A PROJECT REPORT

ON

at
INTERNET MARKETING SBI LIFE INSURANCE
SUBMITTED TO :-

Jiwaji University Gwalior (M.P.)

For the partial fulfillment of the award of
Bachelor of Business Administration (2012-2014)

Submitted To
Prof.Sanjay Gupta

Submitted by
Umashankar Tyagi

BBA V SEM.

PRESTIGE INSTITUTE OF MANAGEMENT, GWALIOR

Airport Road, Near Deen Dayal Nagar, Gwalior-474020 Email: info@prestigegwl.org; Website: www.prestigegwl.org

DECLARATION
I Umashankar Tyagi student of BBAV SEM .semester Prestige Institute Of Management, Gwalior declare that all the information, facts and figures presented in this report are actually based on my experience & my open market research during the project INTERNET MARKETING SBI LIFE INSURANCEwith special references to SBI life insurance. I assure that this project is the result of my own sincere efforts and has not been submitted in any other institute for the award of any degree or diploma.

Date: Place: -

Umashankar Tyagi

BBA V SEM

ACKNOWLEDGEMENT

It is privilege to express my gratitude & a sincere thanks to Prestige Institute Of Management, Gwalior has given us the opportunity to carry research on the INTERNET MARKETING SBI LIFE INSURANCE. I am thankful to Prof.Sanjay Gupta ( Management department) faculty guide for her valuable guidance and

support throughout report presentation.

Date: -

Umashankar Tyagi

Place: -

BBA VSEM

CERTIFICATE
This is to certify that Mr. Umashankar Tyagi student of BBA V SEM completed his summer training project report Entitled INTERNET MARKETING SBI LIFE INSURANCE under my guidance.

DATE: PLACE:

Prof.Sanjay Gupta

TABLE OF CONTENTS
TOPIC
1.1 History of the organization & its objectives 1.2 Organization Structure 1.3 Financial Performance 1.4 Personnel Poies 1.5 Product and Operations 1.6 1.7 Layout and Quality Control Marketing

1.8 Strength and Weakness 1.9 Special Points Chapter -2 introduction Introduction of the concept Chapter -2 object of the study Chapter-3results and discussion Chapter -4 suggestion and impation Chapter-5 conclusion Reference Annexure

1.1 History of the organization & its objectives

SBI Life Insurance in its modern form came to India from England in the year 1818. Oriental ife Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swedish Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict life control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered

momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

Distribution channels of SBI Life Insurance

SBI Life

Bancassurance

Agency

Credit Life

Corporate Group

Insurance Agents

Corporate Agents

Brokers

Insurance Agents:
Insurance agents are those individual persons who work for one particular insurance company. An insurance agent cannot work for more than one particular at one point of time.

Corporate Group:
Targeting Corporate for Gratuity and Group Pension products

Agency Channel:
Agency channel have the most productive and active force of more than 25,000 Advisor. Our approach is to provide door-to-door need-based insurance solution to customers after taking into account protection and wealth creation needs. Agency channel has grown more than 300% over the last year and contributed more than 45% to the companys new business premium collection.

Some of the important milestones in the life insurance

Businesses in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring pub.

1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. formed by an Act of Parliament, viz. Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance

Businesses in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

Indian Insurance industry:

Indian Insurance comprised mainly two Players. Life Insurer: the important are. Life Insurance Corporation of India () HDFC Standard Life Insurance Company Ltd. Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance Company Ltd.

 Kodak Mahindra Old Mutual Life Insurance Limited. Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited. ING Vysya Life Insurance Company Private Limited. Bajaj Allianz Life Insurance Company Limited. MetLife India Insurance Company Pvt. Ltd. Sahara India Insurance Company Ltd. Aviva Life Insurance Co. India Pvt. Ltd.

General Insurer
General Insurance Corporation of India (GIC) GIC has four subsidiary companies namely: The Oriental Insurance Company Limited. The New India Assurance Company Limited. National Insurance Company Limited. United India Insurance Company Limited. Royal Sundaram Alliance Insurance Company Limited. Reliance General Insurance Company Limited. TATA AIG General Insurance Company Ltd. Bajaj Allianz General Insurance Company Limited ICICI Lombard General Insurance Company Limited. Cholamandalam General Insurance Company Ltd. HDFC-Chubb General Insurance Co. Ltd.

Introduction
SBI LIFE a joint venture between

74%

26%

SBI Life Insurance is a joint venture between the State Bank of India and Cardiff SA of France. SBI Life Insurance is registered with an authorized capital of Rs 1000 core and a paid up capital of Rs 350 carore. SBI owns 74% of the total capital and Cardiff the remaining 26% life insurance enjoys the largest banking franchise in India. Along with its 7 Associate Banks, SBI Group has the unrivalled strength of over 14,000 branches across the country, the largest in the world. Cardiff is a wholly owned subsidiary of BNP Paribas, which is The Euro Zones leading Bank. BNP is one of the oldest foreign banks with a presence in India dating back to 1860. It has 9 branches in the metros and other major towns in the country. Cardiff is a vibrant insurance company specializing in personal lines such as long-term savings, rotection products and creditor insurance. Cardiff has also been a pioneer in the art of selling insurance products through commercial banks in France and 29 more countries.SBI Life Insurances mission is to emerge as the leading company offering a comprehensive range of Life Insurance and pension products at competitive prices, ensuring high standards of customer service and world class operating efficiency. The company plans to make the insurance buying process quick, simple and based on well-informed judgment. In 2004, SBI Life Insurance became the first company amongst private insurance players to cover 30 lacks lives. The company expects to carve a niche in the Indian insurance market through extensive product innovation and aims to provide the highest standards of customer service through a technological interface. To facilitate this, call centers have been already installed and help lines will be installed and customers will have access to their accounts

through the Internet or through SBI branches. The company proposes to make available ready liquidity to its Life Insurance poies by way of loans at SBI counters. This will make Life Insurance a liquid asset in the financial portfolio of households. SBI Life Insurance is uniquely placed as a pioneer to usher bank assurance into India. The company hopes to extensively utilize the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans, personal loans and credit cards. SBIs access to over 100 million accounts provides a vibrant base to build insurance selling across every region and economic strata in the country.

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

Financial Performance
SBI LIFE POSTS NET PROFIT OF Rs. 301 Crores Sustains its all-round performance and expansion, YTD DEC FY 10 - 11: Increase in net profit by 52% Branch network increases to 628 branches Employee strength surges to 7334 employees Moves to a new, larger and integrated corporate office building Mumbai, January 18, 2011: Sustaining its holistic business performance, SBI Life
Insurance, the leading new generation life insurer, has posted impressive results during the first nine months of the FY 10 - 11. Growing by 52%, the company has set a new milestone, by crossing the landmark figure of Rs 300 Crores in net profit during the period. Reflecting its superior efficiency in it business operations, the company maintains the lowest expense to GWP

(Gross Written Premium) ratio in industry of 7.43%. SBI Lifes Gross Written Premium collection grew by 28% to Rs. 7,770 Crores The Asset Under Management jumped by 50 % to Rs 36, 861 Crores from Rs. 24, 613 Crores as on 31st December, 2009. The company has uniquely expanded by adding 134 new branches and increasing number of employees by 1349, during the period, despite tough external conditions. The corporate office has moved to a newlyacquired building in fast evolving commercial hub of Mumbai. The new corporate building was inaugurated by Shri R Sridharan, MD and GE (A & S), life insurance. Commenting on the performance, Mr. M N Rao, MD & CEO, SBI Life Insurance said Through continued emphasis on strengthening business fundamentals, namely customer centricity and operational excellence, we are confident that we will sustain our profitable growth performance. We remain committed to catering to the life insurance needs of Indian population encompassing all socio-economic and geographical segments. Highlights of YTD Dec FY 10 - 11 Gross Written Premium Premium New Business Rs 7,770 Cr Rs 4,699 Cr 28% 6% 50%

Asset Under Management ( Y-o-Y) Rs 36, 861 Cr

All key distribution channels namely, Bancassurance, Agency and Corporate Solutions have demonstrated profitable business growth during the period. The Agency Channel provided a significant thrust to the overall business by contributing 44% of total premium as a result of superior productivity levels of Insurance Advisors. Bancassurance witnessed a remarkable

growth of 43% and contributed to over 36% cent of the total premium and Group Corporate contributed to 18% of total premium. In the recent months, the company introduced a series of Simple and Smart products that encompass new IRDA guidelines compliant ULIPs, Pure Protection and Traditional products. The rapidly launched six new ULIPs cater to the investment needs of the varied customer segments. These include HNI-targeted Smart Elite, NAVGuaranteed Smart Performer, No Medicals ULIP Saral Maha Anand, Flexible ULIP Unit Plus Super, Child Plan Smart Scholar and ULIP with Automatic Asset Allocation Smart Horizon. Innovatively-featured, non-ULIPs rolled out are No-Medicals, pure protection plan Saral Shield, HNI targeted, pure protection plan Smart Shield and No Medicals, traditional

savings plan Saral. One of the highlights towards achieving customer service excellence has been the national launch of customer care initiative SMS SOLVE. A first-of-its kind in the life insurance industry, the service allows customers to have their grievances resolved in a simpler, paperless and faster manner. An innovative SMS-based service, SMS SOLVE provides customers the ease of accessing SBI Life 24 X 7. Customers are able to register their grievances about SBI Lifes service by merely sending SMS SOLVE to 56161. Testifying its multidimensional excellence, the company has bagged numerous recognitions and awards recently. Being adjudged the best, SBI Lifes annual report has won Gold Shield from Institute of Charted Accountants of India (ICAI) for excellence in Financial Reporting. Also, International Certification Services (ICS) has awarded SBI Life "ICS Quality Champion Award - 2010" for continual improvement in the Quality Process. NDTV Profit Business Leadership award and Best Life Insurer 2010, Runner Up, award by Outlook Money are the other key media recognitions that have been conferred to SBI Life. Retaining the ISO 9001:2000 Certification for superior claim process, globally topping the prestigious international MDRT Table and reaffirmation of CRISIL AAA/Stable rating are other key distinctions achieved by the company during initial current financial year. As per the latest IRDA report, as of November 2010, the company has a market share of 18.27% among private life insurers and a total market share of 5.10 %.

