SUMMER TRAINING PROJECT REPORT

ON

“MARKETING STRATEGIES ADOPTED BY SBI LIFE INSURANCE”

SUBMITTED FOR PARTIAL FULFILLMENT OF THE DEGREE

OF
MASTER OF BUSINESS ADMINSTRATION (MBA)
(2020-2022)

Submitted To: Submitted By: Vaishali

The department of MBA University Roll No: 20013726056

Government Post Graduate College Dharamshala- 176215

Certificate from Company
 CERTIFICATE FROM THE CANDIDATE

I am Vaishali student of MBA 3rd semester declares that I have done the project on “Marketing
strategies adopted by SBI life insurance” focused on SBI Life Insurance co limited has been
personally done by me under the guidance of Prof. Akhil Gautam in partial fulfillment of MBA
program during academic year 2020-2022. All the data represents in this project is true and correct to
the best of my knowledge and belief.

I also declare that this project report is my own preparation and not copied from anywhere else.

Vaishali

SIGNATURE………………
 ACKNOWLEDGEMENT

I would like to extend our heartfelt gratitude to Prof. Akhil Gautam for his guidance throughout the
project. Without his support and cooperation, I would have failed in our endeavors and targets in this
project.

I also want to thank to Mr. Rohit Attri, Manager in SBI Life Insurance Co. Ltd.

Prof. Akhil Gautam, my mentor has assisted me in the completion of this project.

Further I would like to thanks to all my Teachers, Staff Members, Library Members, and Friends for
their valuable support and advices which helps me a lot to completing this project report purposeful.

VAISHALI

MBA 3rd sem.

PREFACE
Now days in this dynamic era Insurance is coming as an important tool for reducing the effect of
uncertainty and risks. It becomes an integral part and indispensable part of human life. There are
various types of insurance plans to provide protection from loss and uncertainties.

So, it is a great opportunity for me to study on “People’s Perception and awareness are concerning
“Marketing Strategies Adopted by SBI Life Insurance” in Dharamshala (HP). The purpose of
this research is to know awareness and importance among people regarding “Marketing Strategies
Adopted by SBI Life Insurance” in Dharamshala (HP).

VAISHALI

MBA-3rd Sem

EXECUTIVE SUMMARY
Summer Training is the inseparable aspect of the professional course today. This is the basic criteria
which makes it mandatory for the participants in any curriculum that he/she carries out in his/her
own thought and blends it with the official’s data on the basis of which a complete report is
formulated.

With the philosophy in mind my summer training is based on the training and development programs
carried at SBI Life Insurance Dharamshala.

Theory and practice are the two eyes of the management education without practical training at an
organization remains incomplete. The training prescribed by the Govt. P.G college Dharamshala
student have various objectives like helping the student to acquire knowledge, give an opportunity to
know the difference between theory and practice, enable the student to interact with experience and
knowledgeable person of business world.

As a student of MBA, I got an opportunity to undergo on a training. The training title is Marketing
strategies adopted by SBI Life insurance: Focus on SBI Life Insurance Co. Limited.

I successfully completed my training report within the specified time. It was really a thrilling
experience for me with the senior officials of industry and to interact with different members,
employees of the organization. It was an experience of enjoyment through hard work and dedication
 TABLE OF CONTENT

S.NO CHAPTERS PAGE NO.

1. Industry Profile 1-8

2. Company Profile 9-14

3. Introduction to Topic 15-20

4. Need, Scope and Objectives 21-22

Of the Study

5. Research Methodology 23-25

6. 26-34
Data Analysis and Interpretation

7. Suggestions and Conclusion 35-37

8. Bibliography 38

9. Questionnaire

CHAPTER-1
INDUSTRY PROFILE
1.1 Introduction:

History of insurance-

Life Insurance in its modern from came to India from England in the year 1818. Oriental life
Insurance Company started by European in Calcutta was the first Life Insurance company on Indian
Soil. All the insurance companies established during that period were brought up with the purpose of
looking after the needs of European community and Indian natives were not being insured by these
companies.

However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance
companies started insuring Indian lives. But Indians lives were being treated as sub-standard lives
and heavy extra premiums were charged on them. Bombay Mutual Life Assurance Society heralded
the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal
rates.

Starting an Indian enterprise with highly patriotic motives, insurance company came into existence to
carry the message of insurance and social security through insurance to various sectors of society.
Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The
swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in
Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at
Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance company took its birth
in one of the rooms of the Jorasanko, house of great poet Rabindranath Tagore, in Calcutta. The
Indian mercantile General Assurance and Swadeshi Life (later Bombay Life) were on of the
company establish during the same period. Prior to 1912 India had no legislation to regulate
insurance business.

In the year 1912, the life Insurance companies Act, and the provident fund Act were passed. The
Life Insurance Companies Act, 1912 made it necessary that the premium rates tables periodical
valuations of companies should be certified by an actuary. But the Act discriminated between foreign
and Indian companies on many accounts, putting the Indian companies at the disadvantages. The first
two decades of the twentieth century saw lots of growth in insurance business. From 44 companies
with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force
as Rs.298 crore in 1983. During the mushrooming of insurance companies many financially unsound
concerns were also floated which failed miserably.

The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life
insurance to provide strict state control over insurance business. The demand for nationalization of
life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a
bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly, it was much
later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian
insurance companies, 16 non-Indian companies and 75 provident were operating in India the time of
nationalization. Nationalization was accomplished in two stages; initially the management of the
companies was taken over by means of an Ordinance, and later, the ownership too by means of a
comprehensive bill. The Parliament of India passed the passed the life Insurance Corporation Act on
the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September,
1956, with the objectives of spreading life insurance much more widely and in particular to the rural
areas with a view to reach all insurable persons in the country, providing them adequate financial
cover at a reasonable cost.

