CHAPRTE 1

INTRODUCTION
CHAPTER 1: INTRODUCTION
1.1 SBI LIFE – a joint venture

74% 26%
A joint venture between the State Bank of India and CardifSA of France is SBI Life Insurance.
With a paid-up capital of Rs 350 crore and an authorized capital of Rs 1000 core, SBI Life
Insurance is registered. 74% of the capital is owned by SBI, with the balance 26% by Cardiff. In
India, State Bank of India holds the largest banking franchise. The SBI Group has the greatest
number of branches in the world, with over 14,000 spreads throughout the nation, in addition to
its seven associate banks. The largest bank in the Euro Zone, BNP Paribas, is the parent company
of Cardif. With a history stretching back to 1860, BNP is among the most established
international banks in India.
It has nine locations across the nation's largest cities and metro areas. Cardif is a dynamic
insurance provider with a focus on personal lines that includes creditor insurance, protection
products, and long-term savings. Additionally, Cardif was a pioneer in France and 29 other
countries when it came to marketing insurance products through commercial banks. The goal of
Life Insurance is to become the industry leader by providing a wide choice of pension and life
insurance products at affordable costs, all while maintaining the highest levels of operational
efficiency and customer care. The business intends to make the insurance purchasing process
quick, easy, and founded on sound judgment. Among the private insurance companies, SBI Life
Insurance was the first to cover thirty lacks lives in 2004.Through significant product innovation,
the firm hopes to carve out a position in the Indian insurance industry. It also aspires to deliver
the best possible customer support through a technology interface. In order to make things easier,
call centers have already been set up, assistance lines will be set up, and clients will be able to
check their accounts online or through SBI offices. The business suggests using loans at SBI
counters to provide quick cash for its life insurance contracts. As a result, life insurance will
become a liquid asset in household portfolios. Being the first in India to introduce bank
assurance, SBI Life Insurance is in a unique position. The business intends to make substantial
use of the SBI Group in its entirety channel for the purpose of upselling insurance goods in
addition to its additional financial product packages, which include credit cards, personal loans,
and home loans. SBI's ability to more than 10 crore customers offer a robust foundation for
expanding insurance sales throughout all regions and socioeconomic classes in the nation.
Group Corporate.
SBI Life makes full use of the SBI Group as a platform to cross-sell insurance products in
addition to its many banking product packages, which include personal and home loans. Because
SBI has access to more than 100 million accounts nationwide, it has a strong foundation for
insurance penetration into every area and socioeconomic class in the nation, guaranteeing full
financial inclusion.

1.2 HISTORY OF INSURANCE: AT A GLANCE

The modern kind of life insurance was introduced to India from England in 1818. Oriental
Life Insurance Company was established in Calcutta by Europeans and was the first life
insurance company in India. Since all of the insurance companies established at that time
were established to cater to the needs of the European people, none of them offered coverage
to Indian nationals. But later on, because of the efforts of well-known people like Babu
Muttylal Seal, foreign life insurance companies started covering Indian lives. On the other
hand, Indian lives were seen as inferior and were valued at outrageous prices. When Bombay
Mutual Life Assurance Society started providing Indians with regular rates of coverage in
1870, it became the first Indian life insurance company. Insurance companies started off as
fiercely nationalistic Indian ventures that aimed to use insurance to educate various
socioeconomic groups about social security and insurance. Among these, another business
attracted to nationalism was Bharat Insurance Company (1896).
The 1897 Swadeshi movement resulted in an increase in the number of insurance companies.
United India in Madras, National Indian and National Insurance in Calcutta, and Co-operative
Assurance in Lahore were the three organizations that were established in 1906. In 1907, the
Hindustan Co-operative Insurance Company was established in a chamber of the Jorasanko, the
Calcutta residence of the famous poet Rabindranath Tagore. General Assurance, Indian
Mercantile, and Swadeshi Life (later known as Bombay Life) were among the companies
established around the same period. Prior to 1912, India had no regulations controlling the
insurance sector. In 1912, two laws were passed: the Provident Fund Act and the Life Insurance
Companies Act. An actuary was required to approve the premium rate tables and the firms'
periodic evaluations under the terms of the Life Insurance firms Act of 1912. Nonetheless, the
Act harmed Indian businesses by discriminating against foreign and Indian businesses on a
number of reasons. The insurance sector had substantial growth in the first two decades of the
20th century. From 44 companies with a total business-in-force of Rs. 22.44 crore in 1938, there
were 176 enterprises with a total business-in-force of Rs. 298 crores. During the insurance
industry's boom, several financially dubious endeavors were also started, but they all failed
miserably. The first piece of legislation to impose strict governmental oversight over the
insurance sector, governing both life and non-life insurance, was the 1938 Insurance Act.
Although the idea of nationalizing the life insurance industry had been floated previously, it
gathered momentum in 1944 when a bill to amend the 1938 Life Insurance Act was taken up by
the Legislative Assembly. But a long time later, on January 19, 1956, life insurance was
nationalized in India.
Approximately 154 insurance companies with headquarters in India, 16 companies with
headquarters outside of India, and 75 provident funds existed at the time of nationalization.
Nationalization happened in two stages: first, the administration of the companies was taken over
by an ordinance; second, the ownership was taken over by a comprehensive legislation. The
Indian Parliament established the Life Insurance Corporation Act on June 19, 1956, with the
intention of expanding life insurance much more extensively, especially to rural regions, in order
to reach all insurable citizens in the country and provide them with enough financial cover at a
fair cost. On September 1, 1956, the Life Insurance Corporation of India was founded.
Some of the important milestones in the life insurance Businesses in India are:

 The first life insurance firm to operate in India was Oriental Life Insurance firm, which was
founded in 1818.
 The first life insurance firm in India was founded in 1870 and was called Bombay Mutual
Life Assurance Society.
 The Indian Life Assurance Companies Act was passed in 1912, marking the beginning of
legislation governing the life insurance industry.
 1928 saw the passage of the Indian Insurance Companies Act, which gave the government the
ability to compile statistics on enterprises that provide both life and non-life insurance.
1938: The Insurance Act replaced and unified earlier laws with the aim of safeguarding the
interests of the public that purchases insurance.
 1956: The central government nationalizes 245 insurers and provident organizations, both
domestic and international. LIC was established by the LIC Act, 1956, an Act of Parliament,
with a capital contribution from the Indian government of Rs. 5 crores.
 Conversely, the Indian general insurance sector started with the British-founded Triton
Insurance firm Ltd. in Calcutta in 1850, which was the first general insurance company.

