A REPORT ON SUMMER TRAINING

UNDERGONE AT
SHRIRAM LIFE INSURANCE COMPANY LTD.
Submitted to the

FACULTY OF MANAGEMENT SCIENCE

in partial fulfillment for the award of the degree

of

MASTER OF BUSINESS ADMINISTRATION

Submitted by

R. PRIYA

(Reg no. 111919631066)

ANNA UNIVERSITY

CHENNAI - 600 025

JULY 2020

1
 BONAFIDE CERTIFICATE
This is to certify that the Report on summer training undergone at SHRIRAM LIFE
INSURANCE COMPANY LTD is the Bonafide work of R. PRIYA, Register no 111919631066
is a record of original work done by her. Certified further, that to the best of my knowledge the
work reported herein does not form part of any other report on the basis of which a degree or
award was conferred on an earlier occasion on this or any other candidate.

Signature of Supervisor Signature of the HOD

NAME : MS P. SHALINI Dr. KERINAB BEENU.G.H
Asst. Professor Professor & Head of the Department

2
 DECLARATION

I, R.PRIYA , II year MBA student of S. A. ENGINEERING COLLEGE, Thiruverkadu, Chennai,

hereby declare that the Report on summer training undergone at SHRIRAM LIFE
INSURANCE COMPANY LTD. submitted for the M.B.A. Degree is my original work under the
guidance of Ms. SHALINI.P, assistant professor, Department of management science,
Department of Management Science, S.A. Engineering College, and the report has not
formed the basis for the award of any degree, associateship, fellowship or any other similar
titles.

Place:

Date: Signature of the student

(R. PRIYA)

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 ACKNOWLEDGEMENT
Foremost, I thank the almighty without whose grace anything is possible. We are indebted to
our Founder Chairman late Thiru.D.Sudharssanam, M.L.A., and Chairman
Thiru.D.Duraiswamy, Secretary Thiru. D.DASARATHAN and Dynamic Director,
Mr. P. VENKATESH RAJA for providing generous opportunity, excellent environment and
infrastructure at S. A. ENGINEERING COLLEGE, Chennai.

I express our sincere gratitude to our Principal, Dr. P.K. NAGARAJAN for his enthusiastic
support and enlightening guidance.

I extend my thanks to our Head of the Department, Dr. KERINAB BEENU.G.H, for her support
and encouragement for completion of this study and report. I would also like to thank Ms.
SHALINI.P assistant professor, Department of Management Science for the valuable guidance
provided to me enabling me to successfully complete my study

I would also like to thank all the teaching and non-teaching staff of my institute for their
continuous support and encouragement.

I would like to express my thanks Ms. KAVITHA DENVER, “Area Manager”- DIGITAL
MARKETING, SHRIRAM LIFE INSURANCE COMPANY LTD who has kindly permitted me to
undertake the training in the organization. I am also thankful to all the members of the
organization for their support and providing the required information.

My hearty thanks to my parents and friends for their continuous support and
encouragement in the successful completion of the report.

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TABLE OF CONTENTS:

S.NO PARTICULARS PAGE NO

1 CHRONOLOGICAL DAIRY OF TRAINING 6

2 EXECUTIVE SUMMARY 7

3 COMPANY PROFILE 10

3.1 PROFILE OF THE COMPANY

3.2 PRODUCTS AND SERVICES

4 DETAILS OF DEPARTMENT TRAINED 25

4.1 DIGITAL MARKETING

5 DETAILS OF STUDY 30

5.1 INTRODUCTION

5.2 NEED FOR STUDY

5.3 OBJECTIVES OF STUDY

5.4 SCOPE OF THE STUDY

5.5 REVIEW OF LITERATURE

5.6 RESEARCH METHODOLOGY

5.7 ANALYSIS & INTERPRETATION

5.8 FINDINGS

5.9 SUGGESTIONS

5
6 CONCLUSION 54

6.1 BIBLOGRAPHY

6.2 APPENDIX

1.CHRONOLOGICAL DIARY OF TRAINING

DATE TOPIC MANA GERIAL

SKILL
DEVELOPED
02.05.2020 Self-introduction Communication
skill

19.05.2020 Basics & History of life Organizational skill

insurance

20.05.2020 Important of life insurance Organizational skill

21.05.2020 Presenting on MY SUPER Presentation skill

HERO training

26.05.2020 How to overcome struggle in Learning skill

life

27.05.2020 Introduction to promotion of Presentation skill

the product

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29.05.2020 Communication development Learning skill

01.06.2020 Digital marketing Learning skill

02.06.2020 Training about adwords Creativity skill

04.06.2020 Training customer Learning skill

satisfaction

05.06.2020 How to sale products Learning skill

10.06.2020 Presentation on SHIRAM LIFE Presentation skill

INSURANCE

14.06.2020 Appreciation of selling Motivation skill

06.7.2020 Saving life Learning skill

10.07.2020 Personality development Communication

skill & Learning
skill

12.07.2020 Questioning and answering Technical skill and

session learning skill

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2. EXECUTIVE SUMMARY

I feel pleasure to present this project report as a part of curriculum of

M.B.A course. The objective of this research project is to know the consumer
awareness of Shriram life insurance company ltd. The research project with
Shriram life has been very informative and inspirational.

For this research project the awareness level of consumer about Shriram life
insurance is known which would be helpful to the company

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INTRODUCTION
The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360-degree
turn witnessed over a period of almost 190 years. The business of life insurance
in India in the year 1818 with the establishment of the oriented life insurance
company in Calcutta.

The general insurance business in India, on the other hand, can trace is
roots to the triton insurance company ltd, the first general insurance company
established in the year 1850 in Calcutta by the British.

Shriram life insurance company, also known as (SLIC)was founded in

the year 2005 and commenced operations in the year 2006. SLIC is well known
for their efficient use of capital and low operational costs. “total number of
insured lives is more than 26 lakh”.

