CHAPTER 1

INTRODUCTION

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 INTRODUCTION

1.1 Industry Scenario

The insurance industry is an old industry that has existed for several years since before the
independence period, that is; since 1818. It was initially initiated by the eastern life insurance
company in Kolkata to meet the needs of the European community. But there was
discrimination among Indians in charging large amounts of premiums to Indians in the era
before independence. Later, in 1870, the mutual life insurance company of Bombay was
formed and became the first insurer.

The main activity of the insurance industry is to provide insurance to policyholders by

collecting premium amounts from policyholders.After independence, several insurance
companies started their activities in India. But most insurance companies in that period
deceive people by collecting money from people in the form of a premium and invest that
money in stock markets and, if losses occur, they become intellectual property. In addition,
most insurance companies in that period raise money from people in the form of a premium
and went to other countries to do business.

Due to this reason, in 1956, the government of India issued an ordinance to nationalize the
insurance sector by merging 154 Indians ,16 non-Indians and 75 providential companies into
an insurance company called Life Insurance Corporation of India (SCI). In 1973, the General
Insurance Corporation of India (GIC) was formed by passing a law in parliament that
established the merger of 174 general insurers into a single corporation called the General
Insurance Corporation of India. This GIC consists of the limited eastern insurance company
of four companies, the new limited insurance company of India, the national limited
insurance and united insurance company of India. Basically, GIC was started in the year

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1970, but began its activities by merging other insurers in the year 1973. But later, in the time
2000, GIC were linked, formed as sovereign insurance companies.

Until government of India issued the transfer notice the insurance segment in India, there
are no competitors for LIC, but then several new insurance companies emerged. As each
sector has a regulatory body to regulate and control the activities of the different companies
existing in that sector, the insurance sector is also regulated by an independent regulatory
body called the Regulatory and Insurance Development Authority (IRDA).

IRDA was established in 1999. It was constituted by5 Insurance Regulation 5and
Development Authority Act5of 1999. Its current headquarters are in Hyderabad, Telangana.

1.2 Insurance industry at macro level (globally)

Globally, the insurance industry plays a vital role for the growth of the world economy. The
global insurance industry is experiencing turbulent times with the continuous environment of
low interest rates, a challenging stock market and stricter regulatory changes. As of 2016,
insurance premiums worldwide continued to grow at a steady pace. The solid performance of
the industry comes mainly from the growth in health.

Globally, insurance occupies a very important place in the lives of the citizens of those
nations. In some nations it is a crime that does not have insurance for the life of citizens.
They also have strict laws regarding the life insurance of citizens. Some statistics say that
Africa, APAC and Latin America are expected to experience high growth in 2016, while the
Middle East will benefit from stable growth. Europe and North America are likely to
experience a decrease. Globally, the combination of life insurance products has remained
stable over the years, with endowments that lead the combination and represent about 40
percent of the total life insurance market. The proportion of term life in the total life
insurance industry has been fairly constant at around 7 percent, since it enjoys its status as a
pure insurance product and has a stable demand in all geographies.

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The global scenario is completely different when compared to the scenario in our country
India. When viewed worldwide in the insurance industry, evolving technology is leading to
cybercrime and there is also a threat to privacy, that is, there is no security for people's
private information. But when it comes to employment opportunities worldwide, there are
several employment opportunities in the insurance industry in which a person can prosper

These are the few details about the insurance industry when compared globally from 2010
to 2014 globally from 2010 to 2014 to world’s economy

Years 2010 2011 2012 2013 2014

Insurance 2.4% 2.4% 2.5% 2.5% 2.6%
Share In
GDP
Insurance 3.1% 3.4% 3% 3.2% 4%
Share In
Employme
nt
Insurance 2.4% 2.3% 1.5% 2.6% 2.4%
Share In
Economic
Growth
Insurance 7% 7% 5.5% 6% 5%
Share In
Balance Of
Payments

Table 1.1 Represents worlds economy at macro level

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 Years 2010 2011 2012 2013 2014
Insurance 2.4% 2.4% 2.5% 2.5% 2.6%
Share In
GDP
Insurance 3.1% 3.4% 3% 3.2% 4%
Share In
Employme
nt
Insurance 2.4% 2.3% 1.5% 2.6% 2.4%
Share In
Economic
1.3 Growth
Insurance 7% 7% 5.5% 6% 5%
Share In
Balance Of
Payments
Insurance industry at the micro level (India)

In India, the insurance industry has gone through several phases both before and after
independence and also with respect to foreign direct investment (FDI). India5allowed5private
investments in5insurance in52000 and FDI with limit of 26% that stood later increased

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to549% in52014. Currently, in India there are 57 insurance companies in India, of which 24
are insurance companies of Life and 33 are non-life. Insurance companies

For 2012, the Indian insurance industry is a $ 72 billion industry. The industry is to reach
US $ 280 billion by 2020. In India, the entire insurance industry is divided into the life
insurance sector and the non-life insurance sector.

Market size of $insurance industry5in India:

In recent years, insurance industry in &India has &experienced gradual growing due to public
awareness about the importance of insurance.

The following are the few details about the premiums charged in fiscal year 2018 in India.

Table 1.2 premium charged at micro level

Gross Premiums

Rs.5.53trillion (US$94.48billion), FY 18

Life Insurance Non-Life Insurance

Rs.4.02 Trillion Rs. 1.51 Trillion

(US$,71.1 Billion ) (US$,23.8 Billion )

The insurance industry ,is a booming industry in recent times that is growing at a rate of 15-
20% and its contribution to India's GDP is 7%. The insurance industry also has its
contribution with respect to employment in India. Where employment in the insurance
industry is growing day by day due to greater awareness about insurance among the public
that makes insurance companies provide more and more employment opportunities to the
unemployed in India. This is the scenario of the micro insurance industry, that is, in India.

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1.4 Theoretical background of the topic

Insurance is a contract between the policy provider, that is, the insurance company and the
policyholder, in which the insurance company will pay an insured amount after the
policyholder's death, if it is a life insurance policy, as in the case of non-life insurance. in
which it was taken if it is destroyed or damaged without the intention of the policyholder.
There are some list of the policies which are there in which some policies which only cover
life risk and also some policies which cover investment and life risk. Policies are being
divided into several heads like online plan, individual plan, group plan. Policies which are
life securities are Shriram life super income plan, Shriram life golden premier saver plan,
Shriram life assured advantage plus, Shriram life online term plan, Shriram life assured
income plus, Shriram life genius assured benefit plan, Savings plans, Protection
plans ,retirement plans, protection plan, special plans and investment plan are Unit Linked
Insurance Plan is the insurance policy that is different from the usual insurance plans, where
ULIP has a combination of insurance and investment. The policyholder of this plan will
obtain benefits from both insurance and investments in the secondary market. Unit Trust of
India introduced the first ULIP in 2001 with the granting of investment from foreign 9
insurance sector by the government of India. Later, many insurance &companies issued ULIP
plans to their clients.

The accelerator fund is the set of money in the fund that is used to accelerate any scheme or
start or plan. But with respect to the insurance industry, it is the fund that is used to group the
amount of the policy collected from policyholders to develop a particular policy.