1.2 Some of the important milestones in the life insurance Businesses in India are:
1818: Oriental Life Insurance Company, first life insurance company on Indian soil started
functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its
business.
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 are taken over by the central
government and nationalized.

LIC formed by an Act of Parliament, LIC Act, 1956, with a capital contribution of Rs.5 crore from
the Government of Indian.

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.

1.3 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.

1.4 Indian Insurance Industry:

Life Insurer: the important are-

 Life insurance Corporation of India (LIC)

 HDFC Standard Life Insurance Company Ltd.
 Max New York Life Insurance Company Ltd.
 ICICI Prudential Life Insurance Company Ltd.
 Kotak Mahindra Old Mutual Life Insurance Company Ltd.
 Birla Sun Life Insurance Company Ltd.
 Tata AIG Life Insurance Company Ltd.
 SBI Life Insurance Company Ltd.
 ING Vysya Life Insurance Company Private Ltd.
 Bajaj Allianz Life Insurance Company Ltd.
 MetLife India Insurance Company Pvt. Ltd.
 Sahara India Insurance Company Ltd.
 Aviva life Insurance co. India Pvt. Ltd.

1.5 General Insurer

General Insurance Corporation of India -

 The Oriental Insurance Company Ltd.

 The New India Assurance Company Ltd.
 National Insurance Company Ltd.
 United India Insurance Company Ltd.
 Royal Sundaram Insurance Alliance Insurance Company Ltd.
 Reliance General Insurance Company Ltd.
 TATA AIG General Insurance Company Ltd.
 Bajaj Allianz General Insurance Company Ltd.
 ICICI Lombard General Insurance Company Ltd.
 Cholamandalam General Insurance Company Ltd.
 HDFC-Chubb General Insurance Co. Ltd.

SBI Life Insurance is a joint venture between the State Bank of India and Cardiff SA of France. SBI
Life Insurance is registered with an authorized capital of Rs 1000 crore and a paid capital of Rs 350
crores. SBI owns 74% of the total capital and Cardiff the remaining 26% State Bank of India enjoys
the largest banking franchise in India. Along with its 7 associate banks, SBI Group has the unrivalled
strength of over 14000 branches across the country, the largest in the world. Cardiff is a wholly
owned subsidiary of BPN Paribas, which is Euro Zone’s leading Bank. BNP is one of the oldest
foreign banks with a presence in India dating back to 1860. It has 9 branches in the metros and other
major towns in the country. Cardiff is a vibrant insurance company specialization in personal lines
such as long- term savings, production products and credit insurance. Cardiff has also been a pioneer
is the art of selling insurance products through commercial banks in France and 29 more countries.
SBI Life Insurance’s mission is to emerge as a leading company offering a comprehensive range of
life insurance and pension products at competitive prices, ensuring high standards of customers
service and world class operating efficiency. The company plans to make insurance buying process
quick, simple and based on well-informed judgement. In 2004, SBI Life Insurance become the first
company amongst private insurance players to cover 30 lakhs lives. The company expects to carve a
niche in the Indian insurance market through extensive product innovation and customers will have
access to their accounts through the internet or through SBI branches. The company proposes to
make available ready liquidity to its Life Insurance policies by way of loans at SBI counters.

Group Corporate
SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products
along with its numerous banking product packages such as housing loans and personal loans. SBI’s
access to over 100 million accounts across the country provides a vibrant base for insurance
penetration across ever region and economic strata in the country ensuring true financial inclusion.

1.6 CAREERS IN SBI LIFE INSURANCE

Unit manager/Agency Manager/Sr. Agency Manager: To apply online send us a mail mentioning
the job title, Department and Preferred location along with your resume at [email protected]

Role: Achieving unit business goals through quality recruitment and training of Insurance Advisors
Develop business segments as per company strategy with compliance

Reporting To: Branch Manager

Key Responsibilities:

 To recruit team of Insurance Advisors as per the corporate strategy

 To ensure and maintain levels of productivity as prescribed
 To focus on and develop various business segments as per the sales strategy

Person Profile:

Critical Competencies:

Key Interactions:

Measures of success:

Location:
1.7 GOVERNMENT INITIATIVES AND POLICIES-

1. Foreign Direct Investment limit for the insurance sector increased from 26% to 49%.

2. Life insurance companies operational for 10+ years are now allowed to go public by IRDA

3. Government plans to divest a significant stake in PSU general insurance companies in order to
execute the steep disinvestment target

4. Several flagship schemes have been launched by the government to boost the insurance sector.

6
1.8 ROAD AHEAD

The future looks promising for the life insurance industry with several changes in regulatory
framework which will lead to further change in the way the industry conducts its business and
engages with its customers.

The overall insurance industry is expected to reach US$ 280 billion by the end of 2020. Life
insurance industry in the country is expected to increase by 14-15% annually for the next three to
five years.

The scope of IoT in Indian insurance market continues to go beyond telematics and customer risk
assessment. Currently, there are 110+ InsurTech start-ups operating in India.

Demographic factors such as growing middle class, young insurable population and growing
awareness of the need for protection and retirement planning will support the growth of Indian life
insurance.

1.9 INSURANCE REGULATORY DEVELOPMENT AUTHORITY (IRDA):

 In 1999, the Insurance Regulatory and Development Authority (IRDA) were constituted as an
autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a
statutory body in April 2000. The key objectives of the IRDA include promotion of competition so
as to enhance customer satisfaction through increased consumer choice and lower premiums, while
ensuring the financial security of the insurance market. The IRDA opened up the market in August
2000 with the invitation for application for registrations. Foreign companies were allowed ownership
of up to 26%.