Shriram life insurance company is a joint venture between Shriram

group founded in 1974, headquartered in Chennai and Sanlam, a leading financial
services group based in cape town, south Africa. Together, Sanlam and Shriram’s
group aims to provide the best life insurance products to cater different
segments of Indian market. In 2016, Shriram life insurance company received the
Bizz Americas 2016 awards. The company’s objectives aims in reaching out to
the common man with product and services that would be helpful to him/her as
they set out on the path to prosperity

Highlights of Shriram life insurance

 Shriram life has more than 528 branches with over and above 1.45
crore customers.

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  Shriram life closed rs.1020 crore gross premium in 2015-2016.

 The company has a network of 609 offices and 75,000 agents

across India.

 Shriram has outstanding underwriting record and has awarded as

‘underwriting initiative of the year’.

 Shriram life insurance generates more than 40% business through

providing insurance to rural area weaker segment individuals-‘AAM
AADMI’ of India.

 The founder of Shriram group, Mr. R. Thyagarajan, has been

awarded with Padma Bhushan award.

Awards won by Shriram life insurance company

1.The Bizz American 2016 award Shriram life insurance,

2.Best life insurance company-BFSI award ABP news

3.International arch of Eroupe award-Frankfurt 2015

4.Indian insurance award for non-urban coverage-life insurance –

Finetelekt, Sp media Pvt. ltd

5.managerial excellence award 2015 – for excellence in diverse

Areas-madras management association.

3.COMPANY PROFILE

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3.1 PROFILE OF THE COMPANY

Shriram Life Insurance Company is the result of a joint venture between

Sanlam Company, South Africa and Shriram Group of Companies, India. It is
among the largest and respected financial services corporations in India. The
main aim of this company is to offer world class services and products that
would help in securing the future of your family financially. The company offers
different types of insurance policies to suit the needs depending on the age,
gender and income of the individual primarily. Shriram Group of Companies has
experience for more than "30 years in auto financing for commercial vehicles, chit
funds and other types of financial services in India.

Sanlam is a life insurance and asset management firm based in South

Africa. The company has more than 87 years of experience in this field. The
company is listed on the JSE Securities Agencies and on the Namibian Stock
exchange as well. The net asset value of this company is more than $55.6 billion
USD. The joint venture of these two companies named as Shriram Life Insurance
Company offers you tailor-made products. The name of the different policies that
the company offers are Shri Nidhi, Shri Life, Shri Vidya, Shri Raksha, Shri Plus,
Shri Plus (SP), Shri Vibah, Shri Laabh and Shri Vishram. The

names of the policies suggest to certain extent the kind of insurance each
provides. The company provides truck insurance taken forward from its Indian
parent company. Other services offered by the company include stock broking,

11
consumer durable financing and insurance broking. Other than these insurances,
you can get online premium payment and online policy buying facilities.

Incorporated in 2005, Shriram Life Insurance commenced operations in

2006. Synonymous for its efficient use of capital and low operational costs, SLIC
has been true to the Group‘s philosophy of financial inclusion. SLIC’s aim is to
offer life insurance plans and solutions that cater to a wider demography. It has a
network of over 550 offices across India.

VISION AND MISSION

The Shriram Life Insurance Company was founded with the

objective of reaching out to the “common man” with products and services that
would be helpful to him as he sets out on the path to “prosperity”.

Operational efficiency, integrity and a strong focus on catering to the

needs of the average Indian, by offering him high quality and cost-effective
products and services, are the core values that drive the organisation. These
values have been strongly adhered to over the decades and are now an integral
part of the organisation’s DNA.

The company prides itself on its deep understanding of the customer.

Each product or service is tailor-made to specifically suit the needs of the
customer. It is this guiding philosophy of putting people first that has brought the
group company closer to the grassroots and has made it the preferred choice for
all truck financing requirements amongst the customers.

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BOARD OF DIRECTORS AND STAKEHOLDERS

Sl. NAME DESIGNATION

No
1 Mr. casparus Jacobus Managing Director & CEO

2 Kromhout
Smt. Akhila Srinivasan Managing Director

3 Mr. Manoj Kumar Jain Managing Director

4 Mr. G. Vaidyanathan Chief Financial Officer & Chief Risk

5 Mr. Prateek Mahesh Officer

Chief Investment Officer

6 Mr. Johannes Gilliam van Appointed Actuary

Helsdingen Company Secretary & Chief
7 Ms. Samatha Kondapally
Compliance Officer

MILESTONES

YEAR MILESTONE OF SHRIRAM CAPITAL LIMITED

1974 Commencement of Business - Shriram Chits

1979 Commencement of Business - Shriram Transport Finance Co (STFC)

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1982 Commencement of Business - Shriram Investments Ltd

1984 IPO of STFC

1986 Commencement of Business - Shriram City Union Finance Co (SCUF)

1989 Commencement of Business - Shriram Overseas Finance Ltd

1994 IPO of SCUF

1994 Commencement of Business - Shriram Asset Management Co. Ltd

1995 Commencement of Business - Shriram Insight Share Brokers Ltd

1997 Commencement of Business - Bharat Re-Insurance Brokers Pvt. Ltd

1999 Citicorp CV financing tie up with STFC

2002 Citicorp invested in STFC and SIL

2003 Commencement of Business - Insight Commodities and Futures Pvt.

Ltd

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2004 Commencement of Business - Shriram Capital Ltd

