59465647 a Project Report on Reliance Life Insurance

7/27/2019 59465647 a Project Report on Reliance Life Insurance

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A PROJECT REPORT

ON

PRODUCT PROMOTION AND RECRUITMENT

SUBMITTED TO

MAEERs

MIT SCHOOL OF LIGHTING

AND

MANAGEMENT STUDIES

BY

ARADHANA PANDEY

L20704

1st BATCH

IN PARTIAL FULFILLMENT OF

POST GRADUATE PROGRAM IN LIGHTING TECHNOLOGY

AND

MANAGEMENT STUDIES

2007-2009

MAEERs MIT SCHOOL OF LIGHTING AND MANAGEMENT STUDIES

(MITSOT), PUNE
http://www.reliancelife.com/


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TABLE OF CONTENT

Chapter No. Title Page No.

Declaration from student i

Certificate from Company ii

Certificate from Institute iii

Acknowledgement iv

List of tables v

List of Graphs vi

Executive Summary vii

I Introduction 1-24

1.1 History of Insurance 1-3

1.2 IRDA 4-5

1.3 Market Profile 6-12

1.4 Company Profile 13-19

1.4.1 Vision and Mission 15

1.4.2 Goal 15

1.4.3 Achievements 18

1.5 Product Profile 20-23

1.6 Objective and Scope of the study 24

II Research Methodology 25-29

2.1 Research Design 252.2 Sampling Methodology 26

2.2.1 Sampling Technique 26

2.2.2 Sampling Unit 26

2.2.3 Sample Size 26

2.2.4 Sample Area 26

2.3 Instrument for data collection 27

2.4 Data collection sources 28

2.4.1 Primary Data 28

2.4.2 Secondary Data 28

2.5 Limitation 29

III Data analysis and Interpretation 30-39

IV Findings 40


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V Conclusion 41

VI Recommendations 42

VII Bibliography 43

Annexure 44-48

A Questionnaire


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DECLARATION

I, Aradhana Pandey, hereby declare that this project report is the record of authentic work carried

out by me during the period from 21-07-08 to 05-09-08 and has not been submitted earlier to any

University or Institute for the award of any degree or diploma etc.

Aradhana Pandey

Date:


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CERTIFICATE FROM COMPANY


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CERTIFICATE FROM INSTITUTE


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ACKNOWLEDGEMENT

To accomplish a project it involves a lot of effort and contribution from a number of people. It is

thus an opportunity for me to thanks those people who have helped me generously in completion

of this project.

Exchange of ideas generates a new object to work in a better way. Apart from the ability, labor

and time devotion, guidance and cooperation are the two pillars for the success of any project.

Whenever a person is helped or cooperated by others his heart is bound to pay gratitude to them.

In the chain I am immensely thankful and convey my sincere gratitude to my mentor

Mr. Mukesh Gupta for his enlightening guidance, constant inspiration and keen interest shown

on me during the training. I deliberate my profound sense of gratitude to him and all the staff

members ofReliance Life Insurance Co. Ltd, for cooperating me at every stage of the project.

I am also grateful to my project guide Prof. Suhrud Neurgaonkar for her time to time guidance

in completing the project.

I am also thankful to all of my co-trainees, friends and my family who help me regularly

throughout the project. They acted as a continuous source of inspiration and motivated me

throughout the duration of the project helping me a lot in completing this project.


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LIST OF TABLES

Sr. No. Table Name Page No.

1 Board of Directors

2 Product(Protection Plan)

3 Product(Saving And Investment Plan)

4 Product(Retirement Plan)

5 Product(Child Plan)

6 Preference of Insurance Companies

7 Benefits of insurance perceived by respondents

8 Features of policy that attracted respondents

9 People perception about insurance

10 Number of respondents paying tax

11 Respondents investments for tax saving

12 Respondents perception about best form of investment forsecure future

13 People opinion about Indian Insurance Companies

14 What people look for in an insurance company

15 People planning for new investment

16 People interested in insurance despite service provider beingfar from the city


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LIST OF GRAPHS

Sr. No. Graph Name Page No.

1 Preference of Insurance Companies

2 Benefits of insurance perceived by respondents

3 Features of policy that attracted respondents

4 People perception about insurance

5 Number of respondents paying tax

6 Respondents investments for tax saving

7 Respondents perception about best form of investment forsecure future

8 People opinion about Indian Insurance Companies

9 What people look for in an insurance company

10 People planning for new investment

11 People interested in insurance despite service provider beingfar from the city


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EXECUTIVE SUMMARY

The PGP course offered by the MITSOL has its own unique syllabus which requires its PGP

students to undertake an internship with any of the leading business houses after the third

trimester. The purpose of this internship is to enable the students to appreciate and understand

the nuances of the practical world vis-a-vis the theoretical input administered during regular

academic sessions. This helps in creating Managers who are equipped with the experience of

linking the theoretical inputs with those of practical exposure and come out with creative

solutions / ideas in enhancing the business.

