manas's summer project - copy

8/6/2019 Manas's Summer Project - Copy

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ISCD ,CHINCHWAD PAGE- 1

A PROJECT REPORT ON RECRUITMENT OF

ADVISER AND SALES

AT

RELIANCE LIFE INSURANCE CO.LTD

HAJIPUR , BIHAR

Under Supervision of: Under Guidance of:

Mr.Krishna kumar Prof. Amit kulshresth

BY

MANAS MISHRA

F-28

INDIRA SCHOOL OF CAREER DEVELOPMENT

2009-2011


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Acknowledgement

At the very outset, I would like to perceive that this project would not have been

completed successfully without the cooperation of some related persons within the

organization and outside it. All the assistance and criticism obtained in the course of

doing the project are appreciat ed.

At first, I would like to acknowledge my thanks to Mr. Krishna kumar to give

me the permission to do the project in their organization under his kind guidance and

I would also like to thank each and every person of the concerned organization for

their guidance and cooperation without which my project would not have been a

success.

Thereafter, I would like to acknowledge my thanks to Prof. Amit kulshresth

our internal guide to give me the guidance for the pr eparation of the report .

At last but not the least I would like to give my heartiest gratitude to my parents, well wishers, and

friends for their valuable insights and suggestions that helped me in preparing the final report.

MANAS MISHRA


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Certificate

This is to certify that Mr. Manas Mishra has successfully completed his project titled

Recruitment of Advisors and sell s at Reliance Life Insurance Co. Ltd,

Hajipur, Biharduring the academic session 2009-10 towards the partial fulfillment of

the requirement of the Career Development Program (PGP) of Indira School of

Career Development, Pune.

Prof. V.G. Nulkar Prof. Amit kulshresth

Director ISCD, Pune Internal Project guide


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Table of Content

Page no.

1. Executive Summary 1-2

2. Introduction 3-20

3. Company profile 21-26

4. Product profile 27-48

5. Project overview 49-53

6. Research Methodology 54-58

7. Data Analysis and interpretation 59-69

8. Observations and findings 70-71

9. Conclusions 72

10. Recommendations 73-74

11. Limitation 75

12. Bibliography 76


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Executive Summary

In todays 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 70-80% while as FMCG sector has maximum 12-15% 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.

1. REASON BEHIND SELECTING THE TOPIC :-

To understand the insurance sector and give maximum business to the company by

recruiting advisors.

2. OBJECTIVES :-

Main objective of this project is to provide maximum sells to the company .

3 RESEARCH METHODOLOGY :-

Interview method was used for research from the existing list of advisors in patna.

4 MAIN OBSERVATION AND FINDINGS :-

1.Advisors were aware about the company and its plans.

2.Customers perception was wrong about the private company.

5 MAIN RECOMMENDATIONS: -

1.Company should improve its service quality.

2. There should be more flexibility in training period.


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INTRODUCTION


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INSURANCE


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Insurance is basically a sharing device, a tool for managing risk. The losses to

assets caused by unexpected contingencies like fire, earthquake, etc. are met out of

a common pool contributed by a large number of persons who are exposed to

similar risks.

BRIEF HISTORY OF INSURANCE

The story of insurance is probably as old as the story of mankind. The same instinct

that prompts modern businessmen today to secure themselves against loss and

disaster existed in primitive men also. They too sought to avert the evil

consequences of fire and flood and loss of life and were willing to make some sort of

sacrifice in order to achieve security. Though the concept of insurance is largely a

development of the recent past, particularly after the industrial era past few

centuries yet its beginnings date back almost 6000 years.

There are Two Kinds of Insurance:

y Life

y Non-Life.

Life insurance is an agreement that guarantees the payment of a stated amount of

monetary benefits upon the end of a specific term or on the death of the life insured,

i.e. the person on whose death the insurance company would pay out a death

benefits to a designated beneficiary.

In Non-Life insurance, the insurer indemnifies the insured for the financial loss

suffered by an asset due to contingencies like fire, flood, theft, etc.

FUNCTIONS OF INSURANCE

The functions of Insurance can be bifurcated into two parts:

1. Primary Functions


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2. Secondary Functions

3. Other Functions

1. The primary functions of insurance include the following:

Provide Protection: The primary function of insurance is to provid e protection

against future risk, accidents and uncertainty. Insurance cannot check the happening

of the risk, but can certainly provide for the losses of risk. Insurance is actually a

protection against economic loss, by sharing the risk with others.