2004 Reliance Capital and UTI Bank invested in STFC and SIL

2005 Shriram Capital Ltd became the holding company of the Financial
service and entities of the group

2005 Entry of Chryscapital as Partner with STFC, SIL and Shriram Overseas
Financial Ltd (SOFL)& EPC

2006 Entry of Sanlam as Life Insurance business partner and

commencement of business- Shriram Life Insurance Co

2006 Merger of Shriram Investments Ltd & Shriram Overseas Finance Ltd
with STFC

2006 Commencement of Business - Shriram Fortune Solutions Ltd

2007 Entry of TPG as STFC's partner

2008 Commencement of Business - Shriram General Insurance Ltd

2009 Non-Convertible Debenture Placement by STFC

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2009 Commencement of Business - Shriram Wealth Advisors Ltd

2010 Commencement of Business - Shriram Equipment Finance company

Ltd

2010 Commencement of Business - Shriram Automall India Ltd

2011 TPG invested in Shriram Capital (SCL)

2011 Commencement of Business - Shriram Financial Products Solutions

Commencement of Business - Shriram Housing Finance Ltd

LeapFrog Investment into Shriram Credit Company Limited (SCCL)

2011
Shriram life insurance co ltd

3.2 PRODUCTS/ SERVICES

Shriram life insurance company limited has growth tremendously in

recent years, and currently boats over 630 branches in addition to more than
75000 insurance agents across the country. The company has an impression

16
portfolio of insurance plans to ensure that the needs and requirement of a
diverse customer base are met. Shriram life insurance company limited
concentrates primarily on the economically weaker sections of society and rural
markets, thereby generating in exceeds of 40% of its business via in these
segments.

PRODUCT LIST

 Shriram Life Genius Assured Benefit Plan

 Shriram Life Comprehensive Cancer insurance plan

 Shriram Life Online Term Plan

 Shriram Life Assured Income Plus

 Shriram Life Growth Plus

SERVICES OFFERED

 Commercial Vehicle Finance

 Consumer & Enterprise Finance
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  Retail Stock Broking
 Life Insurance
 General Insurance
 Financial Product Distribution
 Wealth Advisors
 Chit funds
 Overseas investments
the Shriram group is one of the largest and well respected financial services
Conglomerats in India. The groups main line of activities in financial services
include, chit funds, truck financing, consumer durable financing, stock Brocking,
and life insurance. The group has a customer base of 30lack chit subscribers and
investors and operates through a network of 630 offices all over the country. The
group has the largest agency force in the private sector consisting of more then
75000 loyal and dedicate agents.

Shriram life insurance co ltd. Was launched in January 2006. India currently
accounts for 16% of the world population. 70% of the population blow 35years of
age. between 2001 and 2006, Indian demography as changed with the higher
income classes constituting about 79%. This presence huge market for insurance
product

This is amply reflected in the growth of insurance industry in the recent year.
However, this growth as not reached to rural and semi urban areas. Shriram
group with its network of branches particularly in these areas a unique
opportunity for reaching out a wider audience and sustain the growth story of the
18
insurance industry. Most of the product of Shriram life were designed by advisors
working in the field and based on need analysis done through Intence market
research

During the first year of operation the company earned a profit of 2crores which
doubled to 4crores in the subsequent year. For the fiscal ended march 2009 the
company earned a profit of 8crores adding the total premium at the end of 2008-
09 stood at 1000crores. The company aims to garner new business premium of
rupees 1000crores in the next 3-4years. The company also intends to increase in
100cities in next couple of Years

SHRIRAM LIFE INSURANCE PLANS

 life plans

 ULIP plans

 Term plans

 Plans for women

 Child plans

 Pension plans

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  Savings

 Group plans

 Micro plans

1. SHRIRAM LIFE INSURANCE CHILD PLAN

Child life insurance plan are need based insurance cover primed for achieving
the financial goals and ambitions of children post maturity. This could be for any
financial objective such as higher education, marriage, various types of child
plans offered by Shriram finance are

• NEW SHRI VIDYA PLAN

An investment cum insurance based plan from Shriram life insurance
with maturity benefits and re gular surge of monthly income in the event of death
of on death to compensate any monetary losses.

• NEW SHRI VIVAH PLAN

An reasonable premium based insurance plan from Shriram life
insurance with double protection and regular monthly source of income in case
of any misfortune event.

2. SHRIRAM LIFE INSURANCE TERM PLANS

This is low cost insurance plan which has been exclusively

premeditated to provide economical constancy and protection to the insurer’s
family, in the event of any misfortune in future.

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 3. SHRIRAM GROUP TERM LIFE INSURANCE

A One year Renewable Group Term Assurance plan incorporated with

the death benefit on lump sum payment or monthly regular payment to insurers
family members. The plans come with a wonderful feature of setting up and
monitor the schemes at a low cost.

4. SHRIRAM GROUP TERM LIFE INSURANCE IN LIEU OF EDLI

A substitute to Group Term Life Insurance with enhanced life

insurance benefit to all employees irrespective of their PF balances, salary level
and service.

Shriram Life Secure plus plan-a plan premeditated to cater the need of
financial obligation or debt of the insured’s family in the event of any misfortune.
The sum assured is paid in lump sum to the family of insured after his death.
The other features include maturity sum assured & 105% of the premium paid till
the date of death.

5. SHRIRAM LIFE INSURANCE PENSION PLANS

To make life enjoyable even after retirement from work, Shriram life
insurance pension plans are the perfect financial tools. It gratifies the financial
obligation, once the regular source of income is discounted post retirement.

6. SHRIRAM IMMEDIATE ANNUITY PLAN

A Traditional Life Insurance plan from Shriram life insurance to keep

the stream of regular income flowing for lifetime and offers return of sun assured
in the event of death of the life insured.

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 7. SHRIRAM LIFE INSURANCE ULIP PLANS

Shriram Investment Life Insurance plate best suited product for those
who want to earn through systematic investment in capital market and avail the
benefit of insurance protection at the same time.

