Customer Satisfaction Through After Sale Service

7/29/2019 Customer Satisfaction Through After Sale Service

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Customer Satisfaction Through After Sale Service Page 1

CONTENTS

Chapter 1 Rationale for the study 1

Chapter 2 Objective of the study

Title of the project Objective of the study Scope of the study

2-3

Chapter 3 Profile of the company 4-50

Chapter 4 Theoretical Perceptive 51-59

Chapter 5 Research Methodology

Research Design

Data collection methods / sources

Sampling plan which should include sampling unit,

sampling size and sampling methods via questionnairemethods, interview methods, observations etc

60-62

Chapter 6 Data analysis and interpretations using various charts and

graphs

63-77

Chapter 7 Findings 78-79

Chapter 8 Limitations if any 80

Chapter 9 Expected contribution from the study 81-82

Appendix and Bibliography 83-89


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Rationale for the Project

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.

Yet, nearly 80 per cent of Indian population is without life insurance cover while

health insurance and non-life insurance continues to be below international standards.

And this part of the population is also subject to weak social security and pension

systems with hardly any old age income security. This itself is an indicator that growth

potential for the insurance sector is immense.


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OBJECTIVES

1. To study the companys procedures conducted by the company for retaining thecustomers.

2. To study the current market trends in Customer Relationship Management.

3. To study the companies efforts in maintaining and motivating the advisors forretaining an existing customer and building a new customer

SCOPE OF THE STUDY


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To understand the relations maintained by the Reliance Insurance Company with

its customers. Ever increasing competition, low interest rates, and declining margins have

driven firms to discover the customer as the basic element in their business equation

Insurance as a sector has shown tremendous growth in recent years. People now are

becoming more secured in terms of their life as well as their money. They want a

profitable benefit out of their investment. There is a need to know the companies efforts

towards convincing the customer about their product and to know how to create loyal

customers. 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 450 billion.


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PROFILE OF THE COMPANY

RELIANCE LIFE INSURANCE CO. LTD.

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

fortunes as did the founder of Reliance, Shri. 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 truegenius of DHIRUBHAI: The corporate visionary, the unmatched strategist, 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 wealthcreator. 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 ofbarely US$ 300 (around Rs 14,000). Over the next three and a half decades, heconverted 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, whenReliance 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 retailinvestors 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.


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Under Dhirubhai extraordinary vision and leadership, Reliance scripted one of thegreatest growth stories in corporate history anywhere in the world, and went on to

become Indias largest private sector enterprise.

Through out this amazing journey, Dhirubhai always kept the interests of the ordinaryshareholder 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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RELIANCE CAPITAL

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 servicessector 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 offerneed based Life Insurance solutions to individuals and Corporate.

Reliance capital entered into the life insurance business by acquiring AMP Sanmar in

October 2005. The business was thereafter renamed Reliance Life Insurance. Today

RLIC has over 20 products - 16 individual plans and 4 employee benefit plans - including

the two new innovative productsConnect to Life and Reliance Money Guarantee Plan -

that were launched recently.

Reliance Life Insurance Company (RLIC) has been accorded the ISO 9001-2000certificate for its best-in-class management systems in Quality, Customer & Process

orientation.

With this, RLIC is one of the only two life insurance companies in India to get ISO

9001:2000 certifications covering all functional areas.


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The scope of the certification covers the entire gamut of business processes ranging from

product design, sales - front-end and back-end operations, customer care and investment,

to all business support functions. The certification has been awarded by internationally

acclaimed Bureau VERITAS and is valid till 2010 subject to continued satisfactory

operation of RLIC's Quality Management System.

"This certification is a significant milestone in our continuous quest to offer innovative

products, outstanding services and improved customer satisfaction. It indicates that we

have been able to install systems, processes & performance measures that are in line with

the best in the industry and will form the basis of our business growth in future", said P

Nandagopal, CEO, Reliance Life Insurance Company.

Reliance Life Insurance is the fastest growing life insurance company in India and has an

incremental market share of 4 per cent amongst private insurers. The company has third

largest distribution network in terms of number of agents operating out of 143 locations

across the country.

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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CORPORATE VISION AND MISSION

Vision

Empowering everyone live their dreams

Mission

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

profitable life insurance and pension plans.

Our 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

Achievements

RLIC has been one of the fast gainers in market share in new business premiumamongst the private players with an incremental market share of4.1% in the

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

IRDA)

Also continues to be amongst the fast growing Private Life InsuranceCompanies with a YOY growthof195% in new business premium as of

Mar08.

A Company that has crossed 1.7 Million policies in just 2 years of operation,post takes over of AMP Sanmar business.


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Initiated Express Lifean Unique Over the Counter sales process for UnitLinked Insurance Policies in the Industry.

Accomplished a large distribution ramp-up in the Industry in a short span of timeby 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 becertified ISO 9001:2000 for all the processes.

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate ofMerit in the Financial Services category by Council for Fair Business Practices

(CFBP).

PRODUCTS OFFERED BY RELIANCE LIFE

Reliance has number of insurance products in its Portfolio. It offers different products

for different customer profile. It targets its product according to the needs of people

which make them its customer.

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.

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

options to choose a plan from. Right from limited period plans to lifetime protectionplans, you can opt for the one that suits your lifestyle.

While we understand that nothing can compensate for the loss of a life, we intend to

provide you the peace of mind. Investing in Reliance Protection Plans would mean your

familys future is in safe hands.


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1.Reliance Term Plan

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

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

2.Reliance Simple Term Plan

Make a smart investment move by investing in the cost-effective Reliance Simple Term

Plan, which offers you comprehensive coverage for a specified period of time to suit your

need.

3.Reliance Special Term Plan

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

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

more.

4.Reliance Credit Guardian Plan

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

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

all the premiums paid for the basic policy.

5.Reliance Special Credit Guardian Plan

Invest in the Reliance Special Credit Guardian Plan and protect your family from anyