PROJECT REPORT ON

Investment Perception and Buying Behaviour of Customers Towards the Product of

Shriram Life Insurance

Submitted By: -
DIPA KUMARI SHAW
(PGP 2020-2022)

A Training Report submitted to

INTERNATIONAL SCHOOL OF MANAGEMENT STUDIES
Pune-411041
In partial fulfilment of the requirement for the
Masters of Business Administration (PGP) 2020-2022
 INSTITUTE CERTIFICATE

This is to certify that DIPA KUMARI SHAW (PGP 2020-2022) is a bonafide student of this institute
and has completed her summer project titled “Investment Perception and Selection Behaviour of
Customers Towards the Product of Shriram Life Insurance”. During the academic year 2020- 2022
in partial fulfilment of the requirements of Post graduate Program during the period of 19 th June, 2021 to
19th August, 2021.

Debraj Banerjee Prof. Prince Francis

Director Project Guide

ISMS, Pune
 ACKNOWLEDGMENT

I would like to express my special thanks of gratitude to my internship Training guide Mrs. Ipsita
Tambhat as well as, our Director- Mr. Debraj Banerjee and Prof. Prince Francis who gave me the
golden opportunity to do this internship Training at Shriram Life Insurance Company, which provided me
an opportunity explore the new horizons.

I sincerely express my gratitude towards the ISMS Sankalp Business School, Pune and Shriram
Group, for providing this opportunity.

I am extremely grateful to those who have shared their expertise and knowledge with us and without
whom the completion of this project would have been virtually impossible.

DIPA KUMARI SHAW

 INDEX

Sr. No. PARTICULARS Pg. No.

I. Acknowledgement
II. List of Tables
III. Executive Summary
Chapter-1 Introduction to the Study
Chapter- 2 Organizational Profile
Chapter- 3 Findings, Suggestions and Conclusion
Chapter-4 Annexure
Biblography
 EXECUTIVE SUMMARY

Human life is a most important asset and life insurance is the most important type of insurance which
provides financial protection to a person and his family at the time of uncertain risks or damage. Life
insurance provides both safety and protection to individuals and also encourages savings among people.
Shriram Life Insurance plays a vital role in the welfare of human well-being by providing insurance to
millions of people against life risks such as uncertain death or accident. The present exploratory and
descriptive based study was selected with an objective to examines the various factors that affect the
consumer perception towards life insurance policy and also analyze the preferences of customers while
life policy investment decision-making. Various insurance related factors have been discussed in the
paper. The data for the study has been collected from primary sources. Sample size is 73 respondents. The
statistical technique used for the analysis is simple percentage analysis. The main finding of the study
reflected that there are four factors i.e. premium, returns, goodwill of the company and duration of the
policy that influence the consumer perception towards life insurance policy. Insurance companies should
spread more awareness about life insurance, reduction in premium amount and giving more attention on
need based innovative products are some of the suggestions provided by the researcher. The paper
concludes with that earlier Insurance was a means for wealth creation and that too for a longer period as
returns were comparatively low but as compared with the data in the current part it can be said that people
are shifting towards Insurance sector not only for tax saving but for future planning, life covering risk
against security, etc.