Collective bearing of risk : Insurance is a device to share the financial loss of few

among many others. Insurance is a mean by which few losses are shared among

larger number of people. All the insured contribute the premiums towards a fund and

out of which the persons exposed to a particular risk is paid.

Assessment of risk: Insurance determines the probable volume of risk by

evaluating various factors that give rise to risk. Risk is the basis for determining the

premium rate also

Provide Certainty: Insurance is a device, which helps to change from uncertainty to

certainty. Insurance is device whereby the uncertain risks may be made more

certain.

2. The secondary functions of insurance include the following:

Prevention of Losses: Insurance cautions individuals and businessmen to adopt

suitable device to prevent unfortunate consequences of risk by observing safety

instructions; installation of automatic sparkler or alarm systems, etc. Prevention oflosses causes lesser payment to the assured by the in surer and this will encourage

for more savings by way of premium. Reduced rate of premiums stimulate for more

business and better protection to the insured.


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Small capital to cover larger risks : Insurance relieves the businessmen from

security investments, by paying small amount of premium against larger risks and

uncertainty.

Contributes towards the development of larger industries : Insurance provides

development opportunity to those larger industries having more risks in their setting

up. Even the financial institutions may be prepared to give credit to seek industrial

units which have insured their assets including plant and machinery.

3. The other functions of insurance include the following:

Means of savings and investment: Insurance serves as savings and investment.

Insurance is a compulsory way of savings and it restricts the unnecessary expenses

by the insured's For the purpose of availing income-tax exemptions also, people

invest in insurance.

Source of earning foreign exchange:

Insurance is an international business. The country can earn foreign exchange by

way of issue of marine insurance policies and various other ways.

Risk Free trade:

Insurance promotes exports insurance, which makes the foreign trade risk free with

the help of different types of policies under marine insurance cover.

SOME OF THE IMPORTANT MILESTONES IN THE LIFE INSURANCE BUSINESS

IN INDIA ARE


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1818: Oriental Life Insurance Company, the first life insurance company on Indian

soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company

started its business.

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 to by the Insurance Act with the

objective of protecting the interests of the insuri ng public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz. LIC

Act, 1956, with a capital contribution of Rs. 5 crores from the Government of I ndia.

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established in

the year 1850 in Calcutta by the British.

THE LIFE INSURANCE INDUSTRY IN INDIA AN OVERVIEW

Insurance sector in India is one of the booming sectors of the economy and is

growing at the rate of 15-20 per cent annum. Together with banking services, it

contributes to about 7 per cent to the country's GDP.


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One of the premium sectors showing upward growth is insurance, which is a US$

41-billion industry in India. India is the fifth largest life insurance market in the

emerging insurance economies globally and is growing at 32 -34 per cent annually.

With increasing competitiveness amongst these, the players are bringing out newer

products to attract more customers into their kitty. Foreign direct investment (FDI) up

to 26 per cent is permitted under the automatic route subject to obtain a license from

the official regulator, Insurance Regulatory and Development Authority (IRDA).

The countrys 22 life insurance companies saw 29.5 per cent rise in premium

collected through sale of new policies to Rs 3,602 crore in April 2009, as against Rs

2,780 crore in the corresponding period last year. This is the fastest growth since

April 2007, when the industry witnessed 49.6 per cent rise in first premium income .

IRDA

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


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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 there with or incidental there to."

Reliance Life Insurance Advisor

As a Reliance Life Insurance Advisor, the sky is not the limit you can go beyond.-In

India, ever since the insurance industry has opened up, opportunities for insurance

companies have become limitless. To tap this opportunity, they require insurance

agents because agents are one of the most significant modes of bringing in much -

needed business to the company. At Reliance Life Insurance, you will not merely be

an insurance agentyou will be a Financial Advisor. You will have an important role

to play because you have to give valuable advice to prospective customers about

their financial planning.

Who can become an Agent?

Person, that is an individual, or a firm, company formed under companies act as an

agent.

What is an Examining Body?

It is an institution which conducts pre _recruitment test for the insurance agents and

recognized by the Insurance Regulatory and Development Authority.

What is license?

It is a certificate to act as an insurance Advisor issued by the authority. License is a

must before starting the life business.

