A SUMMER TRAINING PROJECT REPORT

ON

“RELIANCE LIFE INSURANCE PRODUCTS”

SUBMITTED IN THE PARTIAL FULFILLMENT FOR THE AWARD OF

DEGREE OF MASTER IN BUSINESS ADMINISTRATION 2009-

2009-11

UNDER THE GUIDANCE OF:

MS. SONIKA BHOJ

FACULTY, RDIAS

SUBMITTED BY:

TARUN KRISHNA

ROLL NO.09715903909_
09715903909_ BATCH NO. (MBA III SEM SECTION B)

RUKMINI DEVI INSTITUTE OF ADVANCED STUDIES

(Approved by AICTE, HRD Ministry, Govt. of India)

India)

Affiliated to Guru Gobind Singh Indraprastha University,

University, Delhi

2A & 2B, Madhuban Chowk, Outer Ring Road, Phase-1, Delhi-110085.

RUKMINI DEVI INSTITUTE OF ADVANCED STUDIES Page 1

 STUDENT DECLARATION

This is to certify that I have completed the Project titled “RELIANCE LIFE
INSURANCE PRODUCTS” under the guidance of “Ms. Sonika Bhoj” in the partial
fulfillment of the requirement for the award of the degree of “Masters in Business
Administration” from “Rukmini Devi Institute of Advanced Studies, New Delhi.”
This is an original work and I have not submitted it earlier elsewhere.

……………………….
(TARUN KRISHNA)

Enrollment No. - 09715903909

(MBA, 3rd Sem, Sec-B)

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 CERTIFICATE FROM COMPANY

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 CERTIFICATE FROM GUIDE

This is to certify that the project titled “RELIANCE LIFE INSURANCE

PRODUCTS” is an academic work done by “TARUN KRISHNA” submitted
in the partial fulfillment of the requirement for the award of the degree of
“Masters in Business Administration” from “Rukmini Devi Institute of
Advanced Studies, New Delhi” under my guidance and direction. To the best
of my knowledge and belief the data and information presented by him in the
Project has not been submitted earlier elsewhere.

Ms. Sonika Bhoj

(Project Guide)
RDIAS

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 ACKNOWLEDGEMENT

"Gratitude is not a thing of expression; it is more matter of feeling."

There is always a sense of gratitude which one express towards others for their help and supervision in

achieving the goals. This formal piece of acknowledgement is an attempt to express the feeling of

gratitude towards people who helpful me in successfully completing of my training.

I would like to express my deep gratitude to Mr. Nimit Verma my training coordinator for their constant

co-operation. He was always there with his competent guidance and valuable suggestion throughout the

pursuance of this research project. Special thanks to Ms. Sonika Bhoj who guided me to work honestly

and to give valuable suggestion for improving my work Last but not least I would also like to place of

appreciation to all the respondents whose responses were of utmost importance for the project.

Above all no words can express my feelings to my parents, friends all those persons who

supported me during my project. I am also thankful to all the respondents whose cooperation & support

has helped me a lot in collecting necessary information. I offer my sincere thanks and humble regards

to Rukmini Devi Institute Of Advanced Studies, GGSIP University, New Delhi for imparting

us very valuable professional training in MBA.

I would also like to thank almighty God for his blessings showered on me during the completion of
project report.

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 EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that insurance sector has the maximum growth

and potential as compared to the other sectors. Insurance has the maximum growth rate of 72-

86% while as FMCG sector has maximum 14-17% of growth rate. This growth potential attracts

me to enter in this sector and RELIANCE LIFE INSURANCE has given me the opportunity to

work and get experience in highly competitive and enhancing sector.

The success story of good market share of different market organizations depends upon the

availability of the product and services near to the customer, which can be distributed through a

distribution channel. In Insurance sector, distribution channel includes only agents or agency

holders of the company. If companies like RELIANCE LIFE INSURANCE, TATA AIG, and

MAX etc have adequate agents in the market they can capture big market as compared to the

other companies.

Agents are the only way for a company of Insurance sector through which policies and benefits

Of the company can be explained to the customer.

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 Student declaration………………………………………………………………………1

Certificate from Company/Organization………………………………………….............2

Certificate from Guide…....................................................................................................3

Acknowledgement..............................................................................................................4
Executive Summary………………………………………………………………............5
Chapter Scheme………………………………………………………………………………..6

List of Tables………………………………………………………………………………….10

List of Graphs…………………………………………………………………………………10

List of Charts………………………………………………………………………………….11

List if Abbreviations, if any…………………………………………………………………..11

CHAPTER 1- INTRODUCTION
1.1 Purpose of the study…………………………………………………..…………..12
1.2 Research Objectives of the study…………………………………………………13
1.3 Research Methodology of the study………………………………………………14
1. 3.1 Research Design……………………………… ……………………………14
1.3.2 Data Collection- Primary & Secondary data………………………………..15
1.3.3 Sample design…………………………………………………………...15
1.3.3.1 Population……………………………………………………………15
1.3.3.2 Sample size…………………………………………………………..15
1.3.3.3 Sampling method……………………………………………………………16

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 1.3.4 Method of data collection…………………………………………………………16

1.3.4.1 Instrument for data collection…………………………………………………………16

1.3.4.2 Drafting of a questionnaire………………………………………..17-23

1.3.5 Limitations………………………………………………………………..24

CHAPTER-2

Review of literature ………………………………………………………………….............25-34

CHAPTER-3

About Organization/ Company

Profile………………………………………………………………………………....35-43

CHAPTER -4

About Reliance life Insurance Products

………………………………………………………………………………………………..44-60

CHAPTER -5

Analysis………………………………………………………………………………………61-80

CHAPTER-6

Findings (If any)……………………………………………………………………………...81

CHAPTER-7

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Suggestion................................................................................................................................82.

CHAPTER-8

Conclusion………………………………………………………………………………83

Bibliography…………………………………………………………………….84

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 LIST OF TABLES
➢ Page Number 47-48
➢ Page Number 55-56

LIST OF GRAPHS

➢ Page Number 62
➢ Page Number 63
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 LIST OF CHARTS
➢ Page Number 14

➢ Page Number 42

LIST OF ABBREVIATIONS (IF ANY)

Not any

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 CHAPTER 1. INTRODUCTION
With the largest number of life insurance policies in force in the world, Insurance happens to be
a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and
presently is of the order of Rs 1560.41 billion (for the financial year 2006 – 2007). Together with
banking services, it adds about 7% to the country’s Gross Domestic Product (GDP). The gross
premium collection is nearly 2% of GDP and funds available with LIC for investments are 8% of
the GDP.

Even so nearly 65% of the Indian population is without life insurance cover while health
insurance and non-life insurance continues to be below international standards. A large part of
our population is also subject to weak social security and pension systems with hardly any old
age income security

A well-developed and evolved insurance sector is needed for economic development as it

provides long term funds for infrastructure development and strengthens the risk taking ability of
individuals. It is estimated that over the next ten years India would require investments of the
order of one trillion US dollars.

1.1 Purpose of the study

1. The objective which leads me to do this report was my strong desire to know about the
Life Insurance, and its status in India.
2. Second, I wanted to explore that how Reliance Life insurance services help in changing
the Face of Insurance industry in India.

The question which came in to my mind at that time was from where will I learn all this and the

answer which I got for this question was in the form of my project title. Since this is been a

good opportunity for me so, I decided to take up this project.

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1.1 Research objectives of the study
The objectives of undertaking the project are: -

PRIMARY OBJECTIVE- To study and analyze Life insurance, role of Reliance life insurance,
its present scenario and its emerging challenges.

SECONDARY OBJECTIVE- To analyze the impact of Reliance life insurance products, its
scope and opportunities in near future.

Other Objectives include: -

➢ Proper understanding and analysis of life insurance industry.

➢ To know about brand awareness of Reliance Life Insurance and customer’s
preference about Reliance Life Insurance.
➢ According the market survey come know about how much potential of insurance
market in our city.
➢ And base on analysis of the result thus obtained make a report on that research.

➢ Training aims at recruiting maximum number of Life Advisors and to Sell the
maximum policies for the company and bring the business for the company which
ever is going at the particular point of time.

➢ As the Reliance Life Insurance well reputed company in India it’s great chance
for me to observed different products launch by other competitor companies like
ICICI prudential, Bajaj alliance ,LIC, Max New York life etc. In all, it is to
understand the overall working of the Life insurance sector.

➢ The objective behind the project is as follows:

➢ To find the right candidate.