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 CHAPTER-2

COMPANY PROFILE

Shriram Life Insurance Company

2.1 History

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Shriram Group6is an Indian7conglomerate founded 0on April 5, 1974 by7Ramamurthy
Thyagarajan, AVS Raja and T. Jayaraman. They are based in Chennai, Tamil Nadu, India. The
group had its7start in the investment fund business 0and then entered the loan business
through Shriram Transport Finance and Shriram City Union Finance (Consumer Financing
and MSMEs). In 2018, the company ventured into metallurgy by establishing a unit in
Odisha. No one in the financial services industry thought at the time that this small Chit Fund
business in Chennai would become the basis of the financial conglomerate that Shriram is
today.
Shriram Group companies have made great efforts to serve the greatest number of ordinary
people through their pioneering and personalized financial services. For more than three
decades, tireless efforts to facilitate financial access to small and medium entrepreneurs
through loans and concessions have forged a niche for the Shriram Group throughout India.

Shriram Life Insurance Company, also known as (SLIC) was founded in 2005 and began
operating in 2006. ... Shriram Life Insurance Company is a joint venture between Shriram
Group, founded in 1974, based in Chennai and Sanlam, a leading Financial Services Group
based in Cape Town, South Africa.
Sanlam Life Insurance Limited, is part of Sanlam Group being largest life insurance
providers at South Africa along 3.2 million policies below management.
The Shriram group one of the major and most respected &monetary services in India. The
main line of activities 7of the group in monetary services includes investment funds, truck
insurance brokerage and life insurance, etc. India currently represents 16% of world's
population. 70% of population is under 35years old. Between 2001and 2006, Indian
demography has different with7highest income classes that make up around 79% through the
first year operation, the company made a profit of 2 million rupees, which gathered to 4
million rupees in following year. For the economic year ending March 2009, company made
a 7profit of Rs 8million, totalling that the total premium at the end8of 2008-2009 was Rs 1
billion. The company goals to obtain a original commercial premium of Rs1 billion rupees in
the8next 3-4 years, and also aims to increase in 1000cities in the coming years. It currently
has 1230 branches throughout the country.

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2.2 Objectives Of The Company

Shriram Life Insurance Company is established with the goal of success the common man
with a large number of products and services that would be useful for him8on his way to
prosperity. Efficiency in operation, honesty and a sturdy focus on meeting the needs of the
common man, offering high-quality & profitable products and services for the values that
drive the group.
These core morals are deeply rooted within organization have been strongly respected for
decades.
The company prides itself on perfect customer kind. Each product or service is personalized
to adapt perfectly to the wants of the client. It is this guiding philosophy of putting people
find what has carried the company earlier to the bases and made it the option for all truck
supporting supplies among customers.

2.3 Organisational Structure

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 Figure 2.1 Represents organisational structure

2.4 Vision
To Communicate with the "common man" with products and services that would be useful to
him as they embark on the path of "prosperity."

2.5 Mission
• Make the common man available with our products more easily
• Maintain operational efficiency.
• Maintain integrity and meet the needs of an average Indian
• Understand deeply the needs of the client.

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2.6 Product profile

As it is an insurance company the major product of the company is insurance policy. There
are several insurance policies that are being offered by Shriram life insurance Corporation.
There is a division among the policies that are being offered by SLIC .There are few plans
which covers life risk and also few plans which covers life risk as well as investment. They
are divided as Online plans, Individual, plans and Group plans.

I. Online plans:

1.Shriram Life Super Income : Specially designed to meet the long-term financial
requirement of an individual and his family. These needs are met under the plan in the
following ways:
• Financial security: life insurance coverage up to 75 years
• Financial stability: through guaranteed monthly income up to 75 years and the lump sum
paid at maturity
• Financial control: through the flexibility to change the payment term of the premium

2.Shriram Life Golden Premier Saver Life : Specially designed for combine protection for
savings and at a same time give you choice to customize. Protection to your family: life
coverage to the term of the chosen policy increase for savings: guaranteed result at maturity
with bonus ..Additional benefit: Get another sum insured through additional coverage
advantage Provided that the policy will be in force and all premiums due will be paid.

4.Shriram Life Assured Advantage Plus: Endowment Plan that ensure guaranteed returns
moving with life insurance coverage. This is single premium plan in which you, must pay the
premium once will be remain covered 10 years.

Savings will be essential for stress-free future, and invest correctly in guaranteed plans, you
and your loved ones will be protected from a several way for the uncertainties of life.

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Shriram Life Assured Advantage Plus that will provide you the convenience for eassy
online shopping experience.

4.Shriram Growth Plus : About the ULIP investment plan

It is an insurance plan linked to the savings-oriented unit that offers life and savings
coverage through returns linked to the market. The plan offers multiple options regarding the
payment of premiums and investment flexibility. This ULIP insurance policy also will taken
in different lives, where other lives be a spouse, child and grandchild.

Why, the SLIP ULIP fund options and flexibility to change between funds Flexibility to
choose two different death benefit options lesser invertible premium of Rs. 4,000 / - per
month appealing loyalty benefit in maturity Premium, payment options -Individual, regular
and Limited

5. Shriram Life Online Term Plan : About online period plan We will spend while and
money to plan for upcoming starting by assuring our precious ones. we remain an individual
or married or take children, the need for safety remains. Financial security planning is a very
important decision that we all must take to protect our household from the doubts of life.At
Shriram Life, we understand your responsibilities to your family and present the Shriram Life
Online Period Plan. We have cautiously intended this product to meet your complete
coverage requirements by reasonable premiums.

6.Shriram Life Assured Income Plan : About the endowment plan is an unrelated non-
participating legacy guarantee design. This idea serves clients who wish to capitalize only for
a fixed minimum period and reap fixed annual profits even after expiration.

Why the SLIC investment plan, Guaranteed Benefits, Tax benefits as appropriate, Sum
insured Up to 10 times the annual premium, Limited time premium payment.

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7. Shriram Life Genius Assured Benefit Plan : Planned to offer guaranteed financial
assistance to your family and care your child's education in the unhappy event of his death or
expiration. It can be generally confidential as a child insurance plan.

What remains a plan for children and why fix you want it?

Children's plans remain insurance and investment strategies that offer clean insurance
exposure and monetarily safe your child's future. You essential a idea for children to be able
to offer the finest for your child. Preparation your upcoming will help safeguard that nobody
gets in your way.

8. Shriram Life Comprehensive Cancer Care Plan : One of the top cancer insurance plans
in India, it offers paybacks in diagnosis and throughout its action in the initial and serious
stages. Cancer will affect the patient and their personal members actually, warmly and
economically. This idea helps minimize the financial problem and lets caregivers to attention
on patient.

9. Shriram Life My Spouse Term Plan : We all spend time and money to idea our future
initial by assuring our precious ones. Whether we are wedded or have kids, the need for
safety remains.

We have wisely intended a product to meet your complete attention needs with reasonable
premiums. This single product, you can offer coverage for by hand and also for your wife
against various unlucky events in life.

II.Individual plans:

A.Savings plan: under this there are 13 sub plans

1. Shriram Life Golden Premier Saver Plan : Particularly designed to combine safety with
savings and at same time give you choices to customize. Keep your family: lifespan coverage

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for the period of the chosen policy Increase your reserves: guaranteed advantage at maturity
with bonus . Added benefits: Get extra sum insured through long coverage benefits *
Providing that the policy in and all premiums due take stayed paid.

