summer training reliance life insurance111

7/29/2019 SUMMER TRAINING Reliance Life Insurance111

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Department of Business Management

PREFACE

The liberalization of the Indian insurance sector has been the subject of much

heated debate for some years. The policy makers where in the catch 22 situation

wherein for one they wanted competition, development and growth of this

insurance sector which is extremely essential for channeling the investments in to

the infrastructure sector. At the other end the policy makers had the fears that the

insurance premium, which are substantial, would seep out of the country; and

wanted to have a cautious approach of opening for foreign participation in the

sector.

As one of the rare occurrences the entire debate was put on the back burner and the

IRDA saw the day of the light thanks to the maturing polity emerging consensus

among factions of different political parties. Though some changes and some

restrictive clauses as regards to the foreign participation were included the IRDA

has opened the doors for the private entry into insurance.

The large scale of operations, public sector bureaucracies and cumbersome

procedures hampers nationalized insurers. Therefore, potential private entrants

expect to score in the areas of customer service, speed and flexibility. They point

out that their entry will mean better products and choice for the consumer. The

critics counter that the benefit will be slim, because new players will concentrateon affluent, urban customers as foreign banks did until recently. This seems to be a

logical strategy. Start-up costs-such as those of setting up a conventional

distribution network-are large and high-end niches offer better returns. However,

the middle-market segment too has great potential. Since insurance is a volumes

game. Therefore, private insurers would be best served by a middle-market

approach, targeting customer segments that are currently untapped


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ACKNOWLEDGEMENT

I would like to whole hearty thank and express my sincere gratitude to

Prof. Y.S. Thakur Head of the Department of Business Management, Dr. Hari

Singh Gour Central University, Sagar for suggesting me this problem and for

giving an insight in dealing with the subject.

.I am highly obliged to MR. GIRBAL SINGH LODHI Lecturer, Miss Shakuntala

Yadav Lecturer, , Mr. Ankur Randhelia, , Miss Mayuri Jain, Dr. Shree Bhagwat,

Mr. Himanshu Katare Mr. Ankur Gautam, , Mrs. Jyoti Pandey and All Faculty

member, for guiding me in various aspects of this project like conducting field

work and designing questionnaire and suggesting me the Project Work and helping

me in finalising the Report. I express my gratitude to all the customers who very

kindly discussed various aspects of this study and provided useful suggestions for

discussing various problems.

Lastly, I Must express my gratitude to all the elders of the family and

citizen of the city who blessed me in course of discussion. I also extend my sincere

thanks to my family and my friends for their encouragement and support.

GANESH GUPTA


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CERTIFICATE

This to certify that JAYDEEP KASHIV Student of B.B.A. (Hons) 15th

Batch, Department of Business Management Dr. Hari Singh Gour Central

University, Sagar (M.P.) Has diligently worked on the Project Report of the

Summer Training of RELIANCE LIFE INSURANCE . He has done this Work

under My Guidance and Supervision. This project work is original and notsubmitted earlier for the award of any degree or associate ship of any other

University.

During this study he made meticulous efforts for its completion. I wish him

all the best in this sincere endeavors for a bright and successful future.

Signature of the Signature of the Signature of the

Supervisor Head of the

Department

Examiner


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DECLARATION

I hereby declare that the project work entitled Summer Training

RELIANCE LIFE INSURANCE submitted to the Department of Business

Management Dr. Hari Singh Gour Central University, Sagar (M.P.), is a

record of an original work done by me under the guidance of MR. VIKRANT

CHOUDHARY Reliance Life Insurance, Sagar I also ensure that this work done

by me is purely original and is my own creativity.

Date : JAYDEEP KASHIV

Place : Enrollment no.: Y1018050011


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C O N T E N TSPreface i

Acknowledgement ii

Declaration iii

Certificate of Summer Training iv

Certificate v

Objective of the study

CHAPTER 1

1.1 Executive Summary 1

1.2 An Overview 2

1.3 Historical Perspective 3

1.4 Present Scenario 5

1.5 Introduction of the Company 6

1.6 Reliance Life insurance, Sagar 12

1.7 Major Player in the Insurance industry 13

1.8 Reliance Polices 19

CHAPTER 2

Research Methodology 22

CHAPTER 3

Limitation of the Research 24

CHAPTER 4

Data Analysis and Interpretation 25

CHAPTER 5


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Conclusion 29

CHAPTER 6

Suggestions 31

questionnaire

32

Bibliography

35

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.