ECUTIVE SUMMARY
“Insuring Dreams”, this is exactly
what we at Shriram Life do.
Shriram Life has emerged out of a
parent company whose philosophy
revolves around the Aam
Aadmi (common man), not in
papers, but in actuality. With a
sole motivation to serve the
marginalised section, every single
member of the Shriram family
strives towards creating a better
world, for himself/herself and for
those around him/her.
For a world, where business means
profits and self-centric service, our
work-values might sound a
bit farfetched. Understandably, the
doubt is genuine and undeniable.
So here, let us have a glance
into the background of Shriram
Life and the Shriram Group.
Commencing business in 2006,
Shriram life was incorporated in
the year of 2005, with constant
support from Shriram Group and
Sanlam Group, a 90-year-old
South African Insurance firm.
We work with the primary
intention of bringing a positive
change in the lives of our fellow
beings
while adhering to high service
standards at the same time.
EXECUTIVE SUMMARY
“Insuring Dreams”, this is exactly
what we at Shriram Life do.
Shriram Life has emerged out of a
parent company whose philosophy
revolves around the Aam
Aadmi (common man), not in
papers, but in actuality. With a
sole motivation to serve the
marginalised section, every single
member of the Shriram family
strives towards creating a better
world, for himself/herself and for
those around him/her.
For a world, where business means
profits and self-centric service, our
work-values might sound a
bit farfetched. Understandably, the
doubt is genuine and undeniable.
So here, let us have a glance
into the background of Shriram
Life and the Shriram Group.
Commencing business in 2006,
Shriram life was incorporated in
the year of 2005, with constant
support from Shriram Group and
Sanlam Group, a 90-year-old
South African Insurance firm.
We work with the primary
intention of bringing a positive
change in the lives of our fellow
beings
while adhering to high service
standards at the same time.
EXECUTIVE SUMMARY
“Insuring Dreams”, this is exactly
what we at Shriram Life do.
Shriram Life has emerged out of a
parent company whose philosophy
revolves around the Aam
Aadmi (common man), not in
papers, but in actuality. With a
sole motivation to serve the
marginalised section, every single
member of the Shriram family
strives towards creating a better
world, for himself/herself and for
those around him/her.
For a world, where business means
profits and self-centric service, our
work-values might sound a
bit farfetched. Understandably, the
doubt is genuine and undeniable.
So here, let us have a glance
into the background of Shriram
Life and the Shriram Group.
Commencing business in 2006,
Shriram life was incorporated in
the year of 2005, with constant
support from Shriram Group and
Sanlam Group, a 90-year-old
South African Insurance firm.
We work with the primary
intention of bringing a positive
change in the lives of our fellow
beings
while adhering to high service
standards at the same time
 EXECUTIVE SUEXECUTIVE SUMMAEXECUTIVE SUMMARY

Human life is a most important asset and life insurance is the most important type of insurance which
provides financial protection to a person and his family at the time of uncertain risks or damage. Life
insurance provides both safety and protection to individuals and also encourages savings among people.
Shriram Life Insurance plays a vital role in the welfare of human well- being by providing insurance to
millions of people against life risks such as uncertain death or accidentThe present exploratory and
descriptive based study was selected with an objective to examines the various factors that affect the
consumer perception towards life insurance policy and also analyse the preferences of customers while
life policy investment decision- making. The study area is limited to Durgapur, West Bengal and sample
size is 100 respondents. The paper concludes with that earlier Insurance was a means for wealth creation
and that too for a longer period as returns were comparatively low but as compared with the data in the
current part it can be said that people are shifting towards Insurance sector not only for tax saving but for
future planning, life covering risk against security, etc.

CHAPTER 1
INTRODUCTION TO THE STUDY

1.1 INTRODUCTION
Customer perception plays a vital role in a company’s ability to attract new customers and to retain
existing customers. Consumer awareness refers to the familiarity of the brand, company or product
among the customers. For any company it is very essential that the company should be present in
awareness set in the minds of customers. Products of any company will not be sold until buyers of those
products or services are aware about it. Hence brand awareness plays crucial role for the success of any
company in the market. And so new companies spend lot of efforts for making their brands aware among
mindset of customers. Once customers get aware about the brand then the brand will come into the
consideration set followed by choice set and finally it will get purchased by the customers. Hence the
finally purchase decision greatly depends on the brand awareness. So, companies heavily advertise their
brands and products through different means to make their brands familiar with target market.