The recruitment process flow chart that we have gone through in our project period

GETTING KNOWLEDGE ABOUT THE COMPANY AND RECRUITMENT PROCESS GETTING KNOWLEDGE ABOUT BENEFIT OF LIFE ADVISOR GETTING KNOWLEDGE ABOUT DOING THE SALES CALL SEGMENTING THE MARKET TARGETING THE MARKET PROCESS OF CAPCTURING ELEGABLE CANDIDATE FILLING OF I.S.F. FORM SHORTLISTING ON THE BASIC OF Q SCORE CONDUCT AN INTERVIEW BOP PRESENTATION FILLING OF COMPULSORY IRDA /NAAF FORM

Welfare Activities THREE DAYS IRDA REFRESHER TRAINING

Gift Drishti CONDUCTION OF EXAMINATION TWO DAYS PRODUCT TRAINING

1.2 Organization Structure

CH R.D R.S.M

ED

A.S.M

MD & CEO. M.N RAO

S.R.D.S.M

D.S.M

SR.BSM

B.S.M

A.B.S.M

U.M

AGENCY MANAGE R

SCNIOR AGENCY MANAGER

TM.A.B.S.M

2 Financial Performances
SBI LIFE POSTS NET PROFIT OF Rs. 301 Crores. Sustains its all-round performance and expansion, YTD DEC FY 10 - 11: Increase in net profit by 52% Branch network increases to 628 branches Employee strength surges to 7334 employees Moves to a new, larger and integrated corporate office building Mumbai, January 18, 2011: Sustaining its holistic business performance, SBI Life Insurance, the leading new generation life insurer, has posted impressive results during the first nine months of the FY 10 - 11. Growing by 52%, the company has set a new milestone, by crossing the landmark figure of Rs 300 Crores in net profit during the period. Reflecting its superior efficiency in it business operations, the company maintains the lowest expense to GWP (Gross Written Premium) ratio in industry of 7.43%. SBI Lifes Gross Written Premium collection grew by 28% to Rs. 7,770 Crores The Asset Under Management jumped by 50 % to Rs 36, 861 Crores from Rs. 24, 613 Crores as on 31st December, 2009. The company has uniquely expanded by adding 134 new branches and increasing number of employees by 1349, during the period, despite tough external conditions. The corporate office has moved to a newlyacquired building in fast evolving commercial hub of Mumbai. The new corporate building was inaugurated by Shri R Sridharan, MD and GE (A & S), life insurance. Commenting on the performance, Mr. M N Rao, MD & CEO, SBI Life Insurance said Through continued emphasis on strengthening business fundamentals, namely customer centricity and operational excellence, we are confident that we will sustain our profitable growth performance. We remain committed to catering to the life insurance needs of Indian population encompassing all socio-economic and geographical segments.

Highlights of YTD Dec FY 10 11 Gross Written Premium Premium New Business Asset Under Rs.36,861 Cr Management ( Y-o-Y) All key distribution channels namely, Ban assurance, Agency and Corporate Solutions have demonstrated profitable business growth during the period. The Agency Channel provided a significant thrust to the overall business by contributing 44% of total premium as a result of superior productivity levels of Insurance Advisors. Bancassurance witnessed a remarkable growth of 43% and contributed to over 36% cent of the total premium and Group Corporate contributed to 18% of total premium. In the recent months, the company introduced a series of Simple and Smart products that encompass new IRDA guidelines compliant ULIPs, Pure Protection and Traditional products. The rapidly launched six new ULIPs cater to the investment needs of the varied customer segments. These include HNI-targeted Smart Elite, NAV-Guaranteed Smart Performer, No Medicals ULIP Saral Maha Anand, Flexible ULIP Unit Plus Super, Child Plan Smart Scholar and ULIP with Automatic Asset Allocation Smart Horizon. Innovatively-featured, non-ULIPs rolled out are No-Medicals, pure protection plan Saral Shield, HNI targeted, pure protection plan Smart Shield and No Medicals, traditional savings plan Saral. One of the highlights towards achieving customer service excellence has been the national launch of customer care initiative SMS SOLVE. A first-of-its kind in the life insurance industry, the service allows customers to have their grievances resolved in a simpler, paperless and faster manner. An innovative SMS-based service, SMS SOLVE provides customers the ease of accessing SBI Life 24 X 7. Customers are able to register their grievances about SBI Lifes service by merely 50% Rs 7,770 Cr Rs.4,699 Cr 28% 6%

