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DATA ANALYSIS &

INTERPRETATION

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DATA ANALYSIS & INTERPRETATION

4.1 Market Survey

 Category of life insurance:-

Fig.4.1 Category of life insurance

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 Essentiality of life insurance :-

Fig.4.2 Essentiality of life insurance

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 Qualification for life insurance:-

Fig.4.3 Qualification for life insurance

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 Age qualification for life insurance :-

Fig.4.4 Age qualification for life insurance

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 Causes of dissatisfaction :-

Fig.4.5 Causes of dissatisfaction

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 Career in life insurance :-

Fig.4.6 Career in life insurance

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 Life insurance is noble service or not? :-

Fig.4.7 Life insurance is noble service or not?

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 Life insurance as a career :-

Fig.4.8 Life insurance as a career

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 Growth of life insurance :-

Fig.4.9 Growth of life insurance

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 Life insurance: public or private :-

Fig.4.10 Life insurance: public or private

4.2 Role of the Development Agency

Due to the nature of the groups covered, SBI Life will be passing certain

administrative tasks onto the Development Agency. By passing on these tasks the

premium charged can be lower. These tasks would include:

 Submission of member data in a specified computer format

 Collection of premiums from group members

 Recording changes in the details of group members

 Disbursement of claim payments and the mortality rebate (if any) to group

members

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These tasks would be in addition to the usual duties of a policyholder such as:

 Payment of premiums

 Reporting of claims

 Keeping policy holder information up to date

Analyzing of collected data- The data collected through market survey and

published sources are then processed to obtained necessary inferences and findings

for the purpose of achieving the objective as well as to derive necessary conclusion. A

considerable skill and knowledge is involved in analyzing the data for the purpose of

interpreting thereof.

Interpreting of data- It is the significant step where the data collected and analyzed

is interpreted in the forms of graphs and figures is depicted in the report called project

report.

Summarizing of data- Thereby necessary summary is prepared which is essential in

the project report of the summer training being done under an organization.

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5.1 Market Survey Report

 Category of life insurance

Protection of human asset value against uncertainty 51

From the survey it was drawn that life insurance is more a protection of human

asset value against uncertainty (conferred by 51 respondents) where it is a tax saving

option (being accepted by 38 respondents).

Life insurance is a service involving both these prerequisites as depicted by

remaining 16 respondents.

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 Essentiality of life insurance

Yes 78
No 27

It has been observed and applied as a Life insurance is an essential service and

should be applicable to every one, as favored by considerable 78 respondents where it is

not essential to an extent by 27 respondents from the summer training project survey by

putting forth the set questionnaire.

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 Qualification for life insurance

Post graduate 35
Graduate 59
Senior secondary 11

When further enquired about the qualification of respondents, it was found that

57% of the respondents were graduates, 33% were post graduates and remaining 10%

were of higher secondary out of total 105 respondents.

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 Age qualification for life insurance

18-25 age group 41

Further, the age qualification for agency recruitment, it was found that 39%

respondents were belonging to 18 – 25 age group, 35% were belonging to 25 – 35 age

group where as 20% to 35 - 45 age group and remaining 6% to above 45 age group.

 Causes of dissatisfaction

Respondents had different views about the dissatisfaction from the present

status of working or occupation. Dissatisfaction has been depicted in a table

below and graphically above-

Low employment 24 Low earning 36 Huge capital investment 17

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 Career in life insurance?

Yes 59
No 46

When asked about whether they would like to know about a glorified career in life

insurance agency where they can fulfill any and every desire of their life, 59 respondents

agreed while 46 respondents said No and will see later sometime in future. It has been

depicted that life insurance sector should be promoted at the wide extent as it contribute

to the economy as a useful source beneficial for both nation as well as its citizens.

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 Life insurance is noble service or not?

Yes 86
No 19

Indeed Life insurance is a noble business as it provides a needful financial support

in the situation of fatal calamity where the family is deprived by the fact to live in future

and sustains their living. When surveyed about life insurance as a noble service. 86

respondents agreed and believe that insurance is a bettering service to human life and

society as a whole where as 19 respondents show disagreement.

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 Life insurance as a career?

Yes 18
No 41

From the 59 respondents who agreed to know about the life insurance as a career,

18 of them agreed to join HDFC Standard life insurance for agency and come to the

company fore more information whereas 41 still took time to think and postponed to

some future date. People are highly dissatisfied from the earning, status and living

standard they are sustaining at present and would definitely like to make some additional

source of earning and for this agency for life insurance would prove a boon.

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 Is Life insurance industry growing?