8. SHRIRAM LIFE INSURANCE ENDOWMENT PLANS

Shriram Endowment Life Insurance plan is a unique combination of

triple benefits of savings, insurance and tax benefits with assured return.

9. SHRIRAM WOMEN LIFE INSURENCE PLANS

Shriram insurance salutes the spirit of womanhood by offering

customized options in their boutique of plan. The option are provided basis the
category to which they belong I.e.

• Working women, who have a regular source of income.

• Women who gets their earnings via various interests, rent, dividend, etc.
Their incomes from these sources are also taxable.
• Homemakers, who do not have any fixed source of regular income.
• Term insurance plans: the traditional plans to offer financial protection to
self and family.
• Retirement insurance plans: for working women, to lead a contented and
pleasant life style even post retirement

• Child insurance plans: Being a mother, bring higher degree of responsibility

and child insurance plans in Shriram insurance for women share the load of
22
 this responsibility.
• Health insurance plans: Different kinds of health insurance plans have been
designed to especially cater to women’s health requirements.

PRODUCTS:

Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans.
A brief detail of the both segments:

Unit linked insurance products:

ULIPs have gained high acceptance due to attractive features they offer. These
include:

1. Flexibility

1.flexibility to choose sum assured.

2. flexibility to choose premium amount

3.option to changed level of premium/sum assured even after the plans

has started.

4. flexibility to change asset allocation by switching between funds

2. Transparency

1. charges in the plan & net amount invested are known to the customer

2. convenience of tracking one’s investment performance on a daily basis

3. Liquidity

1. Option to withdraw money after few years (comfort required in case of

exigency)
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 2. low minimum tenture.

3. partial/ systematic withdrawal allowed.

4.fund options

1. A choice of funds (ranging from equity, debt, cash or a combination)

2. option to choose your fund mix based on desired asset allocation

ULIP plans:

1.Future wealth2,

2.Pension plan 2,

3.Shri plus 2,

4.Shrividya plus 2,

5.Shrivikas 2,

6.Shrivishram 2,

Traditional plans

There are the oldest types of palns available. These plans cater to customers
with a low risk appetie. Some of the common features of traditional plans are:

1. steady investment

1.major chunk of investible funds are in debt instruments

2. steady and almost assured returns over the long term

2. features

1.death benefit is sum assured + guaranted & vested bonus

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 2. helps in asset creation as they are for a long tenture

3. premium to sum assured ratios are fixed for each plan and age

4. generally withdrawals are not allowed before maturity

1.shrilaabh,

2.shrilife,

3.shriraksha,

4.sakshayanidhi

5.shrisurkha,

6.shrividhya,

7.shrivivah,

4.DETAILS OF DEPARTMENT TRAINED

MARKETING DEPARTMENT

Traditionally, insurance products have been promoted and sold principally

through agency systems in most countries. With new departments in consumer
behaviour, evolution of technology and deregulation, new distribution channels
have been developed successfully and rapidly in recent years.

Shriram life insurance make use of various distribution channels;

25
  Career agents

 Advertisements

 Direct response

 Internet

The main characteristics of each these channels are;

 Career agents: career agents are full-time commissioned sales personnel

holding an agency contract. They are generally considered to be
independent contractors. Consequently an insurance company can exercise
control only over the activities of the agent, which suitable training,
supervision and motivation can be highly productive and cost effective.
Moreover their level of customer service is usually very high due to the
renewal commissions, policy persistency bonuses, or other customer
service-related awards paid to them.

many insurance companies, however avoid this channel, believing that

agents might oversell out of their interest in quantity and not quality. Such
problems with career agents usually arise, not due to the nature of this
channel, but rather due to the use of improperly designed renumeration
and/or incentive packages.

 direct response: in this channel no salesperson visits the customer to

induce a sale and no face-to-face contract between consumer and seller
occurs. The customer purchases products directly by responding to the
company’s advertisement, mailing or telephone offers. This channel can be

26
 used for simple packaged products, which can be easily understood by the
consumer without explanation.

 Advertisements: this very popular medium among the entire medium any
person can see this advertisement of the products and buy the product
from nearest branch.

 Internet: internet banking is already securely established an an effective

and profitable basis for conducting banking operations. The reasonable
expectation is that personal banking services will increasingly be delivered
by internet banking. Company can also feel confident that internet banking
will also prove an efficient vehicle for cross selling of insurance savings and
protection products. It seems likely that a growing proportion of the affluent
population.

4.1DIGITAL MARKETING
Digital marketing is marketing, that makes use of computers to
engage with stakeholders. Digital marketing applies technologies or platforms
such as websites, E Mail, Applications and Social Networks.

27
 DIGITAL MARKETING

ONLINE
E MAIL PPC SEO LINK SOCIAL MEDIA
PRESENCE
MARKETING MARKETING BUILDING MARKETING

E Mail Marketing – Advertising, Newsletter, Retention and Promotion

PPC Marketing – Pay per click and Other Affiliates

SEO Link Building – Content and Keywords, Compliance, Accessibility, Technical

Compliance

Social Media Marketing – Brand Awareness Opportunity, Online Voice,

Conversation

Online Marketing – Website, forums, Blogs, New Portals, Online Advertisement

Two types of digital marketing

a) Pull digital marketing – the consumer does not actively seek the
marketing content, users have to navigate to the website to view the
content
b) Push digital marketing – the marketer sends a message without the

28
 consent of the recipients, such as display advertisement on websites
and news blogs

ADVANTAGES OF DIGITAL MARKETING

 It reach mass amounts of people in less time with no geographical

barriers

 Communicates directly to the niche and target market when executed

properly

 Easy to visualize real time results like the number of visitors to the site,
peak times, conversion rates and much more at a single click. Thus,
designing a target oriented digital media marketing program becomes
easier
 Use of latest technology in digital media marketing campaigns creates
a impression that the marketing company knows about the latest
technological developments and believes in upgrading itself as per the
demand of time

29
 5.DETAILS OF STUDY

5.1 INTRODUCTION
The research is aimed to evaluate the internet marketing strategies
in of life insurance companies in Ukraine. The insurance service in the time of
digitalization faces scenarios of implementation in the marketing strategy on-line
component. The main challenge for life insurance companies comparatively with
the world practice is nonobligatory status of such kind of insurance contracts. So,
on the one hand, costs of operation, regulatory pressures and inflexible
technology infrastructure are increasing, and, on the other hand, economic
recession does not allow increase the number of insured persons, premiums and
profit growth.

