REPORT ON

Internship (22MBAIN307)

At

SHRIRAM LIFE INSURANCE COMPANY

A life insurance company

by Abhishek B C
1AY22BA003
Submitted to

VISVESVARAYA TECHNOLOGICAL UNIVERSITY,

BELAGAVI

In partial fulfillment of requirements for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

Under the guidance of

Internal Guide External Guide

Dr. Renuka Devi Mr. Jeevan Shrinivas
Associate Professor HR manager
Department of MBA Shriram Life Insurance co.
AIT Bangalore Hyderabad

Department of MBA
Acharya Institute of Technology, Soladevanahalli,
Hesaraghatta main road, Bengaluru- 560107

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2
 CERTIFICATE
This is to certify that Abhishek B C bearing USN 1AY22BA003, is a bonafide
student of Master of Business Administration course of the Acharya Institute of
Technology 2022-2024 Batch, affiliated to Visvesvaraya Technological
University, Belagavi. Internship Report is prepared by Him under the guidance
of Dr Renuka Devi, in partial fulfillment of the requirements for the award of the
degree of Master of Business Administration of Visvesvaraya Technological
University, Belagavi Karnataka.

Signature of Internal Guide Signature of HOD Signature of Principal

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 DECLARATION

I, Abhishek B C, hereby declare that the Internship Report with reference to

Shriram Life Insurance co, Hyderabad prepared by me under the guidance of
Associate. Prof. Dr Renuka Devi, faculty of M.B.A Department, Acharya
Institute of Technology and external assistance by Mr. Jeevan Shrinivas, HR
manager, Shriram Life Insurance co. I also declare that this internship is
towards the partial fulfilment of the university Regulations for the award of
degree of Master of Business Administration by Visvesvaraya Technological
University, Belagavi. I have undergone a internship for a period of four weeks. I
further declare that this internship is based on the original study undertaken by
me and has not been submitted for the award of any degree/diploma from any
other University / Institution.

Place: Bangalore
Date: Signature of the Student

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 ACKNOWLEDGEMENTS

I wish to express my sincere thanks to our respected Principal Dr. Rajath

Hegde M.M, and deep sense of gratitude to Dr. Juin Choudhury HOD,
MBA, Acharya Institute of Technology, Bangalore for their kind support and
encouragement in completion of internship.

I would like to thank external guide Mr. Jeevan Shrinivas, HR manager,

Shriram Life Insurance co, Hyderabad. who gave me golden opportunity
to do internship at your esteemed organization, which helped me to learn
various concepts and also thank internal guide Associate. Prof. Dr Renuka
Devi Department of MBA, Acharya Institute of Technology, Bangalore for
constant support throughout the internship.

Finally, I express my sincere thanks to my parents, friends and all the staff of
MBA department of AIT for their valuable suggestions in completing this
internship report.

Place: Bangalore Name: Abhishek B C

Date: USN: 1AY22BA003

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 TABLE OFCONTENTS

Chapter Contents Page no

01 Executive Summary
0-1

02 Introduction about the Organization and

Industry 2-10

03 Organization Profile
 Background,

 Nature of Business,

 Vision Mission, Quality Policy 11-17

 Workflow model

 Product/ Service Profile

 Ownership Pattern

 Achievements/awards

 Future Growth and Prospects

04 Mckensy’s 7S Framework and Porter’s Five 17-20

Force Model with special reference to
organization under study.

05 SWOT Analysis 20-22

06 Analysis of Financial Statements 22-30

07 Learning Experience. 30-31

08 Bibliography 31-33

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 EXECUTIVE SUMMARY
As a part of academic study internship is carried at SHRIRAM LIFE INSURANCE
COMPANY from October 19th to November 18th.
Shriram Life Insurance Company Limited is one of India's leading life insurance providers,
offering a range of insurance products and services. Established in 2005, it is a part of the
Shriram Group, a prominent conglomerate known for its diverse business ventures across
finance, infrastructure, and consumer services.
Shriram Life Insurance is committed to providing financial protection and security to
individuals and families through innovative insurance solutions tailored to meet their unique
needs. The company focuses on customer-centric approaches, aiming to ensure transparency,
trust, and reliability in its operations.
During internship I have tried to understand theoretical concept learnt during classes were
observed through real time situation where the internship helped me to learn

 Understanding the Insurance Industry

 Product Knowledge
 Sales and Marketing Skills
 Teamwork and Collaboration
 Customer Service and Support
A report is prepared on internship experienced presented in 6 chapter’s
Chapter 1 explains about Introduction of the Organisation & Industry
Chapter 2 explains about Organization Profile
Chapter 3 explains about application McKinsey and Porter’s five force model in the company
Chapter 4 explains about SWOT analysis of the company
Chapter 5 explains about financial statement analysis
Chapter 6 explains about learning experience
From this internship I have got opportunity to enhance knowledge and skill’s

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 Chapter 1: Introduction about the Organisation & Industry

INDUSTRY PROFILE

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.
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.
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 accept marine 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 Coffee 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.

