INTERNSHIP TRAINING REPORT ON SBI LIFE INSURANCE COMPANY

LIMITED

Submitted in partial fulfillment of the requirements for the award of the degree of

MASTER OF COMMERCE
at the Bharathiar University

By

Ms. P.V.ELAKKIYA
(Reg. No.: 232CO008)

Under the Guidance of

Mr. K. PONNUMANI M.Com., M.Phil., (Ph.D.)

Assistant Professor
DEPARTMENT OF COMMERCE

Dr. N.G.P. ARTS AND SCIENCE COLLEGE

(An Autonomous Institution, Affiliated to Bharathiar University, Coimbatore) Approved by

Government of Tamil Nadu & Accredited by NAAC with A++ Grade (3rd Cycle -3.64 CGPA)
Dr. N.G.P.- Kalapatti Road, Coimbatore-641 048, Tamil Nadu, India.
Website: www.drngpasc.ac.in | Email: [email protected]. | Phone: +91-422-2369100

NOVEMBER - 2024
 DECLARATION

I, Ms. ELAKKIYA P.V (Reg. No.: 232CO008) hereby declare that the internship report
entitled “SBI LIFE INSURANCE COMPANY LIMITED” submitted in partial fulfilment of the
requirement for the award of the degree of MASTER OF COMMERCE is a record of original work
done during the period of internship under the supervision and guidance of Mr. K. PONNUMANI
M.Com., M.Phil., (Ph.D.) Assistant Professor, Department of Commerce, Dr. N.G.P. Arts and
Science College, Coimbatore - 48, and it has not formed on the basis of award of any Degree/
Diploma/ Associateship/ Fellowship or othersimilar title to any candidate of any university.

(Ms. ELAKKIYA P.V)

Reg. No.: 232CO008

Place: Coimbatore
Date:
 CERTIFICATE

This is to certify that the internship report entitled “SBI LIFE INSURANCE COMPANY
LIMITED” submitted in partial fulfilment of the requirement for the award of the degree of
MASTER OF COMMERCE is a record of original work done by Ms. ELAKKIYA P V
(Reg. No.: 232CO008) during the period (2023-2025) of her study in the Department of Commerce,
Dr. N.G.P. Arts and Science College, Coimbatore-48 under my supervision and guidance, and the
internship report has not formed the basis for the award of any Degree/ Diploma/ Associateship/
Fellowship or other similar title to any candidate of any university.

Guide Professor and Head Principal

(Mr. K.PONNUMANI) (Dr. D. Parasakthi)

Place: Coimbatore

Date:

Viva-voce Examination held on

Internal Examiner External Examiner

 ACKNOWLEDGEMENT

This internship report was the most significant accomplishment in my life and it would
not have been possible without the blessing of God almighty and those who supported and
believedin my caliber.

I record my deep sense of gratitude to Dr. NALLA G. PALANISWAMI, M.D, AB

(USA), Chairman, Dr. N. G. P. Research and Educational Trust and Dr. THAVAMANI. D.
PALANISWAMI, M.D, AB (USA), Secretary, Dr. N.G.P. Arts and Science College,
Coimbatore for providing me an opportunity to carry out a project successfully.

I record my sincere thanks to Principal, Dr. N.G.P. Arts and Science College,
Coimbatore, for every help he renderedbefore and during the period of project.

I express my sincere thanks to Dr. D. PARASAKTHI M.Com., M.Phil., PGDCA.,

M.CA., LL.B., Ph.D., Professor and Head, Department of Commerce, Dr. N.G.P. Arts and
Science College, Coimbatore for showing sustained interest and providing help throughout the
period of this work.

I would like to extend the sincere thanks to my guide

Mr. K. PONNUMANI, M.Com., M.Phil., (Ph.D.) Assistant Professor, Department of
Commerce, Dr. N.G.P. Arts and Science College, Coimbatore - 48, for her exemplary guidance
and encouragement.
I record my deep sense of gratitude to SBI LIFE INSURANCE COMPANY
LIMITED for providing me an opportunity to carry out internship in their organization and
helped me to gain practical exposure towards the industry.

I take this opportunity to acknowledge my sincere thanks to all the staff members of
the Department of Commerce for their constant inspiration, assistance, and resourceful
guidance for the completion of this project successfully.

I express my sincere thanks to our family and friends for their encouragement, love,
prayer, moral support, advice, and sacrifice without which we would not have been able to
pursue the course of this study.

ELAKKIYA P.V
 TABLE OF CONTENTS

CHAPTER TITLE PAGE NO

NO

I INTRODUCTION

II COMPANY PROFILE

III

IV

V CONCLUSION
 INTRODUCTION:

SBI Life Insurance Company is a leading life insurance provider in India, established in 2001
as a joint venture between State Bank of India (SBI), the country's largest bank, and BNP
Paribas Cardif, a global insurance leader. Headquartered in Mumbai, India, SBI Life Insurance
offers a comprehensive range of individual and group life insurance plans, as well as pension
plans, to cater to the diverse needs of its customers. With a strong distribution network of over
58,000 agents, 220 branches, and a presence in over 1,000 locations across India,SBI Life
Insurance has become one of the most trusted and preferred life insurance companies in the
country. Over the years, SBI Life Insurance has demonstrated consistent growth and financial
stability, with a total asset under management (AUM) of ₹352,422 crore (US$42 billion) and a
gross written premium of ₹67,320 crore (US$8.1 billion). The company has received numerous
awards and recognitions for its innovative products, customer service, and business excellence.
SBI Life Insurance is listed on the National Stock Exchange of India and the Bombay Stock
Exchange, with an authorized capital of ₹20 billion (US$240 million) and a paid-up capital of
₹10 billion (US$120 million). The company has been assigned a rating of AAA/Stable/P1+ by
CRISIL Limited, a subsidiary of Standard & Poor's, indicating its strong financial position and
stability.

SBI Life Insurance Company is one of the leading life insurance providers in India, with assets
under management (AUM) worth ₹352,422 crore (US$42 billion) and a gross written premium
of ₹67,320 crore (US$8.1 billion) as of March 2023. The company has an authorized capital of
₹20 billion (US$240 million) and a paid-up capital of ₹10 billion (US$120 million). SBI Life
Insurance offers individual and group life insurance plans, as well as pension plans, to cater to
the diverse needs of its customers. The company has a strong distribution network consisting
of 108,261 insurance advisors and 825 offices across the country. The company is listed on the
National Stock Exchange of India and the Bombay Stock Exchange. SBI Life Insurance has a
strong presence across India, with over 1,040 offices and a large network of agents and partners.
The company's mission is to make insurance accessible to all, and it strives to provide financial
support and stability to its customers.SBI Life has cemented its position as one of the top
players in the life insurance industry, consistently improving its market share and performance.
SBI Life benefits from an extensive and diversified distribution network, amplifying its market
reach and customer accessibility. SBI Life Insurance has become one of the most trusted and
preferred life insurance companies in the country.
COMPANY SIZE:

 Total assets under management (AUM): ₹352,422 crore or $42 billion.

 Gross Written Premium (GWP): ₹67,320 crore or $8.1 billion.
 Authorized capital: ₹20 billion or $240 million.
 Paid-up capital: ₹10 billion or $120 million.
 Number of offices: 825.
 Number of insurance advisors: 108,261.
 Employee types: trained insurance personnel, corporate agents, bank assurance
partnersand brokers.
 Total shareholders: 1,000.89 (in crores).

SBI LIFE INSURANCE:

The company has an extensive distribution network, with over 19,000 branches across India,
making it one of the largest life insurance companies in the country. SBI Life Insurance is
known for its customer-centric approach, innovative products, and exceptional service.

OBJECTIVES OF THE TRAINING:

 Product knowledge: Understanding various insurance products and services offered by

the company.
 Sales and marketing: Enhancing skills to sell and promote products effectively.
 Customer service: Developing skills to provide excellent service and support to
policyholders.
 Compliance and regulatory: Understanding relevant laws, regulations, and industry
standards.
 Leadership and management: Developing leadership and management skills for
supervisory and managerial roles.
 PROFILE OF THE ORGANISATION:

ABOUT THE ORGANISATION:

SBI Life Insurance Company aims to expand its geographical presence through a robust
distribution network, focusing on profitable growth through efficient cost discipline. The
company strives to build a strong customer value proposition, expand its digital footprint, and
develop a skilled workforce. SBI Life Insurance is committed to making insurance accessible
to all, offering need-based solutions that address the ever-evolving consumer needs. The
company contributes towards realizing the nation's ambition of 'Insurance for all' by 2047. SBI
Life Insurance offers a diverse range of products, including protection, pension, savings, and
health solutions, catering to individuals and groups. By achieving these objectives, SBI Life
Insurance aims to become a leader in the life insurance industry, trusted by customers and
stakeholders alike.

 Expanding the geographical presence through a robust distribution network.