Digitalization trends such as the growth of internet availability have

created new instruments of the development of innovative strategies for this
industry. The number of Internet users by the end of 2018 amounted to 4.021
billion (53% of the world’s population), which is 7% more compared to the same
period in 2017. For five years by 2020, the number of Internet users in the world
will grow by almost 20%. So online business strategies will be more competitive
and effective

Effective marketing strategy should integrate an organization’s marketing goals,

policies, and action sequences (tactics) into a cohesive whole. The objective of a
marketing strategy is to provide a foundation from which a tactical plan is
developed. This allows the organization to carry out its mission effectively and
efficiently.

30
5.2 NEED OF THE STUDY

The main distinctive feature of the life insurance market in our

country is the low penetration rate. The insurance market remains the most
capitalized among other non-bank financial markets. There are several reasons:

• The lack of a culture of insurance.

• The instability of the national currency.
• Nullifying the investment attractiveness of insurance.
• Lack of trust in the players of the financial market by the population.

The modern stage of development of the world economy and international

relations, processes the market transformation of the national economy, the
entry into the system world economic relations necessitate the development of
the insurance market with taking into account world experience and national
peculiarities.

Particularly relevant is the problem of the formation and development of the

insurance market life for the peoples, when there are radical changes in the
economic system. The processes of market transformation of the national
economy necessitate conducting research on the international life.

5.3 OBJECTIVES OF STUDY

 To know the customer satisfaction among the insurance policy
 To create the awareness of the people
 To study about the digital marketing in the Shriram life insurance

31
  To analyze general preference of people for investment.
 To develop insurance consciousness among the public.

5.4 SCOPE OF THE STUDY

The study deals with Shriram Life Insurance in focus and various segments that
it caters to. Then on evaluates and analyze findings and present clear picture of
trends. A big boom has witnessed in the recent times. This project study is
helpful in following aspects:

• Analyze the term of life is hard but the terms of insurance are easy.
• Help to know the awareness level about the policies offered by
Shriram Life Insurance.
• To know the satisfaction level of customer to the insurance company.
• It helps to identify that insurance compensate for the losses.
• Help to understand current market scenario and marketing in stiff
competition.

32
5.5REVIEW OF LITERATURE
Kirchler and angela –christian Hubert (1999 ) found that the
present study aims at describing spouses’ relative dominance in decision
concerning different forms of investment. As determinance of spouses’
dominance, partnership characteristic, such as partnership roles attitudes,
martial satisfaction and individual expertise in relation to different
investments, were considered. A questionnaire on spouses ‘dominance in
making decision on various investments on the characteristics of particular
investments and on partnership characteristics was completed by 142
austrian couples. Basically, wives appeared to adopt the dominance
exterted by their husbands in savings and investment decision. Wives’
dominance was highest in egalitarian a partnership, where autonomic and
wife-dominated decisions were reported more frequently then in traditional
partnership. Additionally, spouses’ relation expertise in the relation to the
investments in question showed strong effects on dominance distribution
spouses with higher expertise then their partners excerted more
dominance in decision-making process

Evan mils, ph. D (1999) studied the insurance industry is rarely

thought as having much consent about energy is use. however, the
historical involvement By insurers and allied industries int the development
and deployment of familier technologies such as automobile air bags fire
preventions/suppressions, and anti-theft devices, shows that this industry
has along history of utilizing technology to improve safety and otherwise
reduce the likely wood losses for which they would otherwise have to pay.
We have identify nearly 80 examples of energy- efficience and renewable
energy technologies that offer “loss –prevention benefits, and have
mapped these opportunities on to the appropriate segments of very divers
insurance sectors (life, health, property, liability, business interuption ,ect)

Slovic , fisdehhoff, Lichtenstein, Corrigan, and combs(1997)

33
found that subjects were more likely by to by insurance against small, high
- Probability loss than insurance against large, low probability loss, Hershey
and sehoemaker (1980) reported opposite result.

Michael L.walden (1985) told that the options package view

of the whole life insurance policy suggest that a whole life policy is
package of option, each of which as value and is experted to influence the
price of the policy. This view point implies the general hypothesis the price
different between whole life policies that can be explained by differences in
policy contract provisions and differences in selected company
characteristics. The option package 3 theorities were empirically
investigated using regression analysis on data from a sample of policies
marketed in north Carolina. The results suggest support for the option
package theory.

Roger A. formisano (1981) examined, via consumer

interviews, the impact of the national associations of insurance
commissioners model life insurance solicition regulation has implemented
in new jersey. A substantial portions of the insurance buyers samples did
not become aware of the provisions of the regulation aimed to improve
their buying ability. Further, many life insurance buyers were not well
informed concerning the nature and operation of life insurance contracts,
and in particular, the life insurance policies that they had purchases.

Michael. L. smith (1 982) said that a typical life

insurance contract provides a package of options or rights to the policy
owner that is not precisly duplicated by any other combination of
commonly available contracts. Viewed from the perspective, life insurance
enjoys a unique position in the field of investments and should be judged in
the light. the paper shows that an option view point provides a more
complete explanation of policy owner behavior towards life insurance than

34
the conventional savings -and –protection view.