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ENTER COMPANIES
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
0New 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.
In the 19th century, many societies were founded to insure the life and health of their members,
while fraternal orders provided low-cost, members-only insurance. Even today, such fraternal
orders continue to provide insurance coverage to members as do most labour organizations.
Many employers sponsor group insurance policies for their employees, providing not just life
insurance, but sickness and accident benefits and old-age pensions. Employees contribute a
certain percentage of the premium for these policies.
IN INDIA
Insurance in India can be traced back to the Vedas. For instance, Yogakshema, the name of Life
Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The
term suggests that a form of "community insurance" was prevalent around 1000 BC and
practised by the Aryans. Burial societies of the kind found in ancient Rome were formed in the
Buddhist period to help families build houses, protect widows and children. Bombay Mutual
Assurance Society, the first Indian life assurance society, was formed in 1870. Other companies
like Oriental, Bharat and Empire of India were also set up in the 1870- 90s. It was during the
Swadeshi movement in the early 20th century that insurance witnessed a big boom in India
with several more companies being set up. As these companies grew, the government began to
exercise control on them. The Insurance Act was passed in 1912, followed by a detailed and
amended Insurance Act of 1938 that looked into investments, expenditure and management of
these companies' funds. By the mid- 1950s, there were around 170 insurance companies and
80 provident fund societies in the country's life insurance scene. However, in the absence of
regulatory systems, scams and irregularities were almost a way of life at most of these
companies. As a result, the government decided nationalise the life assurance business in India.
The Life Insurance Corporation of India was set up in 1956 to take over around 250 life
companies. For years thereafter, insurance remained a monopoly of the public sector. It was

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only after seven years of deliberation and debate – after the RN Malhotra Committee report of
1994 became the first serious document calling for the re-opening up of the insurance sector to
private players that the sector was finally opened up to private players in 2001. The Insurance
Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has
extensive powers to oversee the insurance business and regulate in a manner that will safeguard
the interests of the insured.

TYPES OF INSURANCE

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LIFE INSURANCE
Life Insurance is defined as a contract between the policy holder and the insurance company,
where the life insurance company pays a specific sum to the insured individual's family upon
his death. The life insurance sum is paid in exchange for a specific amount of premium. Life is
beautiful, but also uncertain. Whatever you do, however smart and hard you work, and you are
never sure what life has in store for you. It is therefore important that you do not leave anything
to chance, especially ‘life insurance’. As death is the only certain thing in life, apart from taxes,
it pays to insure it well in advance.
BENEFITS OF LIFE INSURANCE
Life insurance is designed to minimize the impact of the financial loss your family may incur
upon your demise. The benefits of such plans are fourfold, aptly contained within the acronym
“LIFE”:
1. Liability Free
Life insurance gives your family the power to be independent and self-reliant. A good term
plan can help them repay financial liabilities like home loan, auto loan, personal loan, or a loan
on credit card. The term plan may also cover hospitalization charges and critical illness
treatment, giving you a comprehensive protection package

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2. Income Replacement
If you are the sole breadwinner in your family, a life insurance plan becomes can provide a
guaranteed income to your family every month, making sure that their everyday life is not
disrupted and they remain financially stable.
3. Education and other expenses for dependents
The pay-outs from life insurance can help to pay the bills for the education of your children, as
well as expenses for their wedding or medical costs if any.
4. Immediate Expenses after Demise
It will also help your family cover a part of essential expenses immediately after your demise,
such as funeral costs and/or medical bills

TYPES OF LIFE INSURANCE POLCIIES

Term Life Insurance: - Term life insurance lasts for a set number of years before it expires.
If you die before the term is up, a set amount of money, known as the death benefit, is paid to
your designated beneficiary. Term life is considered the simplest, most accessible insurance
policy. When you make your payments (known as your premium), you’re paying for the death
benefit that goes to your beneficiaries in the event of your death. The death benefit can be paid
out as a lump sum, a monthly payment, or an annuity. Most people elect to receive their death
benefit as a lump sum.
Universal Life Insurance: - Universal life insurance has a cash value, just like a whole life
insurance policy. Your premiums go toward both the cash value and the death benefit. But
there’s a twist: You can change the premium and death benefit amounts without getting a new
policy. Basically, although you have a minimum premium to keep the policy in force, you can
use the cash value to pay that premium. That means if you have enough money in the cash
value, you can use that to skip premium payments entirely, letting the accrued interest do the
work.
Variable Life Insurance: - Variable life insurance is similar to whole life insurance in that
they both have a cash value, but the functions of the cash values are quite different. With a
whole life insurance policy, the cash value component is a savings account. That’s why,
although the growth might be small compared to other investment options, there is a guaranteed
minimum rate. It also includes dividend payments from the life insurance company.
Simplified Issue Life Insurance: - Typically when you apply for life insurance, you go
through a paramedical exam as part of the underwriting process so the insurer can find out how
risky you are to insure. The exam helps them set your premium rate With simplified issue life
insurance you can skip the medical exam. That’s the "simplified" part of this policy type. This
is also known as a "no exam policy.” You’re not out of the woods completely, though. You
don’t need to go through the medical exam, but you do need to fill out a health questionnaire,
answering questions like if you smoke, have been diagnosed with serious illnesses, and so on.
Guaranteed Issue Life Insurance: - Guaranteed issue life insurance takes the concept of
simplified issue life insurance — forgoing the health exam — a step further in that you don’t

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have to answer any questions about your health, either. As long as you can pay the premium,
the insurer will cover you, needing only your age, sex, and state of residence.
Endowment Plan: It is a life insurance policy which is payable to the insured if he/she is alive
till the policy maturity date. These endowment plans also offer benefits like bonus monthly,
which is paid in maturity or else to the nominee under the death benefit. It is also known as
traditional insurance and the risk involved is lower.
ULIP: In this, the part of insurance plan will go towards the mutual fund investments and
remaining will be going to the death benefit purpose. An individual also can invest in different
funds offered by the company depending on his risk management or involved.
Whole Life Insurance: It is not for a specified term; instead it covers the whole life of an
individual in this. The sum assured is decided when the policy is being purchased and is paid
to the nominee when the insured person will die. In this, withdrawal can also be done after the
premium payment period.
Child’s Policy: It provides financial protection to the children throughout their lives by
Investment + insurance policies. It helps to secure the child’s future for their education and
marriages. During the policy term, if the insured child’s parent dies then the payment is done
immediately by the insurance company.

