committee emphasized that in order to

improve the customer services and increase the coverage of the insurance industry should be

opened up to competition.

But at the same time, the committee felt the need to exercise caution as any failure on the part of

new players could ruin the public confidence in the industry. Hence, it was decided to allow

competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores.

The committee felt the need to provide greater autonomy to insurance companies in order to

improve their performance and enable them to act as independent companies with economic

motives. For this purpose, it had proposed setting up an independent regulatory body.

WHAT IS INSURANCE?

Insurance is a contract that provides compensation for specific losses in exchange for a periodic

payment. An individual contract is known as an insurance policy and the periodic payment is

known as the insurance premium. Insurance provides a mechanism for shifting risk from a

19
person, business, or organization to an insurance company in exchange for the payment of the

insurance premium.

There are many types of insurance and our guide provides information about the most common

types. The most important ones for most individuals are health insurance, life insurance, and auto

insurance. Health insurance provides protection against sickness and bodily injury. Auto

insurance provides can pay for injuries or damage resulting from an auto accident or when an

auto is vandalized or stolen. Life insurance makes a payment to your beneficiaries in the event of

your death.

Life insurance pays a specified sum to the beneficiaries upon the death of the insured. It is

generally used to provide cash to your family in the event of your death. There are several types

of life insurance policies. The most common types are whole life insurance and term life

insurance. Whole life insurance provides a lifetime of protection as long as you pay the

premiums to keep the policy active.

They also accrue a cash value and thus offer a savings component. Term life insurance

provides protection only during the term of the policy and the policies are usually renewable at

the end of the term.

FUNCTIONS OF INSURANCE

The functions of Insurance can be bifurcated into two parts:

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 1. Primary Functions

2. Secondary Functions

3. Other Functions

The PRIMARY FUNCTIONS of insurance include the following:

Provide Protection

The primary function of insurance is to provide protection against future risk, accidents

and uncertainty. Insurance cannot check the happening of the risk, but can certainly

provide for the losses of risk. Insurance is actually a protection against economic loss, by

sharing the risk with others.

Collective bearing of risk

Insurance is a device to share the financial loss of few among many others. Insurance is a

mean by which few losses are shared among larger number of people. All the insured

contribute the premiums towards a fund and out of which the persons exposed to a

particular risk is paid.

Assessment of risk

Insurance determines the probable volume of risk by evaluating various factors that give

rise to risk. Risk is the basis for determining the premium rate also.

Provide Certainty

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 Insurance is a device, which helps to change from uncertainty to certainty. Insurance is

device whereby the uncertain risks may be made more certain.

TheSECONDARY FUNCTIONSof insurance includes the following:

Prevention of Losses

Insurance cautions individuals and businessmen to adopt suitable device to prevent

unfortunate consequences of risk by observing safety instructions; installation of

automatic sparkler or alarm systems, etc. Prevention of losses cause lesser payment to the

assured by the insurer and this will encourage for more savings by way of premium.

Reduced rate of premiums stimulate for more business and better protection to the

insured.

Small capital to cover larger risks

Insurance relieves the businessmen from security investments, by paying small amount of

premium against larger risks and uncertainty.

Contributes towards the development of larger industries

Insurance provides development opportunity to those larger industries having more risks

in their setting up. Even the financial institutions may be prepared to give credit to sick

industrial units which have insured their assets including plant and machinery.

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23
TheOTHER FUNCTIONSof insurance include the following:

Means of savings and investment

Insurance serves as savings and investment, insurance is a compulsory way of savings

and it restricts the unnecessary expenses by the insured's For the purpose of availing

income-tax exemptions also, people invest in insurance.

Source of earning foreign exchange

Insurance is an international business. The country can earn foreign exchange by way of

issue of marine insurance policies and various other ways.

Risk Free trade

Insurance promotes exports insurance, which makes the foreign trade risk free with the

help of different types of policies under marine insurance cover.

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 LIFE INSURANCE

Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured

covered in the policy. Essentially, a life insurance policy is a contract between the named insured

and the insurance company wherein the insurance company agrees to pay an agreed upon sum of

money to the insured's named beneficiary so long as the insured's premiums are current.

Life insurance is a guarantee that your family will receive financial support, even in your

absence. Put simply, life insurance provides your family with a sum of money should something

happen to you. It thus permanently protects your family from financial crises.

In addition to serving as a protective cover, life insurance acts as a flexible money-saving

scheme, which empowers you to accumulate wealth-to buy a new car, get your children married

and even retire comfortably.

Usually the insurance contract provides for the payment of an amount on the date of maturity or

at specified dates at periodic intervals or at unfortunate death if it occurs earlier. Obviously, there

is a price to be paid for this benefit. Among other things, the contract also provides for the

payment of premiums by the assured. Life Insurance is universally acknowledged as a tool to

eliminate risk, substitute certainty for uncertainty and ensure timely aid of the family in the

unfortunate event of the death of the breadwinner. In other words, it is the civilized world's

partial solution to the problems caused by death.

In a nutshell, life insurance helps in two ways: premature death, which leaves dependent families

to feed for itself and old age without visible means of support.

TYPES OF LIFE INSURANCE

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Whole Life Insurance

Whole life insurance, also known as traditional, straight, or permanent life insurance is a policy

that is kept in force for a person's whole life as long as the scheduled Premiums are paid. Whole

insurance policies can be a great value because they accrue cash value--you get savings as well

as insurance. Some even pay a dividend which depending on how well the insurance is doing. If

the company is doing well then the premiums are paid backto the policyholder in the form of

dividends. The policyholder can use the dividend to offset his premiums, to purchase more

insurance, or to purchase additional term life insurance.

Term Life Insurance

Term life insurance is a low-cost form of life insurance that covers the insured for only a certain

period of time (the term), not for his entire life. If the insured dies during the coverage period,

the beneficiary receives the death benefit. If the insured survives the time period, the policy

expires and no benefit is paid.

Term life insurance is best when coverage is only needed for a certain period of time or the

short-term cost is the most important factor. In early years, term life insurance costs significantly

less than whole life or other types of policies. It becomes increasingly expensive, as the insured

grows older.

Based on a "risk profile" created by the insurance company, you will be offered an insurance

"premium" (monthly or yearly cost) for the amount of life insurance coverage you request. This

risk profile takes into consideration a number of factors (including your age, weight, gender,

personal health history, family health history, smoking/drinking habits, where you live, and
26
various other aspects about your life like your marital status). Like other forms of insurance,

saving money on Life Insurance is really just about shopping around for the best quote (since

different companies have different opinions on risk profiles).

BENEFITS OF LIFE INSURANCE

 Superior to Any Other Savings Plan

Unlike any other savings plan, a life insurance policy affords full protection against risk

of death. In the event of death of a policyholder, the insurance company makes available

the full sum assured to the policyholders' near and dear ones. In comparison, any other

savings plan would amount to the total savings accumulated till date. If the death occurs

prematurely, such savings can be much lesser than the sum assured. Evidently, the

potential financial loss to the family of the policyholder is sizable.

 Encourages and Forces Thrift

A savings deposit can easily be withdrawn. The payment of life insurance premiums,

however, is considered sacrosanct and is viewed with the same seriousness as the

payment of interest on a mortgage. Thus, a life insurance policy in effect brings about

compulsory savings.

 Easy Settlement and Protection against Creditors

27
 A life insurance policy is the only financial instrument the proceeds of which can be

protected against the claims of a creditor of the assured by effecting a valid assignment of

the policy.