sending SMS SOLVE to 56161. Testifying its multi-dimensional excellence, the company has bagged numerous recognitions and awards recently. Being adjudged the best, SBI Lifes annual report has won Gold Shield from Institute of Charted Accountants of India (ICAI) for excellence in Financial Reporting. Also, International Certification Services (ICS) has awarded SBI Life "ICS Quality Champion Award - 2010" for continual improvement in the Quality Process. NDTV Profit Business Leadership award and Best Life Insurer 2010, Runner Up, award by Outlook Money are the other key media recognitions that have been conferred to SBI Life. Retaining the ISO 9001:2000 Certification for superior claim process, globally topping the prestigious international MDRT Table and reaffirmation of CRISIL AAA/Stable rating are other key distinctions achieved by the company during initial current financial year. As per the latest IRDA report, as of November 2010, the company has a market share of 18.27% among private life insurers and a total market share of 5.10%. Management Philosophy Vision: "To be the most trusted and preferred life insurance provider " Mission "To emerge as the leading company offering a comprehensive range of life insurance and pension products at competitive prices, ensuring high standards of customer satisfaction and world class operating efficiency, and become a model life insurance company in India in the post liberalization

CAREERS

IN SBI LIFE INSURANCE

Unit Manager/ Agency Manager/ Sr. Agency Manager:

Achieving unit business goals through quality recruitment and training of Insurance Advisors

Role: Develop business segments as per company strategy with compliance

Reporting To:

Branch Manager To recruit team of Insurance Advisors as per the corporate strategy e.g. HNI IAs satisfaction and customer grievances

To ensure and maintain levels of productivity as prescribed To focus on and develop various business segments as per the sales strategy To train IAs with the help of training team To uphold the brand image and ensure compliance with all internal as well as external regulations

Key Responsibilities:

Person Profile:

Graduate with 2-5 years of relevant experience, MBA(Marketing) preferred

Sound Knowledge of IRDA regulations Good Communication Skills.

Critical Competencies:

Good team building skills Good knowledge of underwriting and ops processes Training and motivation capacity Knowledge of finance, investment Customers Branch / Divisional Sales Manager Insurance Advisors Knowledge of competitors product. Ops manager Trainer

Key Interactions:

Measures of success: Location:

Achievement of sales parameters, retention

targets

and

others

All major towns and cities.

1.4 Personnel Poies

SBI Life won the coveted Bloomberg UTV Financial Leadership Award 2011 - "Life Insurer of the year". Won the most coveted NDTV Profit Business Leadership Award 2010. Globally topped the prestigious Million Dollar Round Table (MDRT) 2010 for having the maximum number of MDRT members. Awarded the Gold Shield by Institute of Chartered Accountants of India (ICAI) for Excellence in Financial Reporting. Won the ICS Quality Champion Award 2010 for Continual Quality Improvement. Adjudged Best Life Insurer 2010 - Runner Up by Outlook Money Launched an innovative customer care initiative - SMS SOLVE for prompt Grievance Redressal. Appraised at Maturity level 3 of Capability Maturity Model Integration (CMMI) Version 1.2 for its ISG Division. ICRA reaffirmed iAAA rating to SBI Life, indicating highest claims paying ability and meeting poyholders obligations. CRISIL, countrys leading rating agency, reaffirmed its highest financial rating AAA/Stable to SBI Life. Financial Year 09-10: Reported a robust Net Profit of Rs.276 Crores. Crossed Rs.10,000 Crores in Gross Written Premium (GWP). Ranked No.1, in New Business Premium, amongst private life insurance companies. Assets Under Management (AUM) grew by 96% to Rs.28, 551 Crores.

Globally topped the prestigious MDRT 2009 for having Maximum number of MDRT Members.

ICRA reaffirmed iAAA rating to SBI Life indicating highest claims paying ability. Awarded ISO Certification (ISO/IEC 27001:2005) for Information Security Management System (ISMS).

Retained ISO 9001:2000 certificate for superior claim settlement process. Financial Year 08-09:

Ranked among global top three in terms of number of Million Dollar Round Table (MDRT) members.

Bagged the coveted personal finance award-Outlook Money NDTV Profit "Best Life Insurer 2008".

CRISIL, countrys leading rating agency, reaffirmed its highest financial rating AAA/Stable to SBI

Life. In 2007, SBI Life became the first life insurer in India to receive this rating from CRISIL.

ICRA assigned iAAA rating indicating highest claims paying ability to SBI Life Insurance

Retained ISO 9001:2000 certificate for superior claim settlement process. Financial Year 07-08:

Ranked amongst global top five life insurance companies in the number of MDRT members.