Reliance Life Insurance Company is amongst the first private life insurance company in

Insurance sector. Very soon it expanded its business through world class insurance advisors and

the company today is Indias no. 1 private life insurance company and overall second biggest

company after LIC in terms of no. of policies and services provided by the company. It is part of

Reliance Capital, a well known premier financial powerhouse of India.

Company ultimately wants to-

Understand the needs of customers and offering them superior products and service. Leveraging

technology to service customers quickly, efficiently and conveniently developing andimplementing superior risk management and investment strategies to offer sustainable and stable

returns to our policyholders

Providing an enabling environment to faster growth and learning for its employees and above all,

building transparency in all its dealings.

My profile in the company was to recruit advisors to build a team and to generate more and more

clients for the company.

Technique used is random sampling. On its basis certain recommendations have been provided

that can be helpful to Reliance Life Insurance in its near future.


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Chapter-1

INTRODUCTION

1.1 A brief history of the Insurance sector

The business of life insurance in India started in the year 1818 with the establishment of the

Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India:

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 business.

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

government and nationalized. LIC formed by an Act of Parliament with a capital contribution of

Rs. 5 crore from the Government of India.

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

Insurances company ltd, the first general insurance company established in the year 1850

Calcutta by the By the British.

Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of

general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of

conduct for ensuring fair conduct and sound business practices.


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1968: the Insurance Act amended to regulate investments and set minimum solvency margins

and the Tariff Advisory Committee set up.

1972: the General Insurance Business (Nationalization) Act, 1972 nationalized the general

insurance business in India with effect form 1st January 1973.

Life insurance:

(Life Assurance in British English) is a type of insurance. As in all insurance, the insured

transfers a risk to the insurer, receiving a policy and paying a premium in exchange. The risk

assumed by the insurer is the risk of death of the insured.

How life insurance works

There are three parties in a life insurance transaction; the insurer, the insured, and the owner of

the policy (policyholder), although the owner and the insured are often the same person. For

example, if John Smith buys a policy on his own life, he is both the owner and the insured. But if

Mary Smith, his wife, buys a policy on John's life, she is the owner and he is the insured.

Another important person involved is the beneficiary. The beneficiary is the person or persons

who will receive the policy proceeds upon the death of the insured. The beneficiary is not a party

to the policy, but is designated by the owner, who may change the beneficiary unless the policy

has an irrevocable beneficiary designation. With an irrevocable beneficiary, that beneficiary

must agree to changes in beneficiary, policy assignment, or borrowing of cash value.

The life insurance policy

The policy, like all insurance policies, is a legal contract specifying the terms and conditions of

the risk assumed. Special provisions apply, including a suicide clause wherein the policy


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becomes null if the insured commits suicide within a specified time for the policy date (usually

two years). Any misrepresentation by the owner or insured on the application is also grounds for

nullification. Most contracts have a contestability period, also usually a two-year period; if the

insured dies within this period, the insurer has a legal right to contest the claim and request

additional information before deciding to either pay or deny the claim for proceeds. The face

amount of the policy is normally the amount paid when the policy matures, although policies can

provide for greater or lesser amounts.

The policy matures when the insured dies or reaches a specified age. The most common reason

to buy a life insurance policy is to protect the financial interests of the owner of the policy in the

event of the insured's demise. The insurance proceeds would pay for funeral and other death

costs or be invested to provide income replacing the deceased's wages.

Other reasons include estate planning and retirement. Because the insured's death will be to the

financial betterment of the policy owner, the owner, by law, must have an insurable interest (i.e.,

a legitimate reason for insuring another persons life.)The insurer (i.e., life insurance company)

prices the policies with an intent to recover claims to be paid and administrative costs, and to

make a profit. The cost of insurance is determined using mortality tables calculated by actuaries.


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1.2 THE INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY (IRDA)

Formation of the IRDA:

In 1956, life insurance business was nationalized and Life Insurance Corporation of India was

formed on 1st September 1956. The government took over the business of 245 companies

operating in India, who were transacting life insurance business at that time. Thereafter LIC got

the exclusive privilege to operate in the life insurance business.

Thereafter as the markets began to grow more mature, especially the banks and the money

markets, the government again decided to open up the insurance sector to private players, this

time allowing even foreign insurance companies. But before this there had to be in place a

regulatory authority that would be independent and which would have supreme governing rights

on the different companies.

Thus in the year 1999, the Insurance Regulatory and Development Authority were formed

having the following scope:

To permit private companies to enter the insurance market

To protect the interests of the holders of insurance policies

To regulate, promote and ensure orderly growth of insurance industry.

Functions of the IRDA:

1. To issue certificate of registration, renew, withdraw, suspend or cancel such registration

2. To protect the interests of the policyholders/insured

3. To specify requisite qualifications, code of conduct, and training for insurance intermediaries

and life advisors

4. To promote efficiency in the conduct of insurance business


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5. To promote and regulate professional organizations connected with the insurance and

reinsurance business

6. To undertake inspection, conduct enquiries and investigations including audit of insurers and

insurance intermediaries

7. To control and regulate the rates, terms and conditions to be offered by the insurer regarding

general insurance business not so controlled by Tariff Advisory Committee

8 .To regulate investment of funds by insurance companies

9. To adjudicate disputes between insurers and intermediaries of insurance

10. To specify the percentage of life insurance business and general insurance business to be

undertaken in the rural or social sector


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1.3 MARKET PROFILE

Insurance is a RS.400 billion business in India and yet its spread in the country is relatively thin

insurance as a concept has not been able to make headway in India. Until recently L.I.C. enjoyed

a monopoly in life insurance business.

