Chapter number 3 research

methodolog

Name of branch
Name of the branch manager
1 Which are the products offered by SBI bank?
2. Which are the products offered by SBI life insurance?
3. Which is the most popular product of SBI life insurance and why?
4. Which is the benefits of Bancassurance to SBI bank and SBI life insurance?
5. What are the strategies followed by SBI bank to market products of SBI life
insurance?
6. Which are the innovative products introduced by SBI life insurance to combat
the competition in the market?
7. Which are the other methods of marketing used by SBI life insurance?
8. How much is the share of SBI life insurance in the life insurance market?
9. What are the techniques used by SBI life insurance to overcome the
complaints of customers?
10. How is the claim settlement procedure of SBI life insurance and what is the
role of SBI bank in that?

CHAPTER 4 DATA ANALYSIS AND

INTERPRETATION

Celent - Strategic Issues in Insurance Distribution Management

Celent conducted an online survey of 11 insurance carriers in April 2015.

The goal of the survey was to understand:

How the carriers are organized to manage the distribution channel

What types of techniques they use

What challenges they face.

Fill out the short form to the right to read the results of this study.

Visual and print media through hoardings, radio, theatres, movies, TV

advertisements and newspapers have become very necessary so that an
awareness can be created. The various advertisements emphasizes on the
modernization of the banks, its branches and
December2014

2014 News

SBI Life Insurance Launches Smart Champ Insurance

~ A savings plan for securing your childs education, with assured benefits payable during the term
of the policy ~
Guaranteed smart benefits are payable in four equal annual instalments between childs 18 to
21 years of age
Triple protection for the child by way of immediate payout, waiver of future due premiums and
receipt of smart benefits
Mumbai, December 10, 2014: Further strengthening its vast product offerings, SBI Life Insurance
has launched a new non-linked participating Child Plan, SBI Life - Smart Champ Insurance,. The
product is structured to ensure fulfillment of a childs educational aspirations, even in any unforeseen
circumstance.
On the launch of this product, Mr. Arijit Basu, MD and CEO, SBI Life Insurance said, "Parents
want to give their children the best in terms of education and quality of life. Escalating cost of
education is becoming a major cause of concern for parents today. We have devised SBI Life Smart Champ Insurance in such a way that the payouts under the plan are made during your childs
critical ages between 18 to 21 years when larger amounts are required for fulfilling his / her higher
education aspirations. Additionally, in case of any unforeseen circumstances, the child is relieved of
the burden of paying any further premiums while enjoying the benefits of all future payouts as per
the plan along with immediate lump sum payment."
Every installment of the smart benefits consist of 25% each of the basic sum assured and the simple
vested reversionary bonus. If terminal bonus is applicable, it is paid with the last installment of smart
benefits. The plan allows flexibility for premium payments. The contingent benefits are paid to the
beneficiary in case of any unforeseen circumstances or accidental total permanent disability (ATPD),
whichever may occur earlier.
The plan has an affordable basic sum assured starting from Rs.1 lakh upto Rs.1 crore. The age at
entry of the life insured (Parents) can be between 21 to 50 years of age and that of the child,
between 0 to 13 years of age.
SBI Life has a suite of various categories of products like protection, wealth creation, child,
retirement solutions, etc. combined together with insurance to address the needs of diverse
customers segments. SBI Life Insurance has recently launched a new product, SBI Life - Smart
Guaranteed Savings plan. The product is structured to boost savings through regular guaranteed
additions which are paid even after the end of the premium payment term. SBI Life - Smart
Guaranteed Savings plan is an excellent addition to the current diversified product portfolio.
Awards and Accolades of SBI Life Insurance:

Most Trusted Private Life Insurance Brand 2011, 2012 and 2013 by The Economic Times,
Brand Equity and Nielsen Survey

Most Admired Life Insurance Company and The Best Life Insurance Company in the
Private sector by the BFSI 2014

Best Life Insurance Company Award by Asia Banking, Financial Services & Insurance
Excellence 2014

Non-Urban Coverage - Life Insurance by the Indian Insurance Awards, 2014 for its wide presence
and market penetration
Platinum Award for Excellence in Life Insurance by Skoch Financial Inclusion and Deepening
Awards2014
Golden Peacock National Training Award, 2014 by Golden Peacock Awards Secretariat Institute of
Directors