The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938
and

has from 2000 onwards framed various regulations ranging from registration of companies for
carrying on insurance business to protection of policy holders’ interests.

1.10 ROLE OF IRDA:

 Protecting the interests of policyholders.

 Establishing guidelines for the operations of insurers and brokers.
 Specifying the code of conduct, qualifications, and training for insurance intermediaries and agents.
 Promoting efficiency in the conduct of insurance business.
 Regulating the investment of funds by insurance companies.
 Specifying the percentage of business to be written by insurers in rural sectors.
 Handling disputes between insurers and insurance intermediaries.
8
 CHAPTER-2

COMPANY PROFILE

2.1 State Bank of India (SBI)

Formerly Imperial Bank of India
Type Public Sector Undertaking
 Traded As NSE: SBIN
BSE:500112
LSE: SBID
ISIN INE062A01020
Industry Banking Financial Services
Predecessor Imperial bank of India (1921-1955)
Bank of Calcutta (1806-1921)
Bank of Bombay (1840-1921
Bank of Madras (1843-1921)
Founded 1 July 1955; 55 Years Ago, SBI
Headquarters State Bank Bhawan, Mc Road Nariman
Point
Mumbai Maharashtra
Number of locations 22,141 Branches and 58,555 ATM’s
Area Served World Wide
Key People Dinesh Kumar Khaira chairman
Products Retail banking, Corporate banking,
Investment Banking, Mortgage loans, Private
banking, Wealth management, Credit cards,
Finance and Insurance
Revenue 368,0106492 crores
Operating Income 75,105.2876 crore
Net Income 11,439.4023 crore
Total Assets 4,197,492.3443 crore
Total Equity 250,167.6630 crore
Number of Employees 249,448 March 2020
Parent Government of India
Subsidiaries SBI Life Insurance Ltd
SBI Cards and Payment Services Ltd
SBI General Insurance 70%
Jio Payments 30%
Yes Bank 30%
Andhra Pradesh Grameen Vikas Bank 35%
Kaveri Grameen Bank 35%
Website bank.sbi

9
2.2 SUBSIDIARIES
SBI provides a range of banking products through its network of branches in India and overseas,
including products aimed at non-resident Indians (NRIs). SBI has 16 regional hubs and 57 zonal
offices that are located at important cities throughout India.

2.3 DOMESTIC
SBI has over 24000 branches in India. In the financial year 2012–13, its revenue was ₹2.005 trillion
(US$28 billion), out of which domestic operations contributed to 95.35% of revenue. Similarly,
domestic operations contributed to 88.37% of total profits for the same financial year.

Under the Pradhan Mantri Jan Dhana Yojana of financial inclusion launched by Government in
August 2014, SBI held 11,300 camps and opened over 3 million accounts by September, which
included 2.1 million accounts in rural areas and 1.57 million accounts in urban areas.

2.4 INTERNATIONAL
As of 2014–15, the bank had 191 overseas offices spread over 36 countries having the largest
presence in foreign markets among Indian banks.

SBI Australia

SBI Bangladesh

SBI Bahrain

SBI Canada Bank

SBI China

SBI UK Ltd

State Bank of India branch at Southall, United Kingdom

SBI (Mauritius) Ltd SBI established an offshore bank in 1989, State Bank of India International
(Mauritius) Ltd. This then amalgamated with The Indian Ocean International Bank (which had been
doing retail banking in Mauritius since 1979) to form

SBI (Mauritius) Ltd. Today, SBI (Mauritius) Ltd has 14 branches–13 retail branches and 1 global
business branch at Ebene in Mauritius.

10
SBI Sri Lanka now has three branches located in Colombo, Kandy and Jaffna. The Jaffna branch
was opened on 9 September 2013. SBI Sri Lanka is the oldest bank in Sri Lanka; it was founded in
1864.

In 1982, the bank established a subsidiary, State Bank of India, which now has ten branches nine
branches in the state of California and one in Washington, D.C. The 10th branch was opened in
Fremont, California on 28 March 2011. The other eight branches in California are located in Los
Angeles, Artesia, San Jose, Canoga Park, Fresno, San Diego, Tustin and Bakersfield.

In Nigeria, SBI operates as INMB Bank. This bank began in 1981 as the Indo–Nigerian Merchant
Bank and received permission in 2002 to commence retail banking. It now has five branches in
Nigeria.

Nepal SBI Bank Limited

In Nepal, SBI owns 55% of share. (The state-owned Employees Provident Fund of Nepal owns 15%
and the general public owns the remaining 30%.) Nepal SBI Bank Limited has branches throughout
the country.

In Moscow, SBI owns 60% of Commercial Bank of India, with Canara Bank owning the rest. In
Indonesia, it owns 76% of PT Bank Indo Monex. State Bank of India already has a branch in
Shanghai and plans to open one in Tianjin.

In Kenya, State Bank of India owns 76% of Giro Commercial Bank, which it acquired for US$8
million in October 2005.

In January 2016, SBI opened its first branch in Seoul, South Korea.

SBI South Africa

Former Associate Banks

SBI main branch at Mumbai lit up

 11

2.5 MAIN BRANCH OF SBI IN MUMBAI

SBI acquired the control of seven banks in 1960. They were the seven regional banks of former
Indian princely states. They were renamed, prefixing them with ‘State Bank of’. These seven banks
were State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of
Indore (SBN), State Bank of Mysore (SBM), State

Bank of Patiala (SBP), State Bank of Saurashtra (SBS) and State Bank of Travancore (SBT). All
these banks were given the same logo as the parent bank, SBI. State Bank of India and all its
associate banks used the same blue Keyhole logo said to have been inspired by Ahmedabad’s
Kankaria Lake. The State Bank of India wordmark usually had one standard typeface, but also
utilised other typefaces. The wordmark now has the keyhole logo followed by “SBI”.