There is little option before the consumer to decide the insurer. A successful passage of I.R.D.A

bill had cleared the way of private sector operators in collaboration with there overseas partner in

2000. It is more professional and focused approach. Moreover the foreign players would bring

sophisticated actuarial techniques with them, which would facilitate the insurer to effectively

price the product. In this new millennium all these activities would play a crucial roll in over all

development and maturity of insurance industry.

Insurance business is growing in India. Even before the advent of the insurance development

regulatory authority and privatization on the insurance sector, insurance was a lucrative business

in India as was elsewhere life was full of risk and here was somebody who was willing to cover

some of it for nominal consideration. Business boomed, especially after nationalization on the

insurance sector in India after independence. But it is roses way for these vital sectors.

The insurance policy sales executives are really a welcome visitor to any house hold. In fact

many people consider him as the hard bringer of impending death, a gentle reminder to ultimate

realty waiting for each. One of us but ironically executives many working person would not have

head the dual pleasure of having his life covered and that the end of the cover period, getting

back a tidy sum as saving tax exemption and of course peace of mind. L.I.C. & Reliance Life

insurance has now reached a stage where people have started looking down upon you if you are

not adequately insured.

Today insurance is playing a role more than only covering a risk of life the education of children

and medical benefit of life to the women. So the insurance and specially the life insurance

corporation & other insurance companies are playing more a social role than only covering risk.


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INSURANCEMARKET

INSURANCE ISA RS. 400 BILLION BUSINESS IN INDIA, AND TOGETHER WITH BANKING

SERVICES ADDS ABOUT 7% TO INDIAS GAP. GROSS PREMIUM COLLECTION IS ABOUT

2% OF GAPANDHAS BEEN GROWINGBY 15%-20% PER ANNUM. INDIA ALSO HASTHE HIGHEST NUMBER OF LIFE INSURANCE POLICIES IN FORCE IN THE WORLD, AND

TOTALINVESTIBLEFUNDSWITH LIC AREALMOST 8% OF GDP .YETMORETHANTHREE-

FOURTH OF INDIAS INSURABLE POPULATION HAS NO LIFE INSURANCE OR PENSION

COVER .HEALTH INSURANCE OF ANY KIND IS NEGLIGIBLE AND OTHER FORMS OF NON-

LIFEINSURANCEAREMUCHBELOWINTERNATIONALSTANDARD.

INDIANSCENARIO:

UNFORTUNATELY THE CONCEPT OF INSURANCE IS NOT POPULAR IN OUR COUNTRY. AS

PER THE CONCEPT OF INSURANCE IS NOT POPULAR IN OUR COUNTRY .AS PER THE

LATEST ESTIMATE ,THE TOTAL PREMIUM INCOME GENERATED BY LIFE AND GENERAL

INSURANCE IN INDIA IS ESTIMATED AROUND A MANAGER 1.95% OF GDP .HOWEVER

INDIASSHAREOFWORLDINSURANCEMARKETHASSHOWNANINCREASEOF 10%FROM

0.31% IN 2004-2005 TO 0.34%IN 2005-2006 INDIAS MARKET SHARE IN THE LIFE

INSURANCE BUSINESS SHOWED A REAL GROWTH OF 11% THEREBY OUT PERFORMING

THE GLOBAL AVERAGE OF 7.7%NON LIFE BUSINESS GREW BY 3.1% AGAINST GLOBAL

AVERAGE OF 0.20% .IN INDIA INSURANCE SPENDING PER CAPITA WAS AMONG THE

LOWESTINTHEWORLDAT $7.6 COMPAREDTO $7 INTHEPREVIOUSYEAR . AMONGTHE

EMERGING ECONOMY, INDIA IS ONE OF THE LEAST INSURED COUNTRIES BUT THE

POTENTIALFORFURTHERGROWTHISPHENOMENAL, ASASIGNIFICANTPORTIONOFITS

POPULATIONISINSERVICEANDTHELIFEEXPECTANCYHASALSOINCREASEDOVERTHE

YEAR.

NEEDFORINSURANCE:-

MODERNLIFEINSURANCECENTERTOMULTIPLENEEDSFORINSURANCE, WHICHCANBE

BROADLYCLASSIFIEDASUNDER:

CASHANDINCOMENEEDSONANIMMEDIATELYFOLLOWINGDEATH.


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FAMILYINCOMENEEDS.

INCOMENEEDSOFAWIDOWONTHEDEATHOFHERHUSBAND.

CASHANDINCOMENEEDSOFAHUSBANDONTHEDEATHOFHISWIFE.