06thAugust 2015

2015 News

SBI Life Insurance Launches "SBI Life - Smart Humsafar"

A joint life, non-linked, participating endowment plan with multiple benefits of savings and insurance
cover for husband and wife under a single policy
Provides financial protection in the event of death of either or both the lives assured
Pays death benefit to the surviving spouse in addition to waiver of future premiums
Death benefit also payable in case of subsequent death of the surviving spouse during the policy

term
Pays a maturity amount on survival of one or both the lives assured at the end of the policy term
Tax benefits as per prevailing norms under the Income Tax Act, 1961

Mumbai, August 06, 2015: SBI Life Insurance, the trusted life insurer, has launched a new product,
"SBI Life - Smart Humsafar", a unique plan which offers multiple benefits of savings and insurance
cover for husband and wife under a single policy. The plan complements the couples efforts to
achieve prosperity along with protection to fulfill their dream of leading a better life.
On the launch of this product, Mr. Arijit Basu, MD and CEO, SBI Life Insurance said, "Today,
with skyrocketing lifestyle costs, couples are finding it difficult to invest and save for their future. We,
at SBI Life, would like to partner with couples in order to help them attain their ambitions.
Accordingly, we have introduced this unique joint life insurance product that provides insurance
cover for the spouses. With this plan, couples will not only insure their lives but also safeguard and
secure their future and well being of their dependents."
"SBI Life - Smart Humsafar" provides financial protection to husband and wife under a single policy.
In case of death of one of the spouses, a payment of sum assured is made to the surviving spouse,
in addition to waiver of future premiums. In the event of death of surviving spouse during the
reminder of the policy term, the nominee gets the sum assured plus all the accrued bonuses. The
basic sum assured with all accrued bonuses will be paid upon survival of any or both lives on
maturity.
Additionally, customers can also avail loan against the policy in times of need. It also gives
customers the tax benefits as per prevailing norms under the Income Tax Act, 1961. The minimum
and maximum entry age for this plan is 18 and 46 years respectively.

01stSeptember 2015

2015 News

SBI Life Insurance Launches "SBI Life - CSC Saral Sanchay"

A joint life, non-linked, participating endowment plan with multiple benefits of savings and insurance
cover for husband and wife under a single policy
Mumbai, September 01, 2015: SBI Life Insurance, the trusted life insurer, has launched a new
product, "SBI Life - CSC Saral Sanchay", an individual, non-linked, non-participating, variable
insurance plan with twin benefits of life insurance cover and savings. This plan basically helps
consumers to systematically save so as to achieve their future goals in life and at the same time to
also support ones family in achieving those goals in the event of any eventuality.
Speaking at the launch, Mr. Arijit Basu, MD and CEO, SBI Life Insurance said, "We have
launched SBI Life - CSC Saral Sanchay which is aimed at the people who are largely uninsured.
With this offering we are trying to give these families a relief by securing the life of their bread earner
and help them save to achieve their goals in the near future."
SBI Life - CSC Saral Sanchay provides a guaranteed interest rate of 1.00% p.a., which will be
applicable throughout the policy term. In addition, an additional interest rate (AIR) of 4% p.a. will also
be applicable during the first 5 years and an AIR of 0.5% will be applicable from the 6th year. Further,
at the end of each policy year starting from the 5th policy year, residual additions may be added.
Any individual between 18 - 60 years can purchase this plan from an authorised Common Service
Centre (CSC) under the National e-Governance Plan (NeGP) of Government of India. The policy will
be issued based on the information provided on their Aadhar card and other enrolment details and
the plan can be availed for a policy term of 10 years or 15 years.
The plan provides for benefits on death of the life assured or on maturity of the policy. In addition, it
also provides an option of partial withdrawals, which is the flexibility to withdraw a portion of the
policy account value from 6th year onwards to cater to liquidity needs. The plan also provides tax
benefits as per the prevailing tax laws.