 Focusing on profitable growth through efficient cost discipline.
 Building customer value proposition.
 Expanding the digital footprint.
 Developing a skilled workforce.
 Making insurance accessible to all.
 Offering need-based solutions that address the ever-evolving consumer needs.
 Contributing towards realizing the nation’s ambition of ‘Insurance for all’ by 2047.
INFRASTRUCTURE OF THE ORGANISATION:

 Robust risk management framework.

 Effective governance framework.
 Strong operational excellence.
 Physical offices and semi-urban and rural branches.
 Technology infrastructure including software and digital platforms.
 Automated underwriting and processing systems.
 Training infrastructure for employees.
 CSR initiatives and partnerships.
 ESG (Environmental, Social, and Governance) framework.
 Waste management and recycling programs.

PRODUCT RANGE:

1. Term Insurance Plans:

 SBI Life Term Insurance: Provides a death benefit to the nominee in case of the
policyholder's demise.
 SBI Life Smart Shield: A term insurance plan with optional accidental death benefit and
permanent disability rider.
2. Endowment Plans:
 SBI Life Endowment Plan: A traditional endowment plan that provides a guaranteed
sum on maturity or death. SBI Life Money Back Gold: A money-back plan that provides
periodic payouts and a guaranteed sum on maturity.
3. Unit-Linked Plans (ULIPs):
 SBI Life Unit Plus Super: A ULIP that offers investment options and life insurance
coverage.
 SBI Life Wealth Maxima: A ULIP that provides a choice of investment funds and life
insurance coverage.
4. Pension Plans:
 SBI Life Annuity Plus: A traditional annuity plan that provides a guaranteed income
stream for life.
 SBI Life Retire Smart: A unit-linked pension plan that offers investment options and a
guaranteed income stream.
5. Child Plans:
 SBI Life Smart Champ: A unit-linked child plan that provides investment options and
life insurance coverage.
 SBI Life Smart Scholar: A traditional child plan that provides a guaranteed sum on
maturity.
6. Health Plans:
 SBI Life Critical Illness Rider: A rider that provides coverage against critical illnesses.
 SBI Life Hospital Daily Cash Rider: A rider that provides daily hospital cash benefits.
7. Group Plans:
 SBI Life Group Term Life Insurance: A term insurance plan for groups.
 SBI Life Group Superannuation: A group pension plan for employers.
8. Micro Insurance Plans:
 SBI Life Grameen Bima: A micro insurance plan that provides life insurance coverage
to rural customers.
VISION OF THE ORGANISATION:

 To be the most trusted and preferred life insurance provider.

 To emerge as the leading company offering a comprehensive range of life insurance.
and pension products at competitive prices.
 Ensuring high standards of customer satisfaction and world-class operating efficiency.
 Becoming a model life insurance company in India in the post-liberalization period.

MISSION STATEMENT:
 To become a leading company offering a comprehensive range of life insurance and
pension products at competitive prices.
 Ensuring high standards of customer satisfaction.
 World-class operating efficiency.
 Expanding geographical presence through robust distribution network.
 Focusing on profitable growth through efficient cost discipline.
 Building customer value proposition.
 Expanding digital footprint.
 Developing a skilled workforce.
 Making insurance accessible to all.
 COMPANY PROFILE:

SBI Life Insurance Company Limited is a leading life insurance provider in India, established in
2001 as a joint venture between State Bank of India (SBI), the country's largest bank, and BNP
Paribas Cardif, a global insurance company. Headquartered in Mumbai, India, SBI Life Insurance
has a pan-India presence with an extensive network of over 19,000 branches and 230,000 agents,
offering a comprehensive range of life insurance products and services to individuals, groups, and
corporate clients. With a strong brand legacy and heritage, the company has built a reputation for
trust, transparency, and customer-centricity, serving over 30 million customers across the country.
SBI Life Insurance is regulated by the Insurance Regulatory and Development Authority of India
(IRDAI) and has received numerous industry awards and recognition for its innovative products,
customer service, and business excellence. The company's mission is to provide innovative and
customer-centric insurance solutions, ensuring financial security and peace of mind for its
customers.

SBI Life Insurance offers a diverse product portfolio, including protection plans, savings and
investment plans, retirement solutions, and health insurance plans, catering to various customer
needs and preferences. The company has also introduced innovative digital solutions, such as
online sales platforms and mobile apps, to enhance customer experience and accessibility.

SBI Life Insurance is regulated by the Insurance Regulatory and Development Authority of India
(IRDAI) and has received numerous industry awards and recognition for its innovative products,
customer service, and business excellence. The company has also been recognized for its
corporate social responsibility initiatives, focusing on education, healthcare, and community
development.