➢ To about their family background, occupation, social relation, Qualification, Age

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1.1.1 Research methodology of the study

Flowchart of research methodology

1.3.1 Research Design

• NON-PROBABILITY

• EXPLORATORY & DISCRIPTIVE EXPERIMENTAL RESEARCH

The research is primarily both exploratory as well as descriptive in nature. The sources of

information are both primary & secondary. A well-structured questionnaire was prepared and

personal interviews were conducted to collect the customer’s perception and buying behavior,

through this questionnaire.

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 1.3.2 Data collection Primary & Secondary data
➢ Study of Secondary sources of information.
The reason for selecting this mode of research for this type is that it’s a probably quickest and
most economical way for research to find possible hypothesis and to take advantage of the work
of to others and utilize their own earlier efforts. Most large companies that have maintained
marketing research programs over a number of years have accumulated significant libraries of
research organizations furnishing continuing data.

Procedure:-

As it is a secondary research, all the data is selected after rigorous analysis of articles from
newspapers, magazines and internet. All the research collected is done by professional analyst
across the world and is compiled in this project to understand the financial and business impact
of merger and acquisition more effectively.

➢ Limitations of Study:-

∗ Limitation to gather all the relevant information.

∗ Limitation of time.
∗ Conclusion may change according to the time

1.3.3 Sample Design

3.3.1 Population
The respondents who were asked to fill out questionnaires are the sampling units. These

Comprise of employees of MNCs, Govt. Employees and Self Employees etc.

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 1.3.3.2 Sample Size
The sample size was restricted to only 100, which comprised of mainly peoples from different

regions of Delhi due to time constraints.

1.3.3.3 Sampling Method

Initially, a rough draft was prepared keeping in mind the objective of the research. A pilot study

was done in order to know the accuracy of the Questionnaire. The final Questionnaire was

arrived only after certain important changes were done. Thus my sampling came out to be

judemental and convinent.

1.3.4 Method of data collection

➢ Primary
➢ Secondary

1.3.4.1 Instrument for data collection

➢ Research Tool

• Bar diagrams,
• Tables,
• Moving average method for forecasting

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 1.3.4.2 DRAFTING OF QUESTIONNNAIRE

1. ARE YOU EMPLOYED?

YES NO

( Note:-If YES, proceed then only)

2. DO YOU HAVE ANY INSURANCE POLICY?

YES No

3. WHICH INSURANCE POLICY DO YOU HAVE?

LIFE NON-LIFE BOTH

4. WHICH CO’S INSURANCE POLICY YOU PREFER THE MOST? (RANK THEM)

a) LIC

b) ICICIPRUDENTIAL

c) SBI LIFE INSURANCE

d) ING VYSYA LIFE

e) RELIANCE LIFE INSURANCE

f) TATA AIG LIFE

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 g) ANY OTHER ________ (Specify)

5. FOR HOW MANY YEARS DO YOU HAVE INSURANCE POLICY? (Please Tick)
a) <5Yrs b) 5-10 Yrs c) 10-15 Yrs d) Any Other______ (Specify)

6. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE COVER? (RANK

THEM)
a) COVER FUTURE UNCERTAINITY Y

b) TAX DEDUCTIONS

c) FUTURE INVESTMENT

d) ANY OTHER ___________ (Specify)

7. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY IT?

(RANK THEM)

a) LOW PREMIUM

b) LARGER RISK COVERANCE

c) MONEY BACK GUARNTEE

d) REPUTATION OF COMPANY

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 e) EASY ACCESS TO AGENTS

f) ANY OTHER _________ (Specify)

8. YOUR MONTHLY INCOME?

a)<4k b)4k-8k c)8k-12k d)12k-16k e)Other_____(Specify)

9. DO YOU REALLY THINK INSURANCE POLICY COVER IN TODAY’S

SCENARIO IS NOT ESSENTIAL?

____________________________________________________

10. WHAT’S YOUR PERCEPTION ABOUT INSURANCE? (RANK THEM)

a) A SAVING TOOL

b) A TAX SAVING DEVICE

c) A TOOL TO PROTECT FUTURE

11. HOW HAS/WOULD YOU BOUGHT/BUY INSURANCE?

a) CUSTOMER APPROCHED INSURANCE COs

b) INSURANCE CO.s APPROCHED CUSTOMER

12. ARE YOU SATISFIED WITH THE POLICY?

a) SATISFIED SAVING TOOL

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 b) NOT SATISFIED

c) NOT RESPONDING

13. ARE YOU SATISFIED WITH THE SERVICE AGENT?

a) SATISFIED SAVING TOOL

b) NOT SATISFIED

c) NOT RESPONDING

14. DO YOU PAY TAXES?

YES NO

15. WHERE HAVE YOU INVESTED FOR TAX SAVING? (RANK THEM)

a) LIC

b) NSC

c) BONDS

d) PPF

e) PF

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 f) EPF

16. WHICH IS THE BEST FORM OF INVESTMENTS? (RANK THEM)

a) FIXED ASSETS

b) BANK DEPOSITS

c) JEWELLERY

d) SECURITIES, i.e. Bonds, MFs

e) SHARES

f) INSURANCE

17. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?

a) SAVING & RETURNS

b) SECURITY

c) TAX BENEFITS

18. WHAT’S THE RIGHT AGE TO BUY INSURANCE?

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 a) AFTER 25 Yrs

b) AFTER 35 Yrs

c) AFTER 45 Yrs

d) ANYTIME

19. HOW WOULD YOU RATE INDIAN INSURANCE COs?

a) RIGID PLANS

b) NON-USER FRIENDLY

c) UNSATISFATORY SREVICES

d) NON-AGGRESSIVE

e) SATISFACTORY

f) GOOD

g) VERY GOOD

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20. ARE YOU PLANNING FOR NEW INVESTMENTS?

PLANNING NOT PLANING

21. WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM

THE CITY OFFERS BETTER SERVICE & PRODUCTS?

a) YES

b) NO

c) UNCERTAIN

THANK YOU

NAME: __________________________________________________________

ADDRESS: _______________________________________________________

_______________________________________________________

OCCUPATION: __________________________________________________

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 1.3.5 Limitations
1. The research is confined to a certain parts of Delhi and does not necessarily shows a

pattern applicable to all of Country.

2. Some respondents were reluctant to divulge personal information which can affect the

validity of all responses.

3. In a rapidly changing industry, analysis on one day or in one segment can change very

quickly. The environmental changes are vital to be considered in order to assimilate the

findings.

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 CHAPTER2. REVIEW OF LITERATURE

THE HISTORY OF INDIAN INSURANCE INDUSTRY

ORIGIN OF LIFE 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.

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“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.

Insurance and Myth...

Back to the 17th century. In 1693, astronomer Edmond Halley constructed the first mortality
table to provide a link between the life insurance premium and the average life spans based on
statistical laws of mortality and compound interest. In 1756, Joseph Dodson reworked the table,
linking premium rate to age.

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 New 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
labor organizations. Many employers sponsor group insurance policies for their employees,

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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.

Markets
In tune with the global stock markets that began to recover from the second half of 2003; Indian
stock markets too witnessed rapid growth. India’s two leading indices, the most popular BSE
Sensex, and the one most used by the markets the National Stock Exchanges’ S&P CNX Nifty
rose to record levels. Both primary and secondary market activity experienced sharp surge. Much
progress was made in further strengthening and streamlining risk management, market regulation
and supervision. A few aspects of the major developments in the India’s stock markets are
described below. And the insurance sector is also play an important role in the growth of the
financial market.

Market Structure
Indian securities market is fairly large as compared to several other emerging markets. There are
22 stock exchanges in the country, though the entire liquidity is shared between the countries’
two national level exchanges namely, the National Stock Exchange of India and the Bombay
Stock Exchange Ltd. The regional stock exchanges are in pursuit of business models that make
them viable and vibrant. Meanwhile, these exchanges have become members of the national
level exchanges through formationof subsidiaries whose business is showing continuous growth
and progress. The number of brokers in various stock exchanges rose from 6,711 in 1994-95 to
9,335 in FY06. The number of brokers in all the exchanges together peaked to 10,213 in the year
FY01 but gradually declined thereafter when the regional stock exchanges began to lose business
in the light of wide ranging market structure reforms introduced since then. In FY01, when the
markets were in upswing, several regional stock exchanges were generating business owing to
the availability of deferral products, such Badla and different settlement calendars prevailing at
that time in these exchanges. For instance in FY01, the Delhi Stock Exchange registered cash
market turnover of Rs 838.71 bn; Uttar Pradesh Stock Exchange, Rs 247.47 bn, Ludhiana Stock
Exchange Rs 97.32 bn, Pune Stock Exchange Rs 61.71 bn as against Rs 13,395.11 bn of the
turnover at the National Stock Exchange and Rs 10,000.32 bn turnover at the Bombay Stock
Exchange. With the abolition of the deferral products and introduction of uniform T+2
settlement cycle, the liquidity in these exchanges flowed to the national level system consisting
of NSE and BSE.
➢ HISTORICAL PERSPECTIVE

The history of life insurance in India dates back to 1818 when it was conceived as a means to
provide for English Widows. Interestingly in those days a higher premium was charged for
Indian lives than the non - Indian lives, as Indian lives were considered more risky to cover. The
Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to
charge the same premium for both Indian and non-Indian lives.