Some of the important milestones in the general insurance

Businesses in India are:

 The Indian Mercantile Insurance Ltd. was established in 1907, becoming the pioneer
company to conduct business in all categories of general insurance.
 1957: The Insurance Association of India's General Insurance Council establishes a code of
conduct to guarantee integrity in behaviour and prudent business operations.
 1968 saw the creation of the Tariff Advisory Committee and amendments to the Insurance
Act to govern investments and establish minimum solvency margins.
 1972: With effect from January 1, 1973, the General Insurance Business (Nationalization)
Act, 1972 nationalized the general insurance industry in India.
 GIC became an independent firm after 107 insurers merged and were divided into four
companies: the National Insurance firm Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd., and the United India Insurance Company Ltd.
The insurance sector in India:
Indian Insurance comprised mainly two Players.

 Life Insurer: the crucial parties.

 Life Insurance Corporation of India (LIC)
 HDFC Standard Life Insurance Company Ltd.
 Max New York Life Insurance Co. Ltd.
 ICICI Prudential Life Insurance Company Ltd.
 Kodak Mahindra Old Mutual Life Insurance Limited
 Birla Sun Life Insurance Company Ltd.
 SBI Life Insurance Company Limited
 ING Vysya Life Insurance Company Private Limited
 Bajaj Allianz Life Insurance Company Limited
 MetLife India Insurance Company Pvt. Ltd.
 Sahara India Insurance Company Ltd
 Aviva Life Insurance Co. India Pvt. Ltd.

General Insurer

GIC has four subsidiary companies namely:

 The Oriental Insurance Company Limited.

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

1.3 ORGANIZATIONAL STRUCTURE OF AGENCY

1.4 MANAGEMENT MODE

MANAGEMENT STYLE

FINANCE & ACCOUNTS

INVESTMENT

ACTUARY

IT

HR

MARKETING

OPERATIONS

NEW BUSINESS

UDNERWRITING

CLAIMS

POLICY SERVICING

ISSUE & PROBLEM SOLVING

1.5 VISION, MISSION, AND VALUES

1. Vision

"To be the most trusted and preferred life insurance provider "

2. Mission

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

3. Values

 Trustworthiness
 Ambition
 Innovation
 Dynamism
 Excellence
1.6 WELFARE ACTIVITIES

Gift Drishti

Giving back to society is a core component of our company culture, which we use to enhance the
value of our SBI Life brand. We launched the cause of assisting our senior citizens in accordance
with our Corporate Social Responsibility (CSR) activities.
With 3.28 million cases of cataract blindness each year, it is one of the most common medical
conditions affecting the elderly, especially in rural areas of our nation. In honour of World Elders
Day on October 1st, HelpAge India, a recognized national volunteer organization that promotes
the interests of underprivileged elderly people, and the CSR project "Gift Drishti" (Restoring
vision) were introduced. Intraocular Surgery is the method used to restore eyesight (IOL).
Employees of SBI Life donated money to the cause. SBI Life gave twice as much as its workers
did. Thousands of senior folks in the nation's rural areas have their sight returned.
Gift Drishti Camps
Read India Pledge

SBI Life launched the Corporate Social Responsibility (CSR) program with the goal of advancing
the cause of teaching kids to read and write. The "Read India Pledge" campaign raised awareness
of the issue and encouraged people to make financial or time commitments to help it. Radio
Mirchi, a renowned radio station, and Pratham, one of the top NGOs devoted to child welfare,
cooperated on the campaign.
Go through India Camps
 1.7 SBI LIFE INSURANCE DISTRIBUTION CHANNELS

SBI Life

Corporate
Bancassurance Agency Credit Life
Group

Corporate
Insurance agents Broker
Agents

Agents of Insurance:

Individuals who work for a single insurance firm are known as insurance agents.

An insurance agent is only allowed to work for one client at a time.

Corporate Group: Group pension and gratuity packages are marketed to corporations.

Agency Channel:

Among the more than 25,000 Advisors, agency channels have the most active and productive
force. Our strategy is to deliver consumers door-to-door, need-based insurance after considering
their demands for wealth growth and protection. Over the past year, the agency channel has
expanded by over 300% and has made up over 45% of the company's new business premium
collection.
 CHAPRTE 2
LITERRATURE REVIEW
CHAPRTE 2: LITERRATURE REVIEW

Hemant Katole (2015) The results of his research on the connections between work, age and the
number of policies, income and savings, and amount of premium paid show that the higher
income group has a tendency to save more. A person's age has no bearing on the best level of risk
coverage.

Babita et. al. (2016) The results of his research on the connections between work, age and the
number of policies, income and savings, and amount of premium paid show that the higher
income group has a tendency to save more. An individual's age has no bearing on the ideal level
of risk coverage.

Divya Nagi (2017) The following are stated in their study on the demographic elements
influencing the purchase of life insurance: the market is dominated by product quality and brand
image; the fundamental requirements for an insurance investment are a hassle-free and seamless
claims settlement process. People in the educated, married, 40–50 age range have made a
significant decision to get life insurance.

Mustaq Ahmed (2018) noted that the life insurance businesses would lose revenue if the right
marketing mix wasn't developed in a timely manner. The revenue from life insurance has
emerged as one of the main components of the market economy, and the life insurance businesses
must conduct a great deal of research.