RETIREMENTINCOMENEEDS

EDUCATIONNEEDS.

WHATISACONTRACTOFINSURANCE?

A CONTRACT OF INSURANCE IS A CONTRACT OF UTMOST GOOD FAITH, TECHNICALLY

KNOWN AS UBERRIMA FIDES. THE DOCTRINE OF DISCLOSING ALL MATERIAL FACT IS

EMBODIED IN THIS IMPORTANT PRINCIPLE THAT APPLY TO ALL FORMS OF INSURANCE.

THEPROPOSER, WHOISONEOFTHEPARTIESTOTHECONTRACT ,ISPRESUMEDTOHAVE

MEANSOFKNOWLEDGE THATARENOTACCESSIBLETOTHECORPORATION WHOISTHE

ANOTHERPARTY TOTHECONTRACTTHEREFORETHEPROPOSESIS BOUNDTOTELLTHE

INSURER EVERYTHING AFFECTING THE JUDGMENT OF THE INSURER .IN ALL THECONTRACTOFINSURANCE THEPROPOSESISBOUNDTOMAKEFULLDISCLOSER OFALL

MATERIAL FACT AND NOT MERELY .THOSE WHO THINKS MATERIAL

MISREPRESENTATIONNON DISCLOSUREORFRAUD INANYDOCUMENTLEADINGTOTHE

ACCEPTANCE OF THE RISK AUTOMATICALLY DISCHARGES THE CORPORATION FROM

ALL LIABILITIES UNDER THE CONTRACT. ALTHOUGH SECTION 45 OF THE INSURANCE

ACT 1938 PROVIDES THAT NO POLICIES CAN BE CALLED IN QUESTION AFTER A PERIOD

OFTWOYEARSFROMTHEDATESOFITSISSUEONTHEGROUNDTHATANYSTATEMENTIN

PROPOSALORARELATEDDOCUMENTWASFALSEARE INACCURATE, THISPROVISION IS

NOT APPLICABLE IF THE CORPORATION CAN PROVE THAT MISS REPRESENTATION OR

NON-DISCLOSUREWAS

ONAMATERIALFACTANDWASFRAUDULENTLYMADEANDTHATTHEPOLICYHOLDER

KNEW AT THE TIME THAT STATEMENT HE MADE WAS FALSE. IT IS THEREFORE IF THE


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INTEREST OF THE POLICYHOLDER TO DISCLOSE ALL THE MATERIAL FACT TO THE

CORPORATIONTOAVOIDANYCOMPLICATIONWHENTHECLAIMARISES. ITISEQUALLY

OBLIGATORYONANAGENTTOSEETHATTHEASSUREDDOESNTOBTAINTHECONTRACT

BYMEANSOFUNTRUEREPRESENTATION .ITISTHEDUTYTHATTHATAGENTOWESBOTH

TOHISCLIENTANDTOTHECORPORATION.

CLASSIFICATIONOFINSURANCEBUSINESS:

THEINSURANCEISBROADLYCLASSIFIEDAS:

1) LIFEINSURANCEBUSINESS.

2) NONLIFEINSURANCEBUSINESS


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LIFEINSURANCEBUSINESS:

IT IS THE BUSINESS OF AFFECTING CONTRACTS OF INSURANCE UPON HUMAN LIFE

INCLUDING ANY CONTRACT WHEREBY THE PAYMENT OF MONEY IS ASSURED ON DEATH

ORONTHEHAPPENINGOFANYCONTINGENCYTOTHEDEPENDENTOFPREMIUM FORA

TERMANDSHALLBEDEEMEDTOINCLUDE:

THE GRANTING DISABILITY AND DOUBLE N TRIPLE INDEMNITY ACCIDENT

BENEFIT, IFSOPROVIDEDINTHECONTRACTOFINSURANCE.

THEGRANTINGOFANNUITIESOFHUMANLIFE.

THEGRANTINGOFSUPERANNUATIONALLOWANCEANDANNUITIESPAYABLEOUT

OF ANY FUND APPLICABLE SOLELY TO THE RELIEF AND MAINTENANCE OF THE

PERSON ENGAGED OR WHO HAVE BEEN ENGAGED IN ANY PARTICULAR

PROFESSION, TRADEOREMPLOYMENTOROFTHEDEPENDENTSOFSUCHPERSONS.

NONLIFEINSURANCEBUSINESS:

CONVENTIONALCLASSIFICATIONOFINSURANCEBUSINESS:

FIREINSURANCE

MARINEINSURANCE

MISCELLANEOUSINSURANCE (ACCIDENT)

MODERNCLASSIFICATIONOFGENERALINSURANCE:-

INSURANCEOFPERSON

INSURANCEOFPROPERTY

INSURANCEOFINTEREST


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ANACTTOPROVIDEFORESTABLISHMENTOFANAUTHORITYTOPROTECTTHEINTEREST

OF POLICY HOLDER, TO REGULATE TO PROMOTE AND ENSURE ORDERLY GROWTH OF

INSURANCE INDUSTRYANDFORTHEMATTERCONNECTEDTHEREWITHFORINCIDENTAL

THERETOANDFURTHERTOAMENDTHELIFEINSURANCECORPORATIONACT, 1956 AND

THEINSURANCEACT, 1938 ANDGENERALINSURANCEBUSINESSACT 1972.