 Administering the Legacy for Beneficiaries

Speculative or unwise expenses can quickly cause the proceeds to be squandered. Several

policies have foreseen this possibility and provide for payments over a period of years or

in a combination of installments and lump sum amounts.

 Ready Marketability and Suitability for Quick Borrowing

A life insurance policy can, after a certain time period (generally three years), be

surrendered for a cash value. The policy is also acceptable as a security for a commercial

loan, for example, a student loan. It is particularly advisable for housing loans when an

acceptable LIC policy may also cause the lending institution to give loan at lower interest

rates.

 Disability Benefits

Death is not the only hazard that is insured; many polices also include disability benefits.

Typically, these provide for waiver of future premiums and payment of monthly

installments spread over certain time period.

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 Accidental Death Benefits

Many policies can also provide for an extra sum to be paid (typically equal to the sum

assured) if death occurs as a result of accident.

 Tax Relief

Under the Indian Income Tax Act, the following tax relief is available

a) 20 % of the premium paid can be deducted from your total income tax liability.

b) 100 % of the premium paid is deductible from your total taxable income. When these

benefits are factored in, it is found that most polices offer returns that are comparable/ or

even better than other saving modes such as PPF, NSC etc. Moreover, the cost of

insurance is a very negligible.

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 LIFE INSURANCE SCENARIO IN INDIA

Life Insurance in its existing form came to India from the United Kingdom with the

establishment of a British firm Oriental Life Insurance Company in Calcutta in 1818 followed by

Bombay Life Assurance Company in 1823.

The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life

insurance business. Later in 1928 the Indian Insurance Companies Act was enacted to enable the

Government to collect statistical information about both life and non-life insurance business

transacted in India by Indian and foreign insurers including provident insurance societies. In

1938 with a view to protecting the interest of insuring public earlier legislation was consolidated

and amended by the Insurance Act 1938 with comprehensive provisions detailed and effective

control over the activities of insurers.

The Act was amended in 1950 resulting in far reaching changes in the insurance sector. These

included a statutory requirement of equity capital for companies carrying on life insurance

business, ceiling on share holdings in such companies, stricter control on investments,

submission of periodical returns relating to investments and such other information to the

controller. The controller could also call for appointment of administrators and put a ceiling on

expenses of management and agency commission for mismanaged companies.

By 1956, 154 Indian insurers, 16 foreign insurers and 75 provident societies were carrying on

life insurance business in India. Life insurance business was concentrated in urban areas and

confined to the higher strata of the society. On January 19, 1956, the management of life

30
insurance business of 245 Indian and foreign insurers and provident societies then operating in

India was taken over by the Central Government. ‘Life Insurance Corporation’ was formed in

September 1956 by an Act of Parliament, viz. LIC Act 1956 with a capital contribution of Rs.50

mn.

The then Finance Minister Mr. C. D. Deshmukh while piloting the bill for nationalization

outlined the objectives of LIC thus:

"To conduct the business with utmost economy with the spirit of trusteeship; to charge premium

no higher than warranted by strict actuarial considerations; to invest the funds for obtaining

maximum yield for the policy holders consistent with safety of capital; to render prompt and

efficient service to policy holders thereby making Insurance widely popular."

Since 1956, with the nationalization of insurance industry, the state-run Life Insurance

Corporation of India (LIC) has held the monopoly in that country's life insurance sector. General

Insurance Corporation of India (GIC), with its four subsidiaries, was its counterpart in the

casualty sector. Over time, taking advantage of its monopoly and virtual prerogative in

establishing premiums, LIC has evolved into a monolith. With around 600,000 agents in every

nook and corner of the vast country, it has created an enviable brand name, particularly among

the rural population of the country. It has around $40 billion as its life fund and is a strong player

in the financial sector. With a huge unionized, rigid workforce mostly in the clerical category,

LIC runs the risk of high fixed cost, which will be the deciding factor in productivity in the

competitive scenario. The new players, with the state-of-the-art technology under their belt, will

31
be in an advantageous position. 80% of LIC's business is procured by 20% of its ill-trained agent

force.

The well-publicized failures of world famous consumer goods companies like Electrolux,

Whirlpool, Reebok, Nike etc. to gauge the Indian psyche and sentiments demonstrate the

concept. They failed in the areas of realistic pricing, product promotion and reaching to the

consumer. The foreign companies need to know the "ground realities" to the details. Today the

Life Insurance Corporation of India has 2046 branches. It is made up of 100 divisions, which are

divided, into 7 zones. There are 558,000 LIC agents in the country.

32
 CURRENT STATUS

The IRDA bill had been introduced in the LokSabha during the Vajpayee government’s last

tenure with the expected mixed reactions. Surprisingly, the Congress chose to keep mum on the

issue. The left parties staged a walkout registering strong protest. While the eager international

and domestic players have to continue waiting in the wings for the curtains to rise, the

government has made another landmark announcement. It is expected to be introduced again

during the ongoing winter session of the parliament The Banking Regulation Act is to be

modified to allow banks to become active players in the insurance sector. This comes as a major

move and a precursor to the sweeping insurance reforms that have been opposed by the swadeshi

bandwagon and the various labour unions operating in the insurance sector.

The takeout of the amendment made to Section 6 (0) of the Banking Regulation Act, 1949 is this:

The current act does not permit banks to handle insurance products. The proposed change will

permit banks to either distribute or to market insurance products. In addition to this, banks will

also be allowed entry to the insurance sector through the joint venture route and bank assurance.

It is understood that only strong banks with three-year track records will be allowed to enter the

business - entry is a strict no-no to the weaker banks. The Insurance Regulatory and

Development Authority (IRDA) Bill provides for three levels of players - An Insurance

Company, Insurance Broker and an Agent. Banks will work as agents and brokers in this

proposed structure.

33
This is an attempt to make the insurance sector more dynamic - this is likely to happen as banks

will use their formidable branch network to market and distribute the insurance products. This

amendment could also forge alliances in the banking sector. Initial reports indicate that the State

Bank of India and Bank of Baroda have expressed interest in entering into joint ventures. ING

Barings, who already has a 20%, stake in Vysya Bank, plans to broad base its alliance to add on

insurance-based activities.

This could be a timely move - one that will allow the domestic players to prepare for the

competition ahead. It would also bring them on par with international players who are

accustomed to operate in a liberalized environment. This is also a sensible move by the

government to allay the fears of its more conservative and swadeshi-oriented allies and cement

cracks, if any have appeared, given the BJP's new pro-liberalization avataar.

A closer look at the amendment indicates that it is tantamount to creating stronger public sector

monopolies with behemoths like SBI and BOB entering the fray. It is unlikely that the private

sector banks would contemplate entering the business, as they may not have the requisite capital

to meet the prescribed capital adequacy for the insurance sector. The government may have

made a move that could be counter-productive in that the protests against entry of foreign players

will only get more vociferous and strong with many more strong arms entering the rally.

The manner and style of operations of the public sector banks leaves a lot to be desired. In an

industry where service quality at the moment of truth or the moment of service delivery is non-

existent for the public sector players, one wonders what vibrancy these players will impart to the

insurance business. The insurance agent as stereotyped currently is but the personification of a

34
nationalized bank. Any marketing professional and every consumer will describe such a person

as a semi-retired, balding, sloppy individual who drags his feet as he walks.

One shudders to even conjure up images of insurance marketing in a nationalized bank branch.

One has to search for a semblance of marketing in the existing set-up for student loans and

housing finance. Business school aspirants and young couples will bear witness to this fact. I

have recently been both and have strained my eyes searching for the proverbial needle in a

haystack.