Rated as the The Most Trusted Private Life Insurer according to a survey conducted by Brand quity in association with AC Nielsen ORG-MARG and the Economic Times Intelligence Bureau.

Received the highest financial rating AAA from CRISIL. Forayed into micro insurance with the launch of Grameen Shakti in Bhubaneshwar, Orissa for the economically underprivileged sections of society.

Received ISO 9001: 2000 certification for superior claim settlement process. Received CMMI Level 3 certification for IT processes and software development capabilities. Financial Year 06-07:

Second consecutive year of Profitability. More than 6.40 Million lives covered Financial Year 05-06: Reported a robust net profit of Rs. 2.02 Cr

1.5 Product and Operations

Products of SBI Life insurance
(1) (2) (3) (4) (5) Unit Linked products Horizon 11 Unit Pus 11 Unit plus child Plan Unit Plan Elite Pension Products Horizon 11 Pension Unit Plus 11 Pension Lifelong Pension Pure Protection Products Swadhan Shield keyman Protection cum savings products Sudarshan Scholar11 Setubandhan Money back scheme products Money Back Sanjeevan Supreme (1) Group Employee Benefit Products Retirement Solutions Cap Assure Gratuity Cap Assure Superannuation Cap Assure Leave Encashment Group Immediate Annuity SBI Life Golden Gratuity

Protection Plan Sampoorn Suraksha SBI Life Group Scheme In Lieu of EDLI Term Life

Specialized Term Insurance SBI Life Keyman Insurance (2) Group Loan Protection Products Dhanaraksha Plus Dhanaraksha Plus SP Dhanaraksha Plus LPPT Dhanaraksha Plus RP

(3) Group Savings Protection Plan Nidhi Raksha RP (4) Group Micro Insurance Grameen Shakti and Suraksha Super

1.6

Layout and Quality Control

Quality control training programs for small to medium businesses typically involve providing instruction on quality management systems and techniques, such as Six Sigma, focused on reducing product errors. Learning how to improve processes, reduce defects and make better decisions ensures that companies run more smoothly. Typically aligned with a company’s strategic plan, quality control projects seek to improve key performance measurements. Training programs prepare participants to review projects, support systems to sustain improvements and adjust business strategic plans. Sponsored Link Free Quality Case Study Download Free Case from ASQ. Gain Knowledge. Grow Your Career. asq.org/Membership

Features
Quality control training programs feature instructional overviews on the history of quality and how quality management processes have evolved. Participants learn about continuous improvement strategies that help an organization maintain ongoing commitment to controlling quality. Training also typically features discussions about the costs associated with producing poor quality products. Tips and resources provided by training programs help participants manage customer satisfaction effectively. In addition, training program materials define the meaning of quality concepts. For example, students learn that the term quality control refers to the observation techniques and activities required to ensure acceptable products and services.

Benefits
Upon completion, quality control training program participants can typically measure current systems and identify the critical processes to establish reliable metrics used to monitor progress. They can analyze systems to find ways to minimize or eliminate defects. After introducing process improvements, participants can measure the outcome to determine if the revised methods worked. By controlling the systems at their small to medium business, training program participants contribute to company poy, procedure formation and strategic planning.

1.7 Marketing
SBI LIFE LEADS GLOBALLY AT MILLION DOLLAR ROUND TABLE (MDRT) 2011 Mumbai, September 28, 2011 - SBI Life Insurance, the leading private life insurer, retains the unique distinction of being the only Life Insurer from India, topping the prestigious Million Dollar Round Table (MDRT) 2011 across the globe. For the third consecutive year, SBI Life has reached the pinnacle of the international coveted league by having 2,661 MDRT members in 2011. Amongst these, 200 have achieved Court of Table (COT) and 30 Top of Table (TOT) membership statuses. SBI Life has been consistently featuring amongst the top five insurers, worldwide, since last five years. Globally, the company ranked 5th in 2007, 3rd in 2008, and 1st in 2009, 2010 and 2011. Reputation, standard of sales excellence and high ethical standards are some of the key values that are associated with the MDRT brand. The MDRT membership is an exclusive honor that is achieved by less than 1 percent of the world's life insurance and financial services advisors. Life Insurance professionals aspire to attain the privilege of being an MDRT member Mr. M. N. Rao, MD & CEO, SBI Life, said, "Across the globe, both, Agent and Insurance Facilitator at bank, continue to be a reliable source of personal financial advise. Our accomplishment on a global platform testifies the professional approach followed by our distributors. We will continue to focus on equipping them with relevant support to enable advisory-based delivery of life insurance solutions to our customers." Mr. Rajiv Gupta, Executive Director, Marketing, SBI Life added "This accomplishment resonates our commitment towards creating quality advisors who can be looked upon as world-class benchmarks. Providing need based solutions, professional advice and unmatched service will remain the focal delivery points for our Advisors ". An opportunity to represent one of the most trusted brands in the country, superior training program and attractive reward and recognition programmes are some of benefits availed by SBI Life Insurance Advisors. Mr. Anand Pejawar, Executive Director, Marketing, SBI Life added "In addition to highly productive Retail Agency Channel, our integrated bancassurance approach continues to create value for Bank customers and Facilitators of our products. The bank employee, involved in the sale of the insurance products, has rapidly evolved to deliver holistic banking and insurance solutions to their customers making the bank truly a super market for all financial requirements". During the first financial quarter ending June 2011, SBI Life recorded a profit of Rs. 144 Crores, registering an impressive profit growth of 27% over the corresponding period last year. The total premium of the company grew by 13 % to