2. Shriram Life Super Income Plan : Particularly designed to meet the long-period
financial needs of an individual and his private. These needs are met under the plan in the
following ways: Financial security: life insurance coverage up to 75 years Financial stability:
through guaranteed monthly income up to 75 years and the lump sum paid at maturity
Financial control: through the flexibility to change the payment term of the premium

3. Shriram Life Assured Advantage Plus : It is an Legacy Plan in which you must
recompense the premium one once and get the double paybacks of Life Insurance and
Guaranteed Returns at Expiration. This plan offers 2 options: Choice I: Lifetime Cover is 10
times higher than Single Premium Choice II: life coverage is 1.25 times the single premium

4. Shriram Life Genius Assured Benefits Plan : Is a donation idea, designed to provide
certain financial support to your family and provision your child's education in the unlucky
event of his expiration. It can be largely confidential as a child insurance plan. As parents, we
aim to offer the best for the future of our children. We effort hard for the well-being of our
family and to satisfy the aspirations of our children. We backing our children in every likely
way so they can live a healthier and better-off life. We tell that our choices today will help
shape the upcoming of our children.

5. Shriram Life POS Guaranteed Endowment Plan : Is an unrelated non-joining legacy

plan that guarantees that your family is monetarily protected at all periods in the event of any
unexpected event. We like to occupy our time with our family and enjoy sharing happiness
together. We work hard to provide the best for our family, be it teaching, routine and many
other options. We need to make sure that success is maintained and improved even more as
we drive along.

6. Shriram Life Secure Investment : Is a unique investment and insurance plan in which
you recompense the premium only when and get the double advantage of life insurance and a
return on asset. This is an ideal plan to exploit the yields on your lump sum currency surplus.

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7. Shriram Life Assured Income Plan : It a sure income plan, is a answer to meet all your
possible cash flow supplies, thus guaranteeing the desired excellence of life for you and your
family.

.8. Shriram Life New Akshay Nidhi :This plan is a idea that ensures your dreams come
true. To make sure you need to have income at regular intervals. Shriram Life New Akshay
Nidhi is one of those plans that offers periodic survival benefits in addition to the benefits of
maturity and death.

9. Shriram Life Assured Income Plus :It is an unrelated non-participating endowment

guarantee plan. This plan serves clients who wish to invest individual for a fixed least
duration and reap annual profits even after expiration. The plan proposals a lifetime coverage
of a least of 10 times the annualized premium aimed at age active to 50 years and 7 times the
annualized premium for ages 51 years and over.

10. Shriram Life New Shri Raksha :It is an unrelated participating plan that offers double
insurance coverage during the term. The plan also provides full life insurance coverage after
the term of the policy, apart from the sum insured in the survival at maturity. Premiums paid
for this policy will be returned at maturity.

11.Shriram Life New Shri Life :It is an unrelated participant endowment plan. In addition
to being a organized reserves option, the plan acts as a consistent guard tool for your family
in the event of an accident. It is ideal due to the potential advantage of rollback bonds that
can be added to your life coverage year after year and also to the expiration benefit., Tax
benefits according to current tax regulations.

12. Shriram Life New Shri Vidya :Your kid's future is the most vital fear for you. With the
increase in educational costs in today's life, giving a decent education will be difficult except
it is planned. plan designed for you to realize your child's aspirations. The plan offers survival
benefits to adjust according to your child's education requirements and also insurance
coverage in the event of an unfortunate event.

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13. Shriram Life New Shri Vivah :The marriage is an auspicious and highly anticipated
occasion in life. To make it more notable it has to be well deliberate and that also includes
monetary planning provides financial support to search during this time. This plan also
suggestions adequate dual life insurance coverage plus even revenue in addition to expiration
benefits.

B.Investment plan: under this there are 5 sub plans

1. Shriram Life Growth Plus :It is an insurance plan linked the savings-oriented unit that
offers life and savings coverage through returns linked to the market. The plan offers multiple
options regarding the payment of premiums, account classes and investment give. The policy
can also be adopted in extra lives, where extra lives can be a wife, kid and grandchild.

2. Shriram Life Fortune Builder :It is an insurance plan linked to the single premium unit
designed for people who do not have a regular cash flow to keep premium payments each
year on the due date. This plan is ideal for those who travel and may not remember the
premium expiration dates or those who have a global amount available to complete their one-
time insurance requirement.

3. Shriram Life Wealth Plus :Shriram Life Wealth Plus is an insurance plan linked to the
unit that protects loved ones and ensures that they are financially protected, even when not
nearby. It also helps increase your investments and maximizes their return, offering reserves
and safety in a single plan.

4. Shriram Ujjwal Life (SP):This will help you achieve all your financial areas. Double
benefit of the return linked to the market and insurance protection, Individual premium mode,
Liquidity in the form of partial withdrawals and rescue benefits, Six funds to invest with the
best investment strategy, Flexibility to invest your surplus money in the form of a reload
bonus, Total transparency, so that you know the amount of premium invested and can have a
clear idea about the return on investment.

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5. Shriram Ujjwal Life :It is a regular plan linked to the premium unit planned to help you
with your monetary goals for your child's schooling, child marriage or a peaceful leaving.
Beyond that, the plan also guards your family alive compared to future uncertain events.

C.Protection plan: under this there are 5 sub plans

1. Shriram Easy Life Cover :This is a non-linked and non-participating life insurance plan.
The plan goals to see people's brief-term insurance wants.

2. Shriram Life Smart Protection Plan :We share outstanding moments with our family
and our precious ones. We effort hard to make sure we offer the best. While we love and
appreciate those minutes, we must also make sure we have protected our family from the
worries of life. To see these needs, Shriram Life gifts the Clever Guard Plan a pure term plan
offered at an reasonable price. Provides life coverage along with elective coverage for
accidents, serious illnesses.

.3. Shriram Life Secure Plus Plan :It is a non-linked and non-joining life insurance plan
intended to guarantee the financial security of your loved one to meet worries and make your
family feel entirely protected. You have a lump sum expense in case of unfortunate expiry
that helps your family decrease your debts and protects your fiscal security. At the same time,
premiums rewarded for this policy will be repaid at maturity.

4. Shriram Life Cash Back Term : The Shriram Life cashback term plan is an affordable
and easy-to-obtain financial security network for you and your loved ones. You have a lump
sum payment in case of unfortunate death, helping your family reduce your debts, thus
protecting your financial security. At the same time, premiums paid for this policy will be
returned at maturity.

5. Shriram Life Family Protection :This Plan is an unlinked and unlinked term insurance
plan. Plan meets the want of people who need to keep their families in case of premature
death.

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D. Retirement plan : under this there are 2 sub plans

1. Shriram Life Pension Plus :Helps you meet your retirement goals by creating a large
investment acquisition corpus to allow the policyholder to take a stable even income for life
by buying an annuity instant plus. The plan suggestions four types of reserves to choose from
to invest the premiums for the plan.

2 .Shriram Life Immediate Annuity Plus: It is a guarantee of immediate annuity of a single

unrelated and non-participating premium for persons. The plan goals to run a stream of
income for life after superannuation. In talk for a single buying price paid, the plan offers a
regular income brook in the form of a lifetime annuity.

E.Micro insurance plan: under this there is 1 sub plan

1. Shriram Grameena Suraksha plan :Is a non-participating non-participating term

insurance plan. The plan is a microinsurance term plan and provides low cost life coverage to
the socially weakest sectors of society. The plan has two options: Option I: pure term
guarantee. Option II: Term guarantee with return of premiums at maturity

III. Group plans

A.Protection plan(group): under this there are 3 sub plans

1. Shriram Life Sujana :It is non-linked and non-joining cluster credit life micro insurance
plans . The plans aims to offer fiscal security to the relatives of the followers of groups that
have a lender-debtor relationship, in case of Expiry.

