Abha Project

8/8/2019 Abha Project

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On

Under

Submitted To

Master of Finance and

Control

Department of Applied Economics and

Commerce

Patna University, Patna

Under the supervision of: Submitted

by:

Dr. Md. Aalamgir Abha Kumari

Senior Lecturer Roll No - 31

M.F.C. Programme M.F.C.-II

Department Of Applied Session - 2009-11

Economics & Commerce

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Patna University, Patna.

Preface

Summer projects during the break in studies after the completion

of the 1st year in postgraduate courses in management, are a

regular feature in the curriculum of MASTER OF FINANCE AND

CONTROL, DEPARTMENTOF APPLIED ECONOMICS AND COMMERCE,

PATNA UNIVERSITY, PATNA.

These summer impart training to the students through the

assignment of an on line project, which they have to complete for

the organization, while staying with them the whole period of

work.

The projects not only give a chance to the students to apply

whatever knowledge they have gained over in the 1st year in a

practical way, but they also help them a practical experience of

life as a manager in a real work setting. These projects help the

students to practically apply the concepts of management, like

planning, organizing etc., in a real work setting as well. These

projects are also the means of initiating the students to the

discipline of corporate life.

Overall the summer projects are an effective learning experience

for the management students and are very helpful for them in

their later lives as management professionals.

In my case the summer project at Reliance, has provided me with

an excellent opportunity to learn under some of the top

professionals in the field of finance. The project has also provided

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me with an opportunity to interact with the various persons

related with the field of insurance.

Acknowledgement

I would like to thank my project guide Mr. Aditya Kumar Singh, TerritoryManager RELIANCE Life Insurance, Patna for guiding me through my summer

internship and research project. His encouragement, time and effort are greatly

appreciated.

I would like to thank Lect. Dr. Md. Aalamgir , for supporting me during this

project and providing me an opportunity to learn outside the class room. It was a

truly wonderful learning experience.

I would like to dedicate this project to my parents. Without their help and

constant support this project would not have been possible.

Lastly I would like to thank all the respondents who offered their opinions and

suggestions through the survey that was conducted by me in Patna.

Once again my gratitude to the RELIANCE Life insurance. For their kind co-

operation.

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Declaration

I Abha Kumari, student of MFC (part - II) of “Department of Applied

Economics & Commerce, Patna University” hereby declare that the

summer training report entitled “Effect of Reforms on Insurance

Sector” in Reliance Life Insurance is an original work and the same has

not been submitted to any other institute for the award of any otherdegree.

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Signature of candidate

(ABHA KUMARI)

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E xecutive Summary

In today’s corporate and competitive world, I find that insurance

sector has the maximum growth and potential as compared to the

other sectors. Insurance has the maximum growth rate of 70-80%

while as FMCG sector has maximum 12-15% of growth rate. This

growth potential attracts me to enter in this sector and LIFE

INSURANCE POLICY 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 LIFE INSURANCE POLICY has adequate agents in the

market they can capture big market as compared to the other

companies.

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CHAPTERCHAPTER -I -I

Introduction

Industry Reforms

Industry Reforms• Industry Reform was initiated with the passage of IRDA Bill in Parliament in

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December 1999

• IRDA has stuck to its schedule of framing regulations & registering the privateinsurance companies

• As an independent statutory body of IRDA, it put in a framework of globallycompatible regulation

•Provided supporting systems and IRDA online service for issue & renewal of agents’ licenses

• Approval ensured that companies would have a trained workforce of agents tosell their products.

Present Scenario - Life Insurance Industry in India

Life Insurance in India

• The Industry grew by impressive 47.38% with premium income at Rs. 1560.41bn during 2006-2007

• Total volume of LIC’s business increased but its market share came down from

85.75% to 81.91%• The 17 private insurers increased their market share from about 15% to 19% in a

year’s time

• The share of LIC further came down to 75%, while the private players havegrabbed over 24%

• With opening of the Insurance industry in India, many foreign players haveentered the market

• The foreign companies are restricted not to have more than a 26% stake in acompany’s ownership

• Foreign funds (Rs. 8.7 bn) poured into Indian market & 19 private players havebeen granted licenses

• Innovative products, smart marketing & aggressive distribution enabled privateto sign up Indians

• Now it was a step to snap up the new innovative products on offer than only atax saving device

• It includes plans (investment with insurance & good returns (unit linked plans),multi-purpose insurance plans, pension plans, child plans and money back plans

Objectives of Study

Objectives

• Proper understanding & analysis of life insurance industries

• To know about brand awareness of Reliance Life Insurance and customers’preference

• To know about how much potential of insurance market in our city by marketsurvey

• Make a report on research on base of analysis of result obtained

• Training aims at recruiting maximum Life advisors to sell the maximum policiesfor company benefit

• To observe different products launch by other competitors: ICICI Prudential,Bajaj Alliance, LIC etc

• To understand the overall working of the Life Insurance Sector

• To find the right candidate

• To know about their family background, occupation, social relation, qualification,age

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Objectives

Primary Objectives

•

To determine reasons behind opting for an insurance• To provide the company with information of customer’s insurance policy &

reason for opting that

• To know the most preferred policy

Secondary Objectives

• To determine customer’s perception & related expectation towardsprivate insurance companies

• To determine the feedback on services provided by any other insuranceagent(s)

• To study the types of benefits provided by insurance services

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

Hypothesis

Hypothesis

• The liberalization of the Indian insurance sector has been heated subject of debatefor some years

• Competition, development & growth are essential for channeling investment toinfrastructure sector

• A cautious approach needed for foreign participation to stop seep out of substantialpremium

• IRDA saw that maturing polity emerging consensus among factions of differentpolitical parties

• IRDA allowed private entry into insurance with some changes & restrictive clauses

• Market expansion presents multitude of challenges & opportunities for old/new,public/private insurer

• Key issues, possible trends, opportunities & challenges were under the realm of possibilities & speculation

Methodology

Scope• Big boom has witnessed due to enterance of large number of new players into

Insurance industry

• The study deals with Reliance in focus & the various segments that it caters to

• To evaluate & analyse the findings so as to present a clear picture of trends ininsurance sector

Significance (to Industry)

• Limited study takes into consideration the responses of 100 people

• Data can be explorate to take in the trends across the industry

• Industry’s significance lies in studying these trends that emerge from study

• Being a rapidly changing & evolving sector, people are begining to wake up toits vast possibilities

• This study can attemp to guide the future of industry based on current trends

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Significance (for Researchers)

• To facilitate & provide all useful information of study, the company, theinsurance industry

• To provide marketing ways, methods of Reliance Life Insurance

Limitations

Limitations

• The research is confined to a certain parts of Patna & does not necesserily shows apattern to all country

• Some respondent were reluctant to divulge personal information which can affect thevalidity of response

• Being a rapidly changing industry, one day analysis is not stable

• The environmental changes are vital to be considered in order to assimilate thefindings

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Chapter II

Profile of Organization

Introduction to the Company

Reliance Life Insurance - Founder

Few men in history have made as dramatic a contribution to their country’s

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

left behind a legacy that is more enduring and timeless.

• As with all great pioneers, there is more than one unique way of describing the true

genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud

patriot, the leader of men, the architect of India’s capital markets, and the champion

of shareholder interest.

• But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth

creator. In one lifetime, he built, starting from the proverbial scratch, India’s largest

private sector enterprise.

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• When Dhirubhai embarked on his first business venture, he had a seed capital of

barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he

converted this fledgling enterprise into an Rs 60,000 crore colossus—an

achievement which earned Reliance a place on the global Fortune 500 list, the firstever Indian private company to do so.

• Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when

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

place 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-earnedmoney 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 Dhirubhai’s extraordinary vision and leadership, Reliance scripted one of

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

to become India’s largest private sector enterprise.

• Throughout 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 world’s

largest shareholder families.

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

India’s 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.

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• 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

Corporate.

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.

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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.

Corporate Mission

“To set the standard in helping our customers manage their

financial future”.

Insurance Plans Available

No.

Plans Names Formerly knownas

1 Insurance Products (Individual plans) Saving (Endowment)2 Reliance Endowment Plans Divya Shree3 Reliance Special Endowment

PlansShubh Shree

4 Reliance Cash Flow Plans Dhan Shree5 Reliance Child Plans Yuva Shree6 Reliance Whole Life Plans Nithya Shree7 Pension Reliance Golden Years Plan Bhaagya Shree8 Reliance EDLI

Scheme -Pension

Reliance Group Gratuity Policy Group Gratuity Policy9 Reliance Group

Superannuation Policy

Group Superannuation

Policy10 Investment Reliance Market Return Plan Kanak Shree

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11 Risk/Protection ---12 Reliance Term Plan Raksha Shree13 EDLI Scheme Reliance Money Guarantee

Plan---

14 Products Plans

(Group/Corporate)

Reliance Group Term

Assurance Policy

Group Term Assurance

Policy

Tax Benefits

Income Tax Section

Gross Annual Salary

Tax Saving HDFC Standard LifePlans

Section 80C AcrossAll

IncomeSlabs

Up to Rs.33,990 on Rs.

1,00,000

All Life Insurance plansSection 80CCC All Pension Plans

Section 80D Up to Rs.3,399 on Rs.

10,000

All Health Insurance Ridersavailable with Conventional

PlansTotal Saving

PossibleRs. 37,389

(Rs. 33,990 under Sec. 80C and under Sec. 80 CCC, Rs.3,399 under Sec. 80 D, calculated for a male with gross

annual incomeexceeding Rs. 10, 00,000.)

Section 10 (10)D Benefits received are completely tax-free, subject to conditionslaid down therein.

Reliance Policies

• Reliance Children Plan

Introduction (Reliance Secure Child Plan)

• Reliance Secure Child Plan, a unit linked insurance cum savings plan securingchild’s future.

Key Features (Reliance Secure Child Plan)

• Will continue to pay the premium even if you are not alive i.e. child iscompletely protected

• Life time income to child in the event of disability

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• Return shield option to protect your investment returns & Liquidity in the form of partial withdrawls

• Capital guarantee on maturity/death of the child with an option to package withAccidental Death.

• Riders (Total & Permanent Disablement, Critical Conditions and Term Life

Insurance Benefit)

• Reliance Health + Wealth policy

Introduction (Reliance Wealth Health plan)

• For those who are in the cat race of making money and forgeting to take care of health.

• Investment risk in investment portfolio is borne by the policy holder.

Key Features (Reliance Wealth Health plan)

• A unit linked plan with unique saving component to choose from two differentplan options

• Twin benefits of market linked return and health protection• Flexibility to take care of your family’s health as well as

• Flexibility to switch between funds/plan options

• Option to pay top-ups

• Reliance Pension policy

Introduction (Reliance Super golden Years plan)

• Allows to save systematically & generate the corpus to make your olden yearslook golden.

• Investment risk in investment portfolio is borne by the policy holder.

Key Features (Reliance Super golden Years plan)

• Invest systematically and secure your golden years

• Flexibility to advance/extend your Vesting Age & to switch between funds

• Eight different investment funds to choose from

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

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

• Reliance Whole Life Insurance policy

Introduction (Reliance Whole Life plan)

• Family will recieve timely financial support they need even at/after yourunfortunate death.

Key Features (Reliance Whole Life plan)

• Insurance protection till age of 85 & choice of extending your insurancecoverage till age of 99

• Convinient Premium Payment Term as well as wealth creation through bonusadditions

• High Sum Assured Rebate get Sum Assured plus bonuses in case of yourunfortunate death

• Option to add 2 Riders - Critical Illness, Accidental Death Benefit & Total &Permanent Disablement

• Policy loan available after 3 full years premium payment

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Chapter III

ResearchMethodology

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Research Methodology

Title

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

Title Justification

• The above title is self explanatory

• The study deals mainly with studying the buying pattern in insurance industrywith focus on RLI

• Various segments of divided in terms of insurance needs, age groups,

satisfaction level etc were studied

Sampling Methodology

Sampling Techniques

• A rough draft was prepared keeping in mind the objective of research

• A pilot study was done in order to know the accuracy of questionnaire

• Final questionnaire was arrived only after certain important changes were done

• Finally sampling was judgemental and convinient

Sampling unit • The respondents who filled questionnaire are sampling units

• These comprise of employees of MNCs, Govt. Employees, and Self Employedetc.

Sample Size

• Sample size was restricted to only 100

• The size comprised of mainly people from different regions of Patna due totime constraints

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CHAPTER IV

Analysis & interpretation of collected data

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DATA ANALYSIS & INTERPRETATION

DATA GIVES PREFERENCE OF RESPONDENTS OFINSURANCE COMPANIES

Companies Respondents Share (%)L.I.C. 78 78

Reliance Life Insurance 3 3

ICICI Prudential 10 10

SBI Life 7 7

HDFC 2 2

Total 100 100

27

3

10

78

LIC

REL

ICICI

SBI

HDF

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

Benefits Respondents Share (%)

Cover Future Uncertainty 55 55Tax 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.

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55%20%

25%Cover Future

Uncertainty

Tax Deductions

Future Investment



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

Company’s Reputation 11 11

TOTAL 100 100

15%

37%

7%

30%

11%

FEATURES OF INSURANCE POLICY

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. OFRESPONDENTS

SHARE (%)

LIFE POLICY 75 75

NON LIFE POLICY 25 25

BOTH 45 45

NATURE OF POLICY

75

25

45

LIFE

POLICYNON LIFE

POLICYBOTH

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.

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70%

30%

Yes

No



• And at present 100% of the respondents are with the view that

Insurance is a tool to protect your family.

DATA SHOWS BUYING PROCESS OF THE PEOPLE

BUYING PROCESS NO. OF

RESPONDENTS

SHARE (%)

Customer approached

Insurance company/Agent

45 45%

Company/agent approachedcustomer

55 555

Total 100 100%

INTERPRETATION

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

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55%

45%

Customer approached Insurance company/Agent

Company/agent approached customer



• Whereas, 55.5% of the respondents were approached by the

Company /Agent.