Sandeep (2018) He discussed the necessity of insurance for the family's financial needs, loan
repayment and expense reimbursement, investment options and protections against critical
illness, draw loans and tax, and saving mechanisms as a conclusion from the study in his paper on
consumer perception regarding life insurance policies.

2.1 OBJECTIVES OF THE STUDY

1. To examine SBI Life Insurance Company Limited's product information.

2. To learn about the marketing strategies being used by the Mumbai branch of SBI Life
Insurance.

3. To find conclusion and make some suggestions.

 CHAPRTE 3
RESEARCH METHODOLOGY
CHAPRTE 3: RESEARCH METHODOLOGY

3.1 RESEARCH METHODOLOGY OF THE STUDY

NATURE OF STUDY:

Descriptive research approach was employed in the study to gain an understanding of the
problem. Its purpose is to accurately depict a few elements of the market environment. When the
goal is to present a methodical account that is as truthful and accurate as possible, descriptive
research is employed. The study analysed primary and secondary data from a variety of internal
and external sources, including the company's annual financial statement and a variety of internal
sources related to SBI life insurance, in order to accomplish this goal. The company's report and
journal

SIGNIFICANCE OF THE STUDY

In order to properly assess the financial soundness and weaknesses of SBI Life Insurance, this
research will assist in identifying the profitability and financial standing of the company.
Students and scholarly research alike will benefit from the study's ability to learn about SBI Life
Insurance's financial operations.

TYPE OF DATA COLLECTED

Two different kinds of data are employed. These data types are primary and secondary. Data that
is gathered from original sources with a specific objective is known as primary data. Data
gathered from unofficial sources is referred to as secondary data.

PRIMARY SOURCES

These ways of gathering data include questionnaires or surveys, phone interviews, and in-person
interviews.

SECONDARY SOURCES

Books, the internet, product and business brochures, the company website, rival websites, etc.,
newspaper articles, etc. are some examples of these.
SAMPLING

The process of choosing a sample from a certain universe in order to make inferences about it is
known as sampling. A sample is an appropriate representation of the universe chosen for
analysis.

SAMPLE SIZE

90 people participated in the survey, making up the sample size. Six significant levels and a
100% confidence level were used to determine this sample size.

SAMPLING TECHNIQUE

Random sampling technique was used in the survey conducted.

PLAN OF ANALYSIS

Tables were employed in the data collection and analysis process. Additionally, statistical tools
like pie charts and graphs are used to portray the data in an organized manner. Averages and
percentages have also been utilized to efficiently and concisely depict statistics.

STUDY AREA

The samples referred to were residing in Mumbai City.

3.2 PROCESS OF INSURANCE OPERATION

A following the termination of this Agreement, the Advisor will not, without limiting the other
express terms and conditions of this Agreement and SBI Life Insurance's implied rights in any
way;
Utilize for his personal gain or the gain of others; or
Tell no one;
Cause or authorize, by failing to take all reasonable care and diligence, any unlawful disclosure
of trade secrets or proprietary information of or relating to SBI Life Insurance that he may have
gotten, used, or acquired during the term of this Agreement. SBI Life Insurance will always be
the owner of any such trade secrets and private information.
a) Trade secrets and/or confidential information, as defined by this clause, will comprise, but not
be restricted to, lists and details regarding SBI Life Insurance's clients, policyholders, staff
members, advisors, and agency managers; information about how any innovation and
advancement, or innovations that SBI Life Insurance uses or carries out; details on research
initiatives, expertise, costs, rates, markups, and discounts; business plans; advertising;
contracts; and other price-sensitive information about SBI Life Insurance. For the avoidance
of dispute, trade secrets and private information, wherever they may be stored—in hard copy
papers, records, or computer programs—are covered by the confidentiality duty in this
section.
b) Access to SBI Life Insurance computer resources, electronic data, and the like may be
provided to the Advisor; however, the Advisor may only use these resources to carry out the
duties specified in the Agreement.
c) The parties hereto undertake responsible for any breach or violation by their employees with
respect to confidentiality and non-disclosure, and the aforementioned terms also apply to
workers of both parties to this Agreement.

3.3 MARKETING STRATEGIES

"Developing a vision about the market(s) of interest to the organization, selecting market target
strategies, setting objectives, and developing, implementing, and managing the marketing
program positioning strategies designed to meet the value requirements of the customers in each
market target" are the activities that make up marketing strategy. The process of creating
strategies that are influenced by the market and take into account the need to offer more
consumer value in addition to a changing business environment is known as strategic marketing.
Strategic marketing places more of an emphasis on organizational success than it does on driving
up sales.

The goal of marketing strategy is to provide customers with greater value by fusing the
company's customer-influencing tactics into a cohesive suite of actions that are driven by the
market. Strategic marketing sees marketing as an integral part of the business, not just a
specialized job, and it connects the corporation with the external world. Marketing procedures are
essential to the business strategy planning process because of its border orientation between the
company and its clients, partners, and competitors. The knowledge that comes with determining
which rival groups to place against, which client groups to service, how to guide product
specifications, and how to monitor the environment is provided by strategic marketing. To deliver
higher customer value, cross-functional initiatives must be integrated successfully. Requirements
for customer value must be translated into manufacturing and product design specifications. To
successfully attain high-quality products and services, it is necessary to identify the
characteristics of those products and services that provide value for the client.

3.3.1 Marketing Strategy Process

The following describes the process of analysing, planning, implementing, and managing a
marketing strategy. Market segmentation, competition and market analysis, and ongoing market
research are all taken into account in the strategic scenario analysis. When creating a marketing
strategy, planning for new goods, marketing relationship methods, and consumer targeting and
positioning techniques are all examined. Product, distribution, price, and promotion strategies are
all part of the marketing program creation, which is carried out with the goal of satisfying the
value needs of the intended audience. Marketing strategy implementation and control are taken
into account together with organizational design in strategy execution and management.
Stage 1: Strategic Situation Analysis

The data gathered from the scenario analysis is used by marketing management to inform the
development of new strategies and the modification of current ones. After the plan is
implemented, a scenario analysis is regularly carried out to assess its effectiveness and pinpoint
any necessary adjustments.