2. Shriram Life Group Life Protector (SP): This is an unrelated and non-joining group life
insurance plan that offers protection in the event of the ill-fated death of the insured group
fellow.

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3. Shriram Life Group Term Life Insurance Plan :It is a one-year renewable group term
guarantee plan that offers lump-sum death benefit options in the event of a member's death.

B.Employee benefits plan: under this there are 4 sub plans

1. Shriram Life Group Traditional Employee Benefit Plan :This is an unrelated non-
participating group flexible insurance plan. The Shriram Life Group Outdated Employee
Benefit Plan is an reasonable and easy-to-obtain fiscal security network for you and your
precious ones. He takes a lump sum payment in case of sudden death, thus serving his family
decrease their debts.

2. Shriram Life New Group Gratuity : A non-partaking group insurance plan linked to the
unit that offers a complete solution to finance tip accountability in a cost-real manner and
also take advantage of valid tax profits.

3. Shriram Life Group Superannuation Plan :This is a plan based on non-connected

variable non-participating funds that employers can take to achieve the employee's pension
fund. The account can be kept at the specific member level or at the Leading policyholder
level.

4. Shriram Life Group Term Life Insurance In Lieu Of EDLI : Provides an extra life
insurance benefit to all employees, regardless of their salary level and service.

C. Special Plan : under this there is 1 sub plan

1. Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana :Shriram Life Pradhan Mantri
Jeevan Jyoti Bima Yojana is a non-linked and non-participating renewable group insurance
plan for one year, offering life insurance coverage to people with bank accounts in any bank.

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D.Micro insurance plan(group): under this there are 3 sub plans

1. Shriram Life Jana Sahay: It is an annual renewable group term microinsurance plan .
The plan aims to provide monetary security to families of messy groups or members of
sympathy groups in case of death.

2. Shriram Life Shri Sahay (SP): This provides life coverage to informally weaker sectors
of the people that includes independent workers such as agricultural workers, bidi workers,
carpenters, etc. and people living below the poverty line. The premium is paid only once, but
lifetime coverage will be available during the term of the policy.

3. Shriram Life Shri Sahay (AP):It is a premium yearly group insurance plan that offers
life coverage to socially weaker sectors of the people that includes self-employed workers
such as agricultural workers, bidi workers, carpenters, etc. and people living below the
poverty line. The premium is paid annually and lifetime coverage will be available during the
term of the policy.

2.7 Competitors
The competitors for Shriram life insurance are One public insurance company i.e. Life
insurance Corporation of India (LIC)

And there are in total other 22 insurance companies in India which are private. So all these
companies are competitors to Shriram life insurance Corporation.

2.8 Market share

The market share of Shriram life insurance company as on financial year 2015-16 with
respect to new business premiums is 0.5% while in the financial year 2017-18 the Shriram
life insurance corporation has shown a share of 8% with respect to new business premiums.

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It recorded a highest growth among all private sector insurance companies in the financial
year 2017-18 as stated by the annual report of Shriram life insurance Corporation for the
financial year 2017-18.

2.9 Milestones achieved/ awards received

Shriram life insurance received “India’s greatest brands award 2017-18” (3rd edition) from
pride7of the nation series awards and business summit.

Indian insurance award” for non-urban coverage in 2016 by Finetelekt, SP Media Pvt.Ltd.

The golden globe8tigers 2018” for excellence in insurance services in India, Kuala Lumpur
city.

2.10 Corporate Social Responsibility

Shriram life insurance constitutes CSR committee with three directors including an
independent director.
CSR activities of Shriram life insurance includes in the F.Y 2017-18:

Promotion of education, vocational training for economically weaker/unprivileged sections of

society
Promotion of health care, eradication of hunger, poverty and malnutrition
Welfare of commercial vehicle drivers by undertaking any or all of the above activities
Driver training school/ skill development for drivers
Socio economic development and relief and welfare activities of SC/ST, other backward
classes, women and minorities.

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2.11 SWOT Assessment:

Table 2.1 Swot Assessment

Strengths Opportunities
several types policies Growing rural market
International expertise Awareness about savings and
Loyal agents investment
Through banks

Weaknesses Threats
Low infrastructure Entry of new entrants
Low marketing Stringent rules
Poor payment

Strengths

 Insurance policies of several types

 International proficiency of Sanlam group
 Spread of 750 offices and loyal 75000 agents

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Weaknesses

 Low key I.T infrastructure as related to giant companies

 Low8marketing and6brand presence among public
 Poor payment of dues (it’s general for any insurance company)

Opportunities

 Growing rural market

 Awareness about savings and investment among urban people
 Crossing selling through banks

Threats

 Entry of new NBFC’S into the industry

 Stringent rules by IRDAI and government of India

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 CHAPTER-3

DESIGN OF PROJECT REPORT

3.1 Review of Literature

(Gupta (2003) evaluated the brand strategies of Indian life insurance players in terms of
awareness)

25
Customer expectations and the main industry challenges in India. As a result of the
competition, LIC required a considerable exercise in brand building, at least in urban areas. A
sample of 1000 people in several cities was taken to know the brand recognition of public and
private insurance companies. The results showed that LIC was at the top of the mind in the
life segment followed by other private life insurance companies. The study also revealed that
the solution of claims was the most important factor in the client's mind, followed by quality
services and investment security.

(Patil (2003) conducted a study to evaluate LIC products and their performance in the
Gulbarga district)

The objectives were (i) to study the history of SCI; (ii) make an attempt to measure and
evaluate the performance of LIC branches; (iii) critically evaluate the performance of existing
products and evaluate the duties of agents; and (iv) know the transaction and the people’s
precautions. The study covered a period of five years from 1994-95 to 1998-99. The study
revealed that the performance of policies related to children was very poor, except for the
children's money-back policy, which had not contributed significantly. Insurance products
with lower premiums and which covered more risks were the most preferred policies by
people. The participation of urban businesses was very high compared to the rural segment.
The study also revealed that the demonstration of the characteristics of the product by the
agents was not satisfactory. It was concluded that the relationship between agents and
development officers was not regular, which had an adverse effect on the agents' business in
particular and the Corporation in general.

(J. François Outreville The Relationship Between Insurance and Economic

Development 85 Empirical Papers for a Review of the Literature )

The objective of this article is to propose a review of 85 empirical papers examining the
relationships between insurance and economic development, that is, the insurance‐growth

26
nexus. When looking at the economic importance of the insurance sector, most papers in the
past have looked at the demand side (the level of economic development is an explanatory
variable among other factors that affect the demand for insurance). Because the role of the
insurance sector and its contribution to development is at the agenda of international
organizations and because the importance of the relationship between financial development
and economic growth has been well recognized and emphasized in the field of economic
development, more recent papers have examined the causality links between insurance and
economic development and the role of insurance as a significant determinant in the process of
economic growth.