The Oriental Assurance Company was established in 1880. The General insurance business in
India, on the other hand, can trace its roots to Triton Insurance Company Limited, the first
general insurance company established in the year 1850 in Calcutta by the British. Till the end of

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the nineteenth century insurance business was almost entirely in the hands of overseas
companies.

Insurance regulation formally began in India with the passing of the Life Insurance Companies
Act of 1912 and the Provident Fund Act of 1912. Several frauds during the 1920's and 1930's
sullied insurance business in India. By 1938 there were 176 insurance companies.

The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided
strict State Control over the insurance business. The insurance business grew at a faster pace
after independence. Indian companies strengthened their hold on this business but despite the
growth that was witnessed, insurance remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life insurers and provident
societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC)
was born. Nationalization was justified on the grounds that it would create the much needed
funds for rapid industrialization. This was in conformity with the Government's chosen path of
State led planning and development.

The non-life insurance business continued to thrive with the private sector till 1972. Their
operations were restricted to organized trade and industry in large cities. The general insurance
industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped
into four companies- National Insurance Company, New India Assurance Company, Oriental
Insurance Company and United India Insurance Company. These were subsidiaries of the
General Insurance Company (GIC).

➢ KEY MILESTONES

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended by the Insurance Act with the objective of
protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers along with provident societies were taken over by the
central government and nationalized. LIC was formed by an Act of Parliament- LIC Act 1956-
with a capital contribution of Rs. 5 crore from the Government of India.

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 ➢ Life insurance
Life assurance is a contract between the policy owner and the insurer, where the insurer agrees to

pay a sum of money upon the occurrence of the insured individual's or individuals' death or other

event, such as terminal illness or critical illness. In return, the policy owner (or policy payer)

agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There

may be designs in some countries where bills and death expenses plus catering for after funeral

expenses should be included in Policy Premium. In the United States, the predominant form

imply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurer and

The policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or

Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the

Insured event must be based upon life (or lives) of the people named in the policy.

Life policies are legal contracts and the terms of the contract describe the

Limitations of the insured events. Specific exclusions are often written into the contract to limit

the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil

Commotion.

Life based contracts tend to fall into two major categories:

• Protection policies - designed to provide a benefit in the event of specified event,

typically a lump sum payment. A common form of this design is term insurance.

• Investment policies - where the main objective is to facilitate the growth of capital by

• regular or single premiums. Common forms (in the US anyway) are whole life, universal

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 life and variable life policies.

➢ THE INSURANCE INDUSTRY IN INDIA: AN OVERVIEW

With the largest number of life insurance policies in force in the world, Insurance happens to be
a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and
presently is of the order of Rs 1560.41 billion (for the financial year 2006 – 2007). Together with
banking services, it adds about 7% to the country’s Gross Domestic Product (GDP). The gross
premium collection is nearly 2% of GDP and funds available with LIC for investments are 8% of
the GDP.

Even so nearly 65% of the Indian population is without life insurance cover while health
insurance and non-life insurance continues to be below international standards. A large part of
our population is also subject to weak social security and pension systems with hardly any old
age income security

A well-developed and evolved insurance sector is needed for economic development as it

provides long term funds for infrastructure development and strengthens the risk taking ability of
individuals. It is estimated that over the next ten years India would require investments of the
order of one trillion US dollars.

➢ INDUSTRY REFORMS

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in
December 1999. The IRDA since its incorporation as a statutory body in April 2000 has
fastidiously stuck to its schedule of framing regulations and registering the private sector
insurance companies. Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations.

The other decision taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies was the launch of the IRDA online service
for issue and renewal of licenses to agents. The approval of institutions for imparting training to

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agents has also ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products.

➢ PRESENT SCENARIO

The life insurance industry in India grew by an impressive 47.38%, with premium income at Rs.
1560.41 billion during the fiscal year 2006-2007. Though the total volume of LIC's business
increased in the last fiscal year (2006-2007) compared to the previous one, its market share came
down from 85.75% to 81.91%.

The 17 private insurers increased their market share from about 15% to about 19% in a year's
time. The figures for the first two months of the fiscal year 2007-08 also speak of the growing
share of the private insurers. The share of LIC for this period has further come down to 75
percent, while the private players have grabbed over 24 percent.

With the opening up of the insurance industry in India many foreign players have entered the
market. The restriction on these companies is that they are not allowed to have more than a 26%
stake in a company’s ownership.

Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have
poured into the Indian market and 19 private life insurance companies have been granted
licenses.

Innovative products, smart marketing, and aggressive distribution have enabled fledgling private
insurance companies to sign up Indian customers faster than anyone expected. Indians, who had
always seen life insurance as a tax saving device, are now suddenly turning to the private sector
and snapping up the new innovative products on offer. Some of these products include
investment plans with insurance and good returns (unit linked plans), multi – purpose insurance
plans, pension plans, child plans and money back plans. (www.wikipedia.com)

➢ Major Player in the Insurance Sector

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There are many reputed companies in the market which provide the Insurance for living being

and non living beings. The companies in life Insurance are as follows:-

Life Insurer in Public Sector

• Life Insurance Corporation of India

Life Insurer in Private Sector

• Reliance life Insurance Company Limited
• ICICI Prudential Life Insurance
• Bajaj Allianz Life Insurance
• Tata AIG Life Insurance corporation Limited
• HDFC Standard Life Insurance
• Birla Sun Life Insurance
• SBI Life Insurance
• Kotak Mahindra old Mutual Life Insurance
• Aviva Life Insurance
• MetLife India Life Insurance
• ING Vysya Life Insurance
• Max New York Life Insurance
• Shriram Life Insurance
• Bharti AXA Life Insurance Co. Limited
• IDBI Forties Life Insurance Co. Limited
• Argon Religare Life Insurance Co. Limited

Major Broking house

During the analysis of the market it has been found that there are a lot of the brokeing
house in the market which are providing the online trading facility to the individuals or the
group of the individuals.

• 5paisa.com
You can now buy and sell shares on 5paisa.com with speeds comparable and at times better than
NSE's NEAT Terminal. This speed and reliability comes only with perseverance of pioneer
backed by huge investment in technology! You can now buy and sell shares on 5paisa.com with
speeds comparable and at times better than NSE's NEAT Terminal. This speed and reliability
comes only with perseverance of pioneer backed by huge investment in technology.

• Advani Share Brokers

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Advani Share Broker, a reputed Bombay based on investment house, operates from India's
financial hub, Dalal Street, since sixty years. It deals in equities, debt and derivatives on the
Bombay Stock Exchange and the National Stock Exchange of India.

• AGROY Group of Companies

Agroy group of companies is a well established name in the field of capital markets and financial
services. AGROY Finance & Investment Ltd. (AFIL) is the group's flagship company engaged
in capital markets as a premier financial and stock broking house. The company was formed in
July 1992. Since then it has enjoyed patronage of a large number of valued customers and
business partners.

• Anand Rathi Securities Limited

Anand Rathi Securities Limited provides financial and advisory services including wealth
management, investment banking, corporate advisory, brokerage & distribution of equities,
commodities, mutual funds and insurance - all of which are supported by powerful research
teams.

• India bulls
India bulls are India's leading retail financial services company with 70 locations spread across
62 cities. While our size and strong balance sheet allow us to provide you with varied products
and services at very attractive prices, our over 450 Client Relationship Managers are dedicated to
serving your unique needs.
• Religare Securities Ltd.
Religare Enterprises Limited (A Ranbaxy Promoter Group Company) through Religare
Securities Limited, Religare Finvest Limited, Religare Commodities Limited and Religare
Insurance Advisory Services Limited provides integrated financial solutions to its corporate,
retail and wealth management clients. Provides various financial services which include
Investment Banking, Corporate Finance, Portfolio Management Services, Equity & Commodity
Broking, Insurance and Mutual Funds.

• Jaypee Capital Services Ltd.