3.3.2 Market Vision, Structure, and Analysis.

In order to analyse consumers and competitors, markets must be defined. A market requires the
following elements in order to exist: (1) individuals with specific desires and needs; (2) one or
more items it is able to meet those requirements; additionally (3) purchasers who can and willing
to pay for that product. A product-market is made up of a particular product (or family of related
goods) that may meet the requirements and desires of individuals or groups that are willing and
able to buy it. The word "product" can refer to a tangible good or an intangible service. Planning
for business and marketing requires analysing product marketplaces and predicting their future
trends. Important strategic decisions include when to operate in unappealing product markets,
how to service current product markets, and where to enter new ones. The goal is to define and
characterize the consumers, comprehend their product preferences, assess the market's size and
growth rate, and identify the goods and businesses that compete in it. A crucial component of the
scenario analysis is evaluating the plans, tactics, weaknesses, and strengths of rival companies. It
is vital to ascertain the current and prospective rivals. Analysing competitors involves assessing
every significant rival. The evaluations draw attention to the competition's key advantages and
disadvantages.
Determining the future actions of any rival is a crucial concern.
Dividing Markets. Market segmentation examines the kind and degree of variation in the
demands and desires of consumers within a market. It provides a chance for a company to
concentrate its business skills on meeting the needs of one or more buyer groups. The objectives
of segmentation include analyzing differences in needs and preferences and determining the
segments (subgroups) within the target product-market. Consumer preferences and desires for the
product category that management is interested in are similar across all segments. The divisions
are explained in terms of people's varied traits, the purposes behind their purchases or usage of
particular goods, and their inclinations toward particular product brands. Similarly, industrial
product marketplaces may be divided into segments based on the kind of industry, the product's
intended uses, how frequently the product is bought, and a number of other variables. From the
average features of the total product-market, each sector may differ significantly. The same
demands of buyers within a sector allow for better targeting of the organization's capabilities to
clients with matching value requirements. Furthermore, developing a marketing strategy is a
continuous process that involves decision-making, action, and long-term evaluation of the results.
Planning requires far less time than strategic review in terms of effort. Monitoring performance
and, if needed, making adjustments to plans to maintain performance on course are the focus of
evaluation and control.
Examining the future for prospective dangers and new possibilities is another aspect of
evaluation. In the process of strategic marketing planning, it is the worrying weak point. Strategic
assessment ensures that strategy is a continuous process by acting as both the end stage of the
planning process and its initial stage (evaluation prior to action). Important insurance marketing
tactics will always involve a thorough analysis of the importance of follow-up. Every effective
salesperson knows that in order to establish a critical relationship, customers must be called
often. Additionally, a strong follow-up procedure informs the prospective client that excellent
customer service is included in the total package.
A follow-up lets a customer know they are valued, that you are thinking of them, and that you
would really appreciate their business. In addition to high-quality products, today's customer
demands a personal relationship, especially when purchasing financial products like various
insurances. Letters and calls are courteous reminders that the salesperson is trying to give the best
possible service. And it's highly recommended to follow up with a thank-you call once a deal is
made. Information is valuable to customers nowadays. In the era of information, the astute and
devoted client is one who is aware of the goods and services available. The salesperson serving as
the client's primary source of financial information is one of the next most important insurance
marketing strategies. Customers will get notifications, email updates, and newsletters regarding
issues related to insurance and other financial services. These insurance marketing techniques can
be approached in original ways. Newsletters may have competitions, kid-focused sections, safety
alerts, and financial information. Customer highlights or uplifting testimonials about how the
business assisted the clients might even have their own section. Of course, any enlightening
physical copy or email correspondence should highlight all new goods and services.
Getting name recognition and advertising through community marketing is another excellent
strategy. Prosperous individuals in networking become members of nearby community
organizations, such the Chamber of Commerce, and volunteer for various tasks. This is an
excellent method for getting your name and photo featured in press releases and other
publications. Additionally, volunteering can lead to opportunities for interaction with other
volunteers, some of whom may become future clients, in addition to being extremely useful to the
community and individuals served. Customers prefer utilizing services offered by companies that
share their values. A key component of insurance marketing strategy is community building. It
may be helpful for insurance agents to look at a few other possibilities since there are more tools
and advice for insurance marketing accessible. Numerous marketing assistance firms share
knowledge and strategies that have been shown to increase sales via email or publication updates.
Agents could find it helpful to search the Internet for a few different insurance marketing advice
packages. These tools will not only keep salespeople up to date on the newest tactics, but they
may also foster a feeling of community and provide agents a platform to talk to other agents
about their own difficulties and problems.