(Donghui Li, Fariborz Moshirian, Pascal Nguyen ,Timothy Wee The Demand for Life

Insurance in OECD Countries)
This article examines the determinants of life insurance consumption in OECD countries.
Consistent with previous results, we find a significant positive income elasticity of life
insurance demand. Demand also increases with the number of dependents and level of
education, and decreases with life expectancy and social security expenditure. The country's
level of financial development and its insurance market's degree of competition appear to
stimulate life insurance sales, whereas high inflation and real interest rates tend to decrease
consumption. Overall, life insurance demand is better explained when the product market and
socioeconomic factors are jointly considered. In addition, the use of GMM estimates helps
reconcile our findings with previous puzzling results based on inconsistent OLS estimates
given heteroscedasticity problems in the data.

(Harris Interactive Inc. (2003): conducted a study to know the perception of

respondents towards life insurance policies and their level of satisfaction)
For this a telephone survey was conducted between a nationally representative sample of
1009 adults comprising 505 men and 504 women living in private homes in the continental
United States. The margin of error for the total sample was plus or minus 3.1%. Was noted

27
that only 67% of women and 57% of men had Positive attitude towards the commercial
practices of the Insurance Corporation. Four percent of men and women had no idea of the
business Internships of the Insurance Corporations.

(Knut K. Aase &Svein-Arne Persson Pricing of Unit-linked Life Insurance Policies)

The key feature of life insurance policies linked to the unit or capital is the uncertain value of
the future insurance benefit. By issuing insurance linked to the unit that guarantees the
insured a minimum benefit, the insurance company is exposed to financial risks. It is assumed
that the value of the insurance benefit is a function of a particular stochastic process. We use
the financial theory of arbitration prices and the martingale theory to obtain unique premiums
for different policies. We derive commercial risk minimization strategies that describe how
the issuing company can reduce financial risk. We derive a partial differential equation for
the market value of the premium reserve that we compare with the Thiele equation of
actuarial sciences. Our equation contains some new terms derived from our economic model.
The interpretation of the equivalence principle can be reviewed in this framework; The
principle is still maintained but under a new risk-adjusted probability measure, equivalent to,
but different from, the originally given probability measure.

(Marie-Odile Albizzati & Hélyette Geman :Interest Rate Risk Management and
Valuation of the Surrender Option in Life Insurance Policies)
The valuation of the prepaid option included in the mortgages attracts the attention of
professionals and academics (see Schwartz and Torous, 1989) both for its direct negative
effect on the financial value of a bank balance in the event of a fall in interest rates and also
because of its impact on the design and pricing of mortgage-backed securities. In the same
way, life insured persons can renounce their contracts and take advantage of the higher
returns available in financial markets; This is a source of concern for life insurers, especially
during periods of highly volatile interest rates such as those that have prevailed in recent
years. We address the problem of pricing the rescue option as the valuation of a contingent
claim for the insurer, where the contingency is closely related to the level of interest rates,

28
and directly the price through arbitration of the integrated rescue option in life insurance
policies. A closed form solution is derived in the case of a single premium policy when the
investment portfolio consists of a fixed-term zero-coupon bond, and the dynamics of
stochastic interest rates is driven by Heath-Jarrow-Morton ( 1992) model.

(Michael J.BrennanEduardo S.Schwartz∗ The pricing of equity-linked life insurance

policies with an asset value guarantee)

This document considers the equilibrium price of life insurance policies linked to equity with
a guarantee of asset value; These policies provide benefits that depend on the performance of
a reference portfolio subject to a guaranteed minimum benefit. The benefit is broken down
into a safe amount and a purchase option immediately exercisable in the reference portfolio.
A numerical procedure is presented to determine the value of the purchase option and the
investment strategy is derived to minimize the risk that the issuer of the policy must follow

(Anna Rita Bacinello ; Fair Pricing of Life Insurance Participating Policies with a
Minimum Interest Rate Guaranteed)

In this article we analyze, in a framework of contingent claims, one of the most common life
insurance policies sold in Italy during the last two decades. The policy, of the endowment
type, initially has a standard price, given a mortality table and a technical interest rate.
Subsequently, at the end of each policy year, the insurance company grants a bonus, which is
credited to the mathematical reserve and depends on the performance of a special investment
portfolio. More precisely, this bonus is determined in such a way that the total interest rate
credited to the insured is equal to a given percentage (level of participation) of the annual
return of the reference portfolio and does not fall below the technical rate anyway.
(guaranteed minimum interest rate, from now on). In addition, if the contract is paid by
periodic premiums, it is generally indicated that the annual premium is adjusted to the same
rate of the bond and, therefore, the benefit is also adjusted to the same extent. In this policy,
the variables controlled by the insurance company (control variables, hereinafter) are the
technical rate, the level of participation and, in a sense, the risk of the reference portfolio

29
measured by its volatility. However, as is intuitive, not all sets of values for these variables
give rise to a fair contract, that is, a contract with a price consistent with the usual
assumptions in the financial markets and, in particular, without arbitration. We then derive
the necessary and sufficient conditions under which each control variable is determined by a
fair contract price, given the remaining two.

(Doherty, Neil A.; Singer, Hal J: Regulating the Secondary Market for Life Insurance
Policies)

In this article, we explain the history of the secondary market for life insurance policies. We
examine the primary and secondary life insurance markets both before and after the entry into
the secondary market by viable and life settlement companies. Although competition between
insurance companies in the primary market leads to reasonably competitive rescue values
given normal health, rescue values based on normal health do not adequately compensate
people with impaired life expectancy due to the resulting appreciation of your policies.
Without an active secondary market, the equilibrium amount of impaired policies delivered is
inefficiently low. Vetic and life settlement companies erode the monopsonic power of life
insurance companies and generate welfare gains for the consumer, but they also impose costs
on short-term companies. The incumbent operators have responded to the entry into the
secondary market both by developing competitive products and by restricting the access of
the insured to per diem and life settlement firms by refusing to deal with agents that
participate in transactions in the secondary market. We examine the stated justification of the
holders that their refusal to negotiate promotes the interests of the insured, as well as the
possible justifications for efficiency, but we find that none of them is particularly convincing.
While traditional operators are right in stating that there should be greater safeguards against
fraud in the secondary market, we cannot agree with their apparent conclusion that the
appropriate remedy is to eliminate viability and life settlement companies from the market.
The emergence of competition in the secondary market for life insurance policies has
improved well-being and promises to generate even greater profits in the future. It is

30
important that regulators strictly regulate the secondary life insurance market, but at the same
time ensure that their regulations encourage, rather than deter, participate and invest.

(William H. Greene Dan Segal Profitability and Efficiency in the U.S. Life Insurance

Industry)

This study explores the relationship between cost inefficiency and profitability in the US life
insurance industry. UU. Earnings are of particular importance to life insurance companies
because profits and capital determine the viability of the insurer. Since the life insurance
industry is mature and highly competitive, profitability can be the main driver of profitability.
We derive profitability using the stochastic frontier (SF) method that allows the average
inefficiency to vary with the organizational form and results. In addition, the estimation of the
cost efficiency measure takes into account the underlying accounting concepts that generate
the data and, consequently, the combination of products (long-term policies versus short-term
policies) to avoid distorted estimates. Our results suggest that cost inefficiency in the life
insurance industry is substantial in relation to profits, and that inefficiency is negatively
associated with profitability measures, such as return on capital. The analysis of inefficiency
and the organizational form suggest that stock companies (shareholder property) are as
efficient and profitable as mutual companies (owned by policyholders).