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 a company like RELIANCE LIFE


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INSURANCE, TATA AIG, 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.

AN OVERVIEW

With the largest number of life insurance policies in force in the world, Insurance

happens to be a mega opportunity in India. Its 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 countrys 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


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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.

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 premiumfor 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 the nineteenth century insurance

business was almost entirely in the hands of overseas companies.


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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.


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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.

PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA

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.


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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 companys 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)

INTRODUCTION TO THE COMPANY

COMPANY PROFILE OF RELIANCE LIFE INSURANCE

FOUNDER

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.

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,


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the proud patriot, the leader of men, the architect of Indias capital markets, the

champion of shareholder interest.

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.

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 Indias 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. It was to be the start of one

of great stories of mutual respect and reciprocal gain in the Indian markets.

Under Dhirubhais extraordinary vision and leadership, Reliance scripted

one of the greatest growth stories in corporate history anywhere in the world,

and went on to become Indias largest private sector enterprise.


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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.


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ABOUT RELIANCE

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 under section 45-IA of the

Reserve Bank of India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial

services sector in India and aims 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 to individuals and

Corporates.


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CORPORATE OBJECTIVE

At Reliance Life Insurance, we strongly believe that as life is different at every

stage, life insurance must offer flexibility and choice to go with that stage. We are

fully prepared and committed to guide you on insurance products and services

through our well-trained advisors, backed by competent marketing and customer

services, in the best possible way.

It is our aim to become one of the top private life insurance companies in

India and to become a cornerstone of RLI integrated financial services

business in India.


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CORPORATE MISSION

To set the standard in helping our customers manage their financial

future.

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY

RELIANCE LIFE INSURANCE

INSURANCE PLANS AVAILABLE

1. Products (Individual Plans)

Savings (Endowment)

2. Reliance Endowment Plan

(formerly Divya Shree)

3. Reliance Special Endowment Plan

(formerly Subha Shree)

4. Reliance Cash Flow Plan

(formerly Dhana Shree)

5. Reliance Child Plan

(formerly Yuva Shree)

6. Reliance Whole Life Plan

(formerly Nithya Shree)

Pensions

7. Reliance Golden Years Plan

(formerly Bhagya Shree)

Investments

8. Reliance Market Return Plan

(formerly Kanaka Shree)

9. Risk / Protection
http://www.reliancelife.co.in/products/ind_REP.asphttp://www.reliancelife.co.in/products/ind_RSEP.asphttp://www.reliancelife.co.in/products/ind_RCFP.asphttp://www.reliancelife.co.in/products/ind_RCP.asphttp://www.reliancelife.co.in/products/ind_RWLP.asphttp://www.reliancelife.co.in/products/ind_RGYP.asphttp://www.reliancelife.co.in/products/ind_RMRP.asphttp://www.reliancelife.co.in/products/ind_REP.asphttp://www.reliancelife.co.in/products/ind_RSEP.asphttp://www.reliancelife.co.in/products/ind_RCFP.asphttp://www.reliancelife.co.in/products/ind_RCP.asphttp://www.reliancelife.co.in/products/ind_RWLP.asphttp://www.reliancelife.co.in/products/ind_RGYP.asphttp://www.reliancelife.co.in/products/ind_RMRP.asp


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10. Reliance Term Plan

(formerly Raksha Shree)

Products (Group / Corporate Plans)

11. Risk (Protection )

Reliance Group Term Assurance Policy

(formerly Group Term Assurance Policy)

Reliance EDLI Scheme

(formerly EDLI Scheme)

12.Pensions

a. Reliance Group Gratuity Policy(formerly Group Gratuity Policy)

b. Reliance Group Superannuation Policy(formerly Group Superannuation Policy)

13.Reliance Money Guarantee Plan

-
http://www.reliancelife.co.in/products/ind_RTP.asphttp://www.reliancelife.co.in/products/ebp_RCESP.asphttp://www.reliancelife.co.in/products/ebp_EDLI.asphttp://www.reliancelife.co.in/products/ebp_RCBP.asphttp://www.reliancelife.co.in/products/ebp_RCPP.asphttp://www.reliancelife.co.in/products/ind_RTP.asphttp://www.reliancelife.co.in/products/ebp_RCESP.asphttp://www.reliancelife.co.in/products/ebp_EDLI.asphttp://www.reliancelife.co.in/products/ebp_RCBP.asphttp://www.reliancelife.co.in/products/ebp_RCPP.asp


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RELIANCE LIFE INSURANCE , SAGAR

INTRODUCTION

Branch Name : Reliance Life Insurance Sagar

State Name : MADHYA PRADESH

District Name : SAGAR

Branch : Ran Basera Hotel Near Bus Stand Sagar (M.P.)

