we snaigam JAIN CMS BUSINESS VAI SCHOOL An Internship report on “Consumer Buying Behaviour towards Life Insurance in Shriram Life Insurance” Submitted in partial fulfilment of the requirement of the Master of Business Administration program Offered by Jain (Deemed-to-be University) during the year 2019 — 21 Submitted by Harshaa Modi USN NO: 19MBAR0276 SECTION: MHR Under the Guidance of Dr. Nishant Singh Assistant Professor (OB & HRM) No.17, Sheshadri Road, Gandhi Nagar, Bengaluru — 560009, India Tel: +91 80 4684 0400 E-mail: bschool@c .in, Website: www.cms.ac.inwasHaigam ACKNOWLEDG| iT I take this opportunity to express my gratitude to everyone who supported me throughout the course of the Internship at Shriram Life Insurance. I am thankful for their valuable guidance, constructive criticism and friendly advice during the project work. I am sincerely grateful to them for sharing their truthful and illuminating views on a number of issues related to the study. I gratefully acknowledge my indebtedness to my mentor Dr. Nishant Singh, Professor, CMS Business School for his meticulous guidance and support throughout the study. I express my sincere thanks to Mr. Manish Jha Vice President of SLIC Digital Channel, Mr.Vikas Surendran AGM-Digital Business, Mr.Dilip Kumar, Area Manager — AP & T and Ms. Shikha Upadhyay, mentor during the internship for providing me with valuable insights and required facilities for the successful completion of my study. Their support and guidance at Shriram Life Insurance., helped me understand and learn how the digital platform has a long way in the coming years. Lexpress my deep gratitude to my family and dear friends for their co-operation and support. Name: - Har: Modi Reg.No: 19MBAR0276& SHRIRAM TABLE OF CONTENT TITLE PAGE NO Executive Summary Industry Profile . History of Insurance .. Types of Insurance List of Insurance Companies . Market in Life Insurance Company Profile — Shriram Life Insurance . Shriram Group . Vision Mission of Shriram Group . History of SLIC . Vision & Mission of SLIC Foreign Partner of SLIC Benefits of SLIC . Documentation of SLIC STP of SLIC SWOT Analysis of SLIC 10.Porters Five Force Model 11.Products by SLIC Research Methodology 1. Objectives of study 2. Sources of Data& SHRIRAM . Sampling Technique . Sample design . Sample Size Data Analysis and Interpretation Results and Learning Outcomes . Results . Conclusion Bibliography Annexure -1& SHRIRAM @ san @ JAIN EXECUTIVE SUMMARY “Insuring — Dreams”, this 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 mat better nalised section, every single member of the Shriram family strives towards creati world, for himself/herself and for those around him/her, For a world, where business means profits and self-centric serv: 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 andthe Shriram Group. Commencing business in 2006, Shriram life was incorporated in the year of 2005, with constant support from Shriram Group and 1am 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, The philosophy of putting the common man first is apparent in the way the Shriram Group functions. Its humble environment with no monumental expenditure on luxury is in syne with its working culture, Acknowledging our efforts, many accolades have been bestowed upon us. Like every other family, the Shriram family also has elders whom we look upon, who guide each and every step of ours, ensuring smooth and effective functioning. The leaders are also known for their simplicity and down-to-earth approach. R. Thyagarajan, the founder of Shriram Group, Padma Bhushan awardee, is the liv 1g example of honest and effective business principles. With the same unwavering commitment and equal enthusiasm, Shriram Life is stepping into the online world, making the process of buying insurance even simpler and customer-centtis Under the impactful leadership and visionary approach of Mr. Manoj Jain, Mr. Cassie Kromhout and Mrs. Akhila Srinivas n, the family of Shriram Life is working towards making insurance buying simpler, faster and easier and to help customers in the better management of their funds and in increasing their funds through the beneficial and suitable life insurance plans.wesuainam @ JAIN © santa Life of human is a completely essential asset and existence insurance is very essential as it insures the life of human i.e. Offers protection to an individual and his circle of relatives when uncertainty arises. Life Insurance is not only a protection it is also a savings. Shriram Life Insurance plays a very critical position in the person welfare by way of offering coverage to thousands and thousands of people while the human life is at hazard or at uncertainty time. The study at present has been selected with an objective of examining the consumer behaviour and various factors affecting the buying behaviour of Life insurance in Shriram Life Insurance. The data collected for the study is a primary data and the sample size is 50 respondents. Insurance policy should spread awareness about their policy, returns, premium, goodwill ete. and also they should have innovative products where this information was provided by the previous research papers. Insurance is not only for tax saving but also for financial security, risks, uncertainty etc.CHAPTER -1 OVERVIEW OF INDUSTRYBSHBInAM 1. INDUSTRY PROFILE LL WHAT IS INSURANCE Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Insurance is a collective bearing of risk. Insurance spreads the risks and losses of few people among a large number of people as people prefer small fixed liability instead of big uncertain and changing liability, Insurance is a scheme of economic cooperation by which members of the community share the unavoidable risks. Insurance can be defined as a legal contract between two parties whereby one party called Insurer undertakes to pay a fixed amount of money on the happening of a particular event, which may be certain or uncertain, The other party called Insure or Insurant pays in exchange a fixed sum known as premium, The insurer and the insurant are also known as Assurer or Underwriter and Assurant, respectively, The document which embodies the contract is called the policy. 1.2 ORIGIN OF INSURANCE Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the caravan trade by giving loans that had to be later repaid with interest when the goods arrived safely. In 2100 BC, the Code of Hammurabi granted legal status to the practice that, perhaps, was how insurance made its beginning. Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would meet the funeral expenses of its members as well as help survivors by making some payments, As European civilization progressed, its social institutions and welfare practices also got more and more refined. With the discovery of new lands, sea routes and the consequent growth in trade, medieval guilds took it upon themselves to protect, their member traders from loss on account of fire, shipwrecks and the like. Since most of the trade took place by sea, there was also the fear of pirates. So these guilds even offered ransom for ‘members held captive by pirates. Burial expenses and support in times of sickness and poverty were other services offered. Essentially, all these revolved around the concept of insurance or risk coverage.wRSHBIBAM sum @JAIN ‘That's how old these concepts are, really. 10 In 1347, in Genoa, European maritime nations entered into the earliest known insurance contract and decided to a rine insurance as a practice. THE FIRST STEP Insurance as we know it today owes its existence to 17th century England. In fact, it began taking shape in 1688 at a rather interesting place called Lloyd's Coffe House in London, where merchants, ship-owners and underwriters met to discuss and transact business. By the end of the 18th century, Lloyd's had brewed enough business to become one of the first modern insurance companies. ENTER COMPANIE! ‘The first stock companies to get into the business of insurance were chartered in England in 1720. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston, SC. In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in America for the benefit of ministers and their dependents. However, it was after 1840 that life insurance really took off in a big way. The trigger: reducing opposition from religious groups. THE GROWING YEARS The 19th century saw huge developments in the field of insurance, with newer products being, devised to meet the growing needs of urbanization and industrialization. In 1835, the infamous New York fire drew people's attention to the need to provide for sudden and large losses. Two years later, Massachusetts became the first state to require companies by law to maintain such, reserves. The great Chicago fire of 1871 further emphasized how fires can cause huge losses in densely populated modern cities. The practice of reinsurance, wherein the risks are spread among several companies, was devised specifically for such situations. There were more offshoots of the process of industrialization, In 1897, the British government passed the Workmen's Compensation Act, which made it mandatory for a company to insure its employees against industrial accidents. With the advent of the automobile, public liability insurance, which first made its appearance in the 1880s, gained importance and acceptance.