35
 INSURANCE REGULATORY AUTHORITY

On the recommendation of Malhotra Committee, an Insurance Regulatory DevelopmentAct

(IRDA) passed by Indian Parliament in 1993. Its main aim is to activate an insurance regulatory

apparatus essential for proper monitoring and control of the Insurance industry. Due to this Act

several Indian private companies have entered into the insurance market, and some companies

have joined with foreign partners.

In this economic reform process the Insurance Companies will boost the socio-economic

development process. The huge amount of funds that will be at the disposal of Insurance

Companies will be directed as desired avenues like housing, safe drinking water, electricity,

primary education and infrastructure. The growth of the debt market will also get a boost. Above

all the policyholders will get better pricing of products from competitive insurance companies.

The Government of India (GOI) opened the insurance sector to private players on October 24,

2000, thus unraveling a new chapter in this field. This new policy of the GOI is an outcome of

India’s policy of liberalization and also the result of its obligation as a signatory to the WTO to

conform to its principles and guidelines relating to the reduction of barriers to trade in services.

This epoch-making decision has ushered in a new era that has transgressed four decades of

complete control by the public sector over the insurance sector (life insurance was nationalized

in 1956 by merging 245 private insurance companies to form the Life Insurance Corporation of
36
India (LIC) while general insurance was nationalized with the formation of the General

Insurance Corporation (GIC) in 1972).

This decision of the GOI has been accompanied by a set of laws and regulations governing this

domain. Accordingly, the Insurance Regulatory and Development Authority Act, 1999 (the

IRDA Act) was enacted with the predominant aim of setting up an autonomous body known as

the Insurance Regulatory and Development Authority (IRDA) to regulate, promote and ensure

orderly growth of the insurance industry. Further, the Insurance Act, 1938 has been significantly

amended so as to bring it in conformity with the IRDA Act.

The IRDA has a twin role, i.e., regulation as well as development of the insurance sector.

Insurance is a federal subject in India and the legislation that governs insurance in India is:

1. The Insurance Act, 1938; and

2. The IRDA Act.

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in

December 1999. The IRDA since its incorporation as a statutory body in April 2000 has

fastidiously stuck to its schedule of framing regulations and registering the private sector

insurance companies.

37
The other decisions taken simultaneously to provide the supporting systems to the insurance

sector and in particular the life insurance companies were the launch of the IRDA’s online

service for issue and renewal of licenses to agents.

The approval of institutions for imparting training to agents has also ensured that the insurance

companies would have a trained workforce of insurance agents in place to sell their products,

which are expected to be introduced by early next year.

Since being set up as an independent statutory body the IRDA has put in a framework of globally

compatible regulations. In the private sector 12 life insurance and 6 general insurance companies

have been registered.

38
COMPANY INFORMATION

39
 SHRIRAM LIFE INSURANCE CO LTD

The Shriram group is one of the largest and well respected financial services conglomeratsin

India. The group’s main line of activities in financial services include, chit funds, truck

financing, consumer durable financing, stock broking, insurance broking, and life insurance. The

group has a customer base of 30 lack chit subscribers and investors and operates through a

network of 630 offices all over the country. The group has the largest agency force in the privet

sector consisting of more than 75000 loyal and dedicated agents.

Shriram Life insurance Co Ltd. was launched in January 2006. India currently accounts for 16%

of the world’s population. 70% of the populations is below 35 years of age. Between 2001 and

2006, Indian demography has changed with the higher income classes constituting about 79%.

This presents huge market for insurance products.

This is amply reflected in the growth of insurance industry in the last recent years. However this

growth has not reached to rural and semi urban areas.Shriram group with its network of branches

particularly in these areas a unique opportunity for reaching out a wider audience and sustain the

growth story of the insurance industry. Most of the products of Shriram life were designed by

advisors working in the field and based on need analysis done through intense market research.

40
During the first year of operation the company earned a profit of 2 crores which doubled to 4

crores in the subsequent year. For the fiscal ended march 2018the company earned a profit of

10crores adding the total premium at the end of 20018-19 stood at 10000 crores. The company

aims to garner new business premium of Rs 10000 crores in the next 3-4 years. The company

also intends to increase in 100 cities in next couple of years.

THE JOINT VENTURE

Shriram Life Insurance Company Ltd is a joint venture of Shriram group and Sanlam with South

Africa holding 26% of the stack.

Sanlam Life insurance Limited, a part of the Sanlam Group, is one of the largest providers of life

insurance in South Africa with 3.2 million individuals policies under administration

It has a significance presence across South Africa, United Kingdom and Namibia and is a major

provider of life insurance, retirement annuities, saving and investment products, personal loans,

home loans and trust services to individuals. The shareholder's funds of Sanlam Life equates to

USD 4.4 billion

The Sanlam Group was established in 1918 and has a leadership position in financial services in

South Africa. Demutualized in 1998, the group is listed on the JSE Securities Exchange in

Johannesburg and on the Namibian Stock Exchange. It has a current market capitalization of

41
USD 5.4 billion. The Sanlam Group also operates in the areas of group schemes, retirement

funds, short-term insurance, asset management and other financial services. It has employee

strength of 8,000 and has shareholder funds in excess of USD 4.6 billion. On 31st December

2004 it had more than USD 48 billion assets under management

42
 VISION OF THE COMPANY

The Shriram Life Insurance Company is set out with the objective of reaching out to the common

man with a host of products and services that would be helpful to him in his path to prosperity.

Efficiency in operations, integrity and a strong focus on catering to the needs of the common

man, by offering him high quality and cost-effective products and services, are the values driving

the organization. These core values are deep-rooted within the organization and have been

strongly adhered to over the decades.

The company prides itself on its perfect understanding of the customer. Each product or service

is tailor-made to perfectly suit the needs of the customer. It is this guiding philosophy of putting

people first that has brought the Company closer to the grassroots and has made it the preferred

choice for all the truck financing requirements amongst the customers

43
 FUNCTIONAL DEPARTMENTS

FINANCE DEPARTMENTS

Something must be direct the how of economic activity and facilities its smooth operation.

Finance is the agent that produces this result. Nature of financial management refers to its

functions, scope and objectives.

Financial management is that managerial activity which is concerned with the planning and

controlling of the firm’s financial resources. In modern times finance is the life-blood of the

business. No matter, whether the business is big or small financial is the equally important. The

financial resources must proper planned and control in order to achieve the best out of available.

So, financial resources should be very properly

Generally, financial planning means deciding in advance, the financial activities are to be carried

on to achieve the objective of the firm. In broader séance, in the words of Walker and Boughn as;

“financial planning includes the determination of firm’s financial objectives, formulating and

promulgating financial polices and developing and procedures.”

Financial planning is necessary to achieve both long term and short term objectives. A sound

financial planning includes how much need of funds for both the terms. Then from where they

are to be received and utilized.

44
Shriram life would evaluated different proposal placed before them and selects the best out of

them. It estimates how much capital is going to be required for various proposals and how much

is the return on the capital employed. The financial manager lays down the estimate on the

capital of cash per week, per month and per year.

CAPITALIZATION

At the time of incorporation of any business, it is the first problem before the promoters to decide

how much capitalization should be made in a business. The amount of capital of any time should

not exceed nor less than the amount required. So, it is necessary to have proper capitalization for

the success of the enterprise. But Gerstenberg defines it as;

“The total accounting value of all capital regularly employed in business, it includes owner’s

capital, borrowed capital and any other sources.”