SPREAD LIFE INSURANCE MUCH MORE WIDELY AND IN PARTICULAR TO THE RURAL

AREAS ANDTOTHESOCIALLY ANDECONOMICALLY BACKWARDCLASSESWITHAVIEW

TO REACHING ALL INSURABLE PERSON IN THE COUNTRY AND PROVIDING ADEQUATE

FINANCIALCOVERAGAINSTDEATH ATREASONABLE COST.

MAXIMIZEMOBILIZATIONOFPEOPLESSAVINGBYMAKINGINSURANCELINKEDSAVING

ADEQUATELYATTRACTIVE.

BEAR IN MIND ,IN THE INVESTMENT OF THE FUND ,THE PRIMARY OBLIGATION TO ITS

POLICYHOLDER, WHOSE MONEYITSHOLDINTRUST ,WITHOUTLOOSINGSIGHTOFTHE

INTEREST OF THE COMMUNITY AS WHOLE, THE FUNDS TO BE DEPLOYED TO THE BEST

ADVANTAGE OF THE INVESTORSAS WELLAS TOCOMMUNITYASAWHOLE ,KEEPING IN

VIEW NATIONAL PRIORITIESANDOBLIGATIONSOFATTRACTIVERETURN.

CONDUCT BUSINESS WITH UTMOST ECONOMY AND WITH THE FULL OF REALIZATION

THATTHEMONEYBELONGSTOTHEPOLICYHOLDER.

ACT AS TRUSTEES OF THE INSURED PUBLIC IN THEIR INDIVIDUAL AND COLLECTIVE

CAPACITIES. MEET THE VARIOUS LIFE INSURANCE NEEDS OF THE COMMUNITY WOULD

ARISE IN THE CHANGINGSOCIAL AND ECONOMIC ENVIRONMENT. INVOLVE ALL PEOPLE

WORKING IN THE CORPORATION TO THE BEST THEIR CAPABILITY IN FURTHERING THE

INTERESTOFTHEINSUREDPUBLICBYPROVIDINGEFFICIENTSERVICEWITHCOURTESY.


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Some of the important milestones in the general insurance business in India are:

1907: TheIndian Mercantile Insurance Ltd. set up, the first company to transact all classes of

general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code

of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins

and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general

insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and

grouped into four companies viz. the National Insurance Company Ltd., the New India

Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India

Insurance Company Ltd. GIC incorporated as a company.


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1.4 COMPANY PROFILE

Founder of RelianceFew men in history have made as dramatic a contribution to their countrys 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 Indias capital markets, and 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 colossusan 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 patronized 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


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Indias largest private sector enterprise.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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Overview

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

houses on all major financial parameters, with a market capitalization 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 crores (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 4,500 towns and 300,000villages in India, and 5 continents across the world.

The interests of the Group range from communications (Reliance Communications) and financial

services (Reliance Capital Ltd), to generation, transmission and distribution of power (Reliance

Energy), infrastructure and entertainment.


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1.4.1 VISION AND MISSION

Vision

To build a global enterprise for all our stakeholders and a great future for our country.

To give millions of young Indians the power to shape their destiny.

The means to realize their full potential.

Empowering everyone live their dreams.

Mission

Create unmatched value for everyone through dependable, effective, transparent, effective,

transparent and profitable life insurance and pension plans.

1.4.2 GOAL

Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:

Emerge as transnational Life Insurer of global scale and standard

Create best value for Customers, Shareholders and all Stake holders

Achieve impeccable reputation and credentials through best business practices

Values

SHAREHOLDER INTEREST

PEOPLE CARE

CONSUMER FOCUS

EXCELLENCE IN EXECUTION

TEAM WORK

PROACTIVE INNOVATION

LEADERSHIP BY EMPOWERMENT
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SOCIAL RESPONSIBILITY

RESPECT FOR COMPETITION

SHAREHOLDER INTEREST

We value the trust of shareholders, and keep their interests paramount in every business decision

we make, every choice we exercise

PEOPLE CARE

We possess no greater asset than the quality of our human capital and no greater priority than the

retention, growth and well-being of our vast pool of human talent

CONSUMER FOCUS

We rethink every business process, product and service from the standpoint of the consumer so

as to exceed expectations at every touch point

EXCELLENCE IN EXECUTION

We believe in excellence of execution in large, complex projects as much as small everyday

tasks. If something is worth doing, it is worth doing well.

TEAM WORK

The whole is greater than the sum of its parts; in our rapidly-changing knowledge economy,

organizations can prosper only by mobilizing diverse competencies, skill sets and expertise; by

imbibing the spirit of thinking together -- integration is the rule, escalation is an exception

PROACTIVE INNOVATION

We nurture innovation by breaking silos, encouraging cross-fertilization of ideas & flexibility of

roles and functions. We create an environment of accountability, ownership and problem-solving

based on participative work ethic and leading-edge research
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LEADERSHIP BY EMPOWERMENT

We believe leadership in the new economy is about consensus building, about giving up control;

about enabling and empowering people down the line to take decisions in their areas of operation

and competence.