The plans for making SBI a single very large bank by merging the associate banks started in 2008,
and in September the same year, SBS merged with SBI. The very next year, State Bank of Indore
(SBN) also merged.

Following a merger process, the merger of the 5 remaining associate banks, (viz. State Bank of
Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State
Bank of Travancore); and the Bhartiya Mahila Bank) with the SBI was given an in-principle
approval by the Union Cabinet on 15 June 2016.This came a month after the SBI board had, on 17
May 2016, cleared a proposal to merge its five associate banks and Bhartiya Mahila Bank with itself.

On 15 February 2017, the Union Cabinet approved the merger of five associate banks with SBI. An
analyst foresaw an initial negative impact as a result of different pension liability provisions and
accounting policies for bad loans. The merger went into effect from 1 April 2017.
 12
2.6 NON-BANKING SUBSIDIARIES
Apart from five of its associate banks (merged with SBI since 1 April 2017), SBI’s nonbanking
subsidiaries include:

SBI Capital Markets Ltd.

SBI Cards & Payments Services Pvt. Ltd. (SBICPSL)

SBI Life Insurance Company Limited

SBI Mutual Fund

In March 2001, SBI (with 74% of the total capital), joined with BNP Paribas (with 26% of the
remaining capital), to form a joint venture life insurance company named SBI Life Insurance
company Ltd.

Other SBI service points

As of 31 March 2017, the SBI group had 59,291 ATMs. Since November 2017, SBI also offers an
integrated digital banking platform named YONO.

Yes, Bank Investment

State Bank of India acquired 48.2% of the shares of Yes Bank as part of RBI directed rescue deal in
March 2020.

2.7 LISTINGS AND SHAREHOLDING

As on 31 March 2020, Government of India held around 61.23% equity shares in SBI. The Life
Insurance Corporation of India, itself state-owned, is the largest non-promoter shareholder in the
company with 8.82% shareholding.

The equity shares of SBI are listed on the Bombay Stock Exchange, where it is a constituent of the
BSE SENSEX index, and the National Stock Exchange of India, where it is a constituent of the CNX
Nifty. Its Global Depository Receipts (GDRs) are listed on the London Stock Exchange.

13
Holder's Name No of Shares % Share Holding

No of Shares 8924611534 100%

Promoters 5079775288 56.92%
Foreign Institutions 929841730 10.42%
N Banks Mutual Funds 1149943649 12.89%
Central Govt. 13417682 0.15%
Others 103050401 1.15%
General Public 558797944 6.26%
Financial Institutions 981339960 11%
GDR 108444880 1.22%

2.8 EMPLOYEES

State Bank Institute of Credit and Risk Management, Gurugram SBI is one of the largest employers
in the country with 209,567 employees as on 31 March 2017, out of which 23% were female
employees and 3,179 (1.5%) were employees with disabilities. On the same date, SBI had 37,875
Scheduled Castes (18%), 17,069 Scheduled Tribes (8.1%) and 39,709 Other Backward Classes
(18.9%) employees. The percentage of Officers, Associates and Subordinates was 38.6%, 44.3% and
16.9% respectively on the same date. Around 13,000 employees joined the Bank in FY 2016–17.

Each employee contributed a net profit of ₹511,000 (US$7,200) during FY 2016–17

14
 CHAPTER - 3
INTRODUCTION TO
TOPIC
3.1 MARKETING STRATEGIES:

 A marketing strategy is a business's game plan for reaching prospective consumers and turning
them into customers of their products or services.
 Marketing strategies should revolve around a company's value proposition.
 The ultimate goal of a marketing strategy is to achieve and communicate a sustainable
competitive advantage over rival companies.

3.2 Understanding Marketing Strategies

A clear marketing strategy should revolve around the company's value proposition, which
communicates to consumers what the company stands for, how it operates, and why it deserves their
business.

This provides marketing teams with a template that should inform their initiatives across all of the
company's products and services. For example, Walmart (WMT) is widely known as a discount
retailer with “everyday low prices,” whose business operations and marketing efforts are rooted  in
that idea.

3.3 Benefits of a Marketing Strategy

The ultimate goal of a marketing strategy is to achieve and communicate a sustainable Competitive
environment over rival companies by understanding the needs and wants of its consumers. Whether
it's a print ad design, mass customization, or a social media campaign, a marketing asset can be
judged based on how effectively it communicates a company's core value proposition.

3.4 Why Does Company Need a Marketing Strategy?

A marketing plan helps a company direct its advertising dollars to where it will have the most
impact. A 2019 study found that firms with a documented marketing strategy were 313% more
likely to report success in their marketing campaigns.

15
3.5 What Does a Marketing Strategy Look Like?

A marketing strategy will detail the advertising, outreach, and PR campaign to be carried out by a
firm, including how the company will measure the effect of these initiatives. They will typically
follow the "four P's". The functions and components of a marketing plan include market research to
support pricing decisions and new market entries, tailored messaging that targets certain
demographics and geographic areas, platform selection for product and service promotion—digital,
radio, Internet, trade magazines, and the mix of those platforms for each campaign, and metrics that
measure the results of marketing efforts and their reporting timelines

3.6 4 Ps Mean in a Marketing Strategy?

The 4 P's" are product, price, promotion, and place. These are the key factors that are involved in
the marketing of a good or service. The 4 P's can be used when planning a new business venture,
evaluating an existing offer, or trying to optimize sales with a target audience. It can also be used to
test a current marketing strategy on a new audience.