Rs.1935 Crores during the period. The new business premium collected, during the period, stood at Rs.892 Crores. Further, the Assets under Management grew by 33%, over the corresponding period last year, to Rs.40,070 Crore as on 30th June 2011. The company continues to have the lowest expense to GWP (Gross Written Premium) ratio in industry of 10.14%. Uniquely, despite tough external conditions, SBI Life continues to expand its presence. During the current financial year, the company has introduced 81 branches and recruited 1657 employees. SBI Life ranks number one amongst private players, as per the latest IRDA report, July 2011. The company has a market share of 21.6% among private life insurers and a total market share of 6%.About MDRT: MDRT is an association of the world's best life insurance sales (advisors) professionals. Founded in 1927, MDRT is an international, independent association of nearly 36,000 of the world's leading life insurance and financial services professionals from 76 nations and territories, representing over 450 companies. MDRT members are recognized as skillful professionals who are considered to be among the best in the industry, perform outstanding client service, and have achieved the highest standard of sales excellence in the life insurance and financial services business.

Rank 1 2 3 4 5 13 21 31 33

Company Name SBI Life Insurance New York Life Samsung Life Insurance Of India Northwestern Mutual HDFC Standard Life ICICI Prudential Life TATA AIG Life Max New York Life

Country India USA Rep of Korea India USA India India India India

2010 Members 2,661 2,067 2,052 1,993 1,260 489 341 207 203

1.8 Strength and Weakness

STRENGTHS: Greater reach to customers Quicker time to market Ability to introduce new products and services quickly and successfully Ability to understand its customers needs Customers are given access to information easily across any location Greater customer loyalty Easy online appation for all accounts, including personal loans and mortgage 24 hours account access Quality customer service with personal attention

WEAKNESSES: Lack of awareness among the existing customers regarding internet banking Obsolesce of technology take place very soon specially in terms of security on internet. Procedure for applying for id and password for using services related to internet banking takes time. Lack of knowledge is found regarding internet banking in employees of SBI Implementation of newer technology is little bit compated Employees needs training to obtain knowledge regarding I-banking

OPPORTUNITIES: Approximately 95% of customers are not using internet banking. Core competency can be achieved in terms of banking if focus is made on awareness of internet banking Can become 1st virtual bank of India. Concentration of various services should be made using internet banking

CHALLENGES: Maintaining Business Edge over competitors in the context of sameness in IT infrastructure Multiple vendor support is necessary for working of highly complex technology Maintaining secured IT infrastructure for business operations Alternative must be there in case of failure of system

TERMS OF SERVICE: ONLINE SBI 3.1 GENERAL INFORMATION:

1. You should register for OnlineSBI with the branch where you maintain the account. 2. If you maintain accounts at more than one branch, you need to register at each branch separately. 3. Normally OnlineSBI services will be open to the customer only after he acknowledges the receipt of password. 4. We invite you to visit your account on the site frequently for transacting business or viewing account balances. If you believe that any information relating to your account has a discrepancy, please bring it to the notice of the branch by e-mail or letter. 5. In a joint account, all account holders are entitled to register, as users of OnlineSBI, but transactions would be permitted based on the account operation rights recorded at the branch. (To begin with the services will be

extended only to single or Joint E or S accounts only). 6. All accounts at the branch whether or not listed in the registration form, will be available on the OnlineSBI. However the appant has the option to selectively view the accounts on the OnlineSBI.

Chapter -2 INTRODUCTION

INTRODUCTION
INTERNET BANKING (E-BANKING): INTRODUCTION
Internet banking (or E-banking) means any user with a personal computer and a browser can get connected to his banks website to perform any of the virtual banking functions. In internet banking system the bank has a centralized database that is web-enabled. All the services that the bank has permitted on the internet are displayed in menu. Any service can be selected and further interaction is dictated by the nature of service. Once the branch offices of bank are interconnected through terrestrial or satellite links, there would be no physical identity for any branch. It would a borderless entity permitting anytime, anywhere and anyhow banking. The delivery channels include direct dialup connections, private networks, pub networks, etc. with the popularity of computers, easy access to Internet and World Wide Web (WWW), Internet is increasingly used by banks as a channel for receiving instructions and delivering their products and services to their customers. This form of banking is generally referred to as Internet Banking. The concept of Internet banking has been simultaneously evolving with the development of the World Wide Web.
Programmers

working on banking data bases came up with ideas for online

banking transactions, sometime during the 1980's.