3.4 MARKETING ACTIVITY

A shift in perspective within the insurance sector led to the transition from transactional
marketing to a more comprehensive approach to marketing. Relationship marketing, integrated
marketing, internal marketing, social responsibility marketing, and international marketing are
the five main components of holistic marketing that are discussed in this essay. Insurance firms
must be able to persuade their customers of the value of their offerings and the stability of their
organizations in order to succeed. In the current crisis, trust is essential to the insurance industry.
The consolidation of consumer trust in insurance businesses must be the long- and medium-term
objective, with managers' primary purpose being to win over loyal consumers. Liquidity is the
short-term goal since it assures survival.
Keywords: trust, customer loyalty, crises, integrated marketing, relationship marketing, internal
marketing, social responsibility marketing, international marketing, and holistic marketing in the
insurance industry. These days, an insurance company's ability to succeed depends on the calibre
of the long-term relationships it has built with its "partners," which include banks, hedge funds,
workers, consumers, and broker dealers. This new way of thinking helped the insurance business
make the transition from transactional to holistic marketing. The goal of conventional transaction
marketing was to satisfy client wants in order to provide the business an edge right away.
Integrated marketing is essential in the insurance sector; however this strategy wasn't always
advantageous for the insurance firms or their clients. To effectively meet customer demands, the
insurance firm requires a well-thought-out marketing mix. To optimize the combined effects of
all the marketing mix activities, the insurance company's marketing department must plan,
organize, and integrate them all. The insurance products and services must be designed to meet
the needs of the customer, and the distribution channels, premium structure, and corporate
communications must all be handled from an integrated standpoint.
Ensuring that all employees of the insurance firm adhere to the right marketing concepts is the
responsibility of internal marketing. The job of recruiting, developing, and inspiring staff
members who are driven to provide excellent customer service is known as internal marketing.
Because of the nature of the product, social responsibility marketing plays a crucial role in an
insurance company's marketing strategy. The purpose of insurance is to shield the policyholder
from various dangers while also generating positive social outcomes for the whole community. In
the social, ethical, and legal spheres, insurance marketing has significant causes and
consequences. The social responsibility marketing initiatives show how the company values
treating customers properly.

3.5 INSURANCE ADVISOR

A life adviser is a broker or intermediary who is authorized to offer advice and sell life insurance
as well as financial instruments, such as unit trusts. Among other enterprises, banks, life and
insurance companies, general brokers, estate agencies, and building societies are among those
who use financial consultants. An essential component of each person's financial portfolio is a
life insurance policy. However, it's also critical to purchase the appropriate insurance policies for
the appropriate purposes.

There are a lot of insurance products competing for a spot in a person's portfolio, so carrying out
a thorough examination might get complicated. This issue can be resolved by enlisting the
assistance of an insurance expert or agent. The role of the direct liaison between the insurance
company and the policyholder, or you, might be filled by an insurance adviser or agent. He is the
one who can assist you in choosing the best policy, or one that will enable you to meet your
insurance requirements. However, it's crucial that you get in touch with a knowledgeable and
experienced insurance adviser or agent for this.

The task is to choose the good quality advisor those who are having the following quality.

 Confidence
 Self-motivation And Persuasion
 Urge to be financially independent
 Relationship skills

I have to determine whether a person I meet in order to attract them as an advisor possesses all of
these qualities or not. Then, if someone is sufficiently receptive to these qualities. I spoke about
the support pattern that follows. Upon obtaining all of this data, an adviser essentially inquired
concerning the workplace. I then talked to him/her about the workplace and tried to persuade
them that they could work as an advisor or agent.

1. To be part of a world class sales team.

2. Work from his/her (advisor) own office or residence.
3. Work full time or part time.
4. Earn commission, bonus, and incentives.
5. No upper limits on earnings.
6. Flexible career.

Thus, the first and most common issue is persuading the individual who has the patience to listen
to my company's ideas and viewpoints. The advisor's job is to effectively seek for a solid
prospect.

3.5.1. Function of Advisors

Advisors give their clients and prospects continuous financial guidance. A prospect is a person
who is able to purchase life insurance from us under our official term. After analysing the
prospects' needs, the counsellors convince them to get an insurance. Fulfil all requirements for
submitting a proposal for new insurance, including form completing. obtaining premium.
scheduling a medical examination, obtaining documentation (such as proof of income or age),
reports, and other data that the underwriter requires. The advisor's job is to make sure the policy
stays in effect once they have sold a new one. Without any breaks. For that reason, an adviser
must do the following actions until it becomes a claim:

1. Maintain communication with the policyholder to ensure timely payment of renewal

payments.
2. Make sure that nominations are submitted or updated, as needed.
3. aid in the reimbursement of claim amounts.

As an advisor, you contribute to the firm's expansion by bringing in new business and providing
customers with exceptional pre- and post-sale assistance. However, an adviser to us is much more
than a salesperson. At SBI LIFE, we view our advisors as the public face of our company, and we
believe that in the years to come, our advisor force will be our greatest point of differentiation.
We thus take great care when hiring and training our adviser team in order to uphold our
standards for excellence in customer service and salesmanship. The market has to become more
knowledge-oriented due to competition and increased consumer awareness. Recognizing this, we
make an effort to appoint advisers who have a passably strong academic background. We also
take note of the candidates' previous 11-sales experience from the time of recruiting. The policy
holder's aid in the event that a loan under the policy is required is the other role.

3.5.2. The Advisor's Role

1. Determine prospective or future clients

2. scheduling a meeting.
3. Hold a meeting with the prospect to evaluate the finances.
4. Finalize the transaction.
5. Obtain a recommendation
6. Serve customers or potential customers.
7. Observe the internal reporting and sales system.

Following an analysis of the back-office service (which the organization is providing to that
individual) and quality (which the corporation is seeking for). Roles to be played, functions to be
carried out. I used to discuss the advantages that an adviser may have by joining SBI Life
Insurance Company as an advisor.