What is training?


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It is a compliance Training by IRDA for 50 hours and 9 days to become an advisors.

It includes orientation in insurance sales, service and marketing. The modules for the

training are approved by IRDA.

Can I become an Agent?

Yes you can, if you are 12th standard or equivalent in urban areas. Otherwise 10th

or equivalent in rural areas. 18 years old and should have completed 50 hours

training.

How much fee should I pay?

Fees payable to issue the license to act as an insurance agent is Rs. 825/- only.

How long is the license valid?

The license is valid for 3 years and after that it is renewed based on renewal training

of 25 hours and the fees payable is Rs.1000/ -

Is there anything I need to know before becoming an agent?

Yes, that is Code of conduct. It gives the do's and donts of business after becoming

an agent.

ROLE OF A FINANCIAL ADVISOR

As a Financial Advisor, you need to solicit business in the form of investments

towards Life Insurance from your customers

y Identify Prospects

y Analyze and identify their needs

y Plan your Customers Finances

y Offer the right kind of product

y Close the sale

y Seek Referrals


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OPPORTUNITIES FOR RELIANCE ADVISORS

y Make a good profit without a heavy investment.

y Enjoy the benefit of residual income.

y Maintain flexible work hours.

y Earn attractive commissions.

y Participate in exciting recognition programs.

y Associate with Reliance - One of the strongest brands of the country.

y Capitalize on the growing Insurance market.

y Become a full time sales manager.

BENEFITS AVAILABLE FOR ADVISORS

Become an Advisor to really see the benefits. It is told that "seeing believes, we are

ahead and we say "experiencing is believing" are you ready to experiment.

This unique business helps you earn commission on every product sold the

commission you earn at Reliance Life is one of the highest in the market (as high as

38%).

You also earn residual income (commission), every time your customer pays his

premium translates into recurring income over a long period of time (1 0 + years).

Apart from the commissions, you also are entitled to participate in contests that are

held regularly. You could win various gift items, such as Consumer Durables,

International trips, Cars; etc.Numerous recognition initiatives will give you the

opportunity to be the best

y Be a part of the Loyalty Program

y Board of Advisors Meet the CEO of Reliance Life.

y MDRT Club Chance to be the top financial professional in the world.

At Reliance Life, we are committed to providing the Best for our Financ ial Advisors

Career Plan is available for the advisor to grow from an Advisor to a Business

Associate or join Reliance Life as a Manager.


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The biggest benefit you earn as an Advisor is the Respect of your Customers

y Immense satisfaction in providing Financial Security to your customers.

y Securing their lives as well the lives of their loved ones

COMPANY PROFILE

FOUNDER

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 an Rs 60,000 crore colossus an

achievement which earned Reliance a place on the global Fortune 500 list, the first

ever Few men in history have made as dramatic a contribution to their countrys

economic fortunes as did the founder of Reliance, Sh. Dhirubhai. H. Ambani. Fewer

still have left behind a legacy that is more enduring and timeless.


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y 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 Indias capital markets, and the

champion of shareholder interest.

y But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth

creator. In one lifetime, he built, starting from the proverbial scratch, Indias

largest private sector enterprise.

y Indian private company to do so.

y Dhirubhai is widely regarded as the father of Indias capital markets. In 1977,

when Reliance Textile Industries Limited first went public, the Indian stock market

was a place patronized by a small club of elite investors which dabbled in a

handful of stocks.

y 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. It was to be

the start of one of great stories of mutual respect and reciprocal gain in the Indian

markets.

y Under Dhirubhais extraordinary vision and leadership, Reliance scripte d one of

the greatest growth stories in corporate history anywhere in the world, and went

on to become Indias largest private sector enterprise.

y Through out this amazing journey, Dhirubhai always kept the interests of the

ordinary shareholder uppermost in mind, in the process making millionaires out of

many of the initial investors in the Reliance stock, and creating one of the worlds

largest shareholder families.

ANIL DHIRUBHAI AMBANI GROUP (ADAG):-


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The Reliance Anil Dhirubhai Ambani Group is among Indias top three private

sector business houses on all major financial parameters, with a market

capitalisation of Rs.325,000 crores (US$ 81 billion), net assets in excess of

Rs.115,000 crores (US$ 29 billion), and net worth to the tune of Rs.55,000 crore s

(US$ 14 billion)

Across different companies, the group has a customer base of over 100 million, the

largest in India, and a shareholder base of over 12 million, among the largest in the

world.