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LIST OF LIFE INSURANCE COMPANIES

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REGULATORY BODY – IRDAI
IRDA is the supervisory body in India that regulates and commands all the insurance
companies in the country, both Life Insurances and General Insurance companies. IRDA is the
head organization that sets rules and guidelines to run the Indian Insurance Industry. While
monitoring the activities of the insurance companies, IRDA also regulates and sees the
development of these industries.
The whole and sole responsibility of the autonomous body IRDA is to regulate fair practices in
the insurance market to impede the loss of customers. The way the banking system of the nation
works as per the guidelines set by the RBI, leaving no scope for the monopoly to take over,
IRDA on the same lines of industrial practice plays an important role to control the insurance
sector.
Major responsibilities of IRDA is as follows:
 Urge and ensure the systematic growth of the insurance industry to benefit the
customers
 who invest in policies seeking safety.
 Safeguard the interest of the policyholders.
 Foster righteousness and fair dealings in the market.
 Expedite the claim settlement and overcome the disputes
 Keep a check on scams and frauds by setting standards and conduct vigilance.
The scope of work for IRDA is wide and it abides by its limitations without favouring any
particular insurance company. To keep up the growth, the work and acts of IRDA are as
mentioned below:
1. IRDA monitors that no insurance company can deny the claim on their free will unless it
falls beyond the scope of the cover. Thus, protecting the interest of policyholders at the time of
issuance of the policy claims, and cancellation of the policy.
2. IRDA clearly states the code of conduct for all insurance companies, loss assessors and
surveyors. Thus, players come together to work on a single tune and compete with each other
simply on the basis of discounts.
3. IRDA conducts investigations, calls for both annual and need-based audit so as to prevent
any misdeed.
4. To bring equality for customers IRDA, regulates the terms and rates offered by the insurance
companies.
5. IRDA provides a resolution in case of any disputes emerged between the insurer and the
policyholder.
6. IRDA prevents insurers from quoting rates as per their convenience and hence it limits the
major risks to the Tariff Advisory Committee.
7. IRDA sets the minimum percentage limit for the insurers to carry for both life and non -life
business. Thus, helps in the development of both rural and urban sectors.

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COMPANY PROFILE
SHRIRAM GROUP The 76,000 Cr Shriram Group had its humble beginnings in the Chit Fund
business over three decades ago, in Chennai. Mr. R. Thyagarajan, Mr.A.V.S. Raja and Mr. T.
Jayaraman were the “Three musketeers” who ventured into these businesses. Not many in the
financial services industry thought at the time that this small Chit Fund business in Chennai
would become the foundation for the financial conglomerate that Shriram is today. Shriram
Group’s businesses strive to serve the largest number of common people through its pioneering
and customised financial services. For more than 3 decades the tireless efforts for facilitating
financial access to small and medium entrepreneurs through loans and chits has carved a niche
for the Shriram Group in South India.
Shriram Capital
Shriram Capital Limited (SCL) is the overarching holding company for the Financial Services
and Insurance entities of the Shriram Group. Shriram Capital was created with the primary
objective of optimizing synergies across Group companies, apart from playing a significant
role in the Risk Management and Leadership development of these entities. SCL is the main
promoter of the two high-growth listed companies of Shriram Group, namely Shriram
Transport Finance Company Ltd, the largest asset financing company in India, and Shriram
City Union Finance Ltd, a leader in Retail Finance across a wide range of products. SCL is also
the promoter of Shriram Life Insurance Company Ltd, and more recently, Shriram General
Insurance Ltd, Shriram Fortune Solutions, Shriram Insight Share Brokers and Shriram Wealth
Management. SCL’s main role is to promote these companies, induct and strengthen leadership
teams, provide strategic inputs and direction to help and nurture them to grow into large and
profitable enterprises. On a consolidated basis, SCL has an overall customer base of 7.5 million,
35,000 employees across 2,800 offices, with Assets under Management (AUM) of around US$
11 billion.

EVOLUTION OF SHRIRAM GROUP

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 Chapter 2: Organization Profile
Back ground
Shriram Life Insurance Company Limited is a prominent life insurance provider in India,
established in 2005 as part of the Shriram Group, a leading conglomerate with diversified
business interests. Shriram Life Insurance offers a wide range of life insurance products and
solutions tailored to the needs of individuals, families, and businesses. These include term
insurance plans, endowment plans, ULIPs, child plans, retirement plans, and health insurance
plans. The company has a robust distribution network comprising bancassurance, agency,
direct sales, corporate agents, brokers, and online channels, ensuring accessibility across urban
and rural areas. Shriram Life Insurance is committed to delivering excellent customer service
and support, investing in digital capabilities and innovative solutions. With a focus on financial
stability, CSR initiatives, and a customer-centric approach, Shriram Life Insurance has
established itself as a trusted name in India's insurance sector.
Nature of business
The nature of business of Shriram Life Insurance Company Limited revolves around providing
life insurance products and services to individuals, families, and businesses. Here's a summary
of its nature of business:
1. Life Insurance Services: Shriram Life Insurance offers a wide range of life insurance
products aimed at providing financial protection and security to policyholders and their
beneficiaries. These products include term insurance plans, endowment plans, ULIPs
(Unit Linked Insurance Plans), child plans, retirement plans, and health insurance plans.
2. Risk Management: The company assesses and manages risks associated with
providing life insurance coverage to policyholders. This involves evaluating factors
such as mortality risk, morbidity risk, investment risk, and operational risk to ensure
the long-term sustainability of its insurance business.
3. Financial Management: Shriram Life Insurance manages its financial resources
prudently to meet policyholder obligations, ensure solvency, and achieve long-term
financial sustainability. This involves effective investment management, asset-liability
matching, and adherence to regulatory capital requirements.
4. Innovation and Technology: The company focuses on innovation and technology to
enhance its product offerings, distribution channels, and customer experience. Shriram
Life Insurance continually invests in digital capabilities, data analytics, and automation
to streamline processes, improve efficiency, and stay competitive in the insurance
market.
5. Corporate Social Responsibility (CSR): Shriram Life Insurance actively participates
in CSR initiatives aimed at making a positive impact on society. The company's CSR
activities focus on areas such as education, healthcare, environmental sustainability,
and community development, aligning with its commitment to social responsibility and
community welfare.