3.6 ROLE OF UNIT MANAGERS

In performing his obligations under the Agreement, the Advisor shall adhere fully to the Statutory
requirements governing life insurance consultants, including the code of conduct included
therein, as revised from time to time. Without affecting the advisor's overall responsibility to SBI
Life Insurance, the advisor will:
a. Assiduously and faithfully progress the business of SBI Life Insurance.
b. Verify the accuracy of all information supplied and representations made.
c. Exercise diligence and caution when giving advice, making sure that it is supported by in-
depth research and considers all relevant options.
d. Verify that any advice is appropriate given the customer's situation.
e. Refrain from acknowledging any responsibility or from providing the client with any
inaccurate, misleading, careless, or deceptive information on life insurance in general or any
specific SBI Life Insurance product.
f. During the duration of this Agreement, SBI Life Insurance may, at its discretion, request
proposals for insurance.
g. Attend to the needs and demands of clients that they either identify themselves or that SBI
Life Insurance assigns them.
h. Comply with SBI Life Insurance's validation requirements, including those for persistency
and production.
i. Participate in any training sessions, meetings, and seminars that SBI Life Insurance arranges
or mandates, as well as any additional tasks that the company requests.
j. At the times determined by SBI Life Insurance, start asking for suggestions for different
insurance packages.
k. Take complete ownership and accountability for all its deeds and omissions.
l. Obtain, maintain, renew, and keep renewed any licenses granted by the IRDA and any
additional license, approval, or permission required by it for the adviser to perform their
duties for the term of this agreement.
m. Throughout the duration of this Agreement, behave in accordance with the goals and
corporate image of SBI Life Insurance at all times, as well as within the parameters of any
relevant laws, licenses, and permits. If the Advisor or any of its certified individuals loses any
such license, approval, or authorization, they must tell SBI Life Insurance right once.
n. Submit all proposals and initial premiums for products solicited by Advisor to SBI Life
Insurance within the time frame given by SBI Life Insurance in writing from time to time,
and in any case within the time frame specified by 64VB (4) of the Insurance Act, 1938 or
any other statutory provisions applicable thereto. All funds received in trust must be promptly
and completely remitted by the Advisor to SBI Life Insurance.
o. Observe and be bound by the-
 The following documents will be taken into consideration: the advisor manual, cash
acceptance policy, benefit illustration policy, market conduct guidelines, money laundering
prevention policy, compliance manual, and any written codes of conduct that SBI Life
Insurance may from time to time issue regarding business conduct.
 Monitoring, oversight, and performance criteria of the business and sales methods applied to
SBI Life Insurance products that SBI Life Insurance may occasionally issue in writing.
p. Immediately deliver, in good order and condition upon request, to SBI Life Insurance all
records, rate books, paperwork, manuals, computers (hardware and software) pertaining to
SBI Life Insurance's life insurance business and that were received from SBI Life Insurance,
including those that have been expressly entrusted to the Advisor in accordance with this
Agreement. By signing this, the advisor accepts that SBI Life Insurance is the only owner of
the good, tangible or otherwise.
q. Uphold and adhere to the highest standards of secrecy and confidentiality at all times with
regard to the operations of SBI Life Insurance, Policyholders, Life Insurance proposers, and
other individuals or businesses that may occasionally deal with SBI Life Insurance, whether
during the Agreement's validity or after its termination.
r. Unless expressly agreed to in writing by SBI Life Insurance, bear all costs incurred in
carrying out the obligations under this Agreement.
s. As soon as he learns of any fact or circumstance that is pertinent to SBI Life Insurance
accepting a business risk, he must promptly and accurately report to SBI Life Insurance all
information that has been disclosed to him regarding the acceptance of that risk or business,
regardless of the Advisor's knowledge of the matter.
t. Advisors should quickly notify SBI Life Insurance of their receipt by it or service on it upon
becoming aware of any complaint, demand, notice, or claim made or to be made under a
policy.
u. Record and address all complaints, requests, and inquiries from customers of the advisor and
statutory/regulatory bodies within the standard 7-day turnaround time after receipt. Forward a
report of the complaints, requests, and inquiries from the previous week along with the
pertinent documentation, including the date of the complaint, the policy's older name, the
advisor's name and code number, the MOA's name and number, the nature of the complaint,
 the date the complaint was forwarded to the relevant function for resolution, the status
(Resolved /Pending), and the resolution date, to SBI Life Insurance at the designated email
address every Thursday of the following week.
v. Throughout the sales process, make sure that each prospect has a thorough needs analysis
completed.
w. Strictly adhere to the SBI Life Insurance's policy against money laundering and terrorist
financing, the Prevention of Money Laundering Act, 2002, its rules, the IRDA Anti Money
Laundering (or "AML") guidelines and any modifications thereto, and use appropriate know
Your Customer (or "KYC") standards as specified therein.
x. The advisor shall notify the primary compliance officer of SBI Life Insurance in the case of
discovering any unfavourable or suspicious change in the customer's or policyholder's
position, integrity, or reputation in order to modify the anti-money laundering program.
Should the Advisor disregard this clause and/or subject SBI Life Insurance to risks relating to
AML, SBI Life Insurance has the right to cancel this Agreement and hold the Advisor
accountable for any resulting fallout.
y. Throughout the term of this Agreement, behave as a fiduciary, acting honestly and in SBI
Life Insurance's best interests at all times; and
z. State in the format provided in Schedule "A" that he complies with the sales and business
conduct code.
3.7 DATA ANALYSIS AND INTERPRETATION

The information was acquired by use of a standardized questionnaire. Thirteen questionnaires

were distributed to Mumbai residents; ninety of them were correctly filled out and sent back. A
total of ninety questionnaires were fairly tried, and all responders answered.
Demographic Profile of Respondents:

The age, gender, and occupation of the respondents are among the characteristics of their
demographic profile.
Demographic Characteristics:

AGE

AGE GROUP FREQUENCY

18-25 73

26-35 14

36-49 1

50-60 1

More than 60 1

This identifies the age range of research survey respondents. This demonstrates that the majority
of the study's respondents are in the 18 to 30 age brackets.

GENDER

Gender Frequency

Male 49

Female 41

This makes the gender of research survey respondents known. This reveals that male applicants
make up the majority of the study's respondents.
OCCUPATION

This reveals the study survey respondents' occupations. This demonstrates that the majority of
research respondents are students and those with private jobs.

Student
2%
21%
Gov Employee

51% Private Employee

Business
1%
25% Self Employed
 CHAPRTE 4
DATA ANALYSIS
CHAPRTE 4: DATA ANALYSIS
4.1 DATA ANALYSIS OF STUDY

 The following data analysis points' key components are:

 Mumbai residents are aware of insurance as a platform for investing.
 To be aware of the popularity of SBI Life Insurance policies.
 To become familiar with the rationale for purchasing life insurance.
 To learn which Mumbai insurance company's customers are insured.