The The

online shopping promoted the use of credit cards through Internet. first online banking service in United States was introduced, in

October 1994.
The

online banking services are becoming more and more prevalent due

to the well developed systems

ICICI

was the first bank to initiate the Internet banking revolution in

India as early as 1997 under the brand name

ICICI

Bank kicked off online banking way back in 1996. But even for the Internet

as a whole, 1996 to 1998 marked the adoption phase, while usage increased only in 1999- due to lower ISP online charges, increased PC penetration and a techfriendly atmosphere

INTERNET BANKING:
Internet banking can be used from the internet caf, although the latter is order to handle his account a user just needs an internet 10 10% increase from 2008 to 7 on average in a month, while in case of

E-BANKING: home or the office, as well as an not recommended for security

reasons. In browser.

CREDIT CARDS: - The credit card enables the cardholders to: Purchase any
item like clothes, jewellery, railway/air tickets, etc. Pay bills for dining in a restaurant or boarding and lodging in hotel. Avail of any service like car rental, etc.

DEBIT CARDS: A debit card is issued on payment of a specified amount by the issuing company like a telephone company to a customer on cash payment or on debiting his account by a bank. Thus it is like an electronic purse, which can be read and debited by the required amount. It may be noted that while through a credit card, the customer first makes a purchase or avails service and pays later on, but for getting the debit card, a customer has to first pay the due amount and then make a purchase or avail the service. For this reason, debit card are not as popular as credit cards.

ATM CARDS: - The card contains a PIN (Personal Identification Number) which is selected
by the customer or conveyed to the customer and enables him to withdraw cash up to the transaction limit for the day. He can also deposit cash or cheque. d. SMART CARDS: - Smart Cards have a built-in microcomputer chip, which can be used for storing and processing information. For example, a person can have a smart card from a bank with the specified amount stored electronically on it. As he goes on making transactions with the help of the card, the balance keeps on reducing electronically. When the specified amount is utilized by the customer, he can approach the bank to get his card validated for a further specified amount. Such cards are used for paying small amounts like telephone calls, petrol bills, etc.

ADVANTAGES & DISADVANTAGES OF INTERNET BANKING: Advantages of Internet Banking

Internet Banking has several advantages over traditional banking which makes operating a bank account simple and convenient. Internet banking allows you to conduct various transactions using the bank's website and offers several advantages. Some of the advantages of internet banking are: Internet banking account is simple to open and easy to operate.
Internet

banking is quite

convenient as you can easily pay your bills, can transfer funds between accounts, etc. Now you do not have to stand in a queue to pay off your bills; also you do not have to keep receipts of all the bills as you can now easily view your transactions.
Internet

banking is available all the time, i.e. 24x7. You can perform your tasks

from anywhere and at any time; even in night when the bank is closed or on holidays. The only thing you need to have is an internet connection. Internet banking is fast and efficient. Funds get transferred from one account to the other very fast. You can also manage several accounts easily through internet banking.
Through

Internet banking, you can keep an eye on your transactions and

account balance all the time. This facility also keeps your account safe. This means that by the ease of monitoring your account at anytime, you can get to know about any fraudulent activity or threat to your account before it can pose your account to severe damage.
Internet

banking is also a great medium for the banks to endorse their products

and services. The services include loans, investment options, and many others.

Disadvantages of internet banking

Understanding

the usage of internet banking might be difficult for a beginner at

the first go. Though there are some sites which offer a demo on how to use internet banking, but all does not offer this facility. So, a person who is new to internet baking might face some difficulty.
You

cannot have access to internet banking if you dont have an internet

connection; thus without the availability of internet access, internet banking may not be useful.
Security

of transactions is a big issue. Your account information might get

hacked by unauthorized people over the internet. Password security is a must. After getting your net banking password, do change it and memorize it otherwise your account may be misused by someone who gets to know your password inadvertently.
You

cannot use internet banking, in case; the banks server is down. issue is that sometimes it becomes difficult to note whether your

Another

Transaction was successful or not. It may be due to the loss of internet Connectivity in between, or due to a slow connection, or the banks server is Down.

CHAPTER -2 OBJECT OF THE STUDY

OBLIGATIONS:
1. The customer has an obligation to maintain secrecy in regard to Username & Password registered with the Bank. The bank presupposes that login using valid Username and Password is a valid session initiated by none other than the customer. 2. Transaction executed through a valid session will be construed by SBI to have emanated from the registered customer and will be binding on him / her. 3 The customer will not attempt or permit others to attempt accessing the OnlineSBI through any unlawful means.