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Vision, mission, quality policy
Vision: To be the most trusted and preferred life insurance provider, delivering innovative
solutions and unmatched value to customers, employees, and stakeholders alike.
Mission:
 To provide comprehensive life insurance solutions that meet the evolving needs of
individuals and families across India.
 To build lasting relationships with customers by delivering superior products,
exceptional service, and financial security.
 To empower employees through continuous learning, growth opportunities, and a
supportive work environment.
 To create sustainable value for stakeholders through responsible business practices and
ethical conduct.
Quality Policy Summary: Shriram Life Insurance Company is committed to delivering high-
quality products and services that exceed customer expectations and comply with regulatory
requirements. We strive for continuous improvement in our processes, systems, and
performance to enhance customer satisfaction and loyalty. Our quality objectives include:
 Providing transparent and easily understandable insurance products.
 Ensuring prompt and efficient claims settlement.
 Maintaining a customer-centric approach in all interactions.
 Complying with applicable laws, regulations, and industry standards.
 Fostering a culture of accountability, integrity, and excellence throughout the
organization.

Workflow model
This model typically involves several stages from the initial customer inquiry to policy issuance
and ongoing customer service. Here's a simplified overview:
1. Customer Inquiry and Lead Generation: Potential customers inquire about insurance
products through various channels such as the company's website, call centre, branch
offices, or through agents.
2. Needs Assessment and Consultation: A trained representative (agent or advisor)
assesses the customer's needs, financial situation, and risk profile. They provide
consultation and guidance on suitable insurance products based on the customer's
requirements.
3. Application and Underwriting: The customer completes an application form,
providing personal and medical information. The insurance company's underwriting
team evaluates the application, assesses the risk, and determines the premium based on
factors such as age, health, occupation, and coverage amount.

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 4. Medical Examination (if required): Depending on the type of policy and coverage
amount, the applicant may need to undergo a medical examination to assess their health
status accurately.
5. Policy Issuance: Once the application is approved and the premium is paid, the
insurance company issues the policy documents to the customer. The policy outlines
the terms, conditions, coverage, and benefits of the insurance contract.
6. Premium Payment and Renewals: The customer pays the premium according to the
payment schedule specified in the policy. Some policies offer flexible premium
payment options. The policy needs to be renewed periodically to maintain coverage.
7. Claims Processing: In the event of a covered loss (such as death or critical illness), the
beneficiary or policyholder initiates a claim by notifying the insurance company. The
claims department verifies the claim, assesses eligibility, and processes the claim
payout according to the policy terms.
8. Customer Service and Support: The insurance company provides ongoing customer
service and support to policyholders, addressing inquiries, updating policy details,
providing assistance with premium payments, and offering information about
additional products or services.
9. Policy Servicing and Modifications: Policyholders may request changes to their
policies, such as increasing coverage, adding riders, or updating personal information.
The insurance company processes these requests and issues endorsements or policy
modifications accordingly.
10. Lapse and Surrender: If a policyholder decides to discontinue the policy, they may
surrender the policy or allow it to lapse due to non-payment of premiums. The insurance
company handles surrender requests and processes any applicable surrender value or
refunds.

This is a general overview of the workflow model followed by Shriram life insurance company

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Product/service profile
Shriram Life Insurance Company Limited offers a variety of life insurance products and
services to cater to the diverse needs of individuals and families. Here is a product/service
profile of Shriram Life Insurance:
1. Term Insurance Plans: These plans provide pure life cover for a specific term at
affordable premiums. In the event of the insured's death during the policy term, the
nominee receives the sum assured. Shriram Life Insurance offers term plans with
flexible coverage options and additional benefits like critical illness cover and
accidental death benefit.
2. Endowment Plans: Endowment plans combine insurance protection with savings
accumulation. Policyholders pay premiums for a specified period, and the policy
provides a lump sum payout (sum assured) upon maturity or in case of the insured's
death during the policy term. Shriram Life Insurance's endowment plans may include
bonuses and guaranteed additions to enhance returns.
3. Unit-Linked Insurance Plans (ULIPs): ULIPs offer both insurance coverage and
investment opportunities in equity, debt, or balanced funds. Policyholders have the
flexibility to allocate premiums among various investment options based on their risk
appetite and financial goals. Shriram Life Insurance's ULIPs provide market-linked
returns along with life cover and tax benefits.
4. Child Plans: Child insurance plans are designed to secure a child's future by providing
funds for their education, marriage, or other milestones. These plans offer a
combination of insurance protection and savings accumulation. Shriram Life
Insurance's child plans ensure financial stability for the child's future needs and may
include features like premium waivers and guaranteed payouts.
5. Retirement Plans: Retirement insurance plans help individuals build a corpus for their
post-retirement years. These plans offer regular income or a lump sum payout after
retirement, along with life cover during the accumulation phase. Shriram Life
Insurance's retirement plans provide financial security and peace of mind during
retirement.
6. Health Insurance Plans: Shriram Life Insurance also offers health insurance plans to
cover medical expenses and provide financial protection against illnesses and accidents.
These plans may include features like cashless hospitalization, critical illness cover, and
daily cash benefits.
7. Riders and Add-On Benefits: Shriram Life Insurance offers various riders and add-on
benefits that policyholders can customize to enhance their coverage. These may include
accidental death benefit rider, critical illness rider, waiver of premium rider, and
disability rider, among others.
Overall, Shriram Life Insurance Company Limited's product portfolio caters to individuals at
different life stages and financial goals, providing comprehensive insurance coverage and
investment solutions to meet their needs.