Yes 92
No 13

From all 105 respondents, 92 agreed that life insurance sector is a growing

concern and will grow at a rapid pace in future where as 13 took as a mere stagnant

industry. Financial services are growing at a tremendous pace as people are urging to

make their investment in lucrative opportunities and therefore life insurance sector is

playing a vital role in educating the people to make their investment which could secure

their future, needs and living despite some fatal calamity that might or might not occur.

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 Agree with privatization of life insurance?

Yes 74
No 31

Among 74 respondents from 105 respondents favored the privatization of the life

insurance and perceive that the people of India will know be more aware and

knowledgeable with respect to life insurance than that in the past 50 years with the

working of LIC.

5.2 Policy Product Queries

1. What are the basic elements of Life Insurance?

The two basic elements to all individuals are

a. Risk coverage (i.e. Term Insurance)

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b. Savings for future (i.e. Pure Endowment)

2. What is Term Insurance?

Term Insurance covers “Risk” and Risk means “Death”. Here a lump sum amount is

payable only if death occurs during a selected period. If the insured survives till the end

of the selected period, nothing becomes payable.

3. What is Endowment product?

The insurer will receive a lump sum amount either at death during the term or at

maturity of the term.

4. What is a Whole Life insurance product?

Whole life insurance risk covers the death of the insured, whenever it may happen. It

means that there is no fixed term under whole life insurance. Most policies provide a

dividend to the policy holder which helps with retirement.

There are two variations in the whole life insurance products-

a. Pure Whole Life Insurance: - where premiums are payable continuously

throughout the life of the insured till death. Risk coverage is for the entire

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duration of life and the life insured amount is paid on the happening of the death

of the insured at any time.

b. Limited Payment Whole life Insurance: - where premiums are paid for a limited

and shorter period and the option of the insured or till death if earlier. Risk

coverage is however throughout the life of the insured.

5. What is a Guaranteed Surrender Value?

The policy can be surrendered for cash only after the premiums have been paid for at

least three years. The minimum surrender value allowed is equal to a certain percentage

of the total amount of premiums paid excluding the premiums for the first year and all

extra premiums or additional premiums for accident benefits that may have been paid.

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CONCLUSION

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CONCLUSION

Summer training is a best example for a trainee to learn about the company

working, corporate culture under which is operating the functions. SBI life insurance

company under which I gained a significant knowledge with respect to life insurance, its

importance and applicability as well as undertook the task to recruit capable life

insurance advisors which is conducive for the company to grow with more prosperity.

What I taught in the management institute utilized them fruitfully leading to the best

advantage to the company and to the best experience for mine.

In all Public Service jurisdictions, new approaches to recruitment are being used.

In many territories, the strategies are manual but, as automated methods become more

pervasive, those mechanisms that support its use will assume greater popularity.

Whatever the strategies selected for use, the objective is to recruit the most

qualified, committed individuals into the organizations and ensure that the provision of

government services to the public is timely and effective, that the goods are of consistent

high quality and that the organizations achieve the objectives for which they have been

established.

Life insurance is a noble service which is very important for every citizen to learn

and realize its importance because this is the only source which can remain the status

where one is with the family bread earner and ever when he is not.

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With the growing financial sector I would like to opt this industry for my future career

advancement and as an opportunity to service this industry.

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LIMITATION

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LIMITATION

 The research area was restricted only within the Sikar city. This may not reflect

the exact position of the total market.

 Sample size was also so less, limitation of time means and resource forced for

small size.

 Questionnaire includes 16 questions, which affects the mentality of respondents

that is time consuming.

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RECOMMENDATION

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RECOMMENDATION AND SUGGESTIONS

Recommendations-

Following are suggestions made for the benefits and augmentation of the sound

working of the company –SBI life insurance

1. Need to train and develop life insurance agents with more comprehensive

knowledge and skills to counter every queries of the customer.

2. It is suggested that company should not left any stone unturned towards

sound advertisement and promotional measures on every section whether

it is printed, media or air via radio.

3. It is also suggested that skilled management graduates need to be places

on sales and marketing of financial services that can render their best ideas

for the accomplishment of the company goals and objectives to the best

extent.

4. Also, care need to be taken that every customer’s grievance should be met

with delight whether before purchase or after sales.

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5. There should be an expansion measure for more offices and location of

more centers for offices of the company is established sop that company

may grow its network.

6. Life insurance Products should be made flexible so as to suit every section

of society.

Suggestions-

Following are suggestions made for the benefits and augmentation of the

sound working of the company –SBI life insurance:

1. Need to train and develop life insurance agents with more comprehensive

knowledge and skills to counter every queries of the customer.

