SBI Life Insurance Company
SBI Life Insurance Company.doc (Size: 598.5 KB / Downloads: 1)
INTRODUCTION
Wherever there is uncertainty there is risk. The risk cannot be averted. We don t have any command on uncertainties. In this context, that we think about insurance. Protection against the possible chances of generating uncertain losses. It eliminates worries and miseries of losses or destruction of property and death.
Life insurance is a contract between you and a life insurance company, which provided you a death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature demise, your family can remain financially secure because of the life that you have purchased. The primary purpose of life insurance is therefore protection of the family in the even insurance is also seen as a tool to plan effectively for your future years. Your retiring children s future needs. Today, the market offers insurance plans that not just cover your same time grow your wealth too. If you have dependents and financial responsibilities toward them, then you certainly need. Having a family means dependant, which in turn means financial commitments. Finance comes in the form of loans, children s education,
medical expenses etc. Imagine what would happen if you were to lose your
life suddenly or become disabled being insured in a situation like this is a
necessity.
Insurance in India
The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.
MAJOR PLAYERS IN INSURANCE SECTORS
India still has low insurance penetration of 1.95 percent, 51st in the world. Despite the fact that India boosts a saving rate of around 25 percent, less than 5 percent is spent on insurance. The insurance landscape in India is undergoing major changes. Close to foreign competition since nationalization in 1956, the life insurance industry had been protected from competitive pressures. Now, with the reopening of the sector, several new players have entered the scene.
OBJECTIVES OF THE STUDY
The objectives mark the right direction to carry out any study. So, the objectives of this study are as under:-
1. To identify the insurance needs of the respondents with respect to their emotional, physical and financial conditions.
2. To determine the present position and satisfaction of customer in SBI Life Insurance.
3. To study the various factors which influence the purchase of insurance products
4. To match the needs of the population with the products in hand or else design a new product.
5. Suggestions and recommendations.
COMPANY PROFILE
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26%. SBI Life Insurance has an authorized capital of Rs. 2,000 crores and a paid up capital of Rs 1,000 crores.
Parentage. Along with its 5 Associate Banks, State Bank Group has the unrivalled strength of over 18,000 branches across the country, arguably the largest in the world. BNP Paribas Cardif is the life and property & casualty insurance arm of BNP Paribas, one of the strongest banks in the world. BNP Paribas Group, having presence in more than 80 countries ranks highly in Retail Banking, Investment Solutions and Corporate & Investment Banking. BNP Paribas Cardif is one of the world leaders in creditor insurance and its life and non-life insurance units have received an AA rating from Standard & Poor’s.