(Yiing Jia Loke & Yi Yuern Goh, Purchase Decision of Life Insurance Policies among
Malaysians)

The idea of assigning economic value to human life goes back to [1] and, as such, a rational
person must be covered by insurance. Given the uncertainties of life, it is reasonable to think
that insurance is a product that people will consider buying to help cushion and minimize
their loss in case of unexpected circumstances. However, this is far from being true,
especially in Asian society, which is relatively conservative and considers it a taboo to plan
or discuss unfortunate circumstances such as death, disability or poor health. As such, while

31
insurance can be considered as one of the oldest financial products, it remains a product that
many will not take the initiative to buy unless required by law, such as car insurance or an
insurance sales agent. Approach the person or a wealth planner. Over the years, there has
been a gradual growth in the insurance industry as society becomes more educated and better
understands the importance of insurance. the amount of per capita insurance expenses in
Malaysia increased by 128% from RM338 in 2000 to RM771 in 2010. In addition, the
number of new life insurance policies also increased by 21% from 1,174,517 policies in 2000
to 1,428,280 policies in 2010. In 1990, the number of new policies was only 496,338 and the
per capita insurance expense was only RM92 [2]. However, the penetration rate and
insurance density in Malaysia is relatively low compared to other Asian countries. Figure 1
compares the density of insurance in selected Asian countries.

(Stephen Wolff,Ken Leisher & Allan Lubitz ;Method and system for the life insurance
industry)
A method for the life insurance industry in which an insurance policy application initiator
initiates the creation of an Insurability Documentation File that contains the information that
insurers or insurers need to assess the insurability rating of the potential insured. The
insurability documentation file is created by assembling, electronically, the insurability
documentation of one or more service providers.

The only insurability documentation file together with a universal offer request is sent to one
or more insurers to assess the qualification of the proposed life insurance policy. This
collection of the expected insurability information in a single electronic file allows faster and
more efficient handling and evaluation. Then, insurers can respond to the Universal Offer
Request with an insurability rating offer, which can be used by the potential insured to select
an insurer to issue a policy. Additional bidding rounds may be made by the same or different
insurers to increase the likelihood that the potential insurer will find an insurance policy that
meets their needs.

32
3.2 Statement Of The Problem

The problem is that insurance sector is having negative impact in the society and also the
wrong view on the policies among the public. so, it will be much difficult in spreading
awareness in a short span of time. Also educating the people about various types policies
available in life insurance and make a use of those kind policies which help them as well as
for their family. Insurance company also provides various kind of saving policies especially
for middle class peoples and there is also an investment opportunity is their in insurance . so
creating awareness about insurance and their various products informing that it not only an
life saving plan , it is life saving also and investment opportunity.

3.3 Objectives Of The Study

i. To examine the various life insurance products offered by company

ii. List of the policy only cover life risk, As well as investment
iii. To create awareness among the customers about insurance policies and the
Investment opportunities

3.4 Scope of the study:

Though insurance sector is having negative impact towards the society .The study is
basically to point the different kind of insurance policies which is provided by Shriram8life
insurance in7market and also give an knowledge about the policy to the customers. This
study also pitching of the policy to customers and informing that it not only provide life
security , it also provide various policies for investment also. Giving awareness to the people
that regarding various kinds of plans like life plans , savings plan, investment plan ,child plan
etc.

33
3.5 Research Methodology and Data Collection

Type of Research

Descriptive Research
Descriptive research is used to describe the characteristics of a population or phenomenon.
Study. It does not answer questions about how / when / why the characteristics occurred.
Rather, it addresses the question of "what." The characteristics used to describe the situation
or The population is usually some kind of categorical scheme also known as descriptive
categories. Qualitative research often aims at the description and researchers can follow up
with exams why the observations exist and what are the implications of the findings.
Therefore, this research method is best suited to know the consumer's buying behaviour.

Research design

Research design is a plan of collecting and utilizing the data so that the desired information
can be obtained with sufficient precision or to test the hypothesis. Research design will
explain the importance of the study, the time taken to complete the work, data needed for the
study and tools used for collecting the data.

Sources of data

The data will be collected using both by primary data collection method as well as secondary
source.

Primary Data

Most of the information will be gathered through Primary source the method that will be used
to collect primary data are

1. Questionnaires.

34
 2. Interviews.
3. Surveys
4. Observation method
5. Focus groups etc.
Here the primary data is collected through a questionnaire consisting of open and
closed ended finished questions

Secondary Data

Secondary data means the data that is already available. This means that they refer to the

data that has already been collected and analysed by someone previously who can save both

Time and money of the researcher. May be available in the form of company records, trade

publication, libraries, etc. In this case, the secondary data is collected from the reports of the
company, company officials, internet.

The secondary& data is also collected through

1. Websites.
2. Journals.
3. Records from Rail wheel factory.

3.6 Sampling

Sampling design

A sample of 60 questionnaire very circulated but able to get 57 response from circulated 60
questionnaire and respondents has been extracted. In a sense, this is not a sample, but

It covers all respondents given by the company. Therefore, the sampling design is mainly

One of the convenient sampling methods.

35
 i. Sampling method: Convenience sampling
ii. Population: public
iii. Sampling size: 60

3.7 Plan Of Analysis

The analysis of the data would be using the statistical tool like percentage which help in
finding the interpretation, growth, comparison charts i.e., pie, lines and bar charts. Spss and
MS-Excel software are used for statistical analysis

3.8 Limitations Of Study

Though there have been efforts to understand the broad perspective of effectiveness, but the
understanding in the study through informing, reminding and persuading is quite fresh.
However, study had the below limitations:
1. This research is an illustration of creating awareness about the insurance towards the
people. However numerous uncontrolled elements like personal traits, background, individual
differences of the respondents might have had an influence in filling the questionnaire. As
there’s a likelihood of the respondent’s to miscomprehend or misjudge the questions.
2. The sample size was limited to 50 for the customer survey.
3. Geographically only Bangalore city was taken. Hence, the findings of this study cannot be
applied to country as a whole.
4. This study was limited only to 1 private life insurance company.
5. The study was time-consuming since getting a fully-filled questionnaire took time. The
researcher in some cases also met the respondents for 2nd time which was intensive and
cumbersome.
6. The study has included the minimum income as Rs 1-2 lakhs for the same.

36
 CHAPTER 4
DATA ANALYSIS AND INTERPRETATION OF
RESULTS

37
 Data Analysis And Interpretation

The survey has been conducted among 57 people, Data interpretation is carried on according
to the collected questionnaires.

Table 4.1: Age group

20-25 36 63.2
25-30 12 21.1
30-35 7 12.3
35-40 1 1.8
40-45 1 1.8

38
 Figure 4.1 Age group

Interpretation: Among the survey conducted 63.2% are from age group of 20–25 ,21.1% are
from age group of 25-30, 12.3% are from the age group of 30-35, 1.8% from the 35-40 age
group and 1.8% from the 40-45 age group.

39
Table 4.2: Gender

Respondent Percentage
Male 45 78.9
Female 12 21.3
Total 47 100

Figure 4.2 Gender

Interpretation: The above graph shows that 78.9% are males, 21.1% are females.

40
Table 4.3: Occupation

Respondent Percentage
Student 32 56.1
Self employed 12 21.1
Professional 7 12.3
Housewife 3 5.3
Others 3 5.3
Total 57 100

Figure 4.3 Occupation

Interpretation: The above graph shows that 56.1% are student , 21.1% are self employed ,
12.3% are professional , 3.5% are from the house wife and 5.3% from others.