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Ownership pattern
Shriram Life Insurance Company Limited is a joint venture between two major entities:
1. Shriram Group: Shriram Life Insurance is part of the Shriram Group, one of India's
leading conglomerates with diversified interests in various sectors such as finance,
infrastructure, and healthcare. The Shriram Group holds a significant stake in Shriram
Life Insurance and plays a key role in the company's operations and strategic decisions.

2. Sanlam Group: Sanlam is a leading financial services group based in South Africa. It
is one of the largest insurance companies in Africa and has a presence in several
countries around the world. Sanlam is a strategic partner and co-owner of Shriram Life
Insurance, contributing to the company's growth and development through its expertise
and resources.
The ownership pattern of Shriram Life Insurance reflects a collaboration between two reputable
entities, combining the strengths and capabilities of both the Shriram Group and the Sanlam
Group to deliver value to customers and stakeholders in the Indian insurance market.

Achievements/awards
1. Shriram Life Insurance wins ET BFSI Exceller Award for Excellence in "CLAIMS
SERVICE" on Nov'23
2. Shriram Life Insurance MD & CEO Mr. Casparus J H Kromhout received the "2023
Sanlam Group CEO" award in the category of Individual Excellence at the 2023 Sanlam
Leadership Conference at Cape Town, South Africa in June 2023.
3. SLIC was awarded the BFSI award for "Excellence in Claims Management" at the 7th
BSFI CTO Summit Tech Innovation Awards in Feb’23.
4. Shriram Life Insurance Company Limited was recognized by The Economic Times as
one of the Iconic Brands of India, 2022
5. Shriram Life Insurance Company was awarded the "Best Life Insurance Company of
the Year" at the National Feather Touch - Business Leadership Awards
6. Shriram Life Insurance (SLIC) is recognised for ‘Best Use of Technology in Customer
Service’ by the Krypton Group at the BFSI Leadership Awards 2022 held in September
2022
7. Shriram Life Insurance Wins Award for the Best Digital Initiative- Life Insurance by
the Insure Next Awards 2022, organized by the Banking Frontiers & knowledge partner-
Deloitte India today
8. Shriram Life’s Golden Premier Saver Plan has been awarded as one of India’s TOP 5
BEST Endowment Policy. January 2022
9. Gold Award for Customer Service Handling -CLAIMS during the 8 th Excellence
Competition

15
 10. The Golden Globe Tigers 2018 (For Excellence in Banking Finance, Services &
Insurance)
11. Best Life Insurance Company - Pride of Madhya Pradesh Awards for Corporate
Excellence,
12. Shriram Life Insurance MD Mr. Manoj Jain receives the award at the ‘India’s Greatest
Brands
13. Mrs. Akhila Srinivasan (Managing Director- Shriram Life Insurance Co Ltd) has been
conferred the Business Woman of the Year (2018), by The Hindu (newspaper) Group
of publications.
14. Best Life Insurance Company - BFSI Award, ABP News
15. Best CEO of the Year, Mr. Manoj Kumar Jain - 2015 - BFSI Award, ABP News
16. Padma Bhushan being awarded to founding Chairman, Mr. R Thyagarajan

Future growth and prospects

Predicting the future growth and prospects of a specific company like Shriram Life Insurance
involves various factors, including industry trends, market conditions, regulatory environment,
and the company's own strategies and performance. While I can't provide a definitive forecast,
I can highlight some factors that may influence Shriram Life Insurance Company's future
growth and prospects:
1. Market Expansion: Shriram Life Insurance may explore opportunities to expand its
market reach by tapping into underserved regions and segments of the population.
India's insurance penetration and density levels are relatively low compared to other
countries, indicating significant growth potential in the domestic market.
2. Product Innovation: Introducing innovative and tailored insurance products to address
evolving customer needs and preferences can drive growth. Shriram Life Insurance may
focus on developing solutions for niche segments such as micro-insurance, health
insurance, and retirement planning to capture market share.
3. Digital Transformation: Embracing digital technologies and enhancing online
distribution channels can improve operational efficiency, customer engagement, and
accessibility. Shriram Life Insurance may invest in digital platforms, mobile apps, and
data analytics to streamline processes and deliver personalized services.
4. Partnerships and Alliances: Collaborating with strategic partners, including banks,
financial institutions, and distribution networks, can expand Shriram Life Insurance's
customer base and distribution reach. Partnerships may enable cross-selling
opportunities and access to new markets.
5. Regulatory Landscape: Adapting to regulatory changes and complying with evolving
regulatory requirements is crucial for sustaining growth in the insurance industry.

16
 Shriram Life Insurance must stay abreast of regulatory developments and ensure
compliance while maintaining operational agility.
6. Customer-centric Approach: Focusing on delivering superior customer service,
building trust, and enhancing the overall customer experience can foster loyalty and
attract new customers. Shriram Life Insurance may invest in initiatives such as
customer education, claims processing efficiency, and after-sales support.
7. Risk Management: Effectively managing risks, including investment risk,
underwriting risk, and operational risk, is essential for ensuring financial stability and
sustainable growth. Shriram Life Insurance may employ robust risk management
practices and diversification strategies to mitigate potential risks.
8. Economic Environment: Economic factors such as GDP growth, inflation rates, and
interest rates can impact insurance demand and investment returns. Shriram Life
Insurance may monitor macroeconomic indicators and adjust its strategies accordingly
to navigate changing economic conditions