1. How familiar are you with SBI Life Insurance products and services?

6%
Very Familiar
6% 20%
Somewhat Familiar

31% Neutral

38% Somewhat Unfamiliar

Very Unfamiliar

Only 20% of Mumbai residents, according to this study, they are very familiar with SBI Life
Insurance. Whereas 38% people are Somewhat familiar, 38% of Mumbai residents are Neutral
about, and the only 6% where people are Unfamiliar about SBI Life Insurance.
2. Have you noticed SBI Life Insurance's marketing efforts through any of the following
channels?

Other 10%

SBI Life Insurance Agent Network 18%

Bancassurance (Promotions within SBI Bank branches) 18%

SBI Life Website 20%

Social Media Ads (Facebook, Instagram, etc.) 43%

Print Advertisements (Newspapers, Magazines) 30%

TV Commercials 47%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00%

In Mumbai residents, according to this study, people where notice the SBI Life Insurance
through the different channels like TV commercials, Print Add, social media, etc. But according
to survey most through TV commercials people notice the SBI Life Insurance 46.7%, then social
media 43.3%, then print advertisement 30% and the 20% SBI Life Website and 45.6% other like
Bancassurance and SBI agents.
3. Which of the following marketing channels do you find most effective?

TV Commercials
7.8%
Print Advertisements (Newspapers,
5.6% Magazines)
22.2% Social Media Ads (Facebook, In-
6.7% stagram,
etc.)
7.8%
SBI Life Website

Bancassurance (Promotions within

SBIBank branches)
50%
SBI Life Insurance Agent Network

According to survey social media is the most effective channel people vote up to 50% and then
22.2% for the TV commercials then 7.8% for both Print advertisement and SBI Life Insurance
agent and 6.7% and 5.6% for SBI Life website and Bancassurance respectively.

4. What factors are motivated to purchase SBI Life's insurance

Family Responsibility 28.90%

Advise from friends 10.00%

Risk tolerance 26.70%

Tax benefits 22.20%

Financial security 58.90%

Print Advertisements (Newspapers, Magazines) 28.90%

Advertising 21.10%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

According to survey financial security is the most motivated factor for the purchasing SBI Life
Insurance, people were voted up to 58.90% for financial security then the people thing its like
and family responsibilities and also same print advertisement are motivated. people are voted up
to 28.90% and Risk tolerance, Tax benefit, Advertising people voted up to 26.70%, 22.20 and
21.10% respectively.

5. Which communication channel would you prefer for receiving information about SBI
Life Insurance products?

According to survey respondents are prefer the different channels for receiving the information
about SBI Life Insurance. In study see that 40% of respondents are prefer Email for receiving the
information about SBI Life Insurance, then 18% of respondents prefer SMS Text Massages also
SBI Life Mobile App notification and then 9% and 5% of respondents prefer Phone calls and
Agents visit respectively

Email
6%
SMS Text Messages
18%
40% Phone Calls
Social Media Updates
18%
SBI Life Mobile App Notifica-
9% tions
10%
Agent Visits
6. Annual premium paid by individuals for SBI Life insurance (P.A.)

4%
7%
3% 5000-10000 10000-15000

11%
15000-25000 25000-50000
57%
18%
50000-80000 80000-100000

According to survey people spend up to 100000 rupees for paid the premium annually, 57%
peoples are paid premium up to 5000 to 10000 then 18% peoples are paid premium in between
10000 to 15000 then followed by 11% peoples are to paid premium up to 15000 to 25000 and 7%
peoples are paid up to 25000 to 50000 then 4% of respondents paid up to 50000 to 80000 only
4% peoples are paid in between 80000 to 100000.

7. Like to Pay premium

27%
33% Monthly Quarterly

9% Half Year Yearly

31%

This study reveals that the majority of respondents choose to pay their premiums monthly, i.e.,
45%. People choose to make quarterly premium payments in 31% of cases, yearly premium
payments in 27% of cases, and semi-annual/ half yearly premium payments in 9% of cases.
8. What challenges has SBI Life Insurance faced in implementing marketing strategies?

Don't know 1.10%

Regulatory restrictions 15.60%

Competition 53.30%

Lack of resources 30.00%

Budget constraints 30.00%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%

SBI Life Insurance has faced the different challenges for the implementing to marketing
strategies, according to survey peoples choose competitons is the main challenge faced by SBI
Life Insurance for implementing to marketing strategies and voted up to 53.30% then followed by
lack of resources and budget constraints voted up to 30% then regulatory restrictions choose up
to 15.60% then the only 1.10% people are don’t know about what exactly SBI Life Insurance
faced the challeges for implementing marketing strategies.
4.1 LIFE INSURANCE NEEDED

Two categories can be used to separate the roles that insurance plays:

1. Principal Roles

2. Tertiary Operations

3. Additional Purposes

The following are some of insurance's main purposes:

Offer Defense – The primary goal of insurance is to safeguard against risk, mishaps, and
uncertainty in the future. While insurance cannot stop risks from happening, it can compensate
for losses caused by risks. In essence, insurance distributes the risk with others while guarding
against monetary loss.

Collective bearing of risk – Insurance is a tool to distribute a small number of people's financial
losses among many. A way to distribute a small number of losses across a greater number of
individuals is through insurance. Each insured pays their premiums into a fund, which is then
used to pay those who are exposed to a certain risk.

Assessment of risk – Insurance assesses a number of risk-causing elements to calculate the likely
amount of risk. The premium rate is also determined by taking into account risk.

Provide Certainty – An instrument that aids in the transition from uncertainty to certainty is
insurance. Insurance is a tool for increasing the certainty of uncertain risks.

