A

PROJECT REPORT
ON
A STUDY ON CONSUMER BUYING BEHAVIOR AND
CONSUMER AWARENESS OF ADITYA BIRLA CAPITAL
WITH SPECIAL REFERENCE TO INSURANCE PRODUCT

MASTERS OF BUSINESS ADMINISTRATION

Guided by : Dr. Trilochan Nayak . Sub by: Lilan Das

(Director & Corporate Affairs) Roll No.: 045

Astha School Of Management Sec :A

Bhubaneswar
 A
CKNOWLEDGEMENT

This report entitled “CONSUMER BEHAVIOUR TOWARDS BIRLA SUN LIFE

INSURANCE PRODUCTS” is the outcome of my summer training at BIRLA SUNLIFE
INSURANCE

I sincerely express my gratitude and lot of thanks to Mr Dr. Trilochan

Nayak Sir (Director & Corporate Affairs) for helping me in completing
my project work and making it a great success.

Last but not least, I would thank all my friends, faculty members and all
respondents who rendered their precious time for contributing their skills and fill
the questionnaire, which made my project more appealing and attractive.

LILAN DAS

SEC - A

ROLL NO 045
 Table of Contents

Chapter Scheme:

Chapter 1: Introduction
Chapter 2: Company Profile
Chapter 3: Research Methodology
Chapter 4 : Analysis and Interpretation
Chapter 5 : Findings,
Recommendations and
Conclusion
 CHAPTER 1
INTRODUCTION

“The Business of Insurance is related to the protection of the economic values of the assets”.
Every human being has the tendency to save to protect him from risks or events of future.
Insurance is one form of savings where in people try to assure themselves against risks or
uncertainties of future. It is assurance against risks or events or losses. People can save their
earnings either in the form gold, fixed assets like property or in banking and insurances. All the
savings of people of a country account for gross domestic savings. In India, although savings rate
is high but people prefer to invest either in gold or fixed assets so that they can make money out
of it. Hence insurance sector isstill untapped in India. Everyone knows why life insurance is
important, but many of us choose to ignore the reality of what would happen if we were to die
suddenly without the proper protection. The results could be devastating for your surviving
family members, leaving them with a large bill for your final expenses, or even worse, loss of the
family home because they can no longer cover the mortgage.

Reasons you need to buy life insurance:

 TAX-SAVING PURPOSES
 A TOOL FOR FORCED SAVINGS
 HELPS ACHIEVE LONG-TERM GOALS
 LIFE INSURANCE SUPPLEMENTS YOUR RETIREMENT GOALS
 PLANNING FOR FUTURE

Life is full of risk and uncertainties. Since we are the social human being we have
certain responsibilities too. Indian consumers have big influence of emotions and rationality
on their buying decisions. They believe in future rather than the present and desire to have a
better and secured future, in this direction life insurance services have its own value in terms
of minimizing risk and uncertainties. Indian economy is developing and having huge middle
class societal status and salaried persons. Their money value for current needs and
future desires here the pendulum moves to another side which generate the reasons behind
holding a policy. Life insurance is one of the best known insurance products today.
People buy these products as investment tools and also as protection for themselves and
their families. All the insurance companies the world over are looking at attracting the
eye balls of customer and positioning their solutions innovatively to cater to niche and
specific markets. One of the most critical aspects both from the view point of the
customer and the insurer is getting important and relevant leads that can be beneficial for both.
India is a country where the average selling of Life insurance policies is still lower than
many Western and Asian countries, with the second largest population in world the Indian
insurance market is looking very prospective to many multinational and Indian insurance
companies for expanding their business and market share
Here the attempt has been made in this research paper to study the buying behavior
of consumers towards life insurance products and awareness of Aditya Birla Capital .
 CHAPTER 2
COMPANY PROFILE OF ADITYA BIRLA SUNLIFE INSURANCE PRODUCT

About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company

Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a life insurance subsidiary of
Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and
commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the
Aditya Birla Group and Sun Life Financial Inc., a leading international financial services
organization in Canada.

Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of India’s leading
life insurance companies offering a range of products across the customer’s life cycle, including
children future plans, wealth protection plans, retirement and pension solutions, health plans,
traditional term plans and Unit Linked Insurance Plans (“ULIPs”).

As of March 2020, total AUM of ABSLI Stood at Rs. 411,261 million. ABSLI recorded a gross
premium income of Rs. 80,100 million in FY 2019-20 and registering a y-o-y growth of 7% in
Gross Premium with Individual Business FYP at Rs 18,036 Mn. ABSLI is currently ranked 7th
in Individual Business (Individual FYP adjusted for 10% single premium) (Source: IRDAI
reported Financials). ABSLI has a nation-wide distribution presence through 416 branches, 8
bancassurance partners, 6 distribution channels, over 82,000 direct selling agents, other
Corporate Agents and Brokers and through its website. The company has over 13,000 employees
and more than 17 lac active customers.

About Aditya Birla Capital

Aditya Birla Capital Limited (ABCL) is the holding company for the financial services
businesses of the Aditya Birla Group.

ABCL’s subsidiaries have a strong presence across Protecting, Investing and Financing
solutions, ABCL is a universal financial solutions group catering to diverse needs of its
customers across their life stages. Powered by more than 21,000 employees, the subsidiaries of
ABCL have a nationwide reach with 850+ branches and more than 2,00,000 agents / channel
partners and several bank partners.

As of March 31st, 2020, Aditya Birla Capital Limited manages aggregate assets under
management over Rs. 3000 billion, has a consolidated lending book of approx. Rs. 600 billion,
and an active customer base of over 20 million, through its subsidiaries and joint ventures.