SAMPLING PROCESS

Sampling process of this report is random respondents are taken

from the area of Chennai.

Type of research- Descriptive research Data source- Primary data.

Data collection method- Survey Data collection tools- questionnaire.

Sampling universe- Chennai

Sample size- 129

SOURCES FOR DATA COLLECTION

The task of data collection begins after a research problem has been
defined. In this study data was collected through primary data source.

Primary Data: These are the data which are collected from some
primary sources i.e., a source of origin where the data generate. These are
collected for the first time by an investigator or an agency for any statistical
analysis.

Primary data is used to find the answers of the objectives. The task
of data collection begins after a research problem has been defined and
research plan chalked out. In this particular study primary data has been
collected from 129 respondents while keeping in mind the objectives of the
study. The primary data was collected through a self-administered
questionnaire that contained questions relating to the objectives of the

35
study. The questionnaire contains certain question regarding awareness
level and the attributes that consumer consider while buying a life
insurance policy.

Secondary data: for this project secondary data is the information

collected from catalogues of the company, internet, books, articles,
magazine and interaction with company professionals.

5.6 RESEARCH METHODOLOGY

The government of India (GOI) opened the insurance sector to private
players on oct 24 2000 thus unraveling a new chapter in this field. Before
that there were only 4 public sector govt hold companies were in the
general insurance business in India. Then private companies entered in the
general insurance business. And at presently 4 public sector companies
and more than 12 private sector companies are doing business of life
insurance in Indian market. All these companies entered after the years of
2000. And so there business is many times less than PSUs. At present
4PSUs have 90% market share in India and private players’ together
account for only remaining 10%. As many firms and industrial persons are
not aware about these private companies and there insurance services.

Shriram life insurance entered in the Indian market in the 2006. Among
the all private players with market share is it is quiet less compare to all
public sector companies. Many reasons are behind it but one of them in
unawareness of people about Shriram life insurance. Many industrialist and
entrepreneurs are not aware about the presence of Shriram life insurance
in the insurance business and if they are aware about it then then do not
know about the policies and services offered by the company.

Hence the research work has been done to check the consumer

36
awareness of Shriram life insurance in city. Efforts have been put to know
at what extend they are aware about the company and the services of the
company

RESEARCH INSTRUMENTS
Research instrument for this project is structured questionnaire containing
related questions for the selected topic of the research study.

SAMPLING TECHNIQUE

An initial group of respondent selected usually at random is a random

sampling. Random sampling method is used to collect the data. It is the
part of non-probability sampling techniques. This method is commonly
used in social sciences when investigating hard-to-reach groups. Existing
subjects are asked to nominate further subjects known to them, so the
sample increases in size like a rolling snowball. It is use to collect the data
from the customers of Life

SAMPLE DESIGN

The target population of the study consists of various respondents of

various places. This survey was done by collecting the data from the
respondents.

SAMPLE SIZE

After due consultation with the company supervisor as well as with

the college guide, also keeping in mind the requirements of the company
for the research, the sample size that was found to be appropriate for the

37
study was 129.

STATISTICAL TOOL

Simple percentage analysis is the main statistical tool used for the
study. Simple percentage analysis:

Percentage refers to a special king of ratio in making comparison

between two or more data and to describe relationships. Percentage can
also be used to compare the relation terms between two or more sources
of data.

Percentage of respondents = Number of respondents / Total

respondents

HYPOTHESIS
Null hypothesis - There is significance difference between Male and
Female for awareness about Shriram Life Insurance.

Alternative hypothesis - There is no significance difference between

Male and Female for awareness about Shriram Life Insurance.

5.7ANALYSIS AND INTERPRETATIONS

DATA ANALYSIS:

Data analysis focused on the following major aspects:

38
 • To know about the people and students insured through which
insurance company in Chennai.

• To learn about the reason of insure by taking life insurance.

• To know about the factors affected to choose a life insurance policy.

• Awareness of insurance as a platform for investment among people

and students of Chennai.

• To know the reach of Shriram Life Insurance products among

people.

Demographic Profile of respondents:

The demographic profile of the respondents includes Gender and
Occupation

1.GENDER

GENDER COUNT PERCENTAGE

MALE 44 34.11%

FEMALE 85 65.89%

TOTAL 129 100%

39
 7000.00%
6000.00%
5000.00%
4000.00%
64.895
3000.00%
2000.00%
1000.00%
34.11%
0.00%
MALE FEMALE

GENDER

INTERPETATION

This indicates the gender response to the study survey. The gender
percentage is 65.89%(female) and 34.11%(male). This shows that female
candidates is the highest percentage of respondents of the study

2.EDUCATION QUALIFICATIONS

CHOICES PERCENTAGE COUNT

UG 31.78% 41

PG 62.7% 81

PROFESSOR 0.78% 11

NOT ANSWERED 4.65% 6

40
TOTAL 100% 129

EDUCATION QUALIFICATION

62.79%

31.78%

4.65%
0.78%

UG PG PROFESSOR NOT ANSWERED

INTERPRETATION

The education level of respondents has been measured in terms

of UG is 31.78%, PG is 62.79%, professors is 0.78%, and others 4.64%.

1.What do you think about insurance?

CHOICES PERSENTAGE COUNT

SAVING A LIFE 14.73% 19

FUTURE 31.78% 41
INVESTMENT

41
LOAN/TAX BENEFIT 2.33% 3

ALL OF THE ABOVE 51.16% 66

TOTAL 100% 129

51.16

31.78

14.73

2.33

S A VIN G A LIF E F U T U RE LOA N / T A X A LL OF T HE

IN VE S T ME N T BE N E F IT A BOU T

INTERPRETATION

the peoples are aware about the term of insurance policy it means
savings a life, future investment loan& tax benefit are nearly 51.16%.its
useful for our life.

2.Do you have any insurance police?