Jaypee Capital Services Ltd. is a registered self-clearing member with National Stock Exchange
and SEBI. It has the expertise and the experience to capitalize on daily stock movements and
employ over 20 specialist traders certified by the NSE.

• ICICI Direct
Online share and mutual funds trading facility by the ICICI group.

• Arcade Share & Stock Brokers

Arcadia group began its modest journey in 1995 and now Arcadia proudly boasts about
membership to NSE,BSE, Depository Participant (CDSL),MCX,NCDEX .The philosophy of
client servicing backed by all principal Indian Stock and Commodity exchange gives Arcadia
edge over other players in the industry segment to offer value based services to its customers.

RUKMINI DEVI INSTITUTE OF ADVANCED STUDIES Page 33

 • Indianstockmarket.net
Indianstockmarket.net is an effort to educate Indian investor by providing useful stock news,
stock market websites, informative articles, resources to various investment guides.

➢ Major Developments in equity brokerage industry in India

• Corporate memberships
• Wider product offerings
• Greater reliance on research
• Accessing equity capital markets
• Foreign collaborations and joint ventures
• Specialized services/niche broking
• Online broking
• Emerging challenges and outlook for the brokerage industry
• Fragmentation
• Global Opportunities
• Competition from foreign firms
• Investor Protection

RUKMINI DEVI INSTITUTE OF ADVANCED STUDIES Page 34

CHAPTER 3. ABOUT ORGANISATION/COMPANY PROFILE

Founder
Few men in history have made as dramatic a contribution to their country’s economic fortunes as
did the founder of Reliance, Shri. Dhirubhai H Ambani. Fewer still have left behind a legacy that
is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the true genius of
Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of
men, the architect of India’s capital markets, the champion of shareholder interest.

But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth creator. In one
lifetime, he built, starting from the proverbial scratch, India’s largest private sector enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300
(around Rs 14,000). Over the next three and a half decades, he converted this fledgling enterprise
into a Rs 60,000 crore colossus—an achievement which earned Reliance a place on the global
Fortune 500 list, the first ever Indian private company to do so.

Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when Reliance
Textile Industries Limited first went public, the Indian stock market was a place patronised by a
small club of elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to

participate in the unfolding Reliance story and put their hard-earned money in the Reliance
Textile IPO, promising them, in exchange for their trust, substantial return on their investments.

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It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian
markets.

Under Dhirubhai’s extraordinary vision and leadership, Reliance scripted one of the greatest
growth stories in corporate history anywhere in the world, and went on to become India’s largest
private sector enterprise.

Though the company's oil-related operations form the core of its business, it has diversified its
operations in recent years. After severe differences between the founder's two sons, Mukesh and
Anil Ambani, the group was divided between them in 2006.

Reliance Capital (RCAP), a non banking financial company, is the financial service arm of the
Anil Dhirubhai Ambani Group (ADAG) which has varied interests in areas like telecom, energy,
entertainment. Reliance Capital is one of India's leading and fastest growing private sector
financial services companies and ranks among the top 3 private sector financial services and
banking companies, in terms of net worth. Through the company’s subsidiaries, it offers
products and services like mutual fund, life insurance and general insurance. It has sizable
private equity and proprietary investments and is pursuing new ventures like stock broking,
consumer financing and the asset recovery business as well. Reliance Capital, initially focused
on the asset management business, has recently expanded its presence in life insurance, general
insurance space and ebroking business as well. Reliance Capital launched Reliance Money, a
retail broking and distributor of a range of financial service products. It has a network of over
2,200 outlets (India’s largest retail network by a non banking financial services company).
Reliance Capital has 100% economic interest in all the business

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“We will create the next generation communication network and information technology
infrastructure that will bring immense value to every Indian, and leapfrog India into the center
stage of global Infocomm space “

“We were small then - an infant in industry

We are small now - at the doorsteps of opportunity.”

- Dhirubhai Ambani

Elected in India “Businessman of the Millennium”

• Founded by Shri. Dhirubhai Ambani in the year 1966.

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 • Reliance Group was started with a capital of Rs. 15000/-.
• He converted this fledgling enterprise into a Rs. 95,000 crore colossus.
• Over time, Reliance Group has diversified into a core specialization in petrochemicals
with additional interests in telecommunications, information technology, energy, power,
retail, textiles, infrastructure services, capital markets, & logistics.

He is credited with having pioneered a number of path-breaking financial innovations in the

Indian capital markets. He spearheaded the country's first forays into the overseas capital
markets with international public offerings of global depositary receipts, convertibles and bonds.
Starting in 1991, he directed Reliance Industries in its efforts to raise over US$ 2 billion. He also
steered
the 100-year Yankee bond issue for the company in January 1997.

Our Chairman

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 • Shri. Anil D. Ambani was born to Dhirubhai Ambani and Kokilaben Ambani on June
04, 1959 at Mumbai
• He did his schooling and graduation in Mumbai and thereafter pursued his Masters of
Business Administration from Wharton Business School, USA
• Anil Dhirubhai Ambani is the Chairman of all listed Group companies, namely: Reliance
Communications, Reliance Capital, Reliance Energy, Reliance Health, Reliance
Entertainment and Reliance Natural Resources Limited.
• Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer
• Under his leadership, Reliance pioneered India's first forays into overseas capital
markets with international public offerings of global depository receipts, convertibles
and bond
• Wharton Board of Overseers, The Wharton School, USA
• Central Advisory Committee, Central Electricity Regulatory Commission
• Board of Governors, Indian Institute of Management, Ahmedabad
• Board of Governors Indian Institute of Technology, Kanpur
• In June 2004, he was elected for a six-year term as an independent member of the Rajya
Sabha, Upper House of India’s Parliament a position he chose to resign voluntarily on

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 March 25, 2006. Conferred the ‘CEO of the Year 2004’ in the Platts Global Energy
Awards
• Rated as one of ‘India’s Most Admired CEOs’ for the sixth consecutive year in the
Business Barons – TNS Mode opinion poll,2004
• Conferred ‘The Entrepreneur of the Decade Award’ by the Bombay Management
Association, October 2002
• Awarded the First Wharton Indian Alumni Award by the Wharton India Economic
Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a
global leader in many of its business areas, December 2001.

Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer, and was centrally
involved in every aspect of the company's management over the next 22 years.

Awards & Achievements

• Conferred the ‘CEO of the Year 2004’ in the Platts Global Energy Awards

• Rated as one of ‘India’s Most Admired CEOs’ for the sixth consecutive year in the
Business Barons – TNS Mode opinion poll,2004

• Conferred ‘The Entrepreneur of the Decade Award’ by the Bombay

Management Association, October 2002

• Awarded the First Wharton Indian Alumni Award by the Wharton India
Economic Forum (WIEF) in recognition of his contribution to the establishment of
Reliance as a global leader in many of its business areas, December 2001

• Selected by Asia week magazine for its list of ‘Leaders of the Millennium
in Business and Finance’ and was introduced as the only ‘new hero’ in Business and
Finance from India, June 1999

• Voted 'MTV Youth Icon of the Year', in September 2003

• Voted as India’s “Business Icon For The Youth” in a poll conducted by

`India Today magazine.- August 2006

Honorable members
Amitabh Jhunjhunwala, vice president

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Shri Amitabhabh Jhunjhunwala, 51, is a Fellow Chartered Accountant. He has vast experience in
the areas of financial services and capital markets. Shri Jhunjhunwala was appointed to the
Board on March 7, 2003 and was appointed Vice Chairman on March 20, 2006. He is a Director
on the Board of Harmony Art Foundation and Reliance Anil Dhirubhai Ambani Group Pvt. Ltd.

Rajendra Chitale, Independent Director

Shri Rajendra P. . Chitalale, 46, an eminent Chartered Accountant, is the Managing Partner of
M/s M. P. Chitale & Associates. He is a Director on boards of the National Securities Clearing
Corporation Limited, Asset Reconstruction Company (India) Ltd, Hinduja TMT Limited, HTMT
Global Solutions Ltd, Ambuja Cement Limited, SME Rating Agency of India Limited, Ishan
Real Estate PLC and Reliance General Insurance Company Ltd. He is also a member of the
advisory board of the Insurance and Regulatory Authority of India (IRDA). He has also served
on the boards of Life Insurance Corporation of India, Unit Trust of India, SBI Capital Markets
Ltd., National Stock Exchange of India Ltd. and Small Industries Development Bank of India.