Customer perception:

The formal definition of customer perception is, “A marketing concept that encompasses a customer’s
impression, awareness and/or consciousness about a company or its offerings.” To put it simply, customer
perception is what your customers and potential customers think of your organization. This perception
directly impacts the attraction of new customers and the capacity to maintain good relationships with
current customers. Study of consumer behaviour provides marketers to understand and predict the future
market behaviour. Consumer behaviour studies the behaviour of individual or a group of people. The
companies, function of insurance company, various factors influencing consumer behaviour, factors
influencing buying decision and model of consumer decisions making process have been considered.
Also, the types of insurance policy taken by consumer, the total sum assured of life insurance, the total
sum assured of life insurance for the spouse, the share of public insurance in insurance sector, share of
LIC in life insurance in insurance sector and the reasons for invested in life insurance have been studied.
The survey was conducted across 334 cities/towns in all the states and union territories. A sample of 1947
individuals has been selected by setting questionnaire. The online response system has self-checking and
its validation system vetted the quality and veracity of the responses. Indicus Analytics then cross-
checked and inputs with its databases on investors and their habits. The majorities of the respondents
were from the top five metros and 10 major cities and had at least 30 participants. The profile of the
target respondents is typically matched. The target respondents are well educated, familiar with
English, spread over major urban centres having a higher socioeconomic and income profile and spread
across a range of occupations, professions and different age groups.

Investor’s perception:
An investor perception is a leading provider of authoritative and considered investor feedback. IP delivers
an independent perspective into how shareholders and the key underweight institution view a company,
its management and its prospects. We analyse in depth the key factors that collectively define a
company’s investment proposition and ultimately determine the valuation the market places on the shares.
An insightful perception study is an important and powerful management tool, both from a strategic
planning and a corporate governance perspective. Being aware of the opinions and views of investors
assists companies to improve their communication with the market and to ensure the investment
proposition is properly understood and is reflected in the valuation of the shares, which in turn will
influence its cost of capital.
Consumer behaviour:
Consumer behaviour is the study of how individual customers, groups or organizations select, buy, use,
and dispose ideas, goods, and services to satisfy their needs and wants. It refers to the actions of the
consumers in the marketplace and the underlying motives for those actions. Consumer behaviour is very
important to understand what influences the buying decisions of the consumers and why does it so. By
understanding how consumers decide on a product it is possible for marketers to fill in the gap and
identify which product is needed and which products are obsolete in the market. It also helps marketers
decide how to present their products such that they have maximum impact on consumers.

1.2 RESEARCH PROBLEM

The Government of India (GOI) opened the insurance sector to private players on October 24, 2000, thus
unravelling a new chapter in this field. Before that there were only 4 public sector government 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 sectors
companies are doing business of life insurance in Indian market. All these companies entered after the
year of 2000. And so, their business is many times less then PSUs. At present 4 PSUs 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 their insurance services. Shriram Life Insurance
entered in the Indian market in the year 2006. Among the all-private players with market share is it is
quite less compared to all public sector companies. Many reasons are behind it but one of them is
unawareness of people about Shriram Life Insurance. Many industrialists and entrepreneurs are not aware
about the presence of Shriram Life Insurance in the insurance business and if they are aware about it then
they do not know about the policies and services offered by the company. Hence the research work has
been done to check the consumer awareness of Shriram Life Insurance. Efforts have been put to know at
what extent they are aware about the company and the services of the company.

1.3 STATEMENT OF RESEARCH PROBLEM

After government opened the doors for the private insurance players to conduct insurance business in
Indian market in the year 2000, many private life and non-life (general) insurance companies entered in
Indian market. And at present there are 4 public sector companies and more than 12 private sector
companies are doing business of life insurance in Indian market. However, till the date public sector
companies are in dominant position and private general insurance companies have very less market share
as compared to PSUs. The reason behind this less business of private insurance companies is the lack of
awareness among the people about these private general insurance companies. Shriram has started its
operation in Rajkot in the recent years. It is essential to know for the company that at what extent
industrial areas of Rajkot are aware about Shriram Life Insurance Co. Ltd. and familiarity of industries
with the insurance products and services offered by the company.

1.4 OBJECTIVE OF THE STUDY

 To know awareness of people about Shriram Life Insurance.

 To know the general preference of people for investment.
 To know the reach of Shriram life insurance product among people.
 To observe the number of policy holders of SLIC in prescribed location.
 To study about customer’s preference regarding life insurance companies.
 To examines the various factors that affect the consumer perception towards life insurance policy.

1.5 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.