2. It is suggested that company should not left any stone unturned towards

sound advertisement and promotional measures on every section whether

it is printed, media or air via radio.

3. The advisors should be made aware and educated so that they can extend

their services not only in terms of collection of premium checks from the

customer but also to educate them about the insurance and the latest

nontraditional plans.

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4. All the company should come out of a unit link product that should aid

every selection of the society.

5. It is also suggested that skilled management graduates need to be places

on sales and marketing of financial services who can render their best

ideas for the accomplishment of the company goals and objectives to the

best extent.

6. Also, care need to be taken that every customer’s grievance should be met

with delight whether before purchase or after sales.

7. There should be an expansion measure for more offices and location of

more centers for offices of the company be established sop that company

may grow its network.

8. Life insurance Products should be made flexible so as to suit every

section of society.

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APPENDIX

Questionnaire:

Q.1. What do you mean by life insurance?

a) Protection of human asset value against uncertainty 

b) A sum received after death 

c) Both 

Q.2. Do you think life insurance is essential for every one?

a) Yes 

b) No 

Q.3. What is your qualification?

a) Post graduate 

b) Graduate 

c) Senior secondary 

Q.4. Do you come under:

a) 18-25 age group 

b) 25 – 35 age group 

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c) 35 – 45 age group 

d) Above 45 age group 

Q.5. Would you like to know about a career in life insurance advisor ship where you

can fulfill every desire of your life?

a) Yes 

b) No 

Q.6. Do you perceive that life insurance business is a noble service oriented

business?

a) Yes 

b) No 

Q.7. Would you like to become or opt for life insurance advisor under esteemed and

prospering organization SBI Life insurance?

a) Yes 

b) No 

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Q.8. Do you agree that the life insurance business is a growing industry and will

grow and rapid pace in future?

a) Yes 

b) No 

Q.9. Do you favor the privatization of life insurance by the Government where a

significant number of companies now in the market for life insurance to the

customers with the alliance of multinationals?

a) Yes 

b) No 

SUGGESTION:

1. ……………………………………………………………

2. ……………………………………………………………

3. ……………………………………………………………

PERSONAL INFORMATION:

Name: - ………………………………………………………………

Location: - ……………………………………………………………

Occupation: - …………………………………………………………

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Glossary:

1. Application for insurance: This is the form on where you state information and

answer questions from the insurance company about yourself and your history. This

application along with information from a medical examination, if taken, from your

physicians, any hospitals you may have visited and investigation are what's used by

the insurance company to decide whether or not to offer you life insurance and at

what rate.

2. Accident Benefit: A rider or an add-on with a life policy. It compensates a

policyholder in the event of death or injury by accident.

3. Annuity: An investment option that makes a series of regular payments to an

individual in exchange for a premium or a series of premier.

4. Appreciate: To grow in value

5. Asset: Everything owned or due to a person

6. Asset allocation: How your investments are spread across various asset classes

7. Beneficiary: The person(s) named in the policy to receive the life insurance proceeds

upon the death of the insured.

8. Bond: It is like an IOU. By buying a bond you loan money to a company, a

municipality, state or the Central Government.

9. Bonus: The amount paid as return in a ‘with-profit’ policy. The bonus, expressed as a

percentage of the sum assured, is generally declared every year. The amount is linked

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to the profits earned by the insurer. Depending on the time of withdrawal, there are

two kinds of bonuses – reversionary and cash. A reversionary bonus can be encashed

only on maturity of the policy; a cash bonus can be withdrawn when declared.

10. Budget: It is a tool used to monitor and control expenditures and purchases.

BIBLIOGRAPHY
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BIBLIOGRAPHY

Following are sources which helped me during my summer training-

BOOKS:

 KOTHARI C.R.: Research Methodology Management, 3rd Edition

 KOTLER PHILIP: Marketing Management” 11th Revised edition, 2002

 GUPTA S.P.: Statistical Methods “Thirteen revised edition, 2001

 Kotler Philip : Marketing Management, Prentice Hall of India, New Delhi

 Mathew M.J. : Insurance, RBSA Publishers Jaipur

 Handa Sunil : Insurance, Sheel Write Well (P) Ltd., Jaipur

 K. Aswattappa : Human Resource Management

MAGAZINES:

 India Today

 Business World

 Business Economics

 LSE’s Magazine

REFERENCES:

 Websites-

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NEWSPAPER:

 The Economics times

 The Hindu

 Times of India

 Business line

 D.N.A

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OTHERS:

 IRDA annual report, 2006-07and 2007-08

 Manual of Insurance by Bharat Law House

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