Shri C. P. Jain

Shri C.P. Jain, 61, is the former Chairman and Managing Director of NTPC Ltd. (National
Thermal Power Corporation). Shri Jain has an illustrious career spanning over four decades of
contribution in the fields of financial management, general management, strategic management
and business leadership. He is a fellow member of the Institute of Chartered Accountants of
India with an advanced diploma in Management and is a law graduate. Shri C. P. Jain joined the
Board of NTPC in 1993 as Director (Finance), was elevated as Chairman & Managing Director
in September 2000 and superannuated in March 2006. He is Chairman of the Global Studies
Committee of World Energy Council (WEC), world's largest energy NGO with nearly hundred
member-nations. He has been on several important committees of the Government of India,

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latest being the 'Adhoc Group of Experts on Empowerment of CPSEs'. He was Chairman of
Standing Conference of Public Enterprises (SCOPE) between April 2003 and March 2005. He is
a Director on the Board of IL & FS Infrastructure Development Corporation and, is also a
member of the Audit Advisory Board of the Comptroller and Audit General of India.

Reliance Capital Ltd is a part of the Reliance - Anil Dhirubhai Ambani Group, and is
ranked among the 25 most valuable private companies in India.

Reliance Capital is one of India's leading and fastest growing private sector financial services
companies, and ranks among the top 3 private sector financial services and banking groups, in
terms of net worth.

The Reliance Anil Dhirubhai Ambani Group is one of India's top 2 business houses, and
has a market capitalization of over Rs.2,90,000 crore (US$ 75 billion), net worth in excess
ofRs.55,000 crore (US$ 14 billion), cash flows of Rs. 11,000 crore (US$ 2.8 billion) and net
profit of Rs. 7,700 crore (US$ 1.9 billion

Reliance Capital has interests in asset management and mutual funds, life and general insurance,
private equity and proprietary investments, stock broking, depository services, distribution of
financial products, consumer finance and other activities in financial services. Reliance Mutual
Fund is India's no.1 Mutual Fund. Reliance Life Insurance is India's fastest growing life
insurance company and among the top 4 private sector insurers. Reliance General Insurance is
India's fastest growing general insurance company and the top 3 private sector insurers. Reliance
Money is the largest brokerage and distributor of financial products in India with more than 2
million customers and the largest distribution network. Reliance Consumer finance has disbursed
loans of over Rs.7,000 crores at the end of March 2008.

Reliance Capital has a net worth of Rs.6,086 crores (US$ 1.5 billion) and total assets of Rs.
16,371 crores (US$ 4.1 billion) as of March 31, 2008 and over 21,000 employees.

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 ➢ Reliance capital holdings

➢ RELIANCE ADA GROUP HOLDINGS

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 CHAPTER 4. ABOUT TOPIC
 RGICL PRODUCTS

Health
• Individual Med claim Insurance Policy
• Group Med claim Insurance Policy
• Overseas Travel Care Insurance Policy
• Reliance Health Wise Policy (inclusive of PED & Critical Illness) – NEW – a specialized
retail product

Personnel accident
• Personal Accident Insurance (Individuals) Policy
• Group Personal Accident Insurance

Fire
• Standard Fire and Special Perils Policy
• Industrial All Risks Insurance Policy
• Consequential Loss (Fire) Insurance Policy

Engineering
• Erection All Risks/Storage-cum-Erection Insurance Policy

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 • Contractor’s All Risks Insurance Policy
• Contractor’s Plant and Machinery Policy
• Machinery Breakdown Insurance Policy
• Machinery Loss of Profits Insurance Policy
• Boiler & Pressure Plant Insurance Policy
• Electronic Equipment Insurance Policy

Marine
• Marine Cargo Insurance Policy
• NEW - Marine Turnover based Policy
• NEW - Multi Transit Polices

Motor
• Private Car Comprehensive Insurance Policy

Liability
• Directors and Officers Liability Insurance Policy
• Public Liability (Act) Insurance Policy
• Public Liability Insurance Policy
• Product Liability Insurance Policy
• Professional Indemnity Insurance Policy
• Workmen’s Compensation Insurance Policy

 Policies for corporate

• Commercial Care Insurance Policy
• Office Package Insurance Policy
• Fidelity Guarantee Insurance Policy
• Burglary and Housebreaking Policy
• Money Insurance Policy
• Householder’s Package Insurance Policy
• Shopkeeper’s Package Insurance Policy

Reliance Shopkeeper’s package Policy

Key Advantage
• Comprehensive coverage against various perils spread across different sections of the
policy.

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 • The policy offers the flexibility to customize the policy by selecting appropriate covers.

• The coverage is available at reasonably priced premiums.

• Insured has the option of selecting coverage either on the basis of market value or the
reinstatement value.

• Discounts ranging from 5% to 20% for customers opting for four or more sections, for
favorable claims experience and on renewal of the policy.

Policy exclusions
At reliance general insurance, we would like our policy to be as transparent as possible. To
ensure that you do not face any unpleasant surprises when you make a claim, we would like you
to know some of the major exclusions under the policy.

• Loss or damage due to war and nuclear perils

• Damage to property due to pollution and contamination

• Loss or damage due to wear and tear, gradual deterioration or slowly developing flaws

• Consequential loss of any kind

• Willful act or gross negligence on the part of the insured

Scope of the cover

Coverage under this policy is spread across 11 optional sections, enabling you to choose from
them and customize the policy

• Section 1A. – Fire and allied perils for building

• Section 2B. – Fire and allied perils for contents

The physical structure of your shop (under section 1A) and the contents therein (under
Section 1B) can be covered against fire and allied perils. These comprise:-

• Fire

• Lightning

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 • Explosion / implosion

• Aircraft Damage

• Riot, Strike and Malicious Damage

• Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, and Inundation

• Impact Damage

• Subsidence and landslide including Rockslide demolition, construction, structural

alterations or repair of any property or ground works or excavations

• Bursting and / or overflowing of water tanks, apparatus and pipes.

• Missile testing operations

• Leakage from automatic sprinkler installations

• Bush fire

• Terrorism cover (optional)

• Launched in 2002, PAN India CDMA based telecom service provider, an integrated
telecom company having largest infrastructure

• India’s No. 1 wireless service provider with more than 50 million customers.

• Largest pan India coverage-over 11000 towns & 3 lakh villages. Over 10 million
subscribers carry a handset that’s capable of getting high speed internet connectivity.

• More than 50% of the international calls coming to India use Reliance network.

Reliance Life Insurance, a part of the Reliance - Anil Dhirubhai Ambani Group is India's fastest
growing life insurance company and among the top 4 private sector life insurers.

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Reliance Life Insurance has a pan India presence and a range of products catering to individual
as well as corporate needs. Reliance Life Insurance has over 700 branches and 1, 80,000
agents. It offers 26 products covering savings, protection & investment requirements. Reliance
Life Insurance will endeavor to attain a leadership position in the market over the next few
years, by further expanding and strengthening its distribution network and offering a diverse
array of products to suit the varied and specific needs of individual customers.

 Basics of Life Insurance

What is Life Insurance?
An amount of money paid to someone (called beneficiary) when the Life Assured (in whose
name
the insurance policy is taken) dies. This amount can be used to pay the expenses related to Life
assureds death or can be invested to generate income that will replace your salary. Life Insurance
is an important tool in any investors portfolio & can be used for - wealth creation, asset building,
provide for contingencies and retirement planning.

The main reason to buy Life Insurance is to provide

income replacement for your loved ones

Types of Life Insurance Policies

• Most Insurance policies are a combination of Savings & Protection.
• Products are formulated by either increasing or decreasing either one of these
components.

• These combinations can be broadly divided into 4 groups:-

 ULIPs
 Term Insurance
 Endowment Policies : Whole Life; Unit Linked etc
 Annuities & Pension

➢ Need Analysis in life Stages

18-25 years:- No dependents/ liabilities therefore need for insurance is less. Introduction of
dependents, start of financial planning – balance between asset creation & protection.

30-45 years: - Peak earning age range. High asset creation & build up of liabilities. Critical stage
for dependents

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40 years and above: - Asset base build up& liabilities reduced/taken care of. Need for
retirement planning more than risk taking.