Through its products and services, the Reliance - ADA Group touches the life of 1 in

10 Indians every single day. It has a business presence that extends to over 20000

towns and 4.5 lakhs villages in India and 5 continents across the world.

The interests of the Group range from communications (Reliance Communicatio ns)

and financial services (Reliance Capital Ltd), to generation, transmission and

distribution of power (Reliance Energy), infrastructure and entertainment.

RELIANCE LIFE INSURANCE:-

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of

the Reliance Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias

leading private sector financial services companies , and ranks among the top 3

private sector financial services and banking companies, in terms of net worth.

Reliance Capital has interests in asset management and mutual funds, stock

broking, life and General Insurance, Proprietary Investments, Private Equity and

other activities in financial services. Reliance Capital Limited (RCL) is a Non-Banking

Financial Company (NBFC) registered with the Reserve Bank of India (RBI) under

section 45-IA of the Reserve Bank of India Act, 1934. Reliance Capital sees

immense potential in the rapidly growing fin ancial services sector in India and aims


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to become a dominant player in this industry and offer fully integrated financial

services. Reliance Life Insurance is another step forward for Reliance Capital

Limited to offer need based Life Insurance Solutions t o individuals and

Corporate.Reliance Life insurance is considered to be 4th strongest in line next to

ICICI, SBI Life and Bajaj Allianz. They have almost more than 10 percent share in

the Indian insurance market.

MISSION OF THE ORGANIZATION:-

To be the first preference of our customers by providing innovative, need based life

insurance and retirement solutions to individuals as well as corporate. Well -trained

professionals through a multi channel distribution network and superior technology

will make these solutions available. Our endeavor will be to provide constant value

addition to customers throughout their relationship with us, within the regulatory

framework. We will provide career development opportunities to our employees and

the highest possible returns to our shareholders.

VISION:-

To be a world-class provider of financial security to individuals and corporate and to

be amongst the top three private sector life insurance companies in India.

VALUES:-

y Integrity

y Excellence

y Innovation

y Meritocracy

y Respect for the individual

BRANCHES:-


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Years 2008-09 2007-08 2006-07

No. ofBranches 33 22 12

No. of

Advisors

(Net at the end

of the year) 120000 10,274 2,274

Branch Hierarchy:-

REGIONAL BUSINESS HEAD

REGIONAL MANAGER

AREA MANAGER

BRANCH HEAD


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CONTACT:-

Reliance Life Insurance Company Limited: -

Registered Office:-

H Block, 1st Floor,

Dhirubhai Ambani Knowledge City,

Navi Mumbai,

Maharashtra - 400710,

Phone No: +91-22-3033 8181

Email: [email protected]

Corporate Office:-

Level 1, Midas Wing - A,

Sahar Plaza, Andheri Kurla Road

Andheri (East) Mumbai - 400 059

Phone No: +91-22-3088 3444

SR. SALES MANAGER

SALES MANAGER

TRAINEE SALES MANAGER

FINANCIAL


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Fax No: +91-22-3088 6587

PRODUCT PROFILE

Protection Plans

In todays uncertain world, there could be calamity at every step of the life. It is up to

you to ensure that your family stays protected always.


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Reliance Protection Plans helps you do exactly the same. You have a wide range of

options to choose a plan from. Right from limited period plans to lifetime protection

plans, you can opt for the one that suits your lifestyle.

Reliance Term Plan

Invest in the Reliance Term Plan, a pure life insurance plan that offers you

comprehensive and affordable coverage for a limited period of time to suit your

needs.

Key features

Reliance Special Term Plan

Imagine a life insurance policy, which on maturity returns to you all the premiums

you had paid for your basic policy. The Reliance Special Term Plan offers that and

much more.

y Get higher insurance protection at economical rates.

y Optional Accidental and Disablement Rider to enhance protection.

y Economical way to protect your family against financial liabilities. Like

loss of income and outstanding loans etc.

y Discount on premium rates for women.

y Suitable for business owners who want to cover the life of the ir key

employees.


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Key features

y Get higher insurance protection at economical rates.

y Basic premiums paid will be refunded at maturity.

y Choose to pay Regular or Single Premium.


y Choose to add the Benefits of two riders to your Policy -Critical Illness

and Accidental Death Benefit and Total and Permanent Disablement

Rider.