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DATA SHOWS REASONS BEHIND FOR INSURANCE

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Tax saving 80 80%

Saving / Investment 80 80.%

Family protection 100 100%

INTERPRETATION

•

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

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

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

for their family protection.

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80

100

80

Slice 1 Slice 2 Slice 3



DATA SHOWS SATISFACTION OF RESPONDENTS

WITH RESPECT TO POLICY

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Satisfied 60 60%

Not satisfied 40 40%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

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

policy.

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

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

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0%

40%

60%

Satisfied Not satisfied Not Responded



DATA SHOWS SATISFACTION OF +RESPONDENTS

WITH RESPECT TO SERVICE AGENT

RESPONSE NO. OF

RESPONDENT

S

SHARE (%)

Satisfied 45 45%

Not satisfied 55 55%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

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

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

agent.

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

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55.00%45.00%

Satisfied Not satisfied



DATA SHOWS NUMBER OF RESPONDENTS PAYING

TAX

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Paying tax 100 100%

Not paying tax - 0%

Total 100 100%

INTERPRETATION

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

tax.

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0%

100%

Paying tax Not paying tax



DATA SHOWS RESPONDENT’S INVESTMENTS

FOR TAX SAVING

INVESTMENTS NO. OF

RESPONDENTS

SHARE (%)

LIC 51 51%

NSC 33 33%

Bonds 32 32%

PPF 25 25%

PF 21 21%

EPF 11 11%

INTERPRETATION

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

highest among all Investment. This shows that most people for getting taxes

benefits invest in LIC.

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

Page | 32

33

32

25

2151

LIC NSC BOND PPF PF EPF



• 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%

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.

Page | 33

11

2540

10

7075

Fixed Assets

Bank deposits

Cash &

JewellerySecurities i.e.

bonds, MFsShares

Insurance



DATA SHOWS WHAT PEOPLE INTENT TO GAIN

FROM THEIR INVESTMENT

RESPONSE NO. OFRESPONDENT

S

SHARE (%)

Saving & Returns 100 100%

Security 90 90%

Tax benefits 71. 71.%

INTERPRETATION

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

investment.

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

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

their investments.

Page | 34

90

71

100

Saving & Returns Security Tax benefits



DATA SHOWS WHAT PEOPLE WOULD LOOK

FOR IN AN INSURANCE COMPANY

RESPONSE NO. OFRESPONDENTS

SHARE (%)

A trusted name 82 82%

Friendly service &responsiveness

71 71%

Good plans 81 81%

Accessibility 49 49%

INTERPRETATION

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

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

• Friendly service & responsiveness and Accessibility are also important

factors looked by customers in a company.

Page | 35

71

81

49

82

A trusted name

Friendly service & responsiveness

Good plans

Accessibility



• 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.

Page | 36

87.0%

13.0%

Planning Not planning



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.

Page | 37

43%

44%

13%

Yes No Uncertain



CHAPTER V

Conclusions & Suggestions

CONCLUSION

Page | 38



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.

SUGGESTION

Page | 39



• According the survey only 42% people are insured in PATNA so

reaming other part is potential for insurance sector.

• Among that 42% people who having insurance, they have

insurance 40% for self 28%for spouse 21% for children and 18%

for their parents and 11% for all family member, also its very

help full for insurance sector so they should take necessary step

for capture this potential.

• Only 42% people having insurance in PATNA in that 42% there

are 82 % people are under insured and other 18% people are

fully insured according to their income so that is also plus point

for insurance sector to capture the market

BIBLIOGRAPHY

Page | 40



1. BOOKS/MAGAZINES REFFERED:

STUDY GUIDE- PRINCILES & PRACTICES OF LIFE / GENERAL

INSURANCE, by AIMA.

Books published by INSURANCE INSTITUTE OF INDIA

LIFE-INSURANCE, by Mc GILL

INSURANCEWATCH.

MONEYOUTLOOK.

2. WEBSITES REFFERED:

WWW.RELIANCELIFE.CO.IN

WWW.CIFAI

NSURANCE.COM

WWW.MONE

YOUTLOOK.COM

WWW.INSUR

ANCE.IND.COM

3. REPORTS/ARTICLES REFFERED:

REPORT: ISSUES & CHALLENGES FACING THE INSURANCE INDUSTRY….

Dec2005.

BRIEF PROFILE OF LIC, INDIA…Dec 2006.

REPORT: COPING WITH COMPETITION…Jan2007

http://www.cifainsurance.com/


http://www.moneyoutlook.com/


http://www.insurance.ind.com/








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Abha Project