The secondary functions of insurance include the following:

Prevention of Losses – Insurance advises people and companies to use appropriate devices to
avoid unfavourable outcomes from risk, such as installing automated sparkler or alarm systems or
adhering to safety regulations. Less money is paid by the insurance to the insured when losses are
prevented, which encourages greater premium savings. A lower premium rate encourages more
business and improves the insured's protection. modest money to cover greater risks: By paying a
modest premium to protect against higher risks and uncertainties, insurance frees enterprises from
security investments.
Contributes towards the development of larger industries – The insurance industry offers
growth prospects to larger companies that have higher setup risks. When an industrial unit
becomes sick and ensures its assets, including equipment and machinery, even banking
organizations could be willing to extend financing.

Among insurance's other purposes are the following:

Investment and savings tool: Insurance serves as both an investment and a savings tool.
Additionally, it lessens extravagant expenses for the insured in order to be eligible for income tax
deductions. Insurance is something that people invest in.

How to get foreign currency – The insurance sector operates on a worldwide scale. Among
other things, the country might produce foreign exchange by issuing maritime insurance
contracts.

Risk Free trade – Insurance encourages export insurance, which, with the aid of various policy
kinds under marine insurance cover, eliminates the risk associated with international commerce.

In order for the business to expand its network, there should be plans in place for the
establishment of more offices and the site of other corporate centers.
 CHAPRTE 5
RECOMMENDATION SUGGESTIONS AND
CONCLUSION
CHAPRTE5: RECOMMENDATION SSUGGESTIONS AND CONCLUSION

5.1 RECOMMENDATIONS-

The following recommendations are meant to improve the company's advantages and smooth
operation: SBI life insurance
1. Life insurance agents must be trained and developed with more thorough knowledge and
abilities to address any question from a consumer.
2. It is recommended that the organization make every effort to implement effective
promotional and advertising strategies in all channels, including print, media, and radio.
3. It is also suggested that roles in financial services sales and marketing be given to competent
management graduates who can provide their best ideas for maximizing the attainment of the
company's goals and objectives.
4. It's also important to make sure that every customer's complaint, whether it arises before or
after a transaction, is satisfied.
5. In order for the business to expand its network, measures for office growth and the
establishment of other corporate office locations should be taken.
6. Life insurance Flexible products should be designed to accommodate all segments of society.

5.2 SUGGESTIONS-

The suggestions that follow have been made to improve the company's benefits and smooth
operation—SBI life insurance:
1. It is important to inform and educate advisors so that they may provide customers with more
services than just collecting premium checks; these advisors can also educate customers about
insurance and the newest atypical plans.
2. The entire business ought to provide a unit connection product that benefits every social
group.
5.3 CONCLUSION

I worked at SBI Life Insurance Company, where I learned a lot about life insurance, its value,
and its applications. I also took on the responsibility of hiring qualified life insurance advisers,
which will help the business expand and develop. What I learned at the management institute
made good use of them, giving the business and me the greatest possible outcomes. All Public
Service jurisdictions are utilizing innovative methods for hiring. There are numerous regions
where manual tactics are used, but as automated approaches grow more common, the
mechanisms that facilitate their usage will gain more traction.
Regardless of the tactics employed, the goal is to fill positions in the organizations with
the most capable and dedicated people possible. It also aims to guarantee timely and efficient
delivery of public services, consistently high-quality goods, and accomplishment of
organizational goals. Since life insurance is the only thing that can maintain a person's standing
both when they are the family's primary provider of income and when they are not, it is a noble
service that every citizen should understand and value. I would want to choose the finance sector
because of its growth as a field for both future career progress and the chance to provide services
to this industry.
REFERENCES:

Websites-

www.sbiindia.co.in

www.sbilife.co.in

www.irdaindia.org

www.liccouncil.org

www.businessconnect.com

www.google.co.in

www.netpnb.com

www.pnbindia.com

business.mapsofindia.com

finance.indiamart.com

www.scribd.com

www.nseindia.com

www.bseindia.com

http://en.wikipedia.org/wiki/consumer_psyche
ANNEXTURE
1. Name*

------------

2. Gender *

o Male
o Female
o Transgender

3. Age*

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

4. Occupation *

o Student
o Gov Employee
o Private Employee
o Self Employed
o Other:

5. How familiar are you with SBI Life Insurance products and services? *

o Very familiar
o Somewhat familiar
o Neutral
o Somewhat unfamiliar
o Very unfamiliar
6. Have you noticed SBI Life Insurance's marketing efforts through any of the following
channels? *

o TV Commercials
o Print Advertisements (Newspapers, Magazines)
o Social Media Ads (Facebook, Instagram, etc.)
o SBI Life Website
o Bancassurance (Promotions within SBI Bank branches)
o SBI Life Insurance Agent Network
o Other

7. Which of the following marketing channels do you find most effective? *

o TV Commercials
o Print Advertisements (Newspapers, Magazines)
o Social Media Ads (Facebook, Instagram, etc.)
o SBI Life Website
o Bancassurance (Promotions within SBI Bank branches)
o SBI Life Insurance Agent Network
o Other:

8. What factors are motivated to purchase SBI Life's insurance *

o Advertising
o Investment options and high returns
o Financial security
o Tax benefits
o Risk tolerance
o Advise from friends
o Family Responsibility
o Other:

9. Which communication channel would you prefer for receiving information about SBI
Life Insurance products? *
o Email
o SMS Text Messages
o Phone Calls
o Social Media Updates
o SBI Life Mobile App Notifications
o Agent Visits

10. Annual premium paid by individuals for Life insurance (P.A.) *

o 5000-10000
o 10000-15000
o 15000-25000
o 25000-50000
o 50000-80000
o 80000-100000

11. Like to Pay premium *

o Monthly
o Quarterly
o Half Year
o Yearly

12. What challenges has SBI Life Insurance faced in implementing marketing strategies? *

o Budget constraints
o Lack of resources
o Competition
o Regulatory restrictions
o Other:

13. Do you have any suggestions for improving the effectiveness of marketing strategies in
SBI Life Insurance?

---------------------