1.6 SCOPE OF THE STUDY

The scope of this project report involves the study about the life insurance, value of life insurance of a
private company to consumers and how they behave towards it. This research also gives insight about
how the market of life insurance is changing especially post pandemic scenario, what the consumer thinks
when it comes to buy insurance policies, different perspective of consumers about saving money into life
insurance and stocks or in other things. The scope of the study also involves the challenges in- front of me
and also the challenges face by the company in this pandemic.

This project study is helpful in following aspects.

 It will be helpful to the professionals of Shriram life insurance co. ltd. to know the level of brand
awareness among the industrial units of Rajkot city.

 It will be helpful in knowing awareness about the competitors.

 It will be helpful in knowing the awareness level about the policies offered by Shriram life insurance.
 It will be helpful to know the satisfaction level of the customers to the insurance companies.

1.7 IMPORTANCE OF THE STUDY

The importance of the study is:

 To understand about the brand awareness of Shriram Life Insurance Company.

 To get knowledge about life insurance, various companies and their offerings and also difference
between their products and Shriram’s product.

1.8 RESEARCH METHODOLOGY

Research methodology help us to know the research methods along the logic behind the methods we use
in the context of our research study and explain why we are using a particular method or technique. For
getting better understanding of the Customers perceptions towards products of Shriram life insurance
company. The nature of study is qualitative. The methodology that is followed includes primary data
collection. Primary data collection is including a simple questionnaire.
Such questionnaire is help us to ascertain the reach of Shriram Life Insurance products among people, the
awareness of insurance as a platform for investment and customer’s preference regarding life insurance
companies.
It is the comprehensive plan of the sequence of operations that a researcher intends to carry out to achieve
the desired research objective. It is a plan of action to be carried out in connection with a proposed
research work. The present study needs to chalk out the customers perception
towards products of Shriram Life Insurance Company.

1.8.1 TYPES OF RESEARCH DESIGN:

A research design is defined as the specific methods and procedures for getting the information needed
for the research. It is a plant or organizing framework for doing the study and collecting the data.
Designing a research plan requires decisions all the data sources, research approaches, research
instruments, sampling plan and contact methods.
Research design contains following types: -
1. Exploratory Research
2. Descriptive Research
3. Casual Research

1. EXPLORATORY RESEARCH:
The major purposes of exploratory studies are the identification of problems, the more precise
formulation of problems and the formulations of new alternative courses of action. The design of
exploratory studies is the characterized by a great amount of flexibility and ad- hoe veracity.

2. DESCRIPTIVE RESEARCH:
Descriptive research in contrast to exploratory research is marked by the prior formulation of specific
research problem. Perhaps as a result of an exploratory study, before the project is initiated. Descriptive
research is also characterized by a pre- planned and structured design.

3. CASUAL RESEARCH:
A casual design investigates the cause-and-effect relationships between two or more variables. The
hypothesis is tested and the experiment is done. There are following types of casual design:
 After only design
 Before after design
 Before after with control group design
 Four groups, six studies designs
 After only with control group design
 Consumer panel design
 Exposit factor design.

1.8.2 DATA REQUIRED:

PRIMARY DATA: - Primary data is the type of data is collected directly from respondents through
interviews, surveys, experiments etc.
SECONDARY DATA: - Secondary data is the type of data which is already collected from primary
sources and readily for available for researches. This type of data is already collected in the past.

1.8.3 DATA SOURCE:

PRIMARY SOURCE: - Primary data are collected from interviews, surveys, observations in all over the
city.
SECONDARY DATA: - Secondary data are collected through literature review which includes
company’s internal reports, annual reports, journals, website etc.
1.8.4 INSTRUMENTS:

Survey through Questionnaire

1.8.5 SAMPLING:

SAMPLING DESIGN:
The random sampling is done because any probability sampling procedure would require detailed
information about the universe, which is not easily available father, as it is being exploratory research.

SAMPLING PROCEDURE:
In this study “random sampling procedure is used”. Random sampling is preferred because of some
limitation and the complexity. Area sampling is used in combination with random sampling so as to
collect the data from different regions of the city.