SOCIAL RESPONSIBILITY

We believe that organizations, like individuals, depend on the support of the community for their

survival and sustenance, and must repay this generosity in the best way they can

RESPECT FOR COMPETITION

We respect competition because theres more than one way of doing things right. We can learn

as much from the success of others as from our own failures


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1.4.3 ACHIEVEMENTS

RLIC has been one of the fast gainers in market share in new business premium

amongst the private players with an incremental market share of 4.1% in the Financial

Year 2007-08 from 3.9% in April 07 to 8% in Feb 08. ( Source: IRDA)

Also continues to be amongst the fast growing Private Life Insurance Companies

with a YOY growth of195% in new business premium as of Mar08.

A Company that has crossed 1.7 Million policies in just 2 years of operation, post take

over of AMP Sanmar business.

Initiated Express Life an Unique Over the Counter sales process for Unit Linked

Insurance Policies in the Industry.

Accomplished a large distribution ramp-up in the Industry in a short span of time by

opening 600 branches in 10 months taking the overall branch network above 740.

RLIC continues to be one of the two Life Insurance companies in India to be certified

ISO 9001:2000 for all the processes.

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in

the Financial Services category by Council for Fair Business Practices (CFBP).


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LEADERSHIP TEAM

Board of Directors

Sr. No. Name Designation

1. Gautam Doshi Director

2. Satya Pal Talwar Director

3. Saumen Gosh Group President

4. P Nandgopal CEO

5. Malay Gosh Deputy CEO

6. Maneesha Thakur Chief Human Resources Officer

7. Rajesh Bahl Sr VP-Legal & Chief Financial Officer

8. Pournima Gupte Appointed Actuary

9. C Mohan Chief Technology Officer

10. R Rangarajan Chief Investment Officer

11. S V Sunder Krishnan Chief Risk Officer

12. Saroj K Panigrahi Head-Legal, Compliances & Company Secretary

1.5 PRODUCT PROFILE


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RELIANCE LIFE INSURANCE PRODUCTS

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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Child Plans

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 your 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 awayit is the best gift you could ever give

your child.

Some of the Child Plans are:-

Sr. No. Name of the plan

1 Reliance Super Invest Assure Plan

2 Reliance Child Plan3 Reliance Wealth + Health Plan4 Reliance Secure Child Plan
http://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/SuperInvestAssure/SuperInvestAssure.aspx?from=Savings%20%26%20Investment%20Plan&path=SavingsnInvestmentPlan/savings_n_investment_plan.aspxhttp://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/ChildPlan/RCP_reliance_child_plan.aspx?from=Child%20Plans&path=ChildPlans/child_plan.aspxhttp://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/WealthHealth/RWHP_reliance_wealth_health_plan.aspx?from=Child%20Plans&path=ChildPlans/child_plan.aspxhttp://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/SecureChildPlan/RSCP_reliance_secure_child_plan.aspx?from=Child%20Plans&path=ChildPlans/child_plan.aspxhttp://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/SuperInvestAssure/SuperInvestAssure.aspx?from=Savings%20%26%20Investment%20Plan&path=SavingsnInvestmentPlan/savings_n_investment_plan.aspxhttp://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/ChildPlan/RCP_reliance_child_plan.aspx?from=Child%20Plans&path=ChildPlans/child_plan.aspxhttp://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/WealthHealth/RWHP_reliance_wealth_health_plan.aspx?from=Child%20Plans&path=ChildPlans/child_plan.aspxhttp://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/SecureChildPlan/RSCP_reliance_secure_child_plan.aspx?from=Child%20Plans&path=ChildPlans/child_plan.aspx


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1.6 OBJECTIVE AND SCOPE OF THE STUDY

Objective of the study:

To study the sales strategy of field force of Reliance Life Insurance.

To study the process of selling of Insurance policies by Advisors.

To know client behavior and deal with clients.

To generate clients for company through a team of Advisors and insurance consultants.

To increase the market value of the company through product promotion.

Quick rollout of products.

Scope of the study:

At the present time of cutthroat competition in every industry, every company want to top the

chart and want to show as big as possible figure of profits in its balance sheet. It is quite clear

today that at present time the growth of any organization is possible only with the help of

hardworking and well focused staff that are the backbone of any organization.


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It was my great pleasure that I completed my summer training from Reliance Life Insurance where

I got to know that in insurance industry the skills of the manpower matters most and increasing

number of insurance consultants help the organization to increase its policies which in turn result

in growth for the organization.

Chapter-II

RESEARCH METHODOLOGY

Research is an organized inquiry designed and carried out to provide information to solve the

problem. Research is the process of systematically obtaining accurate answer to significant

pertinent questions by the use of gathering data, interpretation and work.