Thus term includes;

1. The value of ordinary and preference shares

2. The value of all surplus earned and capital

3. The value of bonds and security still not redeemed

4. The value of long term loans

However the modern view includes short term funds or liabilities under the firm. It should be

properly capitalized.

45
Shriram Life Insurance issue shares. So, all these terms do apply.

FUND OPTIONS

There are six funds having different proportional investment in equity, debt, market money and

cash. The funds are Preserver, Defender, Balancer, Maximus, Accelerator, and Tyaseer.

MARKETING DEPARTMENT

Traditionally, insurance products have been promoted and sold principally through agency

systems in most countries. With new developments in consumer behaviour, evolution of

technology and deregulation, new distribution channels have been developed successfully and

rapidly in recent years. 

Shriram Life Insurancemake use of various distribution channels:

 Career Agents

 Advertisements

 Direct Response

 Internet

46
The main characteristics of each of these channels are:

 Career Agents: Career Agents are full-time commissioned sales personnel holding an

agency contract. They are generally considered to be independent contractors.

Consequently an insurance company can exercise control only over the activities of the

agent, which are specified in his contract. Despite this limitation on control, career agents

with suitable training, supervision and motivation can be highly productive and cost

effective. Moreover their level of customer service is usually very high due to the

renewal commissions, policy persistency bonuses, or other customer service-related

awards paid to them.

Many insurance companies, however avoid this channel, believing that agents might

oversell out of their interest in quantity and not quality. Such problems with career agents

usually arise, not due to the nature of this channel, but rather due to the use of improperly

designed remuneration and/or incentive packages.

 Direct Response: In this channel no salesperson visits the customer to induce a sale and

no face-to-face contact between consumer and seller occurs. The consumer purchases

products directly by responding to the company's advertisement, mailing or telephone

offers. This channel can be used for simple packaged products, which can be easily

understood by the consumer without explanation.

47
 Advertisements: This very popular medium among the entire medium any person can

see this advertisement of the products and buy the product from nearest branch.

Internet: Internet banking is already securely established as an effective and profitable

basis for conducting banking operations. The reasonable expectation is that personal

banking services will increasingly be delivered by Internet banking. Company can also

feel confident that Internet banking will also prove an efficient vehicle for cross selling of

insurance savings and protection products. It seems likely that a growing proportion of

the affluent population.

HUMAN RESOURCE DEPARTMENT

48
 HUMAN RESOURCE MANAGEMENT

“Human Resource Management function that helps managers recruits select, train and develop

members for an organization. Obviously, HRM is concerned with the people’s dimension in

organizations

In all business concerns, there is one common element. i.e. HUMAN RESOURCE. Work force

of an Organization is one of the most important inputs of components. It is said that people are

our single most important assets. Because of the unique importance of HUMAN RESOURCE

and its complexity due to ever changing psychology, behavior and attitudes of men and women

at work, personnel function, i.e., manpower management function is becoming increasingly

specialized. The personnel function or system can be broadly defined as the management of

people at work- management of managers and management of workers. Personnel function is

particularly interested in personnel relationship and interaction of employees-human relations.

In a sense, management is personnel administration. Management is the development of people,

and not mere direction of material resources. Human capital is the greatest asset of a business

enterprise. The essential ingredient of management is the leadership and direction of people.

Each manager of people has to be his own personnel man. Personnel management is not

something you really turn over to personnel department staff.

49
MANPOWER PLANNING

Human Resource Planning is the process by which an organization ensures that it has the right

number and kind of people, at the right place, at the right time, capable of effectively and

efficiently competing those tasks that will help the organization achieve its overall objectives.

Human Resource Planning translates the organization’s objectives and plans into the number of

workers meet those objectives. Without a clear-cut planning, estimation of an organization’s

human resource need is reduced to mere guesswork

Manpower planning is needed with respect to persons who can work as sub-broker for the

companies. Companies focus on Advisors of Mutual Fund product and ELSS schemes of

Shriram and focused on Insurance Advisor and post office agent, Tax consultants and CAs for

making sub-broker.

Shriram Life Insurance follows the following process:The first step is forecasting the need of

man power in terms of divisions, department or functions. Along with the estimate of the number

of the people required in different departments it is also decided that at which level they will be

needed.

After estimating the man power requirement, next step is to have a look at the current human

resource. The current human resource is assessed so as to know whether the requirement can be

filled by the existing personnel or not.

At last detailed policies for recruitment, selection, training, promotion, retirement, replacement

etc.

50
EXCLUSIVE EMPLOYMENT

The employee position is that of full time employed with Shriram Life. The company strictly

prohibits the employees from seeking employment of any nature with any other entity.

The employees have to take prior approval from the superior and the Human Resource

department before engaging in activities like addressing seminars, teaching etc. and ensure that

these official duties do not suffer on this account and no monetary benefit is derived there from.

The employee or its relatives should also not be empanelled as an authorized / unauthorized

distributor / agent / broker or in any other similar capacity of any entity engaged in distribution

and selling of financial products.

RECRUITMENT & SELECTION

The upper level members like zonal managers, regional managers, branch managers and senior

executives are recruited by publishing recruitment advertisement in leading national level

newspaper. The qualified applicant are then called for interview and selected.

The regional manager has authority to select lower level employee like peon, marketing

executives, financial accountant etc. by approval of zonal manager.

51
PERFORMANCE APPRAISAL

Objective of Performance appraisal if for Developmental uses for agents and financial

consultants, for wages, transfer, promotion, for documentation and for organizational purpose

like Human Resource Planning, Job analysis and for training and development

TRAINING

Continuous training and upgrading technical, behavioral and managerial skills is a way of life in

Shriram. Shriram Life encourages agent or sub-broker to hone their skills regularly to enable

them to face the challenges of the changing requirements of customers that fit market up and

down

The successful candidates of the AMFI Exam are given the product training. The primary

purpose is to become quite conversant with the product that one sells. In other words, product

knowledge is very important for any advisor. Product knowledge is not just about knowing the

broad terms and conditions of the various schemes of policies. The advisors are explained about

the schemes, the terms related with it, the benefits it provides to investor. This training is aimed
52
at making the advisors fully equipped with the companies’ product information. This training is

aimed at making the advisors experts in selling the products

PRODUCTS

53
Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A brief detail

of both segments:

Unit Linked Insurance Products

ULIPs have gained high acceptance due to attractive features they offer. These include:

1. Flexibility

1. Flexibility to choose Sum Assured.

2. Flexibility to choose premium amount.

3. Option to change level of Premium /Sum Assured even after the plan has started.

4. Flexibility to change asset allocation by switching between funds

2. Transparency

1. Charges in the plan & net amount invested are known to the customer

2. Convenience of tracking one’s investment performance on a daily basis.

3. Liquidity

1. Option to withdraw money after few years (comfort required in case of exigency)

2. Low minimum tenure.

3. Partial / Systematic withdrawal allowed

4. Fund Options

1. A choice of funds (ranging from equity, debt, cash or a combination)

2. Option to choose your fund mix based on desired asset allocation

54
ULIP Plans:

1. Future Wealth 2,

2. Pension Plan 2,

3. Shri Plus 2,

4. ShriVidya Plus 2,

5. ShriVikas 2,

6. ShriVishram 2.

TRADITIONAL PLANS

These are the oldest types of plans available. These plans cater to customers with a low risk

appetite. Some of the common features of traditional plans are:

1. Steady Investment

1. Major chunk of investible funds are in debt instruments

2. Steady and almost assured returns over the long term

2. Features

55
 1. Death benefit is Sum Assured + guaranteed & vested bonus

2. Helps in asset creation as they are for a long tenure

3. Premium to Sum Assured ratios are fixed for each plan and age.

4. Generally withdrawals are not allowed before maturity

1.ShriLaabh,

2.Shri Life,

3.ShriRaksha,

4.AkshyaNidhi,

5.ShriSurksha,

6.ShriVidya,

7.ShriVivah

MAJOR PLAYERS IN LIFE INSURANCE

Sr. Name of the Company

56
 No.
1 Bajaj Allianz Life Insurance Company Limited
2 Birla Sun Life Insurance Co. Ltd
3 HDFC Standard Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd
5 ING Vysya Life Insurance Company Ltd.
6 Life Insurance Corporation of India
7 Max New York Life Insurance Co. Ltd
8 Met Life India Insurance Company Pvt. Ltd.
9 Kotak Mahindra Old Mutual Life Insurance Limited
10 SBI Life Insurance Co. Ltd
11 Tata AIG Life Insurance Company Limited
12 Reliance Life Insurance Company Limited.
13 Aviva Life Insurance Co. India Pvt. Ltd.
14 Sahara India Life Insurance Co, Ltd.
15 Bharti AXA Life Insurance Company Ltd.

SWOT ANALYSIS

Strength:

 Quality of products

 Quality of services

 Highly cooperative and efficient staff & crew members

 Wide distribution network across the whole country.

57
Weakness:

 Less promotional activities

 Less advertising efforts

 Low market share compared to PSUs

Opportunities:

 By making some good promotional efforts Shriram can gain more number of

customers who will be loyal.

 Increasing awareness will result in increase in customer base.

 Company has already proved it’s strength in market so, soft work required to

launch this product

 Huge potential of insurance business in India.

Threats:

 Challenges posed by other competitor in the market.

 Lower customer base may hinder prompt service

 Social scenario.

 Government policies

 Aggressive Marketing strategy by competitors

58
 LITERATURE REVIEW

Sanjay Kanti Das, (2011), has analyzed preferred investment avenues of the household. The

study reveals that insurance products still remains the most preferred investment avenues of the

household. The results also highlight that certain factors like education level, awareness about

the financial system, age of investors etc make significant impact while deciding on the avenues

for investment.

Mohammad Karimi&BehzadHassannezhadKashani, (2011), aimed to identify reasons by

which customer prefer private insurance covers to public ones. This paper considered product,

service, human and comfort factors as antecedents of customer preference in private insurance
59
covers. The results showed that human and economic factors are antecedents of private insurance

preference.

Dr. Dhiraj Jain &Ruhika Kothari, (2012), attempted to identify the awareness, preferences,

problems and attitude of investors towards various deposit schemes offered by the post office.

The study reveals that demographic factors have no significant influence over the opinion

towards post Office Deposits Schemes except monthly income and educational qualification.

Clifford Paul S., Joseph Anbarasu D. & Annette Barnabas, (2010), the research reveals that

awareness is low and needs to be improved among the uneducated, lower age group and daily

wage class. The study also shows that real growth in life insurance will occur when customers

realize the true value of life insurance beyond tax saving.

P. Varadharajan and P. Vikkraman, (2011), the research focused to identify the investor‟s

perception towards investment decision in equity market. The study reveals that there exists an

Independency between the demographics, majority of the factors and the returns obtained. It is

also evident that investment strategies of people keep on changing as well as the factors that

influence the decision making keeps changing.

M. K. M. Manikadnan, (2012), explored the factors that are majorly affecting the customer

who do shopping in Mall based store located in Brookefield Mall Coimbatore. The study inferred

that there are five main factors elements that influence the consumers who shop in a mall. It

stated that the consumers do not like to put extra effort in finding lower prices and they expect

the merchandises to be available when required by them with good quality.

P. K. Agarwal, Pradeep Kumar & Swati Gupta, (2012), explored the main consumers look in

detergents while buying, brand loyalty towards a particular brand, major reasons of switching

from one brand to the other and many other factors effect the demand of consumers for

60
detergents. The findings of the analysis showed that the customers are mostly brand loyal in their

purchase and do not change their brand easily.

A Pughaznendi& R. Thirunavukkarasu, (2012), investigated consumer perception of men‟s

shirts on foreign brand and domestic brand in Coimbatore city. It is concluded in the study, that

all the demographic factors and purchase pattern factors do not have significant influence on the

buyer‟s choice of brands. The study also showed that foreign brands have a slight edge over the

domestic brands.

KambizHeidarzadehHanzaee&FereshtehLotfizadeh, (2011), attempted to demonstrate the

impact of marital roles and family structure on consumer decision-making style within an

Islamic culture. The finding finds that family structure (male-dominated, wife-dominated, joint

decision-making style or egalitarianism style) and also Islamic norms and Iranian culture have

profound impact on decision-making style on Iranian families.

K. Sai Kumar & A. S. GousiaBanu, (2011), the gender analysis of customer satisfaction with

respect to toiletries reveals that both male and female customers are highly satisfied with quality,

while the gender analysis of customer satisfaction with respect to packaged food items reveals

that male customers are highly satisfied with free gifts and female customers are highly satisfied

with cheapest price.

S. H. Ashraf &Dhanraj Sharma, (2011), provide an overview of global financial crisis and its

impact on Indian insurance industry. This paper is concluded with the remark that the impact of

the slowdown on India‟s growth rate is certainly not alarming. India still is one of the fastest

growing economies in the world. India has the potential to emerge from this global recession

stronger than before.

N. RajasekarRathod& R. N. Padma, (2011), identified culture as an organizational feature

61
that supports learning and explore how different types of culture stimulate different levels of

learning. The findings of the study show a better understanding of the relationship between 4

types of culture and 2 levels of learning. The results of the study also provides insights for both

the organization as well as the researcher to understand the need to create a strong culture that

facilitates a higher level of learning and that which enhances organizational value to gain

competitive advantage.

J. Arulsuresh& S. Rajamohan, (2010), suggested that in order to persuade people to take more

number of policies, the corporation may introduce prize scheme and give aggressive publicity to

these schemes. It also concluded that there is significant difference between the responses of the

respondent in awareness of products and there is significant difference in mean ranks of after

sales service provided by the agents.

T. V. Malick, V. Selvam& N. Abdul Nazar, (2011), attempted to highlight the robust growth

and the potential in the Indian Life Insurance Industry, the role played and customer‟s awareness

on the private life insurance players in Vellore District, Tamil Nadu. This survey reveals that the

insurance sector has plenty of growth opportunities for private Insurer, moreover, it also reveals

that majority of the respondents still viewed insurance as tax saving device and risk coverage

becomes a secondary objective.

Cliff Mayfield, Grady Perdue & Kevin Wooten, (2008), examined several psychological

antecedents to both short-term and long-term investment intentions, with specific focus on the

big five personality taxonomy. The results indicated that individuals who are more extraverted

intend to engage in short-term investing, while those who are higher in risk aversion avoid this

activity.

AurelijaAlbinaite, Marijakucinskiene&Yannick Le Moullec, (2011), described an agent

62
based model simulation environment that enables the analysis of consumer behavior towards

insurance service. They have proposed a three-tier model that includes its core features as well as

internal and external influencing factors.

63
 OBJECTIVE OF STUDY

• To know the research of Shriram life insurance product among people.

• To study about the awareness of insurance as a platform for investment.

• To study about customer’s preferences regarding life insurance companies.