SAMPLING SIZE:
The sampling size of the study is 73.

SAMPLING UNIVERSE:
Durgapur, West Bengal

1.8.6 DATA ANALYSIS

Data analysis focused on the following major aspects:

• To know about the people insured through which insurance company.
• 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.
• To know the reach of Shriram Life Insurance products among people.

 
 CHAPTER NO. 2
INDUSTRY PROFILE

2.1 INTRODUCTION
Insurance is a contract that provides compensation for specific losses in exchange for a periodic payment.
An individual contract is known as an insurance policy and the periodic payment is known as the
insurance premium. Insurance provides a mechanism for shifting risk from a person, business, or
organization to an insurance company in exchange for the payment of the insurance premium. There are
many types of insurance and our guide provides information about the most common types. The most
important ones for most individuals are health insurance, life insurance, and auto insurance. Health
insurance provides protection against sickness and bodily injury. Auto insurance provides can pay for
injuries or damage resulting from an auto accident or when an auto is vandalized or stolen. Life insurance
makes a payment to your beneficiaries in the event of your death. Life insurance pays a specified sum to
the beneficiaries upon the death of the insured. It is generally used to provide cash to your family in the
event of your death. There are several types of life insurance policies. The most common types are whole
life insurance and term life insurance. Whole life insurance provides a lifetime of protection as long as
you pay the premiums to keep the policy active. They also accrue a cash value and thus offer a savings
component. Term life insurance provides protection only during the term of the policy and the policies are
usually renewable at the end of the term.

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 its existing form started in India in the year 1818 with the establishment of the
Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance
business in India are:

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 public.

1956 – 245 Indian and foreign insurers and provident societies taken over by the central government and
nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5
crores 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.
12 Some of the important milestones in the general insurance business 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.

Shriram Life Insurance was incorporated in 2005 and it commenced business in 2006. Since the first
year of operations, the company 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. The company's
performance stands out in efficient use of capital and low cost of operations. Life insurance arm of
Shriram Group has carried forward the group philosophy of financial inclusion by penetrating the
unexplored segments. Shriram Life has significantly focused on Inclusive growth by taking life insurance
to the section where it is needed the most -The 'AAM AADMI' (Common Man). Sanlam, the second
largest insurer in South Africa and Shriram's Insurance partner, is working closely with the group to take
the Insurance Businesses to the next level in the coming years.

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.

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.

2.2 HISTORY

Shriram Group is a financial services corporation founded on April 5, 1974 by Ramamurthy Thyagarajan,
AVS Raja and T. Jayaraman. Shriram Life Insurance has their headquarters in Chennai, Tamil Nadu,
India. Shriram Group did chit funds business before launching their group business and later on came into
the lending business in a big way through Shriram Transport Finance (Commercial Vehicle Finance) and
Shriram City Union Finance (Consumer and MSME Finance). R. Thyagarajan also won Padma Bhushan
award in 2013.

Shriram Life Insurance Company has founded on 2005 and started its operation in 2006 partnered with
Sanlam South African Financial Service Company. The Managing Director and CEO is Mr. Casparus J H
Kromhout, chairman is Mr. T.S. Krishna Murthy, and Managing Director is Smt. Akhila Srinivasan and
Mr. Manoj Jain. It has a wide network of over 550 offices in India. Their main aim is to offer plans of life
Insurance and provide solutions which serve the wide location. In 2006, the financial services operations
were started in order to provide solutions to the financial planning through mutual funds, General
insurance, deposits and life insurance. When compared to the other industry, SLIC is the most profitable
made business in the country in the first 7 years of operation.