Aditya Birla Capital Limited is a part of the Aditya Birla Group, a US$ 48.3 billion Indian
multinational, in the league of Fortune 500. Anchored by an extraordinary force of over 120,000
employees, belonging to 42 nationalities, the Aditya Birla Group operates in 36 countries across
the globe.

COMPITITORS

Life Insurance Corporation of IndiaLife Insurance

Corporation of India popularly known as LIC is the largest
life insurance company in India owned by the Government
of India. LIC, one of the top 10 insurance companies in
India, came into existence in the year 1956. LIC makes
insurance accessible for every person in any corner of the country with 2048 branch offices, 113
divisional offices, 8 zonal offices and 1381 satellite offices. Currently, LIC’s total asset under
management is INR 3,111,847 crores (USD 450 billion). LIC being the dominant insurance
player has a huge customer base of over 29 crores policyholders. LIC is a trusted insurance brand
that offers great convenience to its customers through its excellent customer services on the
digital platform and also through branch offices and various other tie-ups. LIC offers numerous
life insurance products that can meet the unique needs of a variety of customer segments. For all
the milestones it has achieved, LIC has been consistently recognised and awards. Following are
some of the awards received by LIC:

LIC has been consistently winning the Reader’s Digest Trusted Brand Award

According to the Brand Trust Report, LIC has been consistently voted as ‘India’s
Most Trusted Brand’ in BFSI category

LIC has won ‘Best Life Insurance Company of the Year’ and ‘Most Preferred
Life Insurance Company of the Year’ award
 SBI Life Insurance Company
SBI Life Insurance Company is a joint
venture between State Bank of India
(SBI), India’s largest bank and BNP
Paribas Cardif, French multinational
bank and financial services company.
Currently, SBI Life Insurance has an
authorised capital of INR 20 billion
(USD 290 million). SBI Life was first
started as a bancassurance business
which is now extended to the multi-distribution channel. With customer service excellence and
product innovations, the company has been growing year on year. SBI Life has received many
awards and accolades for the work in the field. Following are some of them:
 SBI Life has won ‘Brand of the Year 2016-17’ award in the insurance category
 SBI Life has won ‘Private Sector Life Insurance Company of the Year’ award at Fintelekt
Insurance Awards
 SBI Life has won ‘Bancassurance Leader, Life Insurance’ in large companies category.

Reliance Nippon Life Insurance

Company Reliance Nippon Life Insurance
Company, founded in the year 2001 is one of
the leading insurance companies in India
catering to various segments of people. Reliance has more than 10 million policyholders. The
company has made insurance accessible for many through its strong distribution network of 727
branches. Reliance Life has a product for every possible need of the individual. Currently, the
company’s assets under management is INR 20,281 Cr. The company has received many awards.
 Reliance Life has received ‘Innovative Insurance Provider of the Year’ at ET BFSI
Excellence Awards 2019
 Reliance Life has received ‘Best Risk Innovation of the Year’ award
 Reliance Life has won ‘Best Life Insurance Company (innovative Products)’ title
 ICICI Prudential Life
InsuranceICICI Prudential Life Insurance
Company is promoted by ICICI Bank Limited
and Prudential Corporation Holdings Limited.
Founded in the year 2000, ICICI Prudential
Life is one of the best insurance company in
India having its presence all over the country
today with its strong bancassurance channel
and multiple distribution channels. Total assets
under management of the company is INR 1,604.10 billion. With the customer-centric approach,
ICICI Prudential Life offers various long-term protection and savings plans for a diverse
customer segment. For its excellence in the field of insurance, ICICI Prudential Life Insurance
Company has been receiving many accolades and awards. Let’s take a look at few of such
recognitions.

 ICICI Prudential Life has received ‘Life Insurance Company of the Year’ award at India
Summit and Awards 2019
 ICICI Prudential Life has received ‘Life Insurance Provider of the Year’ by Outlook
Money Awards 2018
 ICICI Prudential Life has received ‘Best Term Insurance Provider of the Year’ award by
Money Today Financial Awards 2017-18
 ICICI Prudential Life is awarded as ‘Best Customer Orientation in Life Insurance’ award
by Emerging Asia Awards 2018
 ICICI Prudential Life is awarded as ‘Best Growth in Life Insurance’ category by
Emerging Asia Awards 2018
Sl. No Company Name Claim Settlement Premium (in INR)
Ratio (2017-18)
1 Life Insurance 94.45% 17,228
Corporation of India
2 Max Life Insurance 95.26% 10,148
Company
3 HDFC Life Insurance 88.63% 12,478
Company
4 ICICI Prudential Life 92.03% 12,502
Insurance
5 Tata AIA Life Insurance 94.00% 9,912
Company
6 Bharti AXA Life 96.29% 9,440
Insurance Company
7 Bajaj Allianz Life 83.94% 14,067
Insurance Company
8 SBI Life Insurance 92.13% 15,070
Company
9 Reliance Nippon Life 86.11% 11,012
Insurance Company
10 AEGON Life Insurance 94.58% 8,331
Company
11 Aviva Life Insurance 92.25% 9,007
Company
12 Birla Sun Life Insurance 90.51% 10,270
Company
13 Kotak Life Insurance 88.88% 9,558
Company
14 PNB MetLife Insurance 82.40% 10,146
Company
15 Canara HSBC OBC 92.03% 9,491
Life Insurance
Company
OBJECTIVES OF THE STUDY

Following are the main objectives of the study are

a) To know the consumer awareness regarding the life insurance of Aditya Birla Capital.
b) To know the consumer awareness regarding the various life insurance companies in the
insurance sector.
c) To study the buying behavior of the consumer towards Aditya Birla Capital Insurance
product.