For example, if your marketing plan is to promote a new product or service, you might have a
strategy dedicated to how you're going to use email marketing to support these broader goals. Every
marketing plan will most likely produce several marketing strategies as part of the broader plan.

3.7 Here are five strategies that will boost business; -

1. SEO

One way to raise traffic and brand recognition is through SEO (Search Engine Optimization) and
“befriending the algorithm.” There is a lot of fine-tuning and research involved in SEO (some
software platforms will even have automation tools built right in to help). Still, the end goal is
always to increase awareness of your brand, thereby increasing website traffic and sales.

Because many search engines, such as Google, prioritize organic and natural search results,
improving SEO will go a long way to increasing your brand reach.

16
Further, the more you improve organic SEO, the better your ad campaigns will work, as they feed off
one another. SEO works in tandem with organic search, inbound marketing, and paid advertising.

Focus on particular keywords and make sure you incorporate them into your content. Refresh content
regularly, so your site registers as active; this is most easily accomplished via a regular blog.

Use backlinks, headers, and alt image descriptions to elongate the customer journey and talk more
efficiently to the search engine AI.

2. INFLUENCER MARKETING
There’s no denying that influencers are the tastemakers of the present and future, and partnering with
a few influential social media personalities is a great way to expand your brand awareness.

Collaborations with influencers increase your visibility and raise your brand trust and reputability, as
followers already trust the recommendations of personalities they follow and interact with.

Be careful about influencer selection, though. You will want to make sure their community, ideals,
and aesthetics align with your brand. You also should keep your collaborations attainable: Don’t go
chasing personalities with millions of followers as you likely won’t get an audience with them.

Focusing on micro-influencers with over 10,000 followers is more attainable since you'll target a
niche group that is more receptive to this type of marketing.

3. PR AND AFFILATE MARKETING

Media mentions are a brand's best friend. Essentially, good press is free advertising, so the more you
can get out there, the more your brand awareness grows. You can also combine PR with affiliate
marketing to monetize good word-of-mouth.

Free media can come in various ways: from press mentions or reviews, social media testimonials,
product roundup lists, blogs, etc. It can't be bought or coerced. Sending free samples or asking for
reviews is a great way to get "free word-of-mouth press."

Media mentions can then be combined with the often-underutilized affiliate marketing. Programs
such as Share a Sale or Skim Links pair verified merchants with verified press partners to create in-
article links.

17
If you are, for example, a mask company and you have gotten some media mentions in articles, you
can set up links with affiliates to further promote good word-of-mouth.

When someone clicks on a link through an affiliate program to complete a purchase, your publishing
affiliate gets a small percentage of the sale, while you get a sale you most likely would not have
captured elsewhere.

4. EMAIL MARKETING
Email marketing is not only highly effective but can be relatively low-stress thanks to marketing
automation. Because it allows for constant touches in a customer’s inbox, it is an inoffensive yet
persistent way to nurture and warm leads and promotions.

We recommend creating customer contact lists and funnels based on attributes or triggered functions
so that you can send out tweaked but targeted emails to each position along the pipeline.

This technique lets you target your messaging on a more granular level to appeal to various decision-
making points. You can track success via open rates, click-through data, and unsubscribe rates, and
use split testing to further hone in on effective messaging and subjects.

5. SOCIAL MEDIA MARKETING

Social media is the big one and is only going to keep increasing as more brands in 2020 learned to
live online. Building an online following on appropriate social channels will cultivate an engaged
community and loyal clients, opening up a large arena for pushing sales, promotions, and new
releases.

Authenticity is key, as is brand cohesion. Make sure your posts are the right mix of engaging and
sales-oriented and tailor your messaging for each platform. For example, focus on visual aesthetics
and appropriate hashtags on Instagram, while putting more energy into longer captions and joining
groups on Facebook.

18
3.8 SUCCESSFUL MARKETING IN 2021 AND BEYOND

 The most successful marketing strategies will always vary, not only between businesses but as
marketing trends and innovations change too.
 There are so many strategies and channels you can implement for marketing, but the biggest
success will be found if you can stay agile.
 Don’t be afraid to test various waters until you find what works best, and evolve and change as
needed.

3.9 Marketing Strategies implementing by SBI Life Insurance-

SBI Life Insurance   is registered with an authorized capital of Rs 1000 core and a paid-up capital of
Rs 350 crore. SBI owns 74% of the total capital and Cardiff the remaining 26% State Bank of India
enjoys the largest banking franchise in India. Along with its 7 Associate Banks, SBI Group has the
unrivalled strength of over 14,000 branches across the country, the largest in the world. Cardiff is a
wholly owned subsidiary of BNP Paribas, which is The Euro Zone’s leading Bank. BNP is one of the
oldest foreign banks with a presence in India dating back to 1860. It has 9 branches in the metros and
other major towns in the country.

SBI Life Insurance’s mission is to emerge as the leading company offering a comprehensive range of
Life Insurance and pension products at competitive prices, ensuring high standards of customer
service and world class operating efficiency. The company plans to make the insurance buying
process quick, simple and based on well-informed judgment. In 2004, SBI Life Insurance   became
the first company amongst private insurance players to cover 30 lacks lives. The company expects to
carve a niche in the Indian insurance market through extensive product innovation and aims to
provide the highest standards of customer service through a technological interface. To facilitate this,
call centres have been already installed and help lines will be installed and customers will have
access to their accounts through the Internet or through SBI branches. The company proposes to
make available ready liquidity to its Life Insurance policies by way of loans at SBI counters. This
will make Life Insurance a liquid asset in the financial portfolio of households.  SBI Life Insurance is
uniquely placed as a pioneer to usher bank assurance into India.