17
 Chapter 3
Mckensy’s 7S framework
The McKinsey 7S Framework is a management model developed by McKinsey & Company,
a global management consulting firm. It analyzes seven key elements within an organization
to assess its overall effectiveness and alignment. Let's apply the 7S Framework to Shriram Life
Insurance Company:
1. Strategy: This refers to the company's plan for achieving its objectives and gaining a
competitive advantage in the market. For Shriram Life Insurance, the strategy may
include expanding its product offerings, entering new markets, or focusing on customer
segments with high growth potential.
2. Structure: Structure refers to the organizational design, including hierarchy, reporting
relationships, and division of responsibilities. Shriram Life Insurance may have a
hierarchical structure with departments such as sales, marketing, underwriting, claims,
and operations.
3. Systems: Systems represent the processes, procedures, and workflows that govern how
work is done within the organization. This includes systems for underwriting policies,
processing claims, managing customer relationships, and monitoring financial
performance.
4. Shared Values: Shared values are the core beliefs, principles, and cultural norms that
guide behavior and decision-making within the organization. Shriram Life Insurance
may emphasize values such as customer focus, integrity, innovation, and teamwork.
5. Style: Style refers to leadership styles and management approaches within the
organization. This includes the leadership philosophy, communication style, and
decision-making processes adopted by senior management at Shriram Life Insurance.
6. Staff: Staff refers to the people working within the organization, including their skills,
capabilities, and competencies. Shriram Life Insurance may employ a diverse
workforce with expertise in insurance, finance, risk management, sales, customer
service, and technology.
7. Skills: Skills represent the individual and collective capabilities of the organization's
employees. This includes technical skills, such as insurance underwriting and claims
processing, as well as soft skills such as communication, problem-solving, and
leadership

18
Porter's Five Force Model

Porter's Five Forces Model is a framework used to analyze the competitive environment of an
industry. Let's apply this model to Shriram Life Insurance Company:
1. Threat of New Entrants:
 Low to Moderate: The insurance industry typically has high barriers to entry
due to regulatory requirements, capital-intensive nature, and the need for
established distribution networks. However, new digital technologies and
fintech startups may pose a moderate threat by disrupting traditional distribution
channels and offering innovative insurance products.
2. Bargaining Power of Suppliers:
 Low: Suppliers in the insurance industry primarily include reinsurers,
technology providers, and service providers. While there are a limited number
of reinsurers dominating the market, insurance companies like Shriram Life
Insurance can negotiate terms and prices based on their scale and market
position.
3. Bargaining Power of Buyers (Customers):

19
  Moderate to High: Customers in the insurance industry have relatively high
bargaining power due to the availability of multiple insurance providers and a
wide range of insurance products. Additionally, customers can compare policies
easily and switch providers if they find better offers or service. However, factors
such as brand reputation, customer service, and product differentiation can
mitigate this power to some extent.
4. Threat of Substitute Products or Services:
 Low to Moderate: While there are alternatives to life insurance, such as
investments in other financial instruments or savings vehicles, life insurance
serves a unique purpose of providing financial protection and security to
individuals and families. The threat of substitutes may increase if alternative
financial products offer comparable or superior benefits at lower costs.
5. Intensity of Competitive Rivalry:
 High: The life insurance industry in India is highly competitive, with numerous
players vying for market share. Shriram Life Insurance competes with both
private and public sector insurance companies, as well as other financial
institutions offering insurance products. Competition is based on factors such
as premium rates, product features, distribution channels, and customer service.

20
 Chapter 4
SWOT Analysis
Strengths:
1. Strong Brand Presence: Shriram Life Insurance benefits from being part of the well-
established Shriram Group, which enhances its brand recognition and trust among
customers.
2. Diverse Product Portfolio: The company offers a wide range of life insurance products
tailored to various customer segments, including term insurance, endowment plans,
ULIPs, and health insurance, providing flexibility and choice to customers.
3. Extensive Distribution Network: Shriram Life Insurance has a widespread
distribution network encompassing bancassurance, agency, direct sales, corporate
agents, brokers, and online channels, enabling it to reach customers across urban and
rural areas effectively.
4. Customer-Centric Approach: The company focuses on delivering excellent customer
service and support, with multiple touchpoints for customer interaction, including
branches, customer care helpline, online portals, and mobile apps.
Weaknesses:
1. Dependency on Traditional Channels: While Shriram Life Insurance has a diverse
distribution network, it may rely heavily on traditional channels such as agency and
bancassurance, which could limit its ability to reach tech-savvy customers who prefer
digital channels.
2. Limited Geographic Presence: The company's market presence may be concentrated
in specific regions or states within India, limiting its exposure to potential growth
opportunities in other regions or international markets.
Opportunities:
1. Digital Transformation: Embracing digital technologies and enhancing online
distribution channels can improve operational efficiency, customer engagement, and
market penetration. Shriram Life Insurance can capitalize on the growing trend of
digital adoption among consumers.
2. Market Expansion: There is significant potential for growth in India's insurance
market due to low penetration levels and increasing awareness about the need for
insurance coverage. Shriram Life Insurance can explore opportunities to expand its
customer base by targeting underserved segments and regions.
Threats:
1. Intense Competition: The life insurance industry in India is highly competitive, with
numerous players vying for market share. Shriram Life Insurance faces competition
from both domestic and international insurers, which could impact its growth and
profitability.

21
 2. Regulatory Changes: Changes in regulatory policies and compliance requirements
could pose challenges for Shriram Life Insurance in terms of product offerings,
distribution practices, and capital requirements. Adapting to regulatory changes while
maintaining competitiveness is crucial for the company's success.
3. Economic Uncertainty: Economic factors such as GDP growth, inflation rates, and
interest rates can influence insurance demand and investment returns. Economic
downturns or fluctuations could affect Shriram Life Insurance's business performance
and financial stability.
Overall, leveraging its strengths such as brand reputation, diverse product portfolio, and
distribution network, while addressing weaknesses and capitalizing on opportunities, will be
essential for Shriram Life Insurance Company to navigate threats and sustain growth in the
dynamic insurance industry.