Reliance Credit Guardian Plan

The Reliance Credit Guardian Plan secures your family from any loan liabilities you

have incurred in case of your untimely demise. On survival at maturity, you will be

returned all the premiums paid for the basic policy.

Key features

y Different types of loans are covered under this Policy - Housing Loans,

Personal Loan, outstanding on credit cards etc.

y Limited premium paying term.

y

Single & Regular Premium payment option.y Discount on premium rates for women.

y Decreasing term insurance.


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Reliance Special Credit Guardian Plan

Invest in the Reliance Special Credit Guardian Plan and protect your family from any

loan liabilities you have incurred. On survival at maturity, all premiums paid for the

basic policy will be returned to you.

Key features

y Different types of loans are covered under this plan - Housing Loan,Personal Loan, outstanding on credit cards etc.

y Limited premium paying term.

y Single & Regular Premium payment option.


y Decreasing term insurance.

y Option to add two Riders Critical Illness and Accidental Death Benefit

and Total and Permanent Disablement Rider.

Reliance Endowment Plan

The Reliance Endowment Plan gives you financial independence by allowing you to

decide the amount of Sum Assured based on your current financial position and

expected future expenses Dream.

Key features


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y On maturity receive Sum Assured plus bonuses.

y More Value for your money by way of High Sum Assured Rebate.

y Choose to add the Benefit of three Riders-Reliance Term Life

Insurance Benefit Rider, Reliance Critical Conditions Rider and

Reliance Accidental Death and Total and Permanent Disablement

Rider.

Reliance Special Endowment Plan

Imagine an endowment plan that protects you for a certain period even after you

have received your lump sumthat is exactly what the Reliance Special Endowment

Plan offers you with other added benefits.

Key features

y Twin Benefit of protection and savings.

y Sum Assured is paid on survival, at the end of the Premium PayingTerm.

y

Life Cover for full Sum Assured continues beyond Premium PayingTerm.

y Extended Life Cover for five years after Premium Paying Term.

y Wealth creation through bonus additions.

y More value for your money by way of High Sum Assured Rebate.

y Choose to add the Benefit of two Riders - Critical Illness and

Accidental Death Benefit and Total and Permanent Disablement

Rider

y Choose to avail of a Policy Loan available after three full years of

premium payment.

y Policy participates in profits even after Premium Paying Term.


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Reliance Whole Life Plan.

Give your family a lifetime of timely financial support by investing in the Reliance

Whole Life Plan. This will help you enjoy your life to the fullest.

Key feature

y Insurance protection till age 85.

y Choice of extending your insurance coverage till age 99.

y Convenient Premium Payment Term.


y More value for your money by way of High Sum Assured Rebate Get

Sum Assured plus Bonuses in case of your unfortunate death.

y Option to add two Riders Critical Illness and Accidental Death Benefit

and Total and Permanent Disablement Rider.

y Policy Loan available after three full year premium payment.

Options to enhance life cover:

Under each of the above two plans, you have an option to enhance

your life cover amount.

y At the end of one year from the date of initial purchase of

Reliance Connect 2 Life Gold / Silver Plan, you are entitled to

enhance your life cover by exercising your option to purchase an

additional Reliance Connect 2 Life Policy.

y Provided you have exercised your option to enhance life cover at

the end of the first year, you are entitled to enhance your life

cover again at the end of the second year by purchasing an

additional Reliance Connect 2 Life Policy.


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Reliance Wealth+ Health Plan

Invest in the Reliance Wealth Health Plan and balance your health needs and wealth

needs, without compromising on either health or wealth.

Key features

y A Unit Linked plan with Unique Savings Component.

y Twin benefit of market linked return and health protection.

y Choose from two different plan options.

y Flexibility to take care of your familys health.

y Flexibility to switch between funds / plan options.

y Option to pay Top-ups.

y Option to package with multiple riders.

y Liquidity through partial withdrawals.

Reliance Cash Flow Plan

Invest in the Reliance Cash Flow Plan and reap the dual benefits of a life insuranceplan and easy liquidity through lump sum cash, which means you can get a

percentage of the Sum Assured at periodic intervals.