19
The company hopes to extensively utilize the SBI Group as a platform for cross-selling insurance
products along with its numerous banking product packages such as housing loans, personal loans
and credit cards. SBI’s access to over 100 million accounts provides a vibrant base to build insurance
selling across every region and economic strata in the country.

Group Corporate

SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products
along with its numerous banking product packages such as housing loans and personal loans. SBI’s
access to over 100 million accounts across the country provides a vibrant base for insurance
penetration across every region and economic strata in the country ensuring true financial inclusion.

20
 CHAPTER – 4
NEEDS, SCOPE AND
OBJECTIVES
OF THE STUDY
4.1 NEEDS AND SCOPE OF THE STUDY

1. To segment Insurance Advisors on the basis of Age, Occupation, Education.

2. To analyse which strategy brings most business.

3. To find behaviour analysis of top performing IAs.

4. The scope of the study is limited to only insurance & no other financial instruments were
considered.

5. The study will help us to know the marketing strategies about of State Bank of India life
insurance.

6. The various risks involve in buying an insurance policy and how to tackle it.

7. It will also help us to get a basic knowledge about need analysis calculation and its requirement. 

4.2 OBJECTIVES OF THE STUDY-

1. To analyse the product details of SBI LIFE Insurance Company limited.

2. To know the Marketing Strategy Activities in SBI LIFE Insurance at Dharamshala Branch.

3. To know the latest trends of the company.

SBI Life extensively leverages the SBI group as a platform for cross selling insurance products along
with its numerous banking product loans. SBI’s access to over 100 million accounts across the
country provides a vibrant base for insurance penetration across every region and economic strata in
the country ensuring true financial inclusion.
 21
Vision

“To be the most trusted and preferred insurance provider”

Mission

To emerge as the leading company offering a comprehensive range of the life insurance and pension
products at competitive prices, ensuring high standards of customer satisfaction and world class
operating efficiency, and become a model life insurance company in India in the post liberalisation
period”.

VALUES
Trustworthiness
Ambition
Innovation
Dynamism
Excellence
 22

CHAPTER-5
RESEARCH
METHODOLOGY
5.1 MEANING OF RESEARCH

Research as “the manipulation of the things, concepts of symbols of the purpose of generalising to
extend, correct or verify knowledge, whether that knowledge aids in construction of theory or in the
practice of an art.”

5.2 NATURE OF RESEARCH STUDY:

The study used a descriptive research design for the purpose of getting an insight over the issue. It is
to provide an actual picture of some aspects of market environment.

Descriptive research is used when the objective is to provide a systematic description that is as
factual and accurate as possible.

For achieving this purpose, the study has used the primary and secondary data from various internal
and external source of company which include annual financial statement of company and various
internal source of SBI Life insurance include report and journal of company.

5.3 Types of data collected:

There are two types of data used: -

1. Primary data.

2. Secondary data.

Primary data is defined as data that is collected from original sources for a specific purpose.

Secondary data is data collected from indirect sources.

PRIMARY SOURCES: -

Primary data has been collected through questionnaire and telephonic interview etc.

SECONDARY SOURCES: -

Secondary data has been collected through books and different official websites such as IRDA, SBI
Life, Wikipedia and some related articles on the internet too.
 23

5.4 SAMPLING

Sampling refers to the method of selecting a sample from a given universe with a view to draw
conclusions about that universe. A sample is a representative of the universe selected for study.

Sampling methods are characterised into two distinctive approaches; probability sampling and non-
probability sampling.

Simple random sampling has been done in this project and the sample size was 270.

Simple Random Sampling- The most straightforward way of selecting a sample is simple random
sampling. In thus method, each member has an equal chance of being a part of the study. The
objects in this sample population are chosen purely on random basis and each member has the same
probability of being selected.

SAMPLE SIZE

The sample size for the survey conducted was 270 respondents. The number of respondents
according to the age group is as following:

AGE GROUP NUMBER OF RESPONDANTS

18-25 years 127

26-35 years 67

36-49 years 46

50-60 years 24

More than 60 years 06

TOTAL 270

Source: Primary data

 24

5.5 PLAN OF ANALYSIS

Tables were used for the analysis of the collected data. The data is also neatly presented with the
help of statistical tools such as graphs and pie charts. Percentages and averages have also been used
to represent data clearly and effectively.

STUDY AREA

The samples referred to were residing in Kangra district.

 25

CHAPTER - 6
DATA ANALYSIS
AND
INTERPRETATIONS
DATA ANALYSIS AND INTERPRETATIONS

Analysis of data is a process of inspecting, cleaning, transforming, and modeling data with the goal
of highlighting useful information, suggesting, conclusion and supporting decision making.

The data on “Marketing strategies adopted by Life Insurance” collected from people residing in
Kangra district using a questionnaire. A sample of 270 respondents was chosen for the study and
their responses have been presented in the form of table for future analysis and interpretation.

The Random sampling technique and questionnaire were used as the research instrument and to
interpret tool like bar graphs and pie chart are used.
 26

TABLE 6.1

GENDER WISE DISTRIBUTION ON RESPONDENTS

Gender No. of respondents Percentage

Male 150 56%

Female 120 44%

TOTAL 270 100

Source: Primary data

GENDER WISE DISTRIBUTION

MALE
44% FEMALE

56%

CHART 6.1

INTERPRETATIONS-
The above table and graph show that there were 150 male and 120 female.