• To examine the various factors that affect the consumer perception towards life insurance

policy.

SCOPE OF THE STUDY

This project study is helpful in following aspects.

 It will be helpful to the professionals of Shriram life insurance co. ltd. to know the level

of brand awareness among the industrial units of Noida city.

 It will be helpful in knowing awareness about the competitors.

 It will be helpful in knowing the awareness level about the policies offered by Shriram

life insurance.

 It will be helpful to know the satisfaction level of the customers to the insurance

companies.

64
Research Methodology

INTRODUCTION TO RESEARCH TOPIC

For my research work the selected topic is of CONSUMERAWARENESS Consumerprefernces

refers to the familiarity of the brand, company or product among the customers. For any

company it is very essential that the company should be present in awareness set in the minds of

customers. Products of any company will not be sold until buyers of those products or services

are aware about it. Hence brand awareness plays crucial role for the success of any company in

the market. And so new companies spend lot of efforts for making their brands aware among

mindset of customers. Once customers get aware about the brand then the brand will come into

the consideration set followed by choice set and finally it will get purchased by the customers.

Hence the finally purchase decision greatly depends on the brand awareness. So companies

heavily advertise their brands and products through different means to make their brands familiar

with target market.

RESEARCH PROBLEM
65
The Government of India (GOI) opened the insurance sector to private players on October 24,

2000, thus unraveling a new chapter in this field. Before that there were only 4 public sector

government hold companies were in the general insurance business in India. Then private

companies entered in the general insurance business. And at presently 4 public sector companies

and more than 12 private sectors companies are doing business of life insurance in Indian

market. All these companies entered after the year of 2000. And so their business is many times

less then PSUs. At present 4 PSUs have 90 % market share in India and privateplayers’ together

account for only remaining 10%. As many firms and industrial persons are not aware about these

private companies and their insurance services.

Shriram Life Insurance entered in the Indian market in the year 2006. Among the all private

players with market share is it is quite less compare to all public sector companies. Many reasons

are behind it but one of them is unawareness of people about Shriram Life Insurance. Many

industrialists and entrepreneurs are not aware about the presence of Shriram Life Insurance in the

insurance business and if they are aware about it then they do not know about the policies and

services offered by the company.

Hence the research work has been done to check the consumer awareness of Shriram Life

Insurancein the Noida city. Efforts have been put to know at what extent they are aware about

the company and the services of the company

66
RATIONALE OF THE STUDY

After government opened the doors for the private insurance players to conduct insurance

business in Indian market in the year 2000, many private life and non-life (general) insurance

companies entered in Indian market. And at present there are 4 public sector companies and

more than 12 private sector companies are doing business of life insurance in Indian market.

However till the date public sector companies are in dominant position and private general

insurance companies have very less market share as compared to PSUs.

The reason behind this less business of private insurance companies is the lack of awareness

among the people about these private general insurance companies. Shriram has started its

operation inNoida in the recent years. It is essential to know for the company that at what extent

industrial areas of Noida are aware aboutShriramLife Insurance Co. Ltd. and familiarity of

industries with the insurance products and services offered by the company.

So this research study is conducted with the objective to know the Consumer Awareness of

Shriram Life Insurance Co. Ltd among the people of noida.

HYPOTHESIS

67
Null Hypothesis: There is significance difference between Male and Female for awareness

about Shriram Life insurance.

Alternative Hypothesis: There is no significance difference between Male and Female for

awareness about Shriram Life insurance

SOURCE OF DATA

Primary Data:

For my project primary data I have collected through structured questionnaire and interview with

respondents from different location in areas of Noida city.

Secondary Data:

For this project secondary data is the information collected from catalogues of the Company,

Internet, books, articles, magazines and interaction with company professionals.

RESEARCH INSTRUMENT

68
For this project research instrument is the personal interview with the structured questionnaire

containing related questions for the selected topic of the research study

SAMPLING PROCESS

For this research project random respondents are taken from areas of Noida city

Sampling area :NOIDA

Sampling technique: Random sampling

Sample size: 50 respondents

Research instrument: Personal interview with structured questionnaire

69
 ANALYSIS AND INTERPRETATION

RESULTS AND INTERPRETATION

Demographic Profile of Respondents:

The demographic profile of the respondents includes Gender, Age, Income, Occupation, and

Education Level.

GENDER

The Gender ratio is 88% (44) males and 12% (6) of females.

Gender
Female
12%

Male
88%

AGE

70
For the analysis purpose, the age of respondents has been classified into four categories 17 to 30-

52%of people, 31 to 40-20%, 41 to 50-12%, and 51 to 60-16%.

Age
51-60
16%
41-50
12%
17-30
52%

31-40
20%

INCOME

Income has been measured as monthly income ranging from Below Rs.10000-16% (8), Rs10000

to 20000-38% (19), Rs20000 to 30000- 18% (9), more than Rs.30000-20% (10).

Income
More than Below
30000 10000
22% 17%

20000-
30000 10000-
20% 20000
41%

OCCUPATION

71
The occupation status of respondents has been grouped as Business 40% (20), Service 52% (26),

None 8% (4).

Occupation
None
8%

Buisness
40%

Service
52%

EDUCATION LEVEL

The education level of respondents has been measured in terms of Undergraduates 38% (19),

Graduates 44% (22), and Postgraduates 18% (9).

72
 Education Level
Post Graduate
18%
Undergraduate
38%

Graduate
44%

INVESTMENT PREFERENCE

Question: When it was asked to respondents where would they like to invest their money,among

Insurance, Real Estate, Mutual Fund, Share Market, Banks & Post.

The following results were obtained

Insurance 16%
Real Estate 14%
Mutual Fund 18%
Share Market 26%
Banks & Post 26%

73
 Invetment Preference
Insurance
16%
Banks & Posts
26% Real Estate
14%
Mutual Funds
18%

Share Market
26%

Interpretation:The results shows that there is higher group of people who are conservative and

save their money in banks and posts and also there are more number of people who wants

aggressive investing like in share market, but there is mixed opinion for insurance, mutual funds

and real estate.

PREFERENCE TO BUY INSURANCE

Question: The respondents were asked that which company would they prefer to buy an

insurance policy among these companies Birla Sun Life, LIC, Max New york Life insurance 8%,

ICICI, SBI, ING Vysya, TATA AIG, Bajaj Allianz,Other,and following results obtained

Birla Sun Life Insurance 22% TATA AIG 6%

LIC 18% Bajaj Allianz 10%
Max Newyork Life 8% ING Vysya 2%
ICICI Prudential 4% Others 16%
SBI 14%
.

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 Preference on Buying Insurance

Other
16% Birla
22%

Bajaj
10%

TATA
6% LIC
18%
ING
2% SBI
14% MNYL
ICICI 8%
4%

Interpretation:The results shows that public sector companies are more preferred than private

sector companies, but still in private sector reputed companies like Birla Sun Life and Bajaj

Allianz is also preferred.

CURRENT INSURANCE POLICY

Question:When respondents were asked that which company’s insurance policy they have,

among these companies MNYL, LIC, Birla, SBI, ICICI, Shriram, HDFC, Reliance Life

Insurance, Bajaj Allianz, TATA AIG, MetLife, ING Vysya..