Key Features

y Easy Liquidity - Get periodic cash flows at the end of the fourth year

and thereafter at the end of every three years.


y On maturity, receive accumulated bonuses along with final lump sum

payout

y More value for your money by way of High Sum Assured Rebate.


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y Full Sum Assured plus bonuses in case of your unfortunate death.

This is over and above the Survival Benefits already paid.

Savings and Investment plan


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y Guaranteed Addition of 2.5% of each years annualised premium from

fourth policy year at the end of every year.

y Choose any amount of sum assured desired for your life protection

subject to the maximum limit.y Investment opportunity into 8 pure investment fund options.

y Reduce your annualised premium from 2nd year onwards on any

policy anniversary; however, the reduced annualised premium up to

3rd policy anniversary shall not b less than 75% of the annulised

premium during the first year. Provided that the minimum annulized

premium during any policy year shall not be less than Rs. 20,000.

y

Reduce annual premium with proportionate reduction in the sumassured.

y Plan your maturity proceeds as per your financial requirement with

Exchange & Settlement options

Reliance Super Automatic Investment Plan

The Reliance Super Automatic Investment Plan is an enhanced unit linked plan thatallows you to choose the right investment mix to reap maximum benefits. It also

provides you with enhanced Life Cover.

Key features

y Two plan options to choose from Ready-made & Tailor-made

y Life Stage asset allocation to ensure automatic change in investment

patterns - under Ready-made Plan optio


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.

y Freedom to decide your own fund mix based on your risk profile

under Tailor-made Plan

y Allows Systematic transfer plan to average out the cost of unit

purchases in equity.

y Regular, limited, single premium paying options.

y Unmatched flexibility through our Exchange Option to move

between Reliance suite of unit linked products.

y Liquidity in the form of partial withdrawal.

Option to package policy with Reliance Major Surgical Benefit Rider,

Reliance Critical Conditions (25) Rider, Reliance Term Life Insurance

Benefit Rider, Reliance Accidental Death and Total and Permanent

Disablement Rider.

Reliance Money Guarantee Plan

To reap the benefits of a rising market and to protect yourself from any market

decline, invest in the unit linked Reliance Money Guarantee plan that gives you the

perfect balance between Protection and Savings.

Key features

y Capital Guarantee: The sum of all premiums paid is guaranteed on maturity

or on death before the maturity.

y Capital Guarantee is available on both the basic premiums as well as on top -

up premiums.


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y Unique Return Shield feature to protect your returns.

y Choice to invest from 3 pre-packaged investment fund options.

y Unmatched flexibility through our Exchange Option to move

between the Reliance Life Insurance Unit Linked products offered, as

you grow up the ladder.

y Liquidity in the form of partial withdrawals f rom top-up fund.

y Option to package with Accidental Death & Disability and Term

Insurance riders.

Reliance Super Market Return Plan

The Reliance Super Market Return Plan gives you insurance protection and allows

you to benefit from investment growth. It works through your life and meets the

changing requirements you may have from time to time.

Key features

y Twin benefit of market linked return and insurance protection.

y A Unit Linked Plan, different form traditional Life Insurance

products, with maximum maturity age of 80 years.

y Option to create your own portfolio depending on your risk appetite.

y Choose form eight different investment funds


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y Flexibility to switch between funds.

y Option to pay regular as well as single premium & Top -ups.

y Option to package policy with Reliance Major Surgical Benefit

Rider, Reliance Critical Conditions (25) Rider, Reliance Term Life

Insurance Benefit Rider, Reliance Accidental Death and Total and

Permanent Disablement Rider.

y Liquidity through partial withdrawals.

Retirement Plans


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You are a young and earning individual. The income you earn allows you to enjoy

life, your only worry being whether you will be able to continue the same lifestyle

after retirement.

A Reliance Retirement Plan will help you save money for your retirement. It ensures

that you continue to get some income after retirement thereby ensuring that you do

not have to depend on any other person or make any compromises to maintain the

same lifestyle.

Invest in a Reliance Retirement Plan today and enjoy life after re tirement on your

own terms.

Reliance Super Golden Years Plan

The Reliance Super Golden Years Plan helps you save systematically and generate

the much-needed corpus to help you enjoy life after retirement.

Retirement means different things to different people, while some w ant to relax and

take a trip around the world, some want to start up a venture of their own, and

pursue a dream harnessed for years. The power to make your autumn years special

lies only with you. The Reliance Super Golden Years Plan gives you the power an d

the right kind of solution.