27

TABLE 6.2 CUSTOMER PROFILE OF SURVEYED RESPONDENTS

CUSTOMER PROFILE NO. OF RESPONDENTS PERCENTAGE

Student 62 23%
Housewife 05 02%
Working Professional 116 43%
Business Men 49 18%
Self Employed 24 09%
Government Employee 14 05%
Total 270 100
Source: Primary data

CUSTOMER PROFILE

5%
9% 23% STUDENT
HOUSEWIFE
18% WORKING PROFESSIONAL
2% BUSINESS
SELF EMPLOYED
GOVT. EMPLOYEE

43%

CHART 6.2
INTERPRETATIONS-

From the table and chart, it can clearly be seen that 43% of the respondents are working
professionals, 23% are students and 18% are into business. Therefore, the target market would be
working individuals in the age group of 26– 35 years having surplus income, interested in good
returns on their investment and saving income tax.

28

TABLE 6.3 AGE GROUP OF THE RESPONDENTS

AGE GROUP NUMBER OF RESPONDANTS PERCENTAGE

18-25 years 127 47%

26-35 years 67 25%

36-49 years 46 17%

50-60 years 24 09%

More than 60 years 06 02%

TOTAL 270 100

Source: Primary data

AGE GROUP OF RESPONDENTS

2%
9%

17%

47%

25%

18-25 years 26-35 years 36-49 years 50-60 years More than 60 years

CHART 6.3
INTERPRETATIONS

From the above table and chart, it has been found that 47% of the respondents fall in the age group
of 18 – 25 years, 25% fall in the age group of 26 – 35 years and 17% fall in the age group of 36 – 49
years, 9% fall in the age group of 50-60 years, 2% are more than 60 years. Therefore, most of the
respondents are relatively young (below 26 years of age).

29

TABLE 6.4 ANNUAL PREMIUM PAID BY INDIVIDUALS FOR LIFE INSURANCE

Premium Paid (p.a.) No. of respondents Percentage

Rs. 5000- Rs. 10000 40 39%
Rs. 10001- Rs. 15000 26 25%
Rs. 15001- Rs. 24900 18 17%
Rs. 25000- Rs. 50000 10 10%
Rs. 50001- Rs. 60000 04 04%
Rs.60001- Rs. 80000 02 02%
Rs. 80001-Rs. 100000 03 03%
Total 270 100%
Source: Primary data

Premium paid

4% 2%3%
10%
39%
17%

25%

Rs. 5000- Rs. 10000 Rs. 10001- Rs. 15000 Rs. 15001- Rs. 24900 Rs. 25000- Rs. 50000
Rs. 50001- Rs. 60000 Rs.60001- Rs. 80000 Rs. 80001-Rs. 100000

Chart-6.4

INTERPRETATIONS

From the chart above we find that, 39% of the respondents surveyed pay an annual premium less
than Rs. 10001 towards life insurance. 25% of the respondents pay an annual premium less than Rs.
15001 and 17% pay an annual premium less than Rs. 25000. Hence, we can safely say that SBI Life
Insurance would be able to capture the market better if it introduced products/plans where the
minimum premium starts at Rs. 5000 per annum. Only 19% of the respondents pay more than Rs.
25000 as premium and most products sold by SBI LIFE INSURANCE have Rs.12000 as the
minimum annual premium amount. They should introduce more products like Easy Life Plus and
Safe Guard where the minimum premium is Rs.6000 p.a. and Rs. 12000 p.a. respectively. This
would definitely increase their market share as more individuals would be able to afford the
policies/plans offered.

30

TABLE 6.5 FACTORS MOTIVATE RESPONDENTS TO PURCHASE INSURANCE

Source: Primary data

Parameter No. of respondents Percentage (%)

Advertisements 35 13%
High returns 84 31%
Advice from friends 46 17%
Family responsibilities 89 33%
Others 16 06%
Total 270 100
Source: Primary Data

Moti vated factors

6% 13%

33%

31%

17%

Advertisements High Return Advise From Friends

Family responsibilities Others

Chart 6.5
INTERPRETATIONS-

From the chart above it can be seen that 33% of the respondent’s purchase life insurance to secure
their families, 31% take life insurance to get high returns, 17% purchase insurance on the advice of
their friends, 6% are others and 13% purchase insurance because of the influence of advertisements.

31

PREFERRED COMPANY TYPE OF THE RESPONDENTS

TABLE 6.6

Type of Company No. of respondents Percentage

Government Owned 127 47%

Company

Public Limited Company 62 23%

Private Company 49 18%

Foreign Company 32 12%

TOTAL 270 100

Source: Primary data

Types of company
12%

18%
47%

23%

Govt. Owned Co. Public Limited Co. Private Co. Foreign Companies
 Chart 6.6
INTERPRETATIONS

From the graph above we find that 47% of the respondents preferred to purchase insurance from a
government owned company, 23% of the respondents preferred to purchase insurance from a public
limited company, 18% of the respondent preferred private company and only 12% of the
respondents preferred a foreign based company.
Heavy advertising through television, newspapers, magazines and radio is required.
32
SATISFACTION LEVEL OF CUSTOMER IN RETURN ON
INVESTMENT

TABLE 6.7

Satisfaction level Number of respondents Percentage (%)

Very satisfied 60 22
Satisfied 56 21
Can’t say 43 16
Not much satisfied 51 19
Dissatisfied 60 22
Total 270 100
Source: Primary data

SATISFACTION LEVEL
22%
22%

19% 21%
16%

Very Satisfied Satisfied Can't Say Not Much Satisfied Dissatisfied

Chart-6.7
INTERPRETATION-
22% of the respondents are Very satisfied with return in Investment, 21% are Satisfied, 22% are
Dissatisfied, 19% are Not much satisfied, 16% are non-respondent.