The Following Results were obtained

MNYL 10% HDFC 2%

LIC 26% 75 Reliance Life 2%
Birla Sun Life 28% Bajaj Allianz 6%
SBI 8% TATA AIG 4%
ICICI Prudential 10% MetLife 6%
Shriram 6% ING Vysya 2%
 Current Insurance Policy
Metlife ING
6% 2% MNYL
10%
TATA
8%
Bajaj
6%
Reliance LIC
2% 25%
HDFC
2%
Shriram
6%
ICICI
10%
BIRLA
SBI 17%
8%

76
Interpretation:The result shows that public sector companies like LIC, SBI as well as private

sector companies like Birla Sun Life Insurance, ICICI, and MNYL have more policy holders.

ANNUAL PREMIUM

Question: When respondents were asked how much premium do they pay annually. Option give

to them were below Rs.3000, Rs.3000-5000, Rs.5000-7000, more than 7000.

The following results are obtained

Below 3000Rs. 28%

3000-5000Rs 42%
5000-7000Rs. 20%
More than 7000Rs. 10%

Annual Premium
More
than
7000
5000- 10% Below
7000 3000
20% 28%
3000-
5000
42%

77
Interpretation: The result shows that people prefer to pay Rs3000 to 5000. So Companies

should form such policies.

PURPOSE OF INVESTMENT

Question:When respondents were asked what is the basic purpose to invest in insurance policy.

In the following options Cover future uncertainty, Tax deduction, Future investment, other

.The following result was obtained

Cover Future Uncertainty 34%

Tax Deduction 26%
Future Investment 36%
Other 4%

Purpose of Investment
Other
4%

Cover
Future Future
investment Uncertainty
36% 34%

Tax
Deduction
26%

Interpretation: The result shows that people are investing in insurance for future investments or

cover future uncertainty rather than tax deduction.

78
FEATURE OF POLICY

Question: The respondents were asked that which feature of their policy attracted them to buy

that policy and options were: Trusted Nameor Reputation of the Company, Friendly Services,

Good Plans, and Low Premium.

The followings results were obtained

Trusted Name or Reputation of Company 40%

Friendly Services 16%
Good Plans 24%
Low Premium 20%

Features of Policy

Low Premium
20%
Trusted Name
or Reputation
40%
Good Plans
24%

Friendly
Services
16%

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Interpretation:The results shows that people while buying insurance prefer trusted name or

reputation of the company than low premium, good plans, and friendly services. So company

should create good reputation for it self.

AWARENESS ABOUT SHRIRAM LIFE INSURANCE

Question: The respondents were asked whether they are aware aboutShriram Life Insurance.

The following results were obtained

YES 42%
NO 58%

Awaress about Shriram Life Insurance

Yes
42%

No
58%

80
Interpretation: The result shows that more people are not aware about Shriram Life Insurance.

So more marketing is required from the side of the firm.

81
 TESTING HYPOTHESIS:

HYPOTHESIS

Null Hypothesis: There is significance difference between Male and Female about awareness

about Shriram Life insurance.

Alternative Hypothesis: There is no significance difference between Male and Female about

awareness about Shriram Life insurance

Particulars Male (a) Female(b) Total

Aware about Shriram 19 2 21

Life Insurance (A)

Not aware about Shriram 25 4 29

life Insurance (B)

Total 44 6 50

On the basis of this hypothesis, the expected frequency corresponding to the number of

respondent and other are as follows.

Expected frequency  

Expected of (AB) = (A × B)/N 

1) Aa = 21*44/50 = 18.48

2) Ba = 44*29/50 = 25.52

3) Ab = 21*6/50 = 2.52

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4) Bb = 29*6/50 = 3.48

Calculation of Chi Square:

Group Observed Expected (Oij-Eij) (Oij-Eij)2 (Oij-Eij)2

 
Frequency Frequency         Eij

(Oij) (Eij)
Aa 19 18.48 0.52 0.2704 0.0146
Ba 25 25.52 -0.52 0.2704 0.0105
Ab 25 2.52 -0.52 0.2704 0.1071
Bb 4 3.48 0.52 0.2704 0.0775
χ2 0.2097

Here, χ2 calculated value is 0.2097

Degree of freedom in this case = (r-1) (c-1) = (2-1) (2-1) = 1

The table value of χ2 for 1 degree of freedom at 5% level of significance is 3.841. The calculated

value is less than the table value and hence the test is accepted and shows that there is significant

difference between Male and Female about awareness about Shriram Life insurance.

The result shows that males are more aware about Shriram Life Insurance than female.

AWARENESS THROUGH CHANNELS

Question: 18 Respondents who were about Shriram Life insurance were asked through which

medium they were aware about the company and the options were News Papers, T.V,Contacted

by Agents, Friends or Reference.

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The following results were obtained

News Papers 20%

Television 0%
Contacted By Agent 29%
Friends or Other Reference 51%

Awareness Through Medium

News Papers
20%

Friends or Reference
51%

Contacted by Agents
29%

Interpretation: The result shows that the respondents who know about Shriram Life Insurance,

knows from friends, reference or contacted by agents so marketing is inadequate because very

few people know through newspapers and no one through Television.

AWARENESS ABOUT SERVICES/PRODUCTS OF THE COMPANY

Question: 18 respondents who were about Shriram Life Insurance were asked if they know

about the products of the company and following results were obtained

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 YES 69%
NO 31%

Awareness About Products

No
31%

Yes
69%

Interpretation: The result shows that who respondents who knew about Shriram Life Insurance,

most of them knew about their products because mainly they were contacted by agents or

reference.

SATISFACTION WITH THE SERVICES

13 respondents who were aware about the service or products were asked whether the services

were good enough to satisfy or not and all of them replied positively. This shows that products of

the company are very good.

85
FINDING, RECOMMENDATION
86
AND CONCLUSION

87
 FINDING AND RECOMMENDATIONS TO THE COMPANY

On the basis of the research project work I did, there are some findings and recommendations

that have been mentioned under.

 Public sector insurance companies have very large business as compared to private

general insurance companies. So private companies have to go long for more and

increased business.

 These private companies have to build a strong image as the PSUs have to increase their

business. People put more trust on government hold companies than private insurance

companies so private insurance companies have to win confidence of people and have to

create strong corporate image.

 This is clear from the research that more people want to invest in banks and mutual funds

then insurance, shares or other investments.

 Even in private companies Birla Sunlife Insurance, Max New York life Insurance, TATA

AIG and HDFC with trusted name are more preferred to buy insurance.

 This is observed that people are willing to invest 3000-5000 Rs. So Companies should

develop plans having such premiums.

88
 People are more willing to invest for future investments then tax deduction so such plans

should be developed.

 Respondents were willing to buy policies on the basis on trusted names, good plans and

low premiums.

 Consumer awareness of SHRIRAM COMPANYis 69% and 31% were not aware about

SHRIRAM COMPANY

 Medium of SHRIRAM COMPANY 51% and 29% were aware from friends, reference or

contacted by agents and 20% people know through newspapers about SHRIRAM

COMPANY

 Awareness ofSHRIRAMLIFE INSURANCEis 21% and 29% were not aware about

SHRIRAM LIFE INSURANCE

 Premium of LIFE INSURANCEis 42% people prefer to pay Rs 3000 to 5000.

 Investment in SHRIRAMLIFE INSURANCEis 36% and 34% people are investing in

insurance for future investments or cover future uncertainty rather than tax deduction

i.e.,26%
89
 Awareness towards the advertisement of Shriram Life Insurance is found very less among

the People and most people know about the company through agents of reference. So it is

advised to the company to go for more advertisements through different medias to

increase the awareness of the company.

 The respondents who know about Shriram Life insurance, most of them Knew about the

products.

 People who were about the services or products though that products were good enough

to satisfy needs. So it shows that products are good to meet needs of people.