2.3 PROFILE OF THE ORGANIZATION

The Shriram group is one of the largest and well-respected financial services conglomerates in India. The
group’s main line of activities in financial services include, chit funds, truck financing, consumer durable
financing, stock broking, insurance broking, and life insurance. The group has a customer base of 30 lack
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 privet sector consisting of more than 75000 loyal and dedicated
agents. Shriram Life insurance Co Ltd. was launched in January 2006. India currently accounts for 16%
of the world’s population. 70% of the populations is below 35 years of age. Between 2001 and 2006,
Indian demography has changed with the higher income classes constituting about 79%. This presents
huge market for insurance products. This is amply reflected in the growth of insurance industry in the last
recent years. However, this growth has 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 insurance industry. Most of the products of Shriram life were designed
by advisors working in the field and based on need analysis done through intense market research. During
the first year of operation the company earned a profit of 2 crores which doubled to 4 crores in the
subsequent year. For the fiscal ended march 2009 the company earned a profit of 8 crores adding the total
premium at the end of 2008-09 stood at 1000 crores. The company aims to garner new business premium
of Rs 1000 crores in the next 3-4 years. The company also intends to increase in 100 cities in next couple
of years.

Shriram Life Insurance Company Ltd is a joint venture of Shriram group and Sanlam with South Africa
holding 26% of the stack. Sanlam Life insurance Limited, a part of the Sanlam Group, is one of the
largest providers of life insurance in South Africa with 3.2 million individuals’ policies under
administration It has a significance presence across South Africa, United Kingdom and Namibia and is a
major provider of life insurance, retirement annuities, saving and investment products, personal loans,
home loans and trust services to individuals. The shareholder's funds of Sanlam Life equate to USD 4.4
billion. The Sanlam Group was established in 1918 and has a leadership position in financial services in
South Africa. Demutualized in 1998, the group is listed on the JSE Securities Exchange in Johannesburg
and on the Namibian Stock Exchange. It has a current market capitalization of USD 5.4 billion. The
Sanlam Group also operates in the areas of group schemes, retirement funds, short-term insurance, asset
management and other financial services. It has employee strength of 8,000 and has shareholder funds in
excess of USD 4.6 billion. On 31st December 2004 it had more than USD 48 billion assets under
management.

2.4 PRODUCT PORTFOLIO

1. Shriram Life Genius Assured Benefit Plan: Shriram Life Genius Assured Benefit Plan is an
endowment cum savings plan that offers guaranteed benefits for your child’s future. After paying
premium for a minimum number of two years, if you are unable to pay the premium within the
grace period, you will be eligible for an auto cover of one year. This benefit is available only once
during premium paying term.

Death Benefit Option - The death benefit payout can be either as a lump sum payout or an installment.

The death benefit as lump sum benefit will be highest of:

a. 10 times the annualised premium for all ages

b. Sum assured payable to be paid in case of the death of the life assured

c. Guaranteed maturity sum assured

d. 105% of the all the premiums paid till the time of death.

The death benefit as an installment option:

a. Sum assured benefit will be paid immediately.

b. Family support benefit shall be paid on monthly basis.

c. Education support benefit shall be paid as per the option chosen by the policyholder.

The maturity benefit will be paid as a lump sum plus education support benefit in installment as flat or
increasing payout. In case of death of the life assured of a discontinued plan, the fund value subject to a
minimum guaranteed interest will be paid to the nominee. Additional rider options include Accidental
Benefit and Critical Illness Cover. The minimum entry age is 18 years, and maximum age is 45 years
with the minimum sum assured of INR. 2,00,000 with no such limit on the maximum sum assured.

Eligibility conditions of Shriram Life Genius Assured Benefits Plan

 Entry age 18 years to 45 years

Sum Assured Minimum – INR 2 lakhs

Maximum – no limit

Term of the plan 10 years to 18 years

Premium Minimum – INR 21,732

Maximum – no limit

2. Shriram Life Super Income Plan: This is a money-back insurance plan which pays a regular
monthly income to the policyholder once the premium paying term is over. The features of the
plan are as follows –

a. Coverage is allowed until 75 years of age

b. The plan requires only limited premium payments. After the premium payment term is over,
monthly incomes are paid every month till death or maturity
c. In case of death during the plan duration, the full death benefit is paid irrespective of the monthly
incomes already paid
d. On maturity also a guaranteed benefit is paid