City : Sagar

Address : Ran Basera Hotel Near Bus Stand Sagar (M.P.)

Managar Vikrant Choudhary


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MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIAMAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September 1956 to

spread the message of life insurance in the country and mobilise peoples savings

for nation-building activities. LIC with its central office in Mumbai and seven

zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and

Bhopal, operates through 100 divisional offices in important cities and 2,048

branch offices. LIC has 5.59 lakh active agents spread over the country.

The Corporation also transacts business abroad and has offices in Fiji, Mauritius

and United Kingdom. LIC is associated with joint ventures abroad in the field of

insurance, namely, Ken-India Assurance Company Limited, Nairobi; United

Oriental Assurance Company Limited, Kuala Lumpur; and Life Insurance

Corporation (International), E.C. Bahrain. It has also entered into an agreement

with the Sun Life (UK) for marketing unit linked life insurance and pension

policies in U.K.

In 1995-96, LIC had a total income from premium and investments of $ 5 Billion

while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's

income grew at a healthy average of 10 per cent as against the industry's 6.7 per

cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US).

LIC has even provided insurance cover to five million people living below the

poverty line, with 50 per cent subsidy in the premium rates. LIC's claims

settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of


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global average of 40 per cent. Compounded annual growth rate for Life insurance

business has been 19.22 per cent per annum

General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a government

company known as General Insurance Corporation of India (GIC) was formed by

the Central Government in November 1972. With effect from 1 January 1973 the

erstwhile 107 Indian and foreign insurers which were operating in the country

prior to nationalization, were grouped into four operating companies, namely, (i)

National Insurance Company Limited; (ii) New India Assurance Company

Limited; (iii) Oriental Insurance Company Limited; and (iv) United India

Insurance Company Limited. (However, with effect from Dec'2000, these

subsidiaries have been de-linked from the parent company and made as

independent insurance companies). All the above four subsidiaries of GIC operate

all over the country competing with one another and underwriting various classes

of general insurance business except for aviation insurance of national airlines and

crop insurance which is handled by the GIC.

Besides the domestic market, the industry is presently operating in 17 countries

directly through branches or agencies and in 14 countries through subsidiary and

associate companies.

IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE

BEEN PERMITTED TO ENTER INTO INSURANCE BUSINESS: -

The introduction of private players in the industry has added to the colors in the

dull industry. The initiatives taken by the private players are very competitive and


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have given immense competition to the on time monopoly of the market LIC.

Since the advent of the private players in the market the industry has seen new and

innovative steps taken by the players in this sector. The new players have

improved the service quality of the insurance. As a result LIC down the years have

seen the declining phase in its career. The market share was distributed among the

private players. Though LIC still holds the 75% of the insurance sector but the

upcoming natures of these private players are enough to give more competition to

LIC in the near future. LIC market share has decreased from 95% (2002-03) to 82

%( 2004-05).

1. HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. is one of Indias leading private life

insurance companies, which offers a range of individual and group insurance

solutions. It is a joint venture between Housing Development Finance Corporation

Limited (HDFC Ltd.), Indias leading housing finance institution and The Standard

Life Assurance Company, a leading provider of financial services from the United

Kingdom. Their cumulative premium income, including the first year premiums

and renewal premiums is Rs. 672.3 for the financial year, Apr-Nov 2005. They

have managed to cover over 11,00,000 individuals out of which over 3,40,000

lives have been covered through our group business tie-ups.

2. Max Life Insurance Co. Ltd.

Max New York Life Insurance Company Limited is a joint venture that brings

together two large forces - Max India Limited, a multi-business corporate, together

with New York Life International, a global expert in life insurance. With their

various Products and Riders, there are more than 400 product combinations to


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choose from. They have a national presence with a network of 57 offices in 37

cities across India.

3. ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a

premier financial powerhouse and Prudential plc, a leading international financial

services group headquartered in the United Kingdom. ICICI Prudential was

amongst the first private sector insurance companies to begin operations in

December 2000 after receiving approval from Insurance Regulatory Development

Authority (IRDA). The company has a network of about 56,000 advisors; as well

as 7 banc assurance and 150 corporate agent tie-ups.

4. Om Kotak Mahindra Life Insurance Co. Ltd.

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak

Mahindra Bank Ltd. (KMBL), and Old Mutual plc.

5.Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group

and Sun Life financial Services of Canada.

Tata AIG Life Insurance Company Ltd.

SBI Life Insurance Company Limited

ING Vysya Life Insurance Company Private Limited

Allianz Bajaj Life Insurance Company Ltd.

Metlife India Insurance Company Pvt. Ltd.


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AMP SANMAR Assurance Company Ltd.

Dabur CGU Life Insurance Company Pvt. Ltd.

1. Royal Sundaram Alliance Insurance Company

The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram

Finance Limited started its operations from March 2001. The company is Head

Quartered at Chennai, and has two Regional Offices, one at Mumbai and another

one at New Delhi.

2. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj

Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise,

stability and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and

Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001

to conduct General Insurance business (including Health Insurance business) in

India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj

Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany.

3. ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited is a joint venture between

ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings

Limited. ICICI Bank is India's second largest bank, while Fairfax Financial

Holdings is a diversified financial corporate engaged in general insurance,

reinsurance, insurance claims management and investment management.


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Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is

one of Canada's oldest property and casualty insurers. ICICI Lombard General

Insurance Company received regulatory approvals to commence general insurance

business in August 2001.

4. Cholamandalam General Insurance Company Ltd.

Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint

venture of the Murugappa Group & Mitsui Sumitomo.

Chola-MS commenced operations in October 2002 and has issued more than 1.4

lakh policies in its first calendar year of operations. The company has a pan-Indian

presence with offices in Chennai, Hyderabad, Bangalore, Kochi, Coimbatore,

Mumbai, Pune, Indore, Ahmedabad, Delhi, Chandigarh, Kolkata and Vizag.

5. TATA AIG General Insurance Company Ltd.

Tata AIG General Insurance Company Ltd. is a joint venture company, formed

from the Tata Group and American International Group, Inc. (AIG). Tata AIG

combines the strength and integrity of the Tata Group with AIG's international

expertise and financial strength. The Tata Group holds 74 per cent stake in the two

insurance ventures while AIG holds the balance 26 per cent stake.

Tata AIG General Insurance Company, which started its operations in India on

January 22, 2001, offers the complete range of insurance for automobile, home,

personal accident, travel, energy, marine, property and casualty, as well as several

specialized financial lines.


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2.3 Reliance Policies

(1) Reliance Children Plans

What could make you happier than knowing, that your child's future is secure?Nothing, we suppose. Which is why, Reliance Life Insurance brings to youReliance Secure Child Plan, a unit-linked Insurance Plan, that gives you thefreedom to enjoy today with your child, because his tomorrow is in safe hands.

Do you see your child becoming a trailblazer? Will they create the ultimate symphony or give sports a new dimension?

Our children may just be the ones to end the arms race and wipe out poverty fromthe face of the Earth. But for them to be able to aim for the skies, YOU NEED TO

ACT NOW!

Introducing Reliance Secure Child Plan - a unique life insurance cum savings plan.secure the future of your child.

Key FeaturesInsurance cover on the life of childYour child is completely protected - we will continue to pay the

premiums even if you are not alive

Life time income to child in the event of disabilityReturn Shield option to protect your investment returnsLiquidity in the form of partial withdrawalsCapital guarantee available on maturity and on death of the child for

basic and top-up premiumsOption to package with Accidental Death and Total and PermanentDisablement Rider, Critical Conditions Rider and Term Life InsuranceBenefit Rider.

(2)Reliance Health + Wealth Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENTPORTFOLIO IS BORNE BY THE POLICYHOLDER.

There are times when late working hours take precedence over your health check-ups. And there are times when a visit to the doctor seems more important thandividends on your shares. In the rat race to make money, we often forget to takecare of ourselves.