90
 CONCLUSION

India has traditionally been a high savings oriented country - often described as being on par

with the thrifty Japan. Insurance sector in the US of A is as big in size as the banking industry

there. This gives us an idea of how important the sector is. Insurance sector channelizes the

savings of the people to long term investments. In India where infrastructure is said to be of

critical importance, this sector will bring the nations own money for the nation.

In 3 years time we would expect the 10% of the population to be under some sort of an

insurance cover. This assuming a premium of Rs. 5000 on an average, amounts to 100 million x

Rs.5000 = Rs. 500 bn. This has made the sector the hottest one in India after IT.

With social security and security to the public at large being the agenda for opening the sector,

the role of the regulator becomes all the more serious and one that would be carefully watched at

every step. India has an enormous middle-class that can afford to buy life, health, and disability

and pension plan products. The low level of penetration of life insurance in India compared to

other developed nations can be judged by a comparison of per capita life premium. Clearly, there

is considerable scope to raise per capita life premium if the market is effectively tapped.

There has been tremendous change in the insurance history. And with it there has been

continuous growth in this sector both in Indian as well as world context. The opening up of the

insurance sector has changed the whole look of the industry. While the LIC in order to face the

competition is coming with new strategies and new players like Shriram are leading the sector

due to their strategic management and tailored made projects.

91
From our study also we conclude that though the awareness and people opting for LIC plans are

more as compare to Shriram but the later are gaining momentum in the market day by day.

The demand for insurance is likely to increase with rising per-capita incomes, rising literacy

rates and increase of the service sector, as has been seen from the example of several other

developing countries. In fact, opening up of the insurance sector is an integral part of the

liberalization process being pursued by many Developing countries.

Insurance is a Rs.400 billion business in India and yet its spread in the country is relatively thin.

Insurance as a concept has not been able to make headway in India. There has been a strong fall

in insurance business in recent years. Furthermore, it can be observed that non-life business is

not increasing as strongly as life business. On the other hand, growth fluctuations have been

relatively small with growth rates varying between 1% and 5%. Life insurance business by

contrast achieved average growth rates of 6%, although the actual rates ranged from 0% to 13%.

This shows on the one hand the increasing significance of life insurance as an instrument for old

age provisions and on the other hand indicates the sensitivity of life insurance to changes in the

institutional and economic environment.  So lets conduct this business with utmost economy

with the spirit of trusteeship; thereby making insurance widely popular

92
 LEARNING FROM SIP

 A man without practical knowledge is just like a rough diamond. To shine like a real

diamond one must have practical exposure of what he has learnt. For the students of

management theoretical knowledge is just like lock without key so practical knowledge is

of so much important.

 The summer internship project has given the opportunity to learn and know about real

corporate experience and understand working environment. Practical knowledge is the

best experience and on this basis, we can easily understand about what they want to say.

Firstly each student knows about the theory, so that on the basis of theory, he can easily

learn how to do the work and what is the best way to achieve satisfaction. That is why

we can say that theory is guidelines for practical.

 During my internship what we learnt in theories about financial management, human

resource management, and also about marketing, I experienced all those functional

departments working in the real situations which was quite amazing.

 The working of the functional departments helped me like financial department allocated

funds, human resource department providing training, and selection of new candidates,

performance appraisal motivating employees.

93
 Summer Internship Project also helped me to understand interaction with employees and

customers and approaches to the customers.

 It was really helpful for me because ShriramLife Insurance Company is based on

insurance policy as product which is a push based product, so it helped me to learn about

real marketing exposure.

 During our summer internship project, I did research about consumer awareness about

Shriram Life Insurance, which helped me to learn general preference of people for

investment, awareness about all insurance companies, preference for buying insurance

and also awareness about Shriram life Insurance and their products.

 The summer internship project also helped to analyze how a company is working with

such competition and also with competitors doing their business.

 The experience with Shriram Life Insurance was really handful and very cooperative with

employees and heads of the company.

 At the end it has helped that how work in real life exposure, which will ultimately help

me to work when I start working in the corporate sector.

94
 LIMITATION OF THE STUDY

There are some limitations of this study are as follows:

Personal Bias:Some respondents may have biasness towards some other insurance company, so

they may have not given correct information, which may affect the conclusion of this study

Time Limit: Time for this research work was limited otherwise more information could have

been collected.

Area:The area for this research work was limited to Noida only, so we cannot know about other

customers outside this area.

Sample Size: The sample size for this research is of only of 50 respondents which may not

reveal adequate and correct information

95
 BIBLIOGRAPHY

Books:

 I.M.Pandey: Basic Text Book of Financial Management: 9th Edition(2008): Vikas

Publication

 C.B.Gupta: Human Resource Management: 4th Edition(2007): Sultanchand and Sons

 Kotler, Keller, Koshy and Jha: Marketing Management: 6th Edition(2007): Pearson

Education

 C.R.Kothari: Research Methodology: 4th Edition (2004): New Age International Limited

 Khan and Jain: Financial Management: 4th Edition (2004): Tata McGraw Hill

 Cooper and Schindler: Business Research Method: 9th Edition (2006): Tata McGraw Hill

Magazines & Journals:

 Walden, Michael L. (1985); The Journal of Risk and Insurance:“Whole life policy is a

package of options“ (Vol.52 no.1,pp44-58).

 Slovic, Fischhoff, Lichtenstein, Corrigan and Combs, (1977) Decision Research:

“Insurance against small, high-probabilitylosses” (vol.2, issue 2, pp83-93).

 Formisano, Roger A. (1981); The Journal of Risk and Insurance: “Awareness of the

provisions of the regulation” (Vol.48 no.1, pp59-79)

96
  Smith, Michael L.(1982); The Journal of Risk and Insurance,“Policy owner behavior

towards life insurance” (Vol.49 no.4, pp583-601)

 Kirchler and Angela Christian Hubert:“Spouses ‘relative dominance in decisions

concerning different forms of investment” (.1999; accepted 1999; Available online

1999); Institute of Psychology, University of Vienna.

Websites:

www.shriram.com

www.irda.com

www.apnapaisa.com

www.indiainfoline.com

www.sanlam.com

Other Materials:

The Hindu- Business Line, Catalogs, Broachers, Business Operation Prospects

97
 QUESTIONNAIRE:

A Study on Consumer Awareness aboutShriram Life Insurance

1. Name:

2. Age:

3. Gender: Male Female

4. Occupation: Business Service None

5. Education Undergraduate Graduate Postgraduate

6. Monthly Income:

Below 10000 10000-2000020000-30000 more than 30000

7. Where do you prefer to invest your money?

Insurance Real EstateBank & Post Mutual Funds

Share MarketOthers

8. Which company’s insurance policy you prefer the most?

Birla SunlifeLICMax New York Life ICICI Prudential

SBIING VysyaTATA AIG Bajaj Other

9. In which you have any insurance policy?

98
 Write the name of thecompany

10. How much do you pay annually?

Below 3000 3000-5000 5000-7000 More Than 7000

11. What is the basic purpose of your investment in Insurance?

Cover Future Uncertainty Tax DeductionFutureInvestment Other

12. Which feature of your policy attracted you to buy it?

Good PlansFriendly Services Trusted Name or Reputation of Company

Low Premium

13. Are you aware about Shriram Life insurance?

Yes No

If yes then through which medium,

Newspapers Television ContactedBy Agent Friends or other Reference

14. Are you aware about services/products of Shriram Life Insurance?

Yes No

15. Are you satisfied with the services?

YesNo

99