Key features

y Invest systematically and secure your golden years.

y

A flexible unit-linked pension product that is different from traditionallife insurance products with Vesting Age between 45 & 70 years.

y Eight different investment funds to choose from.

y Flexibility to switch between funds.


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y Option to pay Regular, Single as well as Top -up premiums

y Flexibility to advance / extend your Vesting Age.

y Tax free commutation up to one third of Fund Value at Ve sting Age.

Total Investment Plan II - Pension

When you invest in the Reliance Total Investment Plan, you give yourself the

assurance that you will make each one of your dreams come true.

Key Features

This is a Single premium unit linked pension plan with options to purchase the same

plan with reduced allocation charges in subsequent policy years. Since more

premiums are allocated towards investment due to lower allocation charges on

subsequent purchases greater would be the returns. Purchasing the same plan in

the subsequent years is an option.

1st purchase would be called as Classic

2nd purchase would be called as Silver

3rd purchase would be called as Gold

4th purchase would be called as Diamond

5th purchase would be called as Platinum


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Once the client purchases the first policy there will full flexibility for the client as to

when second and subsequent purchase can be made and how much premium

should be paid for each purchase subject to the following

1. The minimum premium on each purchase should be at least Rs. 25,000.

2. The maturity date on each purchase cannot exceed 70 years.

3. All the policies should mature on maturity date of the first purchase.

4. The term of the policies purchased during second, third, fourth and fifth policy

years will be 9, 8, 7 and 6 respectively.

5. New policy can be purchased only if all the previous polices are in force on

the date of purchase of new policy.

Plan Objective:

The pace setter plan with unmatched flexibility which gives

y Tax benefit under Sec. 80CCC of Income Tax Act 1961.

y Investment opportunity with flexibility.

y Control over your investments.

Child plans


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Save systematically and secure your childs future needs by investing in Reliance

Child Plans. You can always be there for your child when he or she needs you.

Being a parent is one of the joys of life. Your child looks up to you and depends on

you for love, protection and support. You want to provide your child with the best in

life.

The Reliance Child Plan helps you save systematically so that you can secure y our

childs future needs. Be it higher education, his or her first home or any other

requirement, you will always be there for your child when he or she needs you.

So, invest in a Reliance Child Plan right away it is the best gift you could ever give

your child.

Reliance Child Plan

Save systematically and secure the financial future of your child by investing in the

Reliance Child Plan and let your child enjoy today without worrying about tomorrow.This is exactly why you need to secure your childs tomorrow, today. Reliance Child

Plan helps you save systematically so that you can give your child the much-needed

financial security in the future. Simply put, Reliance Child Plan gives you the freedom

to enjoy every moment with your child today, without worrying about his/her

tomorrow.


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Key features

y Risk protection for you during the term of the Policy.

y Accumulated bonus at the end of the Policy Term.

y 25% of Sum Assured payable every year as lump sum Benefit during the last

four Policy Anniversaries.

y All future premiums are waived in the event of unfortunate loss of life.

y Guaranteed Fixed Benefits continue even after loss of life of the Policy holder

more value for your money by way of High Sum Assured Rebate.

y Choose to add the Benefit of two Riders - Critical Illness and Accidental Death

Benefit and Total and Permanent Disablement Rider

Reliance Secure Child Plan

Reliance Life Insurance presents a unit linked insurance plan that

secures your childs financial future, leaving you free from worry.

Introducing Reliance Secure Child Plan - a unique life insurance cum

savings plan. Start saving from now and secure the future of your

child.

Key features


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y Insurance cover on the life of child.

y Money at critical milestones in your child's career path - college

education, higher education, marriage.

y Your child is completely protected - we will continue to pay the

premiums even if you are not alive.

y Life time income to child in the event of disability.

y Return Shield option to protect your investment returns.

y Liquidity in the form of partial withdrawals.

y

Capital guarantee available on maturity and on death of the child underRegular Premium basic policy.

y Option to package with Reliance Accidental Death and Total and

Permanent Disablement Rider, Reliance Critical Conditions Rider and

Reliance Term Life Insurance Benefit Rider.

y Loyalty addition of 1% of the premiums paid under basic plan and top

ups


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Customer Satisfaction: -

Whether the buyer is satisfied after purchase depends on the performance of plans

in relation to the buyers expectations.