CHOICES PERCENTAGE COUNT

YES 55.04% 71

NO 44.96% 58

42
TOTAL 100% 129

55.04%

44.06%

YES NO

INTERPRETATION
From this following data most of the peoples are having the
insurance policy it is cleared that major respondent is 55.05% . Its better
and importance of having the insurance policy.

3.What type of insurance you preferred?

CHOICES PERCENTAGE COUNT

PRIVATE 62.02% 80

PUBLIC 37.98% 49

43
TOTAL 100% 129

62.02%

37.98%

P RIVA T E P U BLIC CA T E GORY 3

INTERPRETATION
It is clearly to know the most of the peoples are prefers only private
policy sector rather than public policy sector.

4.How many insurance Policy do you currently have?

CHOICES PERCENTAGE COUNT

ONE 76.74% 99

TWO 14.73% 19

MORE THEN ONE 8.53% 11

44
TOTAL 100% 129

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
ONE TWO MORE THEN ONE

INTERPRETATION
In this data analysis most them have only one insurance policy. The
awareness should be created still more about the importance of insurance
policy.

5.Whether you aware of all detail of policy about SHRIRAM LIFE

INSURANCE?

45
 • CHOICES PERCENTAGE COUNT

YES 52.71% 68

NO 47.29% 61

TOTAL 100% 129

53.00%

52.00%

51.00%

50.00%

49.00%

48.00%

47.00%

46.00%

45.00%

44.00%
YES NO

INTERPRETATION
From this indicates the many of the respondent peoples are well
aware about the Shriram life insurance policy.

6.Do you think SHRIRAM LIFE agency provide correct information

46
CHOICE PERCENTAGE COUNT

YES 70.54% 91

NO 29.46% 38

TOTAL 100% 129

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
YES NO

Column1 Column2 Series 3

INTERPRETATION
In this analysis talks about the Shriram life agency are provides
the correct information to the people. Most of the people are agreed with
this questionnaire.

7.If you buy a new policy would you like to go with SHRIRAM LIFE POLICY

47
CHOICES PERCENTAGE COUNT

YES 54.26% 70

NO 45.74% 59

TOTAL 100% 129

56.00%

54.00%

52.00%

50.00%

48.00%

46.00%

44.00%

42.00%

40.00%
YES NO

INTERPRETATION
Shriram life insurance policy are likes by most of the respondents for
buying a new policy with the percentage of 54.26%

8.What would you like more in insurance policy of Shriram digital life
insurance

48
CHOICES PERCENTAGE COUNT

MORE BENEFITS 26.36% 34

MORE SECURITY 37.98% 49

OTHER 35.66% 46

TOTAL 100% 129

4.5

3.5

2.5

1.5

0.5

0
MORE BENEFITS MORE SECURITY OTHER

INTERPRETATION
In this analysis shows the most of the respondent peoples are like
more security than benefits of Shriram life insurance. They feel that they
need more protection than security.

9.Shriram emphasize high quality service then the volume of sale

49
CHOICES PERCENTAGE COUNT

STRONGLY 17.83% 23
AGREE

AGREE 63.57% 82

STRONGLY 1.55% 2
DISAGREE

DISAGREE 12.40% 16

NOT 4.65% 6
ANSWERED

TOTAL 100% 129

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
STRONGLY AGREE STRONGLY DISAGREE NOT ANSWERED
AGREE DISAGREE

INTERPRETATION

50
 Most of the respondents 63.57% are agree that Shriram life
insurance has high quality of service other than its volume. Only 1.55% of
the respondents disagree with the questionnaire.

10.shriram life more insurance focus on customer satisfaction

CHOICES PERCENTAGE COUNT

STRONGLY AGREE 16.28% 21

AGREE 72.87% 94

STRONGLY DISAGREE 3.10% 4

DISAGREE 7.75 10

TOTAL 100% 129

450.00%

400.00%

350.00%

300.00%

250.00%

200.00%

150.00%

100.00%

50.00%

0.00%

STRONGLY DISAGREE DISAGREE STRONGLY AGREE

AGREE

51
INTERPRETATION
Customer satisfaction is the place where Shriram life insurance
focus a lot which is agreed by 94 respondents. Only 3.10% of the
respondent disagreed strongly with this question

5.8 FINDINGS AND RECOMMENDATION OF THE COMPANY

On the basis of the research project work I did, there are some finding and
recommendations that have been mentioned under.
 In this data analysis the respondent of female gender are
more and compared with

the male gender. Thus the female gender most interesting

with the Shriram life and its policies.

 55.4% people are only covered through life insurance

policy. 44.6% people are not covered by life insurance
policy.

 There is a good analysis of the survey that is the

respondents are aware what exactly the term insurance
is.

 In this current situation the most peoples are having the

one policy it is useful for our future life.so the peoples
all are having the policy.

 Most of the customers of the insurance company

52
 quality service and accurate service from insurer are
expected and a private insurance should provide such
quality sufficiently.

 Private sector insurance is preferred by the respondents.

consumer awareness of Shriram life insurance is high.

 Shriram life insurance policy is mainly focusing on the

customer satisfaction.

 If the peoples all are need the security benefits of

Shriram life insurance company. That they feel provide
more protection than security

 Shriram life insurance is all about the digital marketing.

 This is observed that people are willing to take policy

under Shriram life insurance. Peoples are more willing
to invest in the future plans of Shriram.

 The respondents who know about Shriram life

insurance, most of them knew about the products

 People who were about the service or products through

the products were good enough to satisfy needs. So its
shows that products are good to meet needs of people.

53
6. CONCLUSION

SHRIRAM LIFE INSURANCE COMPANY is the leading

insurance company in
India.