33
RESPONDENTS RATING WITH THE SERVICE OFERRED BY SBI LIFE INSURANCE

TABLE 6.8

Rating Number of respondents Percentage (%)

Excellent 56 21
Very good 60 22
Good 60 22
Average 51 19
Not good 43 16
Total 270 100
Source: Primary data

Rating

0.16; 16%
0.21; 21%
Excellent
Very good
Good
Average
0.19; 19% Not good

0.22; 22%

0.22; 22%

Chart- 6.8
INTERPRETATION-

21% respondents rating are excellent with the service offered by SBI life insurance, 22%
respondents rating are good, 22% are good, 19% are average and 16% are not good.

34

CHAPTER – 7
FINDINGS,
SUGGESTIONS AND
CONCLUSION
7.1 FINDINGS
The main findings are as follows:

 It has been found that 47% of the respondents fall in the age group of 18 – 25 years, 25% fall in
the age group of 26 – 35 years and 17% fall in the age group of 36 – 49 years. Therefore, most
of the respondents are relatively young (below 26 years of age).
 There were 150 male and 120 females.
 43% of the respondents are working professionals, 23% are students and 18% are into business.
Therefore, the target market would be working individuals in the age group of 26 –35 years
having surplus income, interested in good returns on their investment and saving income tax.

 33% of the respondent’s purchase life insurance to secure their families, 31% take life insurance
to get high returns, 17% purchase insurance on the advice of their friends, 6% are others and 13%
purchase insurance because of the influence of advertisements.

 47% of the respondents preferred to purchase insurance from a government owned company,
23% of the respondents preferred to purchase insurance from a public limited company, 18% of
the respondent preferred private company and only 12% of the respondents preferred a foreign
based company.

 22% of the respondents are Very satisfied with return in Investment, 21% are Satisfied, 22% are
Dissatisfied, 19% are Not much satisfied, 16% are non-respondent.

 21% respondents rating are excellent with the service offered by SBI life insurance, 22%
respondents rating are good, 22% are good, 19% are average and 16% are not good.
 35

7.2 SUGGESTIONS

Following are suggestions made for the benefits and augmentation of the sound working of the
company –SBI life insurance:

1. Need to train and develop life insurance agents with more comprehensive knowledge and skills to
counter every query of the customer.

2. It is suggested that company should not left any stone unturned towards sound advertisement and
promotional measures on every section whether it is printed, media or air via radio.

3. The advisors should be made aware and educated so that they can extend their services not only in
terms of collection of premium checks from the customer but also to educate them about the
insurance and the latest non-traditional plans.
4. All the company should come out of a unit link product that should aid every selection of the
society.

5. It is also suggested that skilled management graduates need to be places on sales and marketing of
financial services that can render their best ideas for the accomplishment of the company goals and
objectives to the best extent. Also, care need to be taken that every customer’s grievance should be
met with delight whether before purchase or after sales.
 36
7.3 CONCLUSION
Summer training is a best example for a trainee to learn about the company working, corporate
culture under which is operating the functions. SBI life insurance company under which I gained a
significant knowledge with respect to life insurance, its importance and applicability.

What I taught in the management institute utilized them fruitfully leading to the best advantage to the
company and to the best experience for mine.

It has been found that the policies of State Bank of India Life Insurance are very good and up to the
mark. Policies are providing good returns and investment security against the investor’s money. The
Company should show its presence in the rural market by opening more branches. The company is
already having the advantage of brand image of SBI bank which is having the largest customer base.

Life insurance is a noble service which is very important for every citizen to learn and realize it’s
importance because this is the only source which can remain the status where one is with the family
bread earner and ever when is not. With the growing financial sector, I would like to opt this industry
for my future career advancement and as an opportunity to service this industry.
 37

Bibliography and
Questionnaire
8.1 BIBLIOGRAPHY:

BOOKS-

KOTHARI C.R.:  Research Methodology Management,

3rd Edition KOTLER PHILIP: Marketing Management” 11th Revised edition, 2002

GUPTA S.P.: Statistical Methods “Thirteen revised edition, 2001

Kotler Philip: Marketing Management, Prentice Hall of India, New Delhi

Mathew M.J.: Insurance, RBSA Publishers Jaipur

Handa Sunil: Insurance, Sheel Write Well (P) Ltd., Jaipur

K. Aswattappa: Human Resource Management

8.2 WEBSITES:

www.sbiindia.co.in

www.sbilife.co.in

www.irdaindia.org

www.liccouncil.org

www.buisnessconnect.com
 38

8.3 QUESTIONNAIRE:

1. Personal Information:

(a) NAME:

(b) GENDER

 Male
 Female

2. What is your age?

 Below 18
 18-35 years
 35-50 years
 Above 50

3. What is your Profession?

 Student
 Housewife
 Business Men
 Self Employed
 Government Employee
4. How Much of amount of Annual Premium is paid by you?

 Rs. 5000- Rs. 10000

 Rs. 10001-Rs. 15000
 Rs. 15001-Rs. 24900
 Rs. 25000-Rs. 50000
 Rs. 50001-Rs. 60000
 Rs. 60001-Rs. 80000
 Rs. 80001-Rs. 100000

5. What motivated you to buy Insurance?

 Advertisement
 High returns
 Advice From Friends
 Family responsibilities
 Others

6. What Kind of company you Prefer to buy Insurance?

 Government owned company

  Public limited company
 Private company
 Foreign company

7. Are you satisfied with the return on Investment you get on Insurance?

 Very satisfied
 Satisfied
 Can’t say
 Not much satisfied
 Dissatisfied

8. How would you rate the services of SBI LIFE?

 Excellent
 Very good
 Good
 Average
 Not good