41
Table 4.4 : Annual income

Respondent Percentage
Below 1 lakh 27 47.4
1 -5 18 31.6
5 – 10 10 17.5
10-15 2 3.5
15-20
Total 57 100

Figure 4.4 Annual Income

Interpretation: The above graph which shows 47.4% are below 1 lakh annual
income ,31.6% shows the income of 1-5 lakh , 17.5% represents income from 10-15 lakh,
1.8% represents the income from the 10-15 lakhs.

42
Table 4.5: Place of Residence

Respondent Percentage
Rural 33 57.9
Urban 24 42.1
Total 57 100

Figure 4.5 Place of Residence

Interpretation: The above graph represents the 57.9% are from rural background and 42.1%
are from the urban people where they have their residence.

43
Table 4.6: Percentage Of Indian Population Is Insured

Respondent Percentage
0-5% 7 12.3
5-10 % 24 42.1
10-15% 19 33.3
15-20% 6 10.5
20-25% 1 1.8
Total 57 100

Figure 4.6 Percentage Of Indian Population Insured

Interpretation: The above graph which represents to know about how the people are being
aware that how much percentage of Indian population are having insurance in this 42.1% tells
that 5-10%, 33.3% represents 10-15%, 10.5% represents 15-20% , 1.8% which represents 20-
25%.

44
Table 4.7: In Which Sector You Would Like to Invest

Respondent Percentage
Public sector 27 47.4
Private sector 30 52.6
Total 57 100

Figure 4.7 In Which Sector You Would Like to Invest

Interpretation: The above graph which represents in which sector people like to invest their
money so 52.6% represents to invest in private sector and 47.4% represents like to invest in
private sector.

45
Table 4.8: Do you prefer to invest in bank or insurance

Respondent Percentage
Insurance 25 43.9
Bank 32 56.1
Total 57 100

Figure 4.8 Do you prefer to invest in bank or insurance

Interpretation: The above graph represents that where they want to invest their money and
56.1% represents in bank and 43.9% represents in insurance.

46
Table 4.9:Do You Have Any Insurance Policy
 

Respondent Percentage
Yes 28 49.1
No 29 50.9
Total 57 100

Figure 4.9 Do You Have Any Insurance Policy

Interpretation: The above graph represents 50.9% are not having insurance and 49.1% are
having insurance policy.

47
Table 4.10: What factor you will consider while selecting a policy

Respondent Percentage
Company reputation 18 31.6
Premium out flow 12 21.1
Service quality 9 15.8
Return on investment 18 31.6
Total 57 100

Figure 4.10 What factor you will consider while selecting a policy

Interpretation :The above graph which represents what will customer consider while
selecting the policy 31.6% represents return on investment and also company reputation
21.1% represents premium out flow, 15.8% represents sevice quality.

48
Table 4.11:How Many Insurance Company You Know

Respondent Percentage
1-5 23 40.4
6-10 25 43.9
10-15 8 14
15-20 1 1.8
20-25
Total 57 100

Figure 4.11 How Many Insurance Company You Know

Interpretation :The above graph represents number insurance company that known 43.9%
represents 6-10 , 40.4% 1-5 company ,14% represents 10-15 company and 1.8% represents
15-20 company.

49
Table 4.12:How Do You Rate Following Life Insurance Companies on 5 point scale where 5
mean highest 1 means low.

LIC
Rating Respondent Percentage
5 7 12.28
4 17 29.82
3 22 38.59
2 4 7.01
1 7 12.28
57 100

SHRIRAM
Rating Respondent Percentage
5 1 1.75
4 6 10.52
3 32 56.14
2 14 24.56
1 4 7.01
57 100

KOTAK
Rating Respondent Percentage
5 2 3.50
4 9 15.78
3 25 43.85
2 15 26.31
1 6 10.52
57 100

50
ICICI
Rating Respondent Percentage
5 2 3.50
4 6 10.52
3 29 50.87
2 14 24.56
1 6 10.52
57 100

HDFC LIFE
Rating Respondent Percentage
5 2 3.50
4 5 8.77
3 27 47.36
2 18 31.57
1 5 8.77
57 100

Figure 4.12 How Do You Rate Following Life Insurance Companies

51
Interpretation: The above graph represents the rating of an insurance company .

Table 4 .13:Do You Here About Shriram Life Insurance Company

Respondent Percentage
Yes 31 54.4
No 16 28.1
Maybe 10 17.5
Total 57 100

Figure 4.13 Do You Here About Shriram Life Insurance Company

Interpretation : The above graph represents 54.4% know about the company , 28.1%
represents don’t know about the company and 17.5% people may be know the company.

52
Table 4.14:If Yes Then From Where Did You Hear About Shriram Life Isurance

Respondents Percentage
Tv ads 13 23.2
News paper 12 21.4
Social media 11 19.6
Friends 14 25
Other 6 10.7
Total 56 100

Figure 4.14 If Yes Then From Where Did You Hear About Shriram Life Insurance

53
Interpretation :The above graph represents 25% represents from the friends , 23.2%
represents from the tv ads , 21.4% represents from the news paper , 19.6% represents from
social media and 10.7% represents form the other source.

Table 4.15:Do You Know About The Shriram Life Insurance Plans

Respondent Percentage
Yes 27 47.4
No 30 52.6
Total 57 100

Figure 4.15 Do You Know About The Shriram Life Insurance Plans

54
Interpretation: The above graph represents 52.6% represents don’t know about insurance
plans and 47.4% represents they know about the insurance plans.

Table 4.16:If Yes Which Plans

Respondent Percentage
Life Plan 14 29.8
ULIP Plan 14 29.8
Child Plan 9 19.1
Savings Plan 10 21.3
Plan For Women - -
Total 47 100

Figure 4.16 If Yes Which Plan

55
Interpretation: In the above graph represents 29.8% represents life plans and ULIP plans ,
21.3% represents savings plan , 19.1% represents child plan.

Table 4.17:Do You Prefer To Take Policies From Shriram Life Insurance

Respondent Percentage
Yes 17 29.8
No 21 36.8
Maybe 19 33.3
Total 57 100

Figure 4.17 Do You Prefer To Take Policies From Shriram Life Insurance

56
Interpretation :The above graph represents they are interested in taking policies 36.8%
represents they not interested on policies , 33.3% represents may be interested to buy and
29.8% represents interested in buying the policies .

Table 4.18:If Yes For What Factor You Would Like To Insured In Shriram

Responses Percentage
For Savings 15 30
For Covering Risk 17 34
For Tax Benefit 8 16
Return On Investment 10 20
Total 50 100

figure 4.18 If Yes For What Factor You Would Like To Insured In Shriram

57
 Interpretation: The Above Graph Represents 34% People Consider For Covering Life
Risk , 30% Represents For Saving , 20% Represents Return On Investment And 16%
Represents Tax Benefits.

Table 4.19: Overall Rating For Shriram Life Insurance

Rating Respondent Percentage

5 13 22.8
4 21 36.8
3 18 31.6
2 3 5.3
1 2 3.5
Total 57 100

Figure 4.19 Overall Rating For Shriram Life Insurance

58
Interpretation :The above graph represents 3.5% people rate 1 rating for Shriram life
insurance ,5.3 represents for 2 rating ,31.6 represents 3 star , 36.8 represents 4 star , 22.8
represents 5 star rating for Shriram life insurance.