Satisfaction is a persons feelings of pleasure or disa ppointment resulting from

comparing a products perceived performance in relation to his or her expectation. If

the performance falls short of expectations, the customer is dissatisfied. If the

performance matches the expectation, the customer is satisfied. If the performance

exceeds expectations, the customer is highly satisfied or delighted.

Reasons For Selecting The Topic: -

Main reason for selecting this topic is to know and understand about the customers

requirement from the organization regarding the quality, services, and information

regarding the policies and about the FSA (Financial Service Advisor) etc. The other

reason is that through this topic I could meet different organizations members and

understand their view and also understand how to make better service quality anddelivery system

Importance of the topic to the company: -

Many companies are aiming for high satisfaction because customers who are just

satisfied still find it easy to switch when a better offer comes along. Those who are

highly satisfied are much ready to switch. High satisfaction or delight creates an

emotional bond with the brand. The result is high customer loyalty. Life insurance

contract is a long-term contract spanning over 5, 10, 15, 20 or more years. The

person would like to be reassured about the organization before he puts in his

money. Therefore, if the services of the company satisfy the customers, they may

come to buy other products or they may recommend to their relatives or friends for

the products


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Phone No ..

Q1. Since how long you are in the field of giving investment solutions ?

a)


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Q1. Since how long you are in the field of giving investment solutions ?

a)


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49/60


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51/60

ISCD ,CHINCHWAD PAGE-1

Q5. i t f l t t li t

P iti l

Obj i

i i f t /

ti % ti

P 238 5

iti l 2 5

0

50

100

150

200

250

Recommendation % Recommendation

ULPs

"

# aditional


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Q6. How do you see Reliance in the field of Insurance ?

a)Good b)Average

c)Bad d)Unaware

Objective:-

To know the perception about reliance

Recommendation %Recommendation

Good 78 31.2

Average 113 45.2

Bad 22 8.8

Unaware 27 10.8

Recommendation

Good

Average

Bad

$ %

a

&

are


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54/60


Q8. A i t t i it li lif i

Y

Obj i

If t , t t i t t t .

lt % lt

Y 147 58.8

103 41.2

0

20

2 0

60

80

100

120

13

0

160

Result %Result

Yes

No


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Q9. t i ti l lifi ti

P f i l t

12t4

10t4

Obj i

/ lifi .

t 12t 5 10t 5 P f i l

lt 113 7 23 47

% lt 45.2 26.8 9.2 18.8

0

20

40

60

80

100

120

Graduate 12th pass 10th pass Professional

course

Result

%Result


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Recommendation

Customer satisfaction is the main objective of any company and this company also

tries to keep their customers satisfied. During this survey the following points are

worth considering:-

y The company should try to improve the way to give the information of the

plans. The illustrations that they use to give the details of policies and premiums are

very complex. The laymen cannot easily understand it.

y The organization should try to give the service as scheduled The service

system of the organization is very good but in some cases the customers face the

problems. Therefore, the company should adopt fast and better communication

facility to do the fast dealing.

y Service provided to the customer should be improved The organization

should try to increase the number of services given to the customer and should try to

maintain a good customer relationship. They should initiate to solve the queries of

the customers. They should arrange the training camp for the service personnel to

train them how to behave with the customers.

y Regular customer feedback Reliance Life Insurance Co. Ltd. should take

the regular customer feedback to know the problems faced by them.

y They should concentrate on the advertisement. They should emphasis on TV

ad so that people comes to know that what are different types of policies offered by

the company and what type of benefits they can get from the policies .


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Limitations

Time Constraint: - The main limitation was the time factor. The duration of 75 days

was not sufficient to meet with all customers. Therefore, only 250 customers were

met.

Limited Respondents: - The sample of 250 customers may not be the true

representative of the entire population.

The study is restricted to Patna and Hajipur: - Under this study, Patna and

Hajipur city is covered; therefore the result of project is useful for this city only.


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Bibliography

Books

y Marketing Management

By Philip Kotler

y Marketing Management,

By Ramaswamy and Namakumari

y Companys Internal Sources

1. Sales Report

2. Appraisal Report


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y IRDA book

y Website :- www.relincelife.co.in

manas's summer project - copy

Documents