We understand this predicament. Here is a plan that will ensure that your wealthkeeps increasing constantly and yet your health does not take a backseat. The


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Reliance Wealth Health Plan. A plan that gives you the benefits of wealth bhi.health bhi.

Life changes. And as it does, so do your priorities. After all, the circumstances ofyour life can determine the type of health coverage you need.

India has made rapid strides in the health sector. Since Independence, lifeexpectancy has gone up markedly and survival rates have also increased, stillcritical health issues remain. Infectious diseases continue to claim a large numberof lives.

Reliance Wealth + Health Plan, a health insurance plan underwritten by RelianceLife Insurance Company Limited, is designed to work in conjunction withcontributions towards savings.

Key FeatureA Unit Linked plan with Unique Savings ComponentTwin benefit of market linked return and health protectionChoose from two different plan optionsFlexibility to take care of your familys healthFlexibility to switch between funds / plan optionsOption to pay Top-ups

(3) Reliance Pension Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENTPORTFOLIO IS BORNE BY THE POLICYHOLDER.

Retirement means different things to different people, while some want to relaxand 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 speciallies only with you. The Reliance Super Golden Years Plan gives you the powerand the right kind of solution - A retirement plan that allows you to savesystematically and generate the much-needed corpus to make your olden yearslook golden.

Key Features Reliance Pension Policy :Invest systematically and secure your golden yearsA flexible unit-linked pension product that is different from traditionallife insurance products with Vesting Age between 45 & 70 yearsEight different investment funds to choose fromFlexibility to switch between fundsOption to pay Regular, Single as well as Top-up premiumsFlexibility to advance / extend your Vesting Age

Tax free commutation up to one third of Fund Value at Vesting Age


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(4) Reliance Whole life insurance policy

Youve always loved your family. As a loving person you want to be rest assuredthat they will be happy, even if something were to happen to you. With Reliance

Whole Life Plan you can be sure that your family will receive that timely financialsupport they need.

Go ahead, live your today to the fullest, without a worry about tomorrow.

Key FeaturesInsurance protection till age 85Choice of extending your insurance coverage till age 99Convenient Premium Payment Term

Wealth creation through bonus additionsMore value for your money by way of High Sum Assured Rebate GetSum Assured plus Bonuses in case of your unfortunate deathOption to add two Riders Critical Illness and Accidental DeathBenefit and Total and Permanent Disablement RiderPolicy Loan available after three full years premium payment


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OBJECTIVES OF STUDY

The main of the present study of is accomplish the following objective.

Proper understanding and analysis of life insurance industry.

To know about brand awareness of Reliance Life Insurance and

customers 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 its

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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RESEARCH METHODOLOGY

RESEARCH METHODOLOGY

TITLE:

To determine customer-buying behavior with a focus on market segmentation for

Reliance Life Insurance.

TITLE JUSTIFICATION:

The above title is self explanatory. The study deals mainly with studying the

buying pattern in the insurance industry with a special focus on Reliance life

Insurance. The various segments of the markets divided in terms of Insurance

Needs, Age groups , Satisfaction levels etc will also studied.

OBJECTIVE

Objective One

To determine reasons behind opting for an insurance.

To provide the company with information of customer's Insurance policy if

they have any and reasons for opting for that particular policies.

To know the most preferred policy.

Objective Two

To determine customers perception towards private insurance companies and

their expectation form private insurance companies.

To determine the feedback on services provided by any other insurance

agent.


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To study the types of benefits provided by insurance services.

To determine the use of Internet for valuable information and decision-

making process.

SCOPE OF THE STUDY

A big boom has been witnessed in Insurance Industry in recent times. A large

number of new players have entered the market and are vying to gain market share

in this rapidly improving market. The study deals with Reliance in focus and the

various segments that it caters to. The study then goes on to evaluate and analyse

the findings so as to present a clear picture of trends in the Insurance sector.


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LIMITATIONS OF THE RESEARCH

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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DATA ANALYSIS & INTERPRETATION

DATA GIVES PREFERENCE OF RESPONDENTS OFINSURANCE COMPANIES

COMPANYS NAMENO.OF

RESPONDENTSHARE (%)

L.I.C. 78 78

RELIANCE LIFE

INSURANCE3 3

ICICI PRUDENTIAL 10 10

SBI LIFE 7 7

HDFC 2 2

TOTAL 100 100

78

3

10

7 2

LIC

REL

ICICI

SBI

HDFC

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


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BENEFITSNO.OF

RESPONDENTSSHARE (%)

Cover Future Uncertainty 55 55

Tax Deductions 20 20

Future Investment 25 25

TOTAL 100 100

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.