Research methodology is a way to systematically solve the research problem. Research

methodology constitutes of research methods, selection criterion of research methods, used in

context of research study and explanation of using of a particular method or technique so that

research results are capable of being evaluated either by researcher himself or by others. Why a

research study has been undertaken, how the research problem has been formulated, why data

have been collected and what particular technique of analyzing data has been used and a best of

similar other question are usually answered when we talk of Research methodology concerning a

research problem or study. The main aim of research is to find out the truth which is hidden and

which has not been discovered as yet.

2.1 RESEARCH DESIGN

Exploratory & Descriptive Experimental Research


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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 are conducted to collect

the customers perception and buying behavior, through this questionnaire


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2.2 SAMPLING METHODOLOGY

2.2.1 Sampling Technique: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

Random Sampling.Random Sampling.

2.2.2 Sampling Unit:

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

comprise of employees of MNCs, Govt. Employees, and Self Employed etc.

2.2.3 Sample size:

The sample size was restricted to only 100, which comprised of mainly people from different

regions of Pune due to time constraints.

2.2.4 Sampling Area:

The area of the research was Aundh, Kothrud, Hinjewadi (Pune), India.


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2.3 INSTRUMENT FOR DATA COLLECTION

To know the response, I have used the questionnaire method. If one wishes to find what

insurance care consultants think or know, the logical procedure is to ask them. This has led

marketing researchers to use the questionnaire technique for collecting data more than any other

method.

In this method questionnaire were distributed to the respondents and they were asked to answer

the questions in the questionnaire. The questionnaire were structured non disguised questionnaire

because the question which the questionnaire contained, were arranged in a specific order

besides every question asked were logical for the study, no question can be termed as irrelevant.

The questionnaire was non-disguised because the questionnaire was constructed so that the

objective is clear to the respondent. The respondents were aware of the objective. They knew

why they were asked to fill the questionnaire.

With the help of following techniques, which are using by Reliance Life Insurance, I analyze that

the how techniques of sales promotion are useful.


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2.4 DATA COLLECTION SOURCES

2.4.1 PRIMARY DATA SOURCES

Through interaction with insurance care consultant

Through questionnaires filled from the insurance care consultant.

2.4.2 SECONDARY DATA SOURCES:

Through internet, various official sites of the companies.

Through pamphlets and brochures of the companies.

Journals & Magazines.


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2.5 LIMITATIONS OF THE STUDY

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

pattern applicable to all of Country.

2. The study was conducted in Reliance Life Insurance in Pune city. The sample size was

of 100 only so that accuracy of data so collected could be absurd covered by circulation

of questionnaire.

3. The accuracy of indications given by the respondents may not be consider adequate as

whether the language used in the questionnaire is understood by the respondent cannot be

taken for granted.

4. The study is based on the information gathered from the different policyholders.Therefore in such case it is possible that the information supplied might be biased

because the policyholders might have shown partiality towards different insurance

policies.

5. Since the survey was limited to 100, it is rather difficult to give a precise conclusion but I

have tried to the best of my capability to give the conclusion on a comprehensive manner.


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Chapter-III

DATA ANALYSIS AND INTERPRETATION

DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

COMPANYS NAMENO.OF

RESPONDENT

SHARE (%)

L.I.C. 78 78

RELIANCE LIFE

INSURANCE10 10

ICICI PRUDENTIAL 3 3

SBI LIFE 7 7

HDFC 2 2

TOTAL 100 100


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INTERPRETATION

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

by that percent of respondents.


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DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY

RESPONDENTS

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 FutureUncertainty

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


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INTERPRETATION

Majority of the respondent (37%) found larger risk coverance as the most attracted feature of

the all.

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%

INTERPRETATION


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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.

DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Paying tax 100 100%

Not paying tax - 0%

Total 100 100%


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INTERPRETATION

Of the sample size of 100 respondents, all the respondents are paying tax.

DATA SHOWS RESPONDENTS INVESTMENTS FOR TAX SAVING

INVESTMENTS NO. OF

RESPONDENTS

SHARE (%)

LIC 51 51%

NSC 33 33%

Bonds 32 32%

PPF 25 25%

PF 21 21%

100%

0%

Paying tax Not paying tax


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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.

DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM OF INVESTMENT

FOR SECURING THEIR FUTURE

NO. OF

RESPONDENTS

SHARE (%)

Fixed Assets 75 75%

51

3332

25

21

11

LIC NSC BOND PPF PF EPF


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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 PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

75

11

2540

10

70

Fixed Assets

Bank deposits

Cash & Jewellery

Securities i.e.bonds, MFs

Shares

Insurance


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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

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.

67

2926

33

24 10

0

Inflexible plans Non user friendly

Unsatisfactory services Non Aggressive

Satisfactory Good

Very good


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DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS

RESPONSE NO. OF RESPONDENTS SHARE (%)

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.

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.

87.0%

13.0%

Planning Not planning


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DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE IF A SERVICE

PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE & PRODUCTS

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Yes 43 43%

No 44 44%

Uncertain 13 13%

Total 100 100%

INTERPRETATION

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.