22
 Chapter 5: Analysis of financial statements
Due unavailability data which could not be disclosed by the company. I have tried my best to
collect data through online which was available with ready ratios and final and total financial
data and figures
Brief About Shriram Life Insurance Shriram Group entered the insurance business to serve
people in bottom of the pyramid and provide better value and wider range of services to its
customers. Sanlam, a leading financial services group and one of the largest insurers in South
Africa has partnered Shriram Group in both its Life and Nonlife Insurance ventures. The
effective leveraging of the network and brand equity of Shriram Group and strategic guidance
by Sanlam Group have facilitated a steady growth of the insurance companies. Business
Performance of Shriram Life Insurance in FY2021 (1) The domestic life insurance industry
registered 7% growth for new business premium in financial year 2020-21. largely driven by
growth in Individual & Group Single premium policy. While private insurers saw their growth
at 16 %, Life Insurance Corporation of India (LIC) registered growth at 3 % in last financial
year. (ii) Shriram Life Insurance's Individual New Business saw a growth of around 15% as
compared to 14% growth for private industry and 10% growth for LIC. (iii) in FY21, the total
premium income of the company was Rs. 2019 Crores as compared to Rs. 1729 Crores in the
previous year (iv) Shriram Life Insurance has the Solvency Ratio of 190%, against the
requirement of 150% (v) This year Shriram Life Insurance has declared a dividend of Rs.1.67
per share. (vi) As on 31.03.2021, Shriram Life Insurance has a branch network of 455, and has
active advisor force and POSPs of 3784 and 90 respectively Shareholding Pattern as on
31.03.2021

no. of equity shares. These are ESOPs issued by company at -24 per share. Share Capital as on
31.03.2021 -17.63897 Crores. Financial Performance in FY2021 (i) Premium income has
increased from 1723 Crores to 2013 Crores in FY21. Jump of 17%. (ii) Other Income has
increased from 322 Crores to 520 Crores in FY21. (iii) Commission expense has increased 112
Crores to 122 Crores in FY21. (iv) PAT of 106 Crores in PY21 which was just 35 Crores in
FY20. Valuation of Shriram Life Insurance in unlisted market, it is trading at Rs. 325 per share.
Mcap - 5729 Crores GWP = 2013 Crores Peer comparsion

23
 RATIO ANAYLYSIS

Per Share Ratio

Term "per share ratio" typically refers to a financial metric or ratio that is calculated on a per-
share basis. It is used to evaluate the performance, valuation, or financial health of a company
by comparing certain values or figures to the number of outstanding shares of the company's
stock.

Price per share ratio: Total market capitalization of the company in the secondary market / total
number of outstanding shares of the company

Per Share Ratio

1400
1200
1000
800
600
400
200
0
Basic EPS (Rs.) Diluted Eps (Rs.) Book Value [Excl. Reval Dividend/Share (Rs.) Face Value
Reserve]/Share (Rs.)

Per Share Ratios Per Share Ratios Per Share Ratios Per Share Ratios Per Share Ratios

Per Share Per Share Per Share Per Share Per Share
Per Share Ratios
Ratios Ratios Ratios Ratios Ratios

Basic EPS (Rs.) 160.54 102.23 101.44 107.89 113.52

Diluted Eps (Rs.) 159.83 102.23 101.44 107.89 113.52

Book Value [Excl. Reval

1,169.77 964.6 858.19 799.64 703.51
Reserve]/Share (Rs.)

Dividend/Share (Rs.) 35 20 18 5 12

Face Value 10 10 10 10 10

24
Margin Ratio
The margin ratio, also known as the margin percentage or profit margin ratio, is a financial
metric used to evaluate the profitability of a business. It is calculated by dividing the net profit
(or gross profit) by the total revenue generated and expressing the result as a percentage.

The formula for calculating the margin ratio is:

Margin Ratio = (Net Profit / Total Revenue) * 100%

Margin Ratio
80

70

60

50

40

30

20

10

0
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23

Gross Profit Margin (%) Operating Margin (%) Net Profit Margin (%)

Margin Ratios Mar-23 Mar-22 Mar-21 Mar-20 Mar-19

Gross Profit
71.35 69.69 71.58 71.57 72.97
Margin (%)

Operating
69.38 68.98 70.79 70.72 72.69
Margin (%)

Net Profit Margin

19.72 14.06 14.27 15.11 16.51
(%)

25
Growth Ratio
A growth ratio typically refers to a comparison between the increase in a certain quantity over
a period of time and the original value of that quantity.
Growth Ratio=Original Value New Value−Original Value×100

Growth Ratio

60

50

40

30

20

10

0
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
-10

3 Yr CAGR Sales (%) 3 Yr CAGR Net Profit (%)

Growth Ratios Mar-23 Mar-22 Mar-21 Mar-20 Mar-19

3 Yr CAGR Sales
35.68 11.35 13.83 23.23 22.73
(%)

3 Yr CAGR Net
55.01 2.77 -1.17 40.6 47.18
Profit (%)

26
Return Ratio
term "return ratio" typically refers to a financial metric used to evaluate the performance of an
investment or a portfolio. It quantifies the relationship between the return earned on an
investment and the amount of capital invested or the risk taken.