55%

20%

25%Cover Future

Uncertainty

Tax Deductions

Future Investment


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DATA PROVIDES FEATURES OF INSURANCE POLICY THAT

ATTRACTED RESPONDENTS

FEATURE NO.OF

RESPONDENTS

SHARE (%)

Money Back Guarantee 15 15

Larger Risk Coverance 37 37

Easy Access to Agents 7 7

Low Premium 30 30

Companys Reputation 11 11

TOTAL 100 100

FEATURES OF INSURANCE POLICY

15%

37%

7%

11%

30%

MONEY BACK

GUAARENTEE

LARGER RISK

COVERANCE

EASY ACCESS TO

AGENTS

LOW PREMIUM

REPUTATION OF

COMPANY

INTERPRETATION

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

most attracted feature of the all.


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DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE

RESPONDENTS

POLICY TYPE NO. OF

RESPONDENTS

SHARE (%)

LIFE POLICY 75 75

NON LIFE POLICY 25 25

BOTH 45 45

NATURE OF POLICY

75

25

45

LIFE

POLICY

NON LIFE

POLICY

BOTH

INTERPRETATION

75% of the respondents have Life Insurance Policy while 45% have

both. (The % is calculated out of 280 positive response)


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DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

A saving tool 81 81%

A tax saving device 74 74%

A tool to protect your family 100 100%

81

74

100

SAVING

TOOL

TAX SAVING

TOOL

FAMILY

INTERPRETATION

81% of the respondents have perception of Insurance being a saving

tool.

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.


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DATA SHOWS PEOPLES HAVING INSURANCE

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Yes 70 70%

No 30 30%

Total 100 100%

INTERPRETATION

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.

70%

30%

Yes

No


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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 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.


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SUGGESTION

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 insurance40% for self 28%for spouse 21% for children and 18% for their

parents and 11% for all family member, also 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 insuredaccording to their income so that is also plus point for insurance

sector to capture the market


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QUESTIONNAIRE

1. ARE YOU EMPLOYED?

YES NO

If YES, only then proceed

2. DO YOU HAVE ANY INSURANCE POLICY?

YES NO

3. WHICH INSURANCE POLICY DO YOU HAVE?

LIFE NON-LIFE BOTH

4. WHICH COS 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

g) ANY OTHER ________( Specify)

5. FOR HOW MANY YEARS DO YOU HAVE INSURANCEPOLICY? (Please Tick)


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a)


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c) A TOOL TO PROTECT FUTURE

17. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?

a) SAVING & RETURNS

b) SECURITY

c) TAX BENIFITS

18. WHATS THE RIGHT AGE TO BUY INSURANCE?

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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BIBLI OGRAPHY

1. BOOKS/MAGAZINES REFFERED:

STUDY GUIDE- PRINCILES & PRACTICES OF LIFE /

GENERALINSURANCE, by AIMA.

Books published by INSURANCE INSTITUTE OF INDIA

LIFE-INSURANCE, by Mc GILL

INSURANCEWATCH.

MONEYOUTLOOK.

2. WEBSITES REFFERED:

WWW.RELIANCELIFE.CO.IN

WWW.C

IFAINSURANCE.COM

WWW.M

ONEYOUTLOOK.COM

WWW.I

NSURANCE.IND.COM

3. REPORTS/ARTICLES REFFERED:

REPORT: ISSUES & CHALLENGES FACING THE INSURANCE

INDUSTRY. Dec2005.

BRIEF PROFILE OF LIC, INDIADec 2006.

REPORT: COPING WITH COMPETITIONJan2007
http://www.cifainsurance.com/http://www.cifainsurance.com/http://www.moneyoutlook.com/http://www.moneyoutlook.com/http://www.insurance.ind.com/http://www.insurance.ind.com/http://www.cifainsurance.com/http://www.cifainsurance.com/http://www.moneyoutlook.com/http://www.moneyoutlook.com/http://www.insurance.ind.com/http://www.insurance.ind.com/


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THANK YOU

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