With a strong capital base and robust financial performance, SBI Life Insurance has established
itself as a trusted and reliable insurer, committed to delivering value to its customers, shareholders,
and stakeholders. The company's mission is to provide innovative and customer-centric insurance
solutions, ensuring financial security and peace of mind for its customers.
ORGANIZATIONAL CHART:

This structure enables SBI Life to maintain a customer-centric approach while ensuring
effective management and governance. SBI Life Insurance employs a multi-channel approach
to sell their products, ensuring a wide reach and convenience for their customers. Their agency
channel comprises a vast network of insurance advisors, trained to provide financial solutions
and guidance to customers. Additionally, SBI Life leverages its strategic partnership with State
Bank of India (SBI) to sell insurance products to SBI customers through bank branches, known
as the bank assurance channel. Direct marketing techniques, such as telemarketing, email
marketing, and SMS marketing, are used to reach customers directly. SBI Life collaborates
with various partners, including fintech companies, e-commerce platforms, and other
organizations, to expand its distribution network.

SBI Life Insurance has a vibrant organizational culture that prioritizes customer satisfaction,
integrity, and teamwork. The company's customer-centric approach focuses on building long-
term relationships and delivering exceptional service. Transparency and honesty are deeply
ingrained, ensuring fairness in all interactions. Collaboration and mutual respect are
encouraged, fostering a sense of collective growth and open communication. Embracing
innovation and adaptability, SBI Life stays ahead in the industry, leveraging technology and
data-driven insights. The company invests in employee development, offering training,
mentorship, and opportunities for advancement.
 TYPES OF SCHEMES
1. SBI Saral Swadhan Plus
2. SBI Life Sampurna Cancer Suraksha plan

 SBI Saral Swadhan Plus:

The SBI Saral Swadhan Plus is a life insurance plan that offers:
 Life coverage
 Return of premiums
 Maturity benefits
 Guaranteed maturity benefit
 Affordable premiums
 Easy enrollment
The plan offers 100% or 115% of the premiums paid on maturity, depending on the policy term.
Additionally, nominees receive the sum assured amount in the event of the policyholder's death.

Here are some key details about SBI Saral Swadhan Plus:
 Minimum sum assured: ₹25 L
 Maximum maturity age: 80 years
 Premium payment term: 5 years
 Maturity benefits: 100% or 115% of the premiums paid, depending on the policy term of
10 or 15 years
 Death benefits: Sum assured amount paid to nominees
 Tax benefits: Policyholders eligible for tax benefits under the Indian Income Tax Act on
all premiums paid
 Life insurance cover: Fixed life cover throughout the term
 Maturity benefits: Returns 100% of total premiums paid as maturity benefit
Benefits:
 Regular Savings: Encourages regular savings, helping individuals accumulate a
substantial amount over time.
 Flexibility: Allows for a flexible deposit amount and tenure to suit individual financial
goals and income patterns.
 Secured Returns: Provides assured returns with the benefit of compounding interest.
 Easy Access to Funds: Facility to withdraw prematurely and avail loans against the
deposit ensures liquidity.
 Tax Benefits: Interest earned is taxable. However, senior citizens can claim higher tax
deductions under Section 80TTB of the Income Tax Act.
 Deposit Schedule: Set up the deposit schedule as per the income pattern (quarterly,
half-yearly, or yearly).
Eligibility:
 Minimum Age: 18 years
 Maximum Age: 50 years (for 15-year premium payment term) or 45 years (for 20-year
premium payment term)
 Minimum Sum Assured: ₹25,000
 Maximum Sum Assured: ₹10,00,000
  SBI Life Sampurna Cancer Suraksha plan:

Here are the key details about the SBI Life Sampurna Cancer Suraksha
plan:
 The plan provides financial support during different stages of cancer.
 It supplements existing medical insurance policies.
 The plan offers flexibility to choose the monthly income benefit option or stage-wise
lump sum pay-outs.
 It offers three benefit structures with an in-built premium waiver benefit.
 The plan provides up to 150% of the sum assured pay outs.
 The plan offers complete financial support at every stage of cancer treatment.
Key Features:
 Helps financially secure yourself and your family in case of cancer.
 Supplements existing medical insurance policy.
 Three benefit structures with in-built premium waiver benefit.
 Flexibility to choose the monthly income benefit option or stage-wise lump sum pay-
outs.
 Up to 150% of the sum assured pay-outs.
 Complete financial support at every stage of cancer treatment.
 Minimum entry age for a child is 6 years and 18 years for an adult.
 Maximum entry age for a child is 17 years and 65 years for an adult.
 No rider is available in the plan.
BENEFITS:
 Early-Stage Cancer Benefit: If cancer is diagnosed at an early stage, the policy
provides a lump sum pay-out. This amount is generally a percentage of the sum assured.
 Major Stage Cancer Benefit: For cancer diagnosed at a major stage, the policy pays a
lump sum which is usually higher than the early-stage benefit.
 Advanced Stage Cancer Benefit: In the case of advanced cancer, the policy may offer
a significant lump sum pay-out or additional benefits depending on the policy terms.