Eligibility conditions of Shriram Life Super Income Plan

Entry age 25 years to 50 years

Sum Assured 10 times the annual premium

Term of the plan 75 – entry age

Premium Minimum – INR 30,000

Maximum – no limit
 3. Shriram Life Assured Income Plan: This is an endowment plan which offers you a promise of
regular incomes. The features of the plan are as follows –

a. Regular incomes are promised after the term of the plan expires
b. The incomes would be high if the policy term and the premium amount is high
c. You can enhance your coverage through any of the four available riders offered with the plan

Eligibility conditions of Shriram Life Assured Income Plan

Entry age 30 days to 50 years

Sum Assured Minimum – INR 1.2 lakhs

Maximum – INR 40 lakhs

Term of the plan 8 years or 10 years

Premium Minimum – INR 15,000

Maximum – INR 15 lakhs

4. Shriram Life Assured Income Plus Plan:

This is a short-term endowment plan which allows you to create a good corpus within a short duration.
The features of the plan are as follows –

a. Premiums are payable only for a limited period

b. The maturity benefit is paid in annual instalments over a period of five years
c. You get an assured coverage of up to 10 times the annual premiums paid

Eligibility conditions of Shriram Life Assured Income Plus

 Entry age 8 years to 60 years

Sum Assured Minimum – INR 1.5 lakhs

Maximum – INR 5 crores

Term of the plan 10 years

Premium Minimum – INR 20,000

Maximum – INR 65.10 lakhs

2.5 ORGANIZATIONAL STRUCTURE: -

CHAIRMAN- Mr. T.S. Murthy

MANAGING DIRECTOR & CEO- Mr. Casparus Jacobus Hendrik

MANAGING DIRECTORS- Mrs. Akhila Shrinivasan

Mr. Manoj Kumar Jain

DIRECTORS- Mr. S Lakshminarayan

Mr. Stephanus Philipus Mostert

Mr. R. S Krishnan

Mr. Gaurav Trehan

COMPANY SECRETARY- Ms. Samatha Kondapally

STATUTORY AUDITORS- M/S G D Apte & Co.

(Chartered Accountants)

2.6 AWARDS WON BY SHRIRAM LIFE INSURANCE COMPANY

1. The Bizz Americas 2016 Award - Shriram Life Insurance.

2. Best Life Insurance Company - BFSI Award, ABP News.
 3. International Arch of Europe’ award - Frankfurt 2015.
4. Indian Insurance Award for Non-Urban Coverage - Life Insurance - Intellect, SP Media Pvt. Ltd.
5. Managerial Excellence Award 2015 - For excellence in diverse areas - Madras Management
Association
6. Mr. R. Thyagarajan received the Padma Bhushan award from former president of India Mr.
Pranab Mukherjee in the year 2013.
7. Mrs. Akhila Srinivas, managing director was awarded Asia’s most powerful business woman
award in the year 2015.

2.7 FUTURE PLANS

Shriram Life Insurance has the motto to serve the common people across the country. Especially they
started campaign with AAM AADMI and to serve people from rural areas. They have also looked
forward to target new customers through online support and also looking forward to introduce new
application. As they want to target audience through digital platforms, they are strengthening their teams
with training and the system.

CHAPTER NO-3
FINDINGS, SUGGESTIONS & CONCLUSION

4.1 INTRODUCTION

Here we are going to present the findings of my research study on consumer buying behaviour towards
life insurance of Shriram Life Insurance Company. The whole study requires lot of work and come up
with valuable information.

4.2 FINDINGS
GENERAL FINDINGS:

The findings which can be drawn from the survey conducted by me is summarized as follows-

 Majority person in the survey is between 20-40 age group and most of them have insurance
policies in different companies.
 Most of the people has insurance policy in LIC and others have different companies.
 Many people don’t know about Shriram Life Insurance Company and this is why they want to
start any policy.
 According to the study some people wants to buy insurance policy but among them very few
wants to buy it from Shriram Life Insurance Company.

SPECIFIC FINDING: -

Since my internship was done during the pandemic, I have come up with some specific findings against
my research work. I have realized the impact of covid-19 on insurance sectors especially in life insurance
sector.