After completing my report I had been clearly understood more about the
products and plans of the company and procedures to follow it. During my
report, I found it was a good experience and memories by gaining
knowledge. The company motivates their workers in good manner by
providing good package of monetary and non-monetary things. There is a
good relationship between the employee and employee, employer and
employee.

There is a good vision and mission of the company which regard as

the goods of the company.

Insurance is a tool by which facilitates of a small number are

compensated out of funds collected from plenteous. Insurance is a
safeguard against uncertain events that may occur in the future. Since the
first year of operations, Shriram Life Insurance made profits in the first
three consecutive years- becoming the only private life insurer to have
achieved the distinction. Compared to industry peers after 7 years of
operation, Shriram Life insurance was the most profitable life insurance
company in the country; this progress leads to increase the company image
and makes a way to lead the total insurance market.

India being a country having a huge population of around one billion

54
people with only 22% of the insurable population in India possessing life
insurance the country has a vast potential which has been left untapped till
now.

A wide range of products, customer-focused service and professional

advice has become the mainstay of the industry, and the Indian consumer
has become the focus of each of the company’s strategy.

The trends in developed economies where people are not only live
longer and retire earlier are now emerging in India. With the breakdown of
traditional forms of social security like the joint family system, consumers
are now concerning themselves with the need to provide for a comfortable
retirement.

This all adds up to major change in demand for insurance products. Firms
will need to constantly innovate in terms of product development to meet
ever-changing consumer needs. Competition will result in the market to
grow beyond current rates and offer additional consumer choice through
the introduction of new products, services and price options. With the
heightened awareness and consumer education comes a willingness to
view life insurance as an integral part of the financial portfolio. No longer is
life insurance a poorly understood product that is pushed onto people. Nor
is it a product that is only to be bought hurriedly at the time of filing taxes.
Its now catching on as an important element that is purchased to fulfill
specific rational and emotional needs and has clear benefits and advisors
are being trained to sell insurance as a solution to meet these needs.

Two things that I have learned the importance of time-management

skills and selfmotivation.

55
6.1 BIBLIOGRAPHY

BOOKS
• I.M.Pandey: Basic of Financial Management: 9th Edition(2008): Vikas
Publication
• C.B.Gupta: Human Resource Management: 4th Edition(2007):
Sultanchand and sons
• Kotler, Keller, Koshy and Jha: Marketing Management 6th
Edition(2007): Pearson Education
• C.R.Kothari: Research Methodology: 4th Edition(2004): New Age
International Limited
• Khan and Jain: Financial Management: 4th Edition(2004): Tata
MCGraw Hill
• Cooper and Schindler: Business Research Method: 9th Edition(2006):
Tata MCGraw Hill

56
MAGAZINES & JOURNALS

• Walden, Michael L. (1985); The Journal of Risk and Insurance: ”Whole

life policy is a package of options” (vol.52 no. l ,pp44-58).
• Slovic, Fischhoff, Lichtenstein, Corrigan and Combs, (1977) Decision
Research: ”Insurance against small, high-probabilitylosses” (vol.2,
issue 2, pp83-93).
• Formisano, Roger A.(1981); The Journal of Risk and Insurance:
“Awareness of the provisions of the regulation” (vol.48 no. l , pp59-79)
• Smith, Michael L.(1982); The Journal of Risk and Insurance, “Policy
owner behavior towards life insurance” (vol.49 no.4, pp583-601)
• Kirchler and angela Christian Hublet: “Spouses ‘relative dominance in
decisions concerning different forms of investment” (.1999; accepted
1999; Available online 1999); Institute of Psychology, University of
Vienna.

OTHER MATERIAL

The Hindu – Business Line

WEBSITES

• https://www.coverfox.com/life-insurance/life-insurance-companies/shriram-
lifeinsurance/

57
 • https://shodhganga.inflibnet.ac.in/bitstream/10603/50603/5/ch-2.pdf
• https://shriramlife.com/
• https://docs.google.com/document/d/1B6Rk0qAnujorzZSTJr-oysAdY-
2FD9sJP3LVEeYgtEY/edit

• https://docs.google.com/document/d/1cse3WjGJlUYlgVR_co3Vz6stVBzPOb_x4Ncd8lJr
ngQ/edit

• https://mail.google.com/mail/u/0?ui=2&ik=91c772f3fb&attid=0.4&permmsgid=msg-
f:1636839955936631336&th=16b739447fc4da28&view=att&disp=inline

• https://mail.google.com/mail/u/0?ui=2&ik=91c772f3fb&attid=0.2&permmsgid=msg-
f:1636839955936631336&th=16b739447fc4da28&view=att&disp=inline

6.2 APPENDIX
Questionnaire NAME:

GENDER

A) Male
B) Female

EDUCATION QUALIFICATION

A) UG
B) PG C) PROFESSORS

58
 D) OTHERS

INSTITUTE NAME:

1. What do you think about insurance?

A) Saving a life
B) Future investment
C) Loan/tax benefits
D) All of the above
2. Do you have an Insurance Policy?
A) Yes
B) No
3. What type of Insurance you preferred?
A) Private
B) Public
4. How many insurance policies do you currently have?
A) One
B) Two

C) C) More than two

5. Whether you’re aware of all details of policy about SHRIRAM LIFE INSURANCE?
A) Yes
B) No
6. Do you think SHRIRAM LIFE Agency provide correct information?
A) Yes
B) No
7. If you buy a new Policy you like to go with SHRIRAM LIFE POLICY?
A) Yes
B) No
8. What would you like more in insurance policy of Shriram Digital Life Insurance?
A) More benefits
B) More security C) Other

59
9. Shriram emphasis high quality service than the volume of sale?
A) Strongly agree
B) Agree
C) Strongly disagree
D) Disagree
10. Shriram Life Insurance more focuses on customer satisfaction?
A) Strongly agree
B) Agree
C) Strongly disagree
D) Disagree

60