Retirement: - Need for protection low. Greater need for regular income flow

Endowments/ULIP’s Endowments/ULIP’s + Annuities

At each stage, requirements, responsibilities and Financial needs differ

AGE STATUS INSURANCE SUGGESTED
NEEDS PRODUCTS

18-25 Yrs. Unmarried 1.Go on a holiday Short term

endowment product
2.Buy a new Car

3.Set up a new house

4.Set up Interiors

5.Buy jewellery

25-30Yrs. Married 1.High Debt, high Temporary product or

Whole life product
expenditure Phase

2.Family dependency

on your income

3.Low accumulated

wealth

4.Need for Planning

Requirement

30-45yrs. Matured Couple 1.Retirement Planning Profits or Unit

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 2.Wealth transfer or Linked
Endowment/Deferred
saving vehicles
Annuities
3.Returns on

investment

4.Opting for

guaranteed Product

60Yrs and Above Post Retirement 1.Protection in case 1.Single Premium

you live long annuities

2.Protection for 2.Long term care

spouse in case of products

death 3.Whole life

3.Wealth products

accumulation for

children

➢ Life Stage Example

Endowment

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Savera has just come to our lives. As proud parents, We need to protect her as well as create her own financial
standing

Term

Hello, I am Philip, sailor. Have seen the world. Always on cruise and keep worrying about
family and the loans. I need financial protection.

Annuities

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Worked for almost 25 years, now want to live…. I want something that will make my life
Chinta-free after retirement….

➢ Products of Life Insurance

Life Insurance products are usually referred to as ‘plans’ of insurance. These plans have two
basic elements; one is the “Death Cover” providing for the benefits being paid on the death of
the insured person within a specified period. The other is the “Survival Benefit” providing for
the benefit being paid on survival of a specified period.

• Plans of insurance that provide only death cover are called “Term Assurance”
Plans.
• Plans of insurance that provide only survival benefits are called “Pure Endowment”
Plans.

Term Life Insurance

Term Life Insurance provides protection for a specified period of time. A death benefit is paid to
the beneficiary if the insured dies within a specified period of time while the policy is still in
force.

Whole Life Insurance

Whole Life insurance is a permanent life insurance and provides protection for life. As long as
premiums are paid, a death benefit is paid to the beneficiary.

ULIPs
A ULIP is a life insurance which provides a combination of Life Insurance protection and
investment. Money can be invested in the following fund:- Equity Fund, Debt Fund, Money
Market Fund (Liquid Fund) and Balance Fund.

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Annuities
Annuities are practically the same as pension. Pension provides periodical payments to the
employees, who have retired. They are paid as long as the recipient is alive. Annuities are called
the “reverse” of Life Insurance.

Solutions for Individuals – RGI

Taking time out from your daily schedule to plan your future is a necessary task. You could do
with some help, but who can help you? Reliance Life Insurance is here with Solutions for
Individuals, a series of plans that will help you make wise investments, protect your family,
secure your child’s future and even chalk out a plan for your retirement.

• Protection Plans
Protect your family even when you’re not around by investing in Reliance Protection
Plans.Choose a limited period plan or a lifetime protection plan depending on your needs. The
latest Protection Plans are as below:-

1. Reliance Term plan

2. Reliance Simple Term plan
3. Reliance Special Term plan
4. Reliance Credit Guardian plan
5. Reliance Special Credit Guardian plan
6. Reliance Endowment plan
7. Reliance Special Endowment plan
8. Reliance Connect 2 Life plan
9. Reliance Whole Life plan
10. Reliance Wealth + Health plan
11. Reliance Cash Flow plan

• Savings & Investment Plans

Reliance Savings & Investment Plans help you to set aside some money to achieve specific goals
in life, which means that you can enjoy life and provide for your family’s daily needs. The
savings and investment Plans are as below:-

1. Reliance Total Investment Plan Series I - Insurance

2. Reliance Wealth + Health plan
3. Reliance Automatic Investment plan
4. Reliance Money Guarantee plan
5. Reliance Cash Flow plan
6. Reliance Market Return plan
7. Reliance Endowment plan
8. Reliance Special Endowment plan
9. Reliance Whole Life plan

RUKMINI DEVI INSTITUTE OF ADVANCED STUDIES Page 53

10. Reliance Golden Years Plan
11. Reliance Golden Years Plan Value
12. Reliance Golden Years Plan Plus
13. Reliance Connect 2 Life plan
14. Reliance life Highest NAV guarantee plan

Retirement Plans
Invest today in Reliance Retirement Plans and save money to enjoy life even after retirement.
You will never have to depend on another person or make any compromises to maintain your
current lifestyle. The latest Retirement Plans are as below:-

1. Reliance Total Investment Plan Series II – Pension

2. Reliance Golden Years Plan
3. Reliance Golden Years Plan Value
4. Reliance Golden Years Plan Plus
5. Reliance Wealth + Health plan
6. Reliance Automatic Investment Plan
7. Reliance Money Guarantee Plan

Child Plans
Save systematically and secure your child’s future needs by investing in Reliance Child Plans.
You can always be there for your child when he or she needs you. The Childs plans are as
below:-

1. Reliance Child plan

2. Reliance Secure Child plan
3. Reliance Wealth + Health plan

➢ Market Return Plan

Under This plan the investment risk in the investment portfolio is borne by the Policy holder.

Key features
• Twin benefit of market linked return and insurance protection
• A unit linked plan, different from traditional life insurance products with maximum
maturity age of 80 years.
• Option to create your own portfolio depending on your risk appetite.
• Choose from four different investment funds
• Flexibility to switch between funds
• Option to pay regular as well as single premium & top- ups
• Option to package your policy with accidental rider

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 • Flexibility to increase the sum assured
• Liquidity through partial withdrawals

How does this plan work

The premium paid by the client net of premium allocation charges is invested in fund/funds of
your choice and units are allocated depending on the price of units for the fund/funds. The fund
value is the total value of units that you hold in the fund/funds. The mortality charges and policy
administration charges are ducted through cancellation of units whereas the fund management
charge is priced in the unit value.

Benefits
Life cover Assured: in case of unfortunate loss of life, the beneficiary will get sum assured or
fund value, whichever is higher. The client can choose the basic sum assured within the
minimum and maximum levels mentioned below.

Minimum sum Assured:

• Regular premium: annualized premium for 5 years or annualized premium for half the
Policy term, whichever is higher.
• Single premium: 125% of the single premium.

Maximum sum Assured

No limit (50000 for age up to 12 years)

Maturity Benefits
On survival to maturity the fund value on maturity will be paid out.

Rider Benefits
The Client can add the Accidental Death & Total and Permanent Disablement Benefit Rider
(available only with the regular premium option).

This benefit doubles the life coverage in case of accidental death or accidental total and
permanent disablement at a very nominal additional cost. The maximum cover is Rs. 50, 00,000
per life. In case of accidental death of the life assured during the policy term, the accident benefit
sum assured will be paid immediately in a lump sum.

In case of accidental total and permanent disablement, 1/10th of the accident benefit sum assured
will be paid at the end of each year for ten years. If the total and permanent disablement has
commenced, the accidental death benefit cover ceases.

In case of maturity or on death of the life assured before payment of all installments of accidental
total and permanent disablement benefits, the remaining unpaid installments of any will be paid
in one lump sum along with death or maturity benefit.

Accidental total and permanent disablement means disability caused by bodily injury, which
causes permanent inability to perform any occupation or to engage in any activities for

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remuneration or profits. This disability should last for at least 6 months before being eligible for
accidental total and permanent disablement benefits.
Accidental total and permanent disablement includes loss of both arms and both legs or one arm
and one leg or of both eyes. Loss of arms or legs means dismemberment by amputation of the
entire hand or foot. Loss of eyes means entire and irrecoverable loss of sight.

➢ What are the different fund options?

We understand the value of your hard earned money and in our Endeavour to help you
grow your wealth, we offer you 4 different tailor-made investment funds. You have the
option to allocate your premium in these funds as you wish.

They are:

1. Capital Secure Fund:

The investment objective of this fund is to maintain the value of all contributions (net of charges)
and all interest additions. This fund offers steady return for little risk. The risk profile of this
fund is low. Investments would be 100% in bank deposits, government bonds and debt
instruments that offer financial security. Further, allocation in Capital Secure Fund for a policy is
subject to a maximum limit of 40% at any time.

2. Balanced Fund:

The investment objective of this fund is to provide you with investment returns, which exceed
the rate of inflation in the long term while maintaining a low probability of negative investment
returns. Here, a major portion of your funds are invested in Fixed Securities while a small
percentage is invested in the equity market, which is exposed to market movements. The risk
profile of this fund is low to medium. Investments would be at least 80% in fixed interest
securities and maximum 20% in equities.
3. Growth Fund:

The investment objective of this fund is to provide you with investment returns, which exceed
the rate of inflation in the long term while maintaining a moderate probability of negative
investment returns. A greater portion of your funds are invested in fixed securities while a small
percentage is invested in the equity market, which exposed to market movements. The risk
profile of this fund is medium to high.

