ShivamSingh - IILMGGM - Summer Internship Sales Report

Summer Internship Sales Report
Submitted To: Submitted By:

Santosh Nath Shivam Singh
Relationship Manager MBA(Finance)
Shriram Life Insurance IILM University
Gurugram
Industry Guide:
Santosh Nath
Relationship Manager
Shriram Life Insurance
Company Profile
Shriram Life Insurance Company, also known as (SLIC) was founded in the year 2005 and
commenced operations in the year 2006. SLIC is well known for their efficient use of capital and
low operational costs.
Shriram Life Insurance Company is a joint venture between Shriram Group founded in 1974,
headquartered in Chennai and Sanlam, a leading financial services group based in Cape Town,
South Africa. Together, Sanlam and Shriram’s group aims to provide the best life insurance
products to cater different segments of Indian market. In 2016, Shriram Life Insurance Company
received the Bizz Americas 2016 Awards. The company’s objective aims in ‘reaching out to the
common man with products and services that would be helpful to him/her as they set out on the
path to prosperity.’
Highlights of Shriram Life Insurance
1. Shriram Life has more than 528 branches with over and above 1.45 crore customers.
2. Shriram Life clocked Rs.1020 crore gross premium in 2015-2016.
3. The company has a network of 609 offices and 75,000 agents across India.
4. Shriram has an outstanding Underwriting Record and has awarded as ‘Underwriting
Initiative of the Year.’
5. Shriram Life Insurance generates more than 40% business through providing insurance to
rural area and weaker segment individuals - ‘AAM AADMI’ of India.
6. The Founder of Shriram Group, Mr R Thyagarajan, has been awarded with Padma
Bhushan award.
Products Assigned
1. Average Income Plan (AIP) : Shriram Life Assured Income Plan (UIN 128N053V03),
which assures your family of the Income you have planned for them even in your absence.
This plan not only helps you secure your family financially but also provides you assured
returns on maturity. With regular income option under this plan you will receive your
maturity amount in periodical payments of assured amount to help you fulfil your financial
responsibilities and dreams with ease.
Key Features:
Choice of Policy Term – 8/10/12/15 years

Assured Income benefits after the policy term
Higher benefits for higher premiums
Higher benefits for higher terms
Additional protection through riders
2. Super Income Plan(SIP) : Shriram Life presents Shriram Life Super Income Plan specially
designed to cater to long term financial needs of an individual & his family. These needs are
fulfilled under the plan in the following ways –
 Financial Security – Through Life Insurance cover till Age 75
 Financial Stability – Through Guaranteed Monthly Income till Age 75 & the Lump Sum paid
at Maturity
 Financial Control – Through Flexibility to change Premium Payment Term
Key Features:
Life insurance Cover till 75

Guaranteed #Monthly Income till 75
Guaranteed # Maturity Sum Assured
Wide range of Premium Payment Term
Flexibility to change Premium payment term
Additional protection through Riders
Assigned Role:
My key responsibilities were-
 Make a list of prospectus who can be potential buyer

 Connecting with them
 Telling them about the SLIC plans, educating them about Insurance and importance of
investment
 Convincing them
 Regular follow up of each customers
Customer Interaction:
How I Approached them
(I made a list of salaried people only and all people in my list falls in middle class family)
 Greetings ! How they are doing in Life? Is there any financial problem going or not? About
their Job.
 Asked them about their savings if they have any .If they don’t , tried to make them realize
about the future expenses that they should care about.
 Asked the optional questions about Savings, guaranteed/variable return, 4%/6% interest rate,
Policy term, whether the product is good or not.
 Told them about the products.
Common Questions that I encountered were :
 About the company( To which I replied by, Its an 16 year old company, it comes under
IRDAI which is a regulatory body of Insurance Companies, Like RBI is for Banks and every
year claim settlement is increasing only rather than decreasing in case of LIC.)
 The returns are guaranteed and risk free. What if company goes bankrupt. (To which I
replied, 1300 CR. requires to open an insurance company and in case of bankruptcy some
other company has to merge with the bankrupt company. Your claim will be secured)
 What if some emergency occurs and I want to withdraw the sum? ( To which I replied by,
stating Surrender policy, which they thought of it as a big negative point)
Few Prospects and their reason for rejection:
1. Abhishek Palyan (27)SIP – He already had assumption about insurance policies that it gives
almost no returns. He’s young now and doesn’t need any kind of insurance. Still I gave my
pitch. At the end, he rejected
2. Mohan Singh(23)AIP- He’s working for 2 years. He said the plan is good but he rejected due
to no savings, Major portion of his income goes to his household. Said, he will think about it
in future
3. Anshul Jain(23)AIP- Rejected saying it as a scam, says, one of my uncle had insurance
policy from star health insurance. He didn’t get his claim.
4. Rahul Parmar(24)- He already had a life insurance policy. Didn’t have enough savings to buy
another one
5. Kashish Chaurasia(23)AIP- Said will think about it. During 2 nd call he told that, his father has
better policy of ICICI income plan which will give better return than AIP and he’s saving
money
6. Jaynabh(23)- He already has insurance and invest in stock markets and mutual funds as well.
7. Akshay(23)AIP-Rejected saying he doesn’t trust these type of products.
8. Tauseef Ansari(24)AIP- He already has insurance from kotak.
9. Rajkumar(18)AIP- He agreed to Buy AIP. But while filling the details he backed out saying
he is unsure about it.
For rest of them their reasons were almost similar to above ones:
10. Dharmender Choudhary(26)
11. Debraj Mojumdar(23)
12. Aditya Palyan(23)
13. Mukul Goel(24)
14. Rahul Yadav(24)
15. Pushpender Sharma(25)SIP
16. Shubham Thakur(24)
17. Madan Yadav(23)
18. Amit Kumar(23)
Main Reasons I found that why people don’t buy insurance
 There is limited awareness about the benefits of owning a policy among the general
population.
 It isn’t easy to gain the trust of people overnight.
 Buying a policy will make us bleed financially.
 People don’t like to think about the future
Suggestions
 More advertisement regarding company needed.

 Plans could be more lucrative.

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Summer Internship Sales Report

Submitted To: Submitted By:

Highlights of Shriram Life Insurance

Choice of Policy Term – 8/10/12/15 years

 Financial Security – Through Life Insurance cover till Age 75

 Financial Control – Through Flexibility to change Premium Payment Term

Life insurance Cover till 75

My key responsibilities were-

 Make a list of prospectus who can be potential buyer

How I Approached them

 Told them about the products.

Common Questions that I encountered were :

Few Prospects and their reason for rejection:

7. Akshay(23)AIP-Rejected saying he doesn’t trust these type of products.

8. Tauseef Ansari(24)AIP- He already has insurance from kotak.

10. Dharmender Choudhary(26)

11. Debraj Mojumdar(23)

12. Aditya Palyan(23)

13. Mukul Goel(24)

14. Rahul Yadav(24)

15. Pushpender Sharma(25)SIP

16. Shubham Thakur(24)

17. Madan Yadav(23)

18. Amit Kumar(23)

Main Reasons I found that why people don’t buy insurance

 It isn’t easy to gain the trust of people overnight.

 Buying a policy will make us bleed financially.

 People don’t like to think about the future

 More advertisement regarding company needed.

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