The SBI Life Sampoorna Cancer Suraksha scheme is a specialized insurance plan designed to
provide financial protection against various stages of cancer. It's essential to note that the
Sampoorn Cancer Suraksha scheme is a non-linked, non-participating, pure risk premium life
insurance product, which means it doesn't offer any investment component or bonus benefits.
Instead, it focuses on providing a safety net against the financial implications of cancer
diagnosis and treatment.
ELIGIBILTY:
The SBI Life Sampoorn Cancer Suraksha scheme is a comprehensive plan designed to offer
financial security against various stages of cancer. The eligibility criteria for this scheme are not
explicitly stated, but here are some general details about the scheme:
 Plan Type: Non-linked, non-participating, pure risk premium life insurance product.
 Eligibility Conditions: Minimum group size is required, but exact eligibility conditions
are not specified.
 Payment Options: Premiums can be paid through Electronic Clearing System (ECS) or
Standing Instructions (where payment is made either by direct debit of bank account or
credit card).
 SWOT ANALYSIS:

Strengths:
 First mover advantage.
 Strong brand recognition.
 Brands catering to different customers segments within Insurance (Life) segment.
 Talent management.
 High margins.
Weaknesses:
 Gross Margins and Operating Margins.
 Extra cost of building new supply chain and logistics network.
 Business Model.
 Loyalty among suppliers is low.
 High cost of replacing existing experts.
 Low investments into SBI Life Insurance's customer-oriented services.
Opportunities:
 Increasing government regulations.
 Increasing customer base in lower segments.
 Local Collaboration.
 Rapid Expansion of Economy.
 Customer preferences are fast changing.
 Accelerated technological innovations and advances.
Threats:
 Commoditization of the product segment
 Distrust of institutions.
 Saturation in urban market and stagnation in the rural markets.
 Competitors catching up with the product development.
 SUMMARY OF WORK DONE:

 Launched new marketing campaigns to

increase brand awareness.
 Introduced new products and riders to

DAY:1 to 3 enhance customer experience.

 Conducted training sessions for agents
and employees on new products and
processes.
 Expanded distribution channels to reach
wider audience.
 Implemented digital transformation

DAY:4 to 6 initiatives to enhance customer

engagement.
 Conducted customer feedback surveys to
improve services.
 Launched new digital platforms for easy
policy purchase and claims processing.
 Introduced AI-powered chatbots for
DAY:7 to 9
customer support.
 Conducted workshops on financial
literacy and planning.
 Announced new partnerships with
leading banks and financial institutions.
 Launched new products tailored to
DAY:10 to 12
specific customer segments.
 Conducted employee recognition and
reward programs.
 Conducted town hall meetings to discuss
company performance and future plans.
 Recognized and rewarded top-performing
DAY:13 to 15
agents and employees.
CONCLUSION:

SBI Life Insurance Company is a leading life insurance provider in India, offering a range of
products and services to cater to diverse customer needs. With a strong brand presence, extensive
distribution network, and innovative digital platforms, the company has established itself as a
trusted and preferred life insurance partner. SBI Life Insurance Company has solidified its
position as a pioneering life insurance provider in India, driven by its commitment to excellence,
innovation, and customer satisfaction. With a rich legacy and heritage, the company has built a
formidable reputation for trustworthiness, transparency, and reliability, earning the loyalty of
millions of customers across the country. Its extensive product range, designed to address diverse
customer needs, includes protection plans, savings and investment plans, retirement solutions, and
health insurance plans, ensuring comprehensive financial protection and security. Through
strategic partnerships, digital innovation, and a vast distribution network, SBI Life Insurance has
expanded its reach, enhanced operational efficiency, and delivered exceptional customer
experiences. As a result, the company has achieved remarkable growth, garnered industry
recognition, and contributed significantly to the development of India's life insurance sector,
setting a benchmark for excellence and inspiring trust among its customers, partners, and
stakeholders. Overall, SBI Life Insurance Company has demonstrated its commitment to
providing value to its customers, employees, and stakeholders, making it a prominent player in the
Indian life insurance industry.