Birla Sunlife

Daniel peter 3020070192
COMPANY PROFILE
Launched just before 9 years but still managed to be amongst leading player(7th) in private insurance industry. Strong fundamentals based on the Aditya Birla Groups local insight and Sun Life financials global expertise. Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance Solutions in India Having 1, 68,090 active advisors, and sold 2.5 million policies.
In April 2009, achieved the landmark of processing 100% of its claims.
MARKET SHARE(2008-2009)
Source www.siliconindia.com
Protection Plan
Birla Sun Life Insurance High Net worth Plan. Birla Sun Life Insurance Term Plan. Birla Sun Life Insurance Premium Back Term Plan.
Savings Plan
Birla Sun Life Insurance Platinum Plus Birla Sun Life Insurance Guaranteed Bachat Plan Birla Sun Life Insurance Money Back Plus Plan Birla Sun Life Insurance Gold-Plus II Birla Sun Life Insurance Saral Jeevan Plan Birla Sun Life Insurance Supreme-Life Birla Sun Life Insurance Dream Plan Birla Sun Life Insurance ClassicLife Premier
Savings Plan
Birla Sun Life Insurance SimplyLife Birla Sun Life Insurance PrimeLife Premier Birla Sun Life Insurance PrimeLife Birla Sun Life Insurance Flexi Cash Flow Birla Sun Life Insurance Flexi Save Plus Birla Sun Life Insurance Flexi Life Line Birla Sun Life Insurance Single Premium Bond
Health Solutions
BSLI Health Plan. BSLI Universal Health Plan.
Rural
Birla Sun Life Insurance Bima Suraksha Super Birla Sun Life Insurance Bima Dhan Sanchay Birla Sun Life Insurance Bima Kavach Yojana
Retirement Plans
Birla Sun Life Insurance Secure 58 Plan. Birla Sun Life Insurance Freedom 58. Birla Sun Life Insurance Flexi Secure Life Retirement Plan II.
Riders
Accidental Death Rider Accidental Death and Dismemberment Rider Term Rider Critical Illness Rider Waiver of Premium Critical Illness Plus Rider Critical Illness - Woman Rider
SWOT
STRENGTH Multi-channel distribution Well diversified plans 2.5 Million Policies sold till 31st march 2009 Superior investment and risk management framework WEAKNESS Company have not penetrated in the rural market. There is no plan for the low income group. Fees for the advisor is high than the other company.
Opportunity
Good potential market (77%) Company can penetrate in rural markets.
Threat
OLD HABITS DIE
HARD: Its still difficult task to win the confidence of public towards private company.
Competitors offering similar kind of insurance
Objectives of study
To determine and analyze the Market Potential of the Birla Sun Life Insurance Company in Batala City. To study and determine the competitor (LIC) position in the market. To analyze market share of Birla Sun Life Insurance products in Batala city. To analyze the customer satisfaction regarding LIC and BSLI.
1) Do you think that investment in Insurance sector is good option?

Yes No
No. of respondents
10
20
30
40
50
60
Particulars Yes
No
No. of respondents 40
10
2) Which companys policy do you have?

35 30 25 20 15 10 5 0 No. of respondents BSLI LIC
Particulars BSLI LIC
No. of respondents 15 35
) Which type of policy you have?

30 25 20 15 10 5 0 No. of respondents LIC No. of respondents BSLI Whole life plan Retirement plan Children plan Health plan Golden jubilee plan Total
Particulars
No. of respondents LIC
No. of respondents BSLI
Whole life plan Retirement plan Children plan Health plan Golden jubilee plan
10 5 9 3 3
5 2 10 2 0
Total
30
20
4) What percentage of interest you get from it?

25 20 15 10 5 0 No. of respondents LIC No. of respondents BSLI Below 5 % 5-8 % 8-12 % Above12 %
Particulars
Below 5 % 5-8 % 8-12 %
No. of respondents LIC 0

7 21
No. of respondents BSLI 0

3 14
Above12 %
5) Why do you invest in this(LIC/BSLI) company?
Particulars
No. of respondents LIC High interest 4 Good image of CO. 6 Growth of the CO. 9 Annual premium is 5 reasonable Maturity benefits 6
No. of respondents BSLI 6 2 6 2 4
6) Do you think that investment in BSLI is better than LIC ?