• The insurance sector is also facing the impact of regressing economy due to Covid-19 and the
need to come up with products to suit the demand with covid -19 specific policies.

• With the advent continuation of pandemic people have become more health conscious and thus
investment in insurance will be given importance.

• With the increase in digital presence of insurance companies, cyber securities risks, online frauds
and data leaks also rise.

• With the changing scenario insurance companies have lost complete control on external factor
analysis and there is the risk of under-pricing or over pricing the product.

• The insurance companies are innovating and experimenting with the new products to meet the
new market demand.

4.3 SUGGESTIONS: GENERAL/ SPECIFIC SUGGESTIONS

After the research work, I have learned many of the factors that affect the consumer buying behaviour.
The pandemic is more affecting the insurance market as we have already seen.

Here are some of the suggestions are-

• Design and executed a strategic sales plan that can widen the company’s customer base.

• Identify new business opportunity by evaluating their position in the industry, researching and
analyzing sales options.
• Maintain good relationship with client by providing support, information and guidance, research
and recommend new opportunities.

• Prepare reports by collecting, analyzing and summarizing information.

• Identify new innovation and try for new product development.

• Maintain quality service by establishing and enforcing organization standards.

• Maintain professional and technical knowledge by attending educational workshop, reviewing

professional publications, establishing personal network, participating in professional societies.

4.4 CONCLUSION

Insurance is a safeguard during uncertainty which occurs in future. When Shriram Life Insurance was
started they have made profit in three consecutive years which says that being a private industry player
they have achieved the objective. They have products which are low premium and premium paying term
is very less where they have focused on meeting the basic requirements.

They also have an additional rider which is optional and mainly it is to protect against disability and
compensate during the time of critical illness or surgeries. The competition in insurance industries rising
day by day. Consumers look for the product which have different and flexible options and customize
according to the need of the consume.

Presently the covid-19 pandemic shows us the value of our life and we have to safeguard our lives.
Insurance can do this and many people have started their policies in the pandemic.

Therefore, I would like to conclude by saying that people want insurance policy to secure their lives, for
their family in the long run and want to provide them support during crisis. They want the company to be
transparent and share all details with them during the time of selling policies.

ANNEXURE

1. Name
2. Email Id
3. Is life insurance being important according to you?
 Yes
 No
 Maybe
 Don’t Know
4. From which insurance company you are insured?
 Shriram Life Insurance
 HDFC Standard
 ICICI Prudential
 Any other
5. For what you have insured you self?
 For saving
 Tax Benefit
 Covering Risk to life
 Security to family
 All the above
6. Which of the following policies you have?
 Endowment policy
 Single premium policy
 Pension plan policy
 Money back policy
 Any other
7. How many insurances policy do you have?
 1
 2
 3
 More than 3
8. Who influence you to get insured?
 Insurance agent
 Electronic Media
 Print Media
 Friends and family
9. Have you ever surrendered any insurance policy?
 Yes
 No
10. How regularly do you pay your premium?
 Monthly
 Quarterly
 Half yearly
 Yearly
 11. What is the average term of the policies you have?
12. Do you believe taking a health insurance policy is a worth decision for family?
 Yes
 No
 Maybe

BIBLOGRAPHY

Websites:

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

• https://shodhganga.inflibnet.ac.in/bitstream/10603/50603/5/ch-2.pdf

• https://shriramlife.com/
• https://docs.google.com/document/d/1B6Rk0qAnujorzZSTJr-oysAdY2FD9sJP3LVEeYgtEY/edit

•https://docs.google.com/document/d/1cse3WjGJlUYlgVR_co3Vz6stVBzPOb_x4Ncd8lJrng Q/edit
•https://mail.google.com/mail/u/0?
ui=2&ik=91c772f3fb&attid=0.4&permmsgid=msgf:1636839955936631336&th=16b739447fc4da28&view=att&di
sp=inline •https://mail.google.com/mail/u/0?
ui=2&ik=91c772f3fb&attid=0.2&permmsgid=msgf:1636839955936631336&th=16b739447fc4da28