43%

44%

13%

Yes No Uncertain


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Chapter-IV

FINDINGS

For me the product promotion process was very much satisfying not only practically and

academically but it also helped me in developing my communication skill and enriched

my knowledge also.

I have come to know about the importance of marketing especially with regard to Product

Promotion on the most renowned organization like Reliance Life Insurance. Especially

because of emergence of many competitor with excellence in services & competitive

product. The base of this chapter conclusion is on the data analysis or what we say

findings.

According to the findings, most of the customers are planning for new investment.

Especially they are looking for a trusted name and if the products are good then they are

ready to invest despite a service provider is away from the city.

Most of the respondents think that Fixed Assets are the best form of investment for

securing their future.

Majority of the respondents perceive Insurance as a Saving Tool.

Finding says that low premium is the feature that attracts a person the most.


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Chapter-V

CONCLUSION

The company faces a large amount of competition. To sustain itself it must promote its products

through advertising and improve its selling techniques. Consumers must be aware of the new

plans available at Reliance Life Insurance Co.Ltd.

The medium of advertising used could be television since most of its competitors use this tool to

promote their products. The company must be promoted as an Indian company since consumer

seem to have more trust in investing in Indian firms.

The Unit linked concept must be specifically promoted. The general perception of life insurance

has to change in India before progress is made in this field. People should not be afraid to invest

money on insurance and must use it as an effective tool for tax planning and long term saving.

Reliance Life Insurance co. Ltd. could tap the rural markets with cheaper products and smaller

policy terms. There are individuals who are willing to pay small amounts as premium but the

plans do not accept premium below a certain amount. It was usually found that a large number of

males were insured compared to females. Individual below the age of 30(mostly male) were

interested in investment plans. This was a general conclusion drawn during prospecting clients.

Chapter-VI


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RECOMMENDATIONS

As the people think that insurance is a tool to protect their family & a tax saving device.

They are aware of the fact & realizing its, importance. The company should try to expand &

build up its infrastructure because there is a large potential for insurance in India.

Company should come up with its branch in rural areas, with the objective and goals to meet

the demands & expectations of the public. Because the entrance of private players will increase

the competition and it would be a tough task to secure a good position in market.

Since Reliance Life Insurance is one of leading company in insurance sector therefore it

should be easy for them to penetrate into the market and secure a good position if they pay

greater attention to the service part provided to their customer and thereby forming a long and

trusted relationship.

As seen from the survey that at present 70% of the customer are having insurance policy out

of which 87% of the customer are planning for new investments. So it can be a good potential for

the company and they should make an attempt to trap these customers.

43% of the customer is even ready to go for insurance if a service provider away

from their home is providing it. But intend they should provide good products and services. The

company should try to convince these customers and get them in its favor.


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Chapter-VII

BIBLIOGRAPHY

1.) Books Referred

Kothari C. R.: Research Methodology (2004), New Age Publication

2.) Websites Referred

www.reliancelife.co.in

www.moneyoutlook.com

www.insurance.ind.com
http://www.reliancelife.co.in/http://www.moneyoutlook.com/http://www.insurance.ind.com/http://www.reliancelife.co.in/http://www.moneyoutlook.com/http://www.insurance.ind.com/


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ANNEXURE

(A) QUESTIONNAIRE

NAME: _________________________

ADDRESS: ______________________

______________________________

OCCUPATION: ___________________

ARE YOU EMPLOYED?

YES NO

DO YOU HAVE ANY INSURANCE POLICY?

YES NO

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


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f) TATA AIG LIFE

g) ANY OTHER ________ (Specify)

WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE COVER?

(RANK THEM)

a) COVER FUTURE UNCERTAINITY

b) TAX DEDUCTIONS

c) FUTURE INVESTMENT

d) ANY OTHER _________ (Specify)

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

e) EASY ACCESS TO AGENTS

f) ANY OTHER _________ (Specify)

YOUR MONTHLY INCOME?

a)


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WHATS YOUR PERCEPTION ABOUT INSURANCE?

(RANK THEM)

a) A SAVING TOOL

b) A TAX SAVING DEVICE

c) A TOOL TO PROTECT FUTURE

DO YOU PAY TAXES?

YES NO

WHERE HAVE YOU INVESTED FOR TAX SAVING?

(RANK THEM)

a) LIC

b) NSC

c) BONDS

d) PPF


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e) PF

f) EPF

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

HOW WOULD YOU RATE INDIAN INSURANCE COs?

a) RIGID PLANS

b) NON-USER FRIENDLY

c) UNSATISFATORY SREVICES


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d) NON-AGGRESSIVE

e) SATISFACTORY

f) GOOD

g) VERY GOOD

WHATWOULD YOU LOOK FOR IN AN INSURANCE COs?

(RANK THEM)

a) A TRUSTED NAME

b) FRIENDLY SERVICE & RESPONSIVENESS

c) GOOD PLANS

d) ACCESSIBILITY

ARE YOU PLANNING FOR NEW INVESTMENTS?

PLANNING NOT PLANING


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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

Documents

59465647 a Project Report on Reliance Life Insurance