CHAPTER 5

FINDINGS, CONCLUSION AND SUGGESTIONS

59
5.1 Findings

The Following Are Some Important Findings Of The Present Study.

1.From The Above It Shown That Maximum Respondents Are 20-25 Year And Minimum
Number Of Respondents Are From 40-45 Age.

2.Maximum Number Respondents From The Male And Minimum From The Female
Gender.

3.In The Above Graph Maximum Respondents Occupation are Student and Minimum#
Respondents Are Doing Occupation Of Self Employed.

4.It Is Observed That Most Of The Respondents Are Having Annual Income Below 1 Lakh
And Few Respondents Are Having Annual Income Of 10-15 Lakh

5.It Is Observed That Maximum Respondents Own Two Wheeler And Minimum
Respondents Own Four Wheeler

6.It Is Observed Maximum Number Of Respondents Live In Rural Places And Minimum
Live In Urban Places

7.It Is Observed That Most Of The Respondents Are Not Aware Of The Percent Of People
Insured , Maximum Respondents For 5-10% And Minimum For 20-25%

8.It Is Observed That Most Of Respondents Are Like To Invest In Private Sector And
Minimum For Public Sector

9.It Is Observed That Respondents Will Like To Invest In Bank Rather Than A Insurance
Company

60
10.Here Respondents Are Almost Similar 50% Are Having Insurance And Other 50% Are
Not Having The Insurance Policies

11.It Is Observed That Respondents Will Give Most Preference To Return On Investment
And Company Reputation And Less Preference To Service Quality

12.Here It Shown That Most Of The Respondents Are Not Aware Of The Total Insurance
Company So Most Of The People Know Only 1-5 Insurance And Few Respondents Knows
15-20 Insurance Company

13.Here Most Of The People Knows About The Shriram Life Insurance Company And Few
People Not Aware Of This Company

14.Maxiumum Respondents Knows Through The Friends And Tv Ads Minimum Through
The Other Sources

15.Here It Is Observed Maximum Of Respondents Are Not Aware Of Plans Of Shriram Life
Insurance Minimum Knows About Plans

16.Maximum Of Respondents Knows About Life Plans Also ULIP Plans And They Are Not
Aware Of Plans For Women

17.Here It Observed If They Are Been Given More Awareness Most Of The People Are
Willing To Take Policies

18.Most Of Respondents Consider Covering Risk Factor And Few On Tax Benefit

19.Here Shriram Life Insurance Are Being Given Good Rating Form 3-5 Star

61
5.2 Conclusion

1.The Company Should Conduct An Effective Research For Making More And More
Awareness About Its Products Among Potential Customers By Means Of Advertisement And
Efficient Insurance Agents , Which Turn Will Help In Increasing Its Customers .

2.Company May Motivate All The Agents And Intermediaries To Suggest The Policy
According To Individual Requirement.

3.Company Has To Do New Products And Strategies To Create A Product With Less
Expensive And Which Gives More Coverage

4.The Present Scenario Demands All The Customer To Have A General Insurance Cover In
Order To Protect From Future Uncertainty.

1.The Study Can Achieve Its Objectives, Analysing And Identifying The Client's Awareness
Through Shriram Life Insurance Plans, Such As The Savings Plan, The Investment Plan And
The Life Plan, Etc.

2. The Result Of The Study Demonstrates That The Company's Policy Performance Is Good
For Raising Awareness About Life Plans And The Investment Plan. And The Company Is
Having A Good Reputation Among The Client And The Company Has A High Awareness
Among Respondents. We Can Also Conclude That Respondents Know About Insurance
Plans And Their Importance

3. It Is Also Concluded That The Company Could Initiate Several Steps Based On
Suggestions.

62
The Company, By Adopting Some Of The Recommendations, If Not All, Can Further
Improve Its Performance And Occupy A Leading Position Among Other Competitors In The
Future

5.3 Suggestions

1. The Company Must Conduct An Effective Investigation To Create More And More
Awareness About Its Products Among Potential Customers Through Ads And Efficient
Insurance Agents, Which In Turn Will Help Increase Their Customers.

2.Company Can Motivate All Agents And Intermediaries To Suggest The Policy According
To Individual Requirements.

3.Company Has To Make New Products And Strategies To Create A Product With Less Cost
And Provide More Coverage

4. The Current Scenario Requires That All Clients Have General Insurance Coverage To
Protect Themselves From Future Uncertainty.

63
 BIBLIOGRAPHY:

SOURCES OF INFORMATION / BIBLOGRAPHY

64
Bibliography

Journals

i. Bow brick 1956 - The journal of insurance published by American risk and insurance
association
ii. Joan T.Schmit 2017 - Journals of Risk And Insurance published by American risk
and insurance association
iii. Thomas D’Aunno 1944 – medical care research and review published by SAGE
publishing
iv. Silva H K E 1956 – the review of insurance studies published by American risk and
insurance association 23

Website

www. shriramlife.com

www.homeandgardenideas.com/Life insurance family/Look no further

www.izito.co.in/Life Insurance Websites/Quality_Results
www.izito.co.in/Bajaj Life Insurance Products/Quality Results
www.bajajallianzlife.com

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https://www.researchgate.net › publication › 323147499_Insurance_Awaren...

Questionnaire /Annexure

Sir/ Madam,

I am Rakshith Kumar Student Of ABBS Bangalore. I Have Been Assigned To A Project

Work Entitled “A Study On Various Life Insurance Policies ”With Reference To Shriram
Life Insurance Company ,Bangalore . For Partial Completion Of Masters Of Business
Administration. I Request You Kindly To Fill Up The Questionnaire By Sparing Your
Valuable Time. The Information Provided By You Will Be Used For Academic Purpose
Only.

Please Mark As (√) In Front Of Your Choice.

1. Name :

Address:

Phone no:

66
2. Age:

3. Gender

[ ] Male [ ] female

4. Occupation:

[ ] student [ ] Professionals

[ ] House wife [ ] others

5. Annual income

[ ] Below 1 lakh [ ] 1-5 lakh

[ ] 5 lakh and above [ ] 10 lakh above

6.Place of residence

[ ] urban [ ] rural

7. Percentage of Indian population insured

[ ]0-5% [ ] 5-10%

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[ ] 10-15% [ ] 15-20%

8.In which sector you would like to invest

[ ] public [ ]private

9.Do prefer to invest in bank or insurance

[ ] insurance [ ] bank

10.Do you have any policy

[ ] yes [ ] no

11.What factor you will consider while selecting a policy

[ ] company reputation [ ] premium outflow

[ ] service quality [ ] return on investment

12.How many insurance company you know

[ ] 1-5 [ ] 6-10

[ ] 10-15 [ ]15-20

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13.Do you hear about Shriram life insurance

[ ] yes [ ] no

[ ] maybe

14.If yes then from where did you hear about it

[ ]tv ads [ ] news paper

[ ] social media [ ] friends

[ ] other

15.Do you know about Shriram life insurance plan

[ ] yes [ ] no

16.if yes which plans

[ ] life plan [ ] ULIP plan

[ ]child plan [ ] savings plan

17.Do you prefer to take policies of Shriram life insurance

[ ] yes [ ] no

[ ] maybe

18.If yes what factor you will like to insured in Shriram

[ ]for saving [ ] for covering risk

[ ] for tax benefit [ ] return on investment

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19.overall rating for Shriram life insurance

[ ] 1[ ]2

[ ] 3[ ]4

[ ] 5

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