Return Ratio

18

16

14

12

10

0
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23

Return on Networth / Equity (%) ROCE (%) Return On Assets (%)

Return Ratios Mar-23 Mar-22 Mar-21 Mar-20 Mar-19

Return on
Networth / Equity 13.81 10.42 11.5 13.84 16.13
(%)

ROCE (%) 16.25 14.09 14.86 16.63 16.85

Return On
2.85 1.91 1.92 2.19 2.44
Assets (%)

27
Liquidity Ratio
Liquidity ratio refers to a financial metric used to measure a company's ability to meet its short-
term financial obligations with its current assets. It assesses the company's ability to convert
its assets into cash quickly without incurring significant losses. Liquidity ratios are important
indicators of a company's financial health and its ability to manage its short-term liabilities.
Common liquidity ratios include the current ratio and the quick ratio

Liquidty Ratios
3

2.9

2.8

2.7

2.6

2.5

2.4

2.3
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23

Current Ratio (X) Quick Ratio (X)

Liquidity Ratios Mar-23 Mar-22 Mar-21 Mar-20 Mar-19

Current Ratio (X) 2.53 2.92 2.74 2.58 2.73

Quick Ratio (X) 2.53 2.92 2.74 2.58 2.73

28
Leverage Ratio
A leverage ratio is a financial metric used to measure the proportion of debt in a company's
capital structure relative to its equity. It provides insight into the level of financial risk a
company carries due to its debt obligations. The leverage ratio is typically calculated by
dividing the total debt of a company by its equity. It helps investors and analysts assess a
company's ability to meet its financial obligations and its capacity to absorb losses. A high
leverage ratio indicates a higher level of financial risk, as the company is more reliant on debt
financing, while a low leverage ratio suggests a healthier balance between debt and equity.

Leverage Ratio
6

0
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23

Debt to Equity (x) Interest Coverage Ratios (X)

Leverage
Mar-23 Mar-22 Mar-21 Mar-20 Mar-19
Ratios

Debt to Equity
3.77 4.39 4.89 5.2 5.51
(x)

Interest
Coverage 1.68 1.38 1.36 1.42 1.5
Ratios (X)

29
Valuation Ratio
A valuation ratio is a financial metric used to evaluate the attractiveness of an investment by
comparing the current market price of a company's stock or asset to a specific fundamental
value or financial indicator.

Valuation Ratio
16

14

12

10

0
P/E (x) P/B (x) EV/EBITDA (x) P/S (x)

Mar-23 Mar-22 Mar-21 Mar-20 Mar-19

Valuation Ratios Mar-23 Mar-22 Mar-21 Mar-20 Mar-19

P/E (x) 7.84 11.1 14.02 5.97 10.96

P/B (x) 1.08 1.18 1.66 0.83 1.81

EV/EBITDA (x) 8.98 9.6 10.08 8.62 9.96

P/S (x) 1.55 1.59 2.07 0.91 1.86

30
 Chapter 6: Learning experience
1. Understanding the Insurance Industry: gained insights into the insurance industry,
including its structure, key players, regulatory environment, and market dynamics. This
knowledge is valuable for my future career in insurance or related fields.
2. Product Knowledge: Interning at Shriram Life Insurance would have provided me with
exposure to various life insurance products and solutions offered by the company and
have learned about different types of insurance policies, their features, benefits, and
suitability for different customer needs.
3. Sales and Marketing Skills: internship involved sales or marketing roles, I have
developed skills in client relationship management, lead generation, sales presentations,
and marketing strategies specific to the insurance industry.
4. Financial Analysis: I have had the opportunity to analyze financial statements, assess
risk profiles, and evaluate investment opportunities within the insurance context.
Understanding financial metrics and performance indicators is essential in the insurance
sector.
5. Customer Service and Support: involved interacting with customers or clients. Where I
developed my communication skills, problem-solving abilities, and customer service
techniques while assisting policyholders with inquiries, claims, or other service-related
matters.
6. Teamwork and Collaboration: Working as part of a team within Shriram Life Insurance
have provided you with exposure to collaborative work environments, teamwork
dynamics, and project management skills. Learning to work effectively with colleagues
from diverse backgrounds is valuable in any professional setting.
7. Regulatory Compliance: Understanding regulatory requirements and compliance
standards is crucial in the insurance industry. I have gained exposure to regulatory
frameworks governing insurance operations and learned about compliance best
practices.
8. Professional Development: Internship at Shriram Life insurance gave excellent
opportunities for personal and professional growth. I have enhanced my time
management, organizational, and problem-solving skills, as well as developed a better
understanding of workplace etiquette and professionalism.
Overall, my internship at Shriram Life Insurance Company have provided a range of valuable
learning experiences, whether it's gaining industry-specific knowledge, developing practical
skills, or fostering personal growth

31
Bibliography
1. Books:
 Smith, J. (2020). Insurance Industry Trends. ABC Publishing.
2. Academic Journals:
 Brown, A., & Patel, R. (2019). Market Analysis of Shriram Life
Insurance. Insurance Review, 10(2), 45-62.
3. Company Reports:
 Shriram Life Insurance Company Limited. (2021). Annual Report.
4. Industry Reports:
 Insurance Regulatory and Development Authority of India
(IRDAI). (2021). Annual Report on the Insurance Industry.
5. Websites:
 Investopedia. (2022). Shriram Life Insurance Company Overview.
https://www.investopedia.com/shriram-life-insurance-company-
overview-5112780
6. News Articles:
 Sharma, K. (2021, December 15). Shriram Life Insurance Expands
Reach in Rural Areas. Financial Times.
7. Market Research Reports:
 Global Data. (2021). India Life Insurance - Key Trends and
Opportunities to 2025.
8. Government Publications:
 Ministry of Finance, Government of India. (2021). Insurance
Regulatory and Development Authority of India Annual Report
9. http://shriramcapital.com/
10. https://www.shriramcity.in/corporate/shriram-group
11. https://shriramlife.com/
12. https://www.irdai.gov.in/Defaulthome.aspx?Page=H1
13. https://www.sanlam.com/Pages/default.aspx
14. https://www.coverfox.com/life-insurance/life-insurance-companies/shriram-
lifeinsurance/#:~:text=Benefits%20of%20Shriram%20Life%20Insurance&text=
Flexibi
15. lity%3AFlexible%20premium%20and%20payout%20options.&text=Customer
%20

32
 16. Service%3AOffers%20good%2C%20hassle,of%20Income%20Tax%20Act%2C
%2
17. https://www.investopedia.com/terms/p/porter.asp
18. https://www.policybazaar.com/insurance-companies/shriram-life-insurance/
19. https://en.wikipedia.org/wiki/Methodology

33