No. of respondents
Yes No
44 56
Particulars Yes No
No. of respondents 44 56
7) If yes, then why?

No. of respondents
6 4
10
Guaranteed F.V. at maturity Growth rate More ULIP plan Risk covered All above
8 16
Particulars Guaranteed F.V. at maturity Growth rate More ULIP plan Risk covered
No. of respondents 10 16 8 4
8) If no, then why?
High return, 6
Low A.P. than BSLI, 12
LIC have govt. stake, 24
LIC have govt. stake Brand loyalty of LIC Low A.P. than BSLI High return
Brand loyalty of LIC, 14
Particulars LIC have govt. stake Brand loyalty of LIC Low A.P. than BSLI
No. of respondents 24 14 12
9) When company launch new product , then any information is given to you about that product?
40 35 30 25 20 15 10 5 0 36 24 16 No Yes Yes No
24
No. of respondents LIC
Particulars
Yes No
No. of respondents LIC 24 36
No. of respondents BSLI
No. of respondents BSLI 16 24
10) In near future, do you think BSLI will have high growth rate?
No. of respondents
40 35 30 25 20 15 10 5 0 Agree Neutral Disagree Cant say 20 14 26 40 No. of respondents
Particulars Agree Neutral Disagree Cant say
No. of respondents 20 26 14 40
Findings
90 people saying that investment in insurance sector is good option and 10 are saying no. 40 people have BSLI policies and 60 have of LIC. 10 people of BSLI have Whole life plan, 4 have retirement plan, 22 have children plan, 4 have health plan. 56 people are saying that investment in LIC is better than BSLI, 44 are saying investment in BSLI is better. Most of the people of both LIC and BSLI are getting rate of interest 812% Most of the people have children plan of BSLI. Most of the people invest due to high interest of the policy in BSLI People have more faith in govt. Companies than the private. 14 people invest in LIC due to its brand loyalty. 26 people saying that BSLI growth will be neutral in near future.
SUGGESTIONS
1) Information regarding new product should be provided to the customers. 2) The company should find out the no. of people who are not having any of the insurance plans through an intensive market research and motivate them to get insured. 3) At some level Company should provide information to the customers about the charges of the policy. 4) Company should target each and every class of the society. 5) Charges should be low of the policies. 6) Annual premium should be reasonable.
LIMITATIONS
Some of the respondents were not cooperative. There are chances of biased information provided by the respondents. As the sample size is small compared to the total population, therefore there cant be full accuracy. The time was limited. Area was limited.
Conclusion
Here in this study we see that people have more policies of LIC in comparison to BSLI. People have more faith in govt. companies than private. So it is necessary for BSLI Co. that it should give more attention to that points or that areas where it lacks for further future growth. Insurance sector is very wide and co. can grow in future.
Thank you for your time....

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Daniel peter 3020070192

In April 2009, achieved the landmark of processing 100% of its claims.

1) Do you think that investment in Insurance sector is good option?

2) Which companys policy do you have?

Particulars BSLI LIC

) Which type of policy you have?

No. of respondents LIC

No. of respondents BSLI

4) What percentage of interest you get from it?

Below 5 % 5-8 % 8-12 %

No. of respondents LIC 0

No. of respondents BSLI 0

5) Why do you invest in this(LIC/BSLI) company?

No. of respondents BSLI 6 2 6 2 4

6) Do you think that investment in BSLI is better than LIC ?

7) If yes, then why?

8) If no, then why?

Low A.P. than BSLI, 12

LIC have govt. stake, 24

Brand loyalty of LIC, 14

No. of respondents LIC

No. of respondents LIC 24 36

No. of respondents BSLI

No. of respondents BSLI 16 24

40 35 30 25 20 15 10 5 0 Agree Neutral Disagree Cant say 20 14 26 40 No. of respondents

Particulars Agree Neutral Disagree Cant say

Thank you for your time....

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