DOS & DONTS:

1. The customer should keep his/her ID and password strictly confidential and should not divulge the same to any other person. Any loss sustained by the customer due to non-compliance of this condition will be at his/her own risk and responsibility and the Bank will not be liable for the same in any manner.

CHAPTER-3 RESULTS AND DISCUSSION

RESULTS AND DISCUSSION

1) Use of internet banking
Yes 65% No 35%

Interpretation: It is found that 65% of people use internet banking

0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70 80

2) Preference for
Yes 70%70 No 35%

Interpretation: It is found that about 70% people give preference to

online shopping.
0 1050 60 40 50 60 70 0 10 20 30 40 50 60 70 80

3) No. of user of the banks

ICICI 20% SBI 30% SBH 20% AXIS 10% UNION 8% HDFC 12%

Interpretation:
It is found that about 30% people use SBI, 20% people use ICICI & Sbh bank, 12% people use Hdfc bank, Union bank10% people use Axis & 8% people use
30 20 10 8 1

Interpretation: From the above table it is found that majority of (46%)

respondents are using the facility of net banking& ATM followed by (4%) are using mobile banking.

Interpretation: From the above table it is found that majority of (40%)

respondents are heard about net banking first their relatives

Interpretation: From the above table it is found that majority of (42%)

respondents are learn to use net banking from their friends followed by (34%) are learn to use self (14%) are learn from bank staff and (10%) are learn from website of bank.

Interpretation:
From the above table it is found started to use net banking because it saves time followed by (30%) are started because it saves time (16%) are stared because respondents dont have time to go to the bank and (12%) are stared because it is safe & sec
0 5 10

15 20

8) Internet users in India by occupation.

Senior executive: 22% Junior executive: 22% Student: 20% Self-employed: 10% Businessman/industrialist: 03% Small businessman/traders: 03% Housewife: 02% Other: 18%.
22% 22% 25 30

35

40

Interpre tat ion: From the above int erpret at ion we can say that al l the younger have been between 36-45, 46-60 and 61 in rec ent . Final ly we can the age maximum users of the internet
0 2 4 6 8 10 12 14 16 18

Interpretation: From the above interpretation we can say that age group
between 18-25 27% people have own internet own internet i s 3%, s imi la r ly % own internet while 1% dont internet while 2% dont internet while 4% dont own internet, 3%dont 26-35 own maximum % of internet.
0

CHAPTER -4 SUGGESTIONS AND IMPATION

SUGGESTIONS
Advertising is not appropriate, as many people are not aware of internet banking Therefore Hoarding and Boards should be displayed at various prime locations in the city. Timely payment of salary and Promotion of employees will boost their morale. All the complaints of Customer should be deal in proper manner because it is the customer who will give good or bad mouth about bank services. Non maintenance & other charges which are very high as compared to other Banks should be reduced. Existing customer should always be informed about the new product. Regular connected with customer. Proper training of Bank staff to give impressive presentation

CONCLUSION
Studying the project I came to know that Internet banking is clearly the way forward for the life insurance. It provides comfort to customers at the same time it provides cost cutting to SBI by eliminating physical documentation. Internet banking saves time of bank as well as those of customers. Study states that internet banking provides greater reach to customers. Feedback can be obtained easily as internet is virtual in nature. Customer loyalty can be gain. Personal attention can be given by bank to customer also quality service can be served. Bank should know that No system is perfect, however a system of such a type will need to be very secure. This is a system which holds account details and customers wealth. If such a system was not trusted and not reliable, then SBI would face serious laws and would lose business.

BIBLIOGRAPHY

www.sbilife.com www.irda.com www.google.com Company manual

Annexure
Questionnaire: (for customer) 1. Name of the customer: Age: profession: 2. Do you like E-banking Yes No 3. Tick which bank you prefer A. ICICI B. SBI C. SBH D. AXIS E. UNION BANK F. HDFC G.UTI BANK LTD H. BANK OF PUNJAB LTD 4. Why this bank a. Service is good b. They provide security c. Cheaper service fees. 5. Which type of service mostly you use? a. Balance and transaction history search b. Transfer fund online c. Card to card fund transfer d. Open FD e. Lock / activate debit cards /ATM f. Request a cheque book g. Stop payment h. Railway pass / ticket i. Shopping j. Share payment 6. Services of the bank are. a. poor b. good c. Very good

7. Do you use the following facility provided by the bank a. Phone banking b. Mobile banking c. Net banking d. Electronic fund transfer e. Atm 8. from where you heard about net banking for the 1st time a. Friend b. Relatives c. Magazine d. Leaflets of the company e. Bank employee f. Internet 9. How did you learn to use of net banking a. Self b. From website of bank c. From staff of bank d. Friend 10. Reason due to you started using net banking a. IT saves time b. IT is safe & secure c. I can use IT any where d. I dont have time to go to bank