4. Equity Fund:

The investment objective of this fund is to provide policyholders with high exposure to equities
and the possibility of investment returns, which generate a high real rate of return in the long

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term while recognizing that there is a significant probability of negative investment returns in the
short term. This fund offers a totally equity based investment option. Your returns depend
entirely upon the performance of the equity market. The risk profile of this fund is high. The
higher risk of this portfolio means that expected returns would also be higher. Investment would
not exceed 30% in bank deposits and may be up to 100% in equities.

➢ Value of Units:
Unit Value =
Total number of units on issue (before any new units Are allocated/redeemed.)
or
Unit Value=
The market value of assets plus/less expenses incurred In the purchase/sale of assets plus current
assets plus Any accrued income net of fund management charges Less current liabilities less
provision.

Who can buy the product

Minimum age at entry 30 days

Maximum age at entry 65 years

Maximum age at Maturity 80 years

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What is the policy term?

Minimum Policy term 5 years

Maximum Policy term 40 years

Flexible premium payment modes:

Choose from five premium payment modes:-

a) Annual – minimum premium is Rs. 10,000.

b) Half – yearly – minimum premium is Rs. 5,000.
c) Quarterly – minimum premium is Rs. 2,500.
d) Monthly – minimum premium is Rs. 1,000.
e) Single premium – minimum premium is Rs. 25,000.

➢ Charges under the plan:

1. Premium allocation charge

Term of the Policy

Policy year Allocation Charges Reduced Allocation charges

for policy sold through
direct mrkt/internet
For regular premium
Ist Year 20% 5%
II & III Year 3% 0
IV & V year 2% 0%
VIth year & onwards 1% 0%

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For single premium & top 2% 1%
up Premium

(The premium allocation charge for single premium & top – ups is 2 %.)

2. Policy Administration charges:

Rs. 40 will be deducted from your unit account each month.

3. Fund Management Charges:

For highest NAV guaranteed fund is1.35%is built into the NAV

Revision of charges:
The fund management charges are subject to revision at any time, but hey will not
exceed 2% p.a. for the capital secure fund and 2.5% p.a. for the other funds.
Any changes made to the charges under this policy will be subject to IRDA approval.

4. Surrender Charge/ partial withdrawl

This charge is levied on the unit fund at the time of surrender of the policy as under:
Would be as applicable if exercised no charges on withdrawal or surrender from top up and
single premium policy.
5. Service Tax Charge

This charge will be levied on mortality, accident & disability benefit charges. The level of this
charge will be as per the rate of service tax on risk premium levied by the government from time
to time the correct rate of service tax is 10.3% this charge shall be collected along with charges.

➢ How safe is your investment

• The investments made in the unit funds are subject to investment risks associated with
capital markets and the NAVs of the units may go up or down based on the performance
of the fund and the factors influencing the capital market, and the insured is responsible
for his/her decisions.
• The unit price is a reflection of the financial and equity/debt market conditions and can
increase or decrease at any time due to this.
• Benefits payable under the policy will be made according o the tax laws and other
regulations in force at that time.
• There are no guarantees for any fund of any kind under this policy. The benefit payable
on maturity will be equal to the value of your units.
• The name in the funds in n way indicates the returns derived from them.
• Please note that Reliance life Insurance company limited is only the name of the
insurance company and Reliance market return plan is only the name of the unit linked

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 life insurance policy and does not in anyway indicate the quality of the policy or its
future prospects or returns.

Free Look Period.

In case the policyholder disagrees with any of the terms and conditions of the policy, he may
return the policy to the company within 15 days of its receipt for cancellation, stating his/her
objections in which case the company will refund an amount equal to the non allocated premium
plus the charges levied by cancellation of units plus fund value as on the date of receipt of the
request in writing for cancellation, less the proportionate premium for the period the company
has been on risk and the expenses incurred by the company medical examination and stamp duty
charges. If the risk acceptance date falls within cooling off period, then on cancellation RLIC
hall pay fund value less of charges.

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 IRDA
Insurance Regulatory and Development Authority
The Insurance Regulatory and Development Authority (IRDA) is a national agency of the
Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known
as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements.
Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate,
promote and ensure orderly growth of the insurance industry and for matters connected therewith
or incidental thereto."

Mission

To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of
the insurance industry and for matters connected therewith or incidental thereto.

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Composition of authority
As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority
IRDA, which was constituted by an act of parliament) specify the composition of Authority. The
Authority is a ten member team consisting of:-

(a) A Chairman;
(b) Five whole-time members;
(c) Four part-time members,
(all Appointed by the Government of India)

DUTIES, POWER & FUNCTIONS OF IRDA:

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA...

(1) Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the
insurance business and re-insurance business.

(2) Without prejudice to the generality of the provisions contained in sub-section the
powers and functions of the Authority shall include:-

(a)Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel
such registration;

(b) protection of the interests of the policy holders in matters concerning assigning of policy,
nomination by policy holders, insurable interest, settlement of insurance claim, surrender value
of policy and other terms and conditions of contracts of insurance;

(c) specifying requisite qualifications, code of conduct and practical training for intermediary or
insurance intermediaries and agents;

(d) specifying the code of conduct for surveyors and loss assessors;

(e) promoting efficiency in the conduct of insurance business;

(f) promoting and regulating professional organizations connected with the insurance and re-
insurance business;

(g) levying fees and other charges for carrying out the purposes of this Act;

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(h) calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries and other
organizations connected with the insurance business;
(i)control and regulation of the rates, advantages, terms and conditions that may be offered by
insurers in respect of general insurance business not so controlled and regulated by the Tariff
Advisory Committee under section 64U of the Insurance Act,1938 (4 of 1938);

(j) specifying the form and manner in which books of account shall be maintained and statement
of accounts shall be rendered by insurers and other insurance intermediaries;

(k) regulating investment of funds by insurance companies;

(l) regulating maintenance of margin of solvency;

(m) adjudication of disputes between insurers and intermediaries or insurance intermediaries;

(n) supervising the functioning of the Tariff Advisory Committee;

(o) specifying the percentage of premium income of the insurer to finance schemes for
promoting and regulating professional organisations referred to in clause.

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 CHAPTER 5. ANALYSIS & INTERPRETATION

➢ DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

NO.OF
COMPANY’S NAME SHARE (%)
RESPONDENT

L.I.C. 78 78
RELIANCE LIFE
3 3
INSURANCE
ICICI PRUDENTIAL 10 10
SBI LIFE 7 7
HDFC 2 2
TOTAL 100 100

INTERPRETATION

 78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1

by that percent of respondents.

 DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Cover Future Uncertainty 55 55

Tax Deductions 20 20
Future Investment 25 25
TOTAL 100 100

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INTERPRETATION

 55% of the respondents believe that covering future uncertainty is the biggest benefit of

an insurance policy.

 Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and

future investments respectively.

➢ DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED

RESPONDENTS

FEATURE NO.OF SHARE (%)

RESPONDENTS
Money Back Guarantee 15 15
Larger Risk Coverance 37 37
Easy Access to Agents 7 7
Low Premium 30 30
Company’s Reputation 11 11
TOTAL 100 100

INTERPRETATION

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  Majority of the respondent (37%) found Larger risk coverance as the most attracted

feature of the all.

➢ DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS

POLICY TYPE NO. OF SHARE (%)

RESPONDENTS

LIFE POLICY 75 75

NON LIFE POLICY 25 25

BOTH 45 45

INTERPRETATION

 75% of the respondents have Life Insurance Policy while 45% have both. (The % is

calculated out of 280 positive response)

➢ DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS

A saving tool 81 81%

A tax saving device 74 74%

A tool to protect your family 100 100%

INTERPRETATION

• 81% of the respondents have perception of Insurance being a saving tool.

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• And 74% of the respondents have perception of Insurance being a tax saving device.

• But 100% of the respondents are with the view that Insurance is a tool to protect your
family.

➢ DATA SHOWS PEOPLES HAVING INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Yes 70 70%

No 30 30%

Total 100 100%

• Of the sample size of 400 surveyed respondents 70% of the respondents are having

Insurance policy.

• 30% of the respondents are either not having any Insurance policy at present or their policy

is already matured.

• And at present 100% of the respondents are with the view that Insurance is a tool to protect

your family.

➢ DATA SHOWS BUYING PROCESS OF THE PEOPLE

BUYING PROCESS NO. OF SHARE (%)

RESPONDENTS

Customer approached Insurance 45 45%

company/Agent

Company/agent approached 55 555

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 customer

Total 100 100%

INTERPRETATION

• 44.5% of the respondents approached the Insurance Company / Agent.

• Whereas, 55.5% of the respondents were approached by the Company /Agent.

➢ DATA SHOWS REASONS BEHIND FOR INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Tax saving 80 80%

Saving / Investment 80 80.%

Family protection 100 100%

INTERPRETATION

• 80.71% of the Respondents opted for Insurance for tax saving benefits.

• 80.71% of the Respondents opted for saving / Investments.

• But all of them, i.e. 100% of the respondents have opted for insurance for their family

protection.

➢ DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO

POLICY

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Satisfied 60 60%

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 Not satisfied 40 40%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

• 60% of the respondents are more or less satisfied with their existing policy.

• 40% of the respondents are not satisfied with their existing policy.

• In this case all of those who have taken a policy have responded.

➢ DATA SHOWS SATISFACTION OF +RESPONDENTS WITH RESPECT TO

SERVICE AGENT

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Satisfied 45 45%

Not satisfied 55 55%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

• 45% of the respondents are satisfied with their existing service agent.

• 55% of the respondents are not satisfied with their existing insurance agent.

• All of those who have taken a policy have responded.

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➢ DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Paying tax 100 100%

Not paying tax - 0%

Total 100 100%

INTERPRETATION

• Of the sample size of 400 respondents, all the respondents are paying tax.

➢ DATA SHOWS RESPONDENT’S INVESTMENTS FOR TAX SAVING

INVESTMENTS NO. OF SHARE (%)

RESPONDENTS
LIC 51 51%
NSC 33 33%
Bonds 32 32%
PPF 25 25%
PF 21 21%
EPF 11 11%
INTERPRETATION

• 51% of the respondents save their tax by investing in LIC, which is the highest among all

Investment. This shows that most people for getting taxes benefits invest in LIC.

• 33.25% of the respondents do their tax saving by investing in NSC.

• 32.25% of the respondents to their tax saving by investing in bonds.

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➢ DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM OF
INVESTMENT FOR SECURING THEIR FUTURE

NO. OF SHARE (%)

RESPONDENTS
Fixed Assets 75 75%

Bank deposits 11 11%

Jewellery 25 25%
Securities i.e. bonds, MFs 40. 40%
Shares 10 10%
Insurance 70 70%

INTERPRETATION

• 75.25% of the respondents as with the view that Fixed Assets is the best form of investment

for securing their future.

• 70.5% of the respondents are with the perception that Insurance is the best form of

investment for securing their future, which is one of the highest and this shows that

insurance is an important key for securing your future.

➢ DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Saving & Returns 100 100%
Security 90 90%
Tax benefits 71. 71.%

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INTERPRETATION

• 100% of the respondents intent to gain saving and returns from their investment.

• 90% of the respondent’s intent to gain security from their investments.

• Whereas, 71.75% of the respondent’s intent to gain tax benefits from their investments.

➢ DATA GIVES PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING

INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS
After 25 years 29 29%
After 35 years 10 10%

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 After 45 years 0 0%
Anytime 60 60%

INTERPRETATION

• 29% of the respondents are with the view that insurance should be bought after the age of 25

years.

• 10.5% of the respondents are with the view that insurance should be buyed after the age of

35 years.

• Whereas, 60.5% of the respondents are with the view that buying of insurance do not have

any thing to do with age i.e. there is no age limitations. It can be purchased any time

according to the need.

➢ DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Rigid plans 67 67%
Non user friendly 29 29%
Unsatisfactory services 26 26%
Non Aggressive 35 35%
Satisfactory 24 24%
Good 10 10%
Very good 0 0%

INTERPRETATION

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• 67% of the respondents have the opinion that Indian Insurance Companies have Rigid plans.

• 29.5% feel that Indian Insurance companies are Non-user friendly.

• 26.5% feel that services of Indian Insurance companies are Unsatisfactory.

• 35.75% of the respondents are with the view that Indian Insurance companies are Non-

aggressive.

• 24% of the respondents feel that products and services of Indian Insurance companies is

Satisfactory.

• Whereas only 10.25% feel that it is Good enough.

• And according to the data, no single person has felt that it is very good.

➢ DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE

COMPANY

RESPONSE NO. OF SHARE (%)

RESPONDENT
S
A trusted name 82 82%
Friendly service & 71 71%
responsiveness
Good plans 81 81%
Accessibility 49 49%

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INTERPRETATION

• 82% customers look for a Trusted name in a company for insurance.

• 81.5% customers look for a good plan in a company for insurance.

• Friendly service & responsiveness and Accessibility are also important factors looked by

customers in a company.

• DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Planning 87 87%

Not planning 13 13%

Total 100 100%

INTERPRETATION

• Only 12.5% of the customers contacted are not planning for new investments presently.

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• Whereas, 87.5% of the customers are still planning for new investments this can be a great

potential for Reliance Life Insurance to take them on their favor.

➢ DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE IF A

SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE &
PRODUCTS

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Yes 43 43%
No 44 44%
Uncertain 13 13%
Total 100 100%

INTERPRETATION

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The interested customers i.e. 43% are ready to go for insurance even away from a city if services
and products are worthwhile, which again is a good prospect (potential) for Reliance Life
Insurance to take them on their favor.

CHAPTER 6. FINDINGS (IF ANY)

➢ According the survey only 42% people are insured in Alwar so reaming other part is
potential for insurance sector.

➢ Among that 42% people who having insurance, they have insurance 40% for self 28%for
spouse 21% for children and 18% for their parents and 11% for all family member, also

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 its very help full for insurance sector so they should take necessary step for capture this
potential.

➢ Only 42% people having insurance in Alwar in that 42% there are 82 % people are under
insured and other 18% people are fully insured according to their income so that is also
plus point for insurance sector to capture the market

CHAPTER 7. SUGGESTION & RECOMMENDATION

1. Reliance Life Insurance should give more attention on its Quality and method of
Recruitment & Selection because it helps the company in reducing attrition rate and selecting the
right candidate to serve the company for a long period.

2. Reliance Life Insurance should give more advertisement in Magazines & Newspapers
regarding the New Hire Process and New Recruitments.

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3. Reliance Life Insurance should maintain the communication through feedback. They should
take time-to-time feedback regarding customer satisfaction to know about the customer
perception about their insurance products.

4. Budget required for Recruitment & Selection Process must be economical.

5. Reliance Life Insurance should find out the factors for which the customers are purchasing
their policies. This will help it in making appropriate message in advertisement so that that
advertisement will much focused and targeted and may attract excellent candidates to serve the
company.

6. Reliance Life Insurance which prefer remote areas also for selling its policies must hire from
there to due to localize expertise.

7. Reliance Life Insurance should make the provision for change in Recruitment & Selection
Methodology with the advent of time and newer technology.

8. Reliance Life Insurance should provide all details related to any promotions, company
schemes and Packages at the time of Final Selection.

9. The person conducting the Interview should make sure that candidate being interviewed
shows better ability to listen, understand and answer queries.

10. Reliance Life Insurance should ensure that the company is innovative and introduces new
products to meet new customer’s needs and keeps on check with the competitors too.

CHAPTER8. CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting trends which

can be seen in the above analysis. A general impression that we gathered during Data collection

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was the immense awareness and knowledge among people about various companies and their

insurance products. People are beginning to look beyond LIC for their insurance needs and are

willing to trust private players with their hard earned money.

People in general have been impression by the marketing and advertising campaigns of insurance

companies. A high penetration of print , radio and Television ad campaigns over the years is

beginning to have its impact now.

The general satisfaction levels among public with regards to policy and agents still requires

improvement. But therein lays the opportunity for a relative new comer like ING. LIC has never

been known for prompt service or customer oriented methods and Reliance can build on these

factors.

BIBLIOGRAPHY

1. BOOKS/MAGAZINES REFFERED:

➢ Study Guide – Principles and Practices of Life/General Life Insurance, by AIMA

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 ➢ Life Insurance, By Mc Gill
➢ Money Outlook

1. WEBSITES REFFERED:

➢ http://www.lifeinscouncil.org/
➢ http://money.outlookindia.com/article.aspx?266705
➢ http://www.scribd.com/search?
cat=redesign&q=reliance+life+insurance&x=0&y=0

➢ http://www.reliancelife.com/rlic/AboutUs/our_founder.aspx
➢ http://en.wikipedia.org/wiki/Reliance_Life_Insurance

1. REPORTS/ARTICLES REFFERED:

REPORT: ISSUES & CHALLENGES FACING THE INSURANCE INDUSTRY Dec2009

2. Telephone Numbers

Call 30338181 or 1800 300 08181 (toll-free)

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