3rd October 2013

2013 News

SBI Life targets youth with Smart Power Insurance

Affordable entry-level premium for youth of age group 18-45 years
Flexibility of two Plan options to choose from

Level Cover option

Increasing Cover option

AUM crosses Rs. 50,000 Crore mark; increases by 11%

Trigger Fund option, a unique fund option with the advantage of Buying Low and Selling
High

Smart Funds option which gives one the option to choose from 7 varied funds

Flexibility for partial withdrawals to meet financial needs

Mumbai, October 03, 2013:Targeting Indias predominant youth population, SBI Life Insurance, the
most trusted and preferred life insurer, prepares to launch the SBI Life Smart Power Insurance
Plan on 7th October, 2013. The product is designed to care for investors twin needs of insurance
and investment.
Announcing the unique product, Mr. Atanu Sen, MD & CEO of SBI Life Insurance, said: We did a
survey on the needs of todays youth and designed the SBI Life Smart Power Insurance plan, a
simple, low premium product catering to their requirement. The uniqueness of this product is that it
takes care of the changing needs of the policy holder as his income increases while giving him
flexibility of periodic increase in Sum Assured and partial withdrawal.
Smart Power Insurance Plan comes with two options to choose from; the first: Level Cover option,
and the second: Increasing Cover option.
Smart Power Insurance also has two Fund options to choose from A: Trigger Fund option, a
unique fund option with the advantage of Buying Low and Selling High; and B: Smart Funds option
which gives the option to choose from 7 varied funds. The buyer will have the flexibility to switch
between these options twice during the policy term.
It also offers a unique advantage of adding an inbuilt Accelerated Total and Permanent Disability
(TPD) benefit, advancing the policy benefit in case of TPD due to accident or sickness.
The policy term options are 10, 15 or 30 years. The minimum sum assured will work out to either ten
times of the annual premium or 0.50 multiplied by the term and annual premium, whichever is higher.
The maximum sum assured will be the annual premium multiplied by 20.
The minimum premium payable works out to Rs 2,000 monthly, Rs 5,500 quarterly, Rs 9,500 half
yearly and Rs 15,000 annually.
The product is open for the age group of 18 to 45 years with the maximum age of maturity being 65
years.
SBI Life Insurance has a varied range of products designed to fulfill diverse insurance and
investment needs of its customers. The bouquet of products includes Protection Plans, Insurance
cum Creation Plans, Insurance cum Savings Plans, Child Plans and Pension Plans.
SBI Life has had the unique distinction of being recognized by various respectable bodies. Recently,
SBI Life won the Global Performance Excellence Award (GPEA) for Best Performance Excellence
Organizations in the World. SBI life has also bagged two awards at the Indian Insurance Award
2013, namely the Under-served Market Penetration Award, Private Sector, 2013 for its far-reaching
geographical coverage within India and the Claims Service of the Year Award, Private Sector 2013
for demonstrating overall leadership and commitment towards effective and speedy claims
settlement. Further, SBI Life ranked amongst the Top-50 Great Places to Work in India, as per the
latest report released.

8) Service Delivery. How well and how consistently are you

delivering/producing your products/services? What people problems must be
addressed? Do you really train people in their overall role and mission, not just
the mechanics of their job? How do you know your customer service is
satisfactory? How can you use disservice situations to build customer loyalty?
Financing. What is your capital structure? That is, what are the proportions of
cash, bank borrowing, other borrowing, invested funds, and net income to your
operation? Do you produce an annual financial report and a monthly cash report?
Are there other sources of capital you should look at? Are there cheaper sources
for say, bank loans
Strategy. How can you build customer loyalty? How can you increase sales to
existing customers (more frequent use or buys, selling a broader product line to
them) or new customers (existing and new products)? How can you penetrate
into new areas profitably? What new substitute products are successful at WalMart or other outlets that you have sniffed at as not being part of your traditional
business? What costs can be removed without affecting the value equation?
Information. What information is your accounting system giving you about
profitable lines, costs, and margins? If "none," why not fix it and start making
better decisions? What advice can you get from a trade group or local retail
association
Pricing. What is your pricing strategy? Does variable pricing make sense for
different markets, perishable products, or time-based sales processes, or various
customer types? Are you charging for everything you do?
Promotion. Feel invisible? How can you change this? What promotion tools
make the most sense to promote your products yet are consistent with the
marketing image you want to project? How do you know if they pay off? Are you
promoting on the Internet effectively?
According to me social media helps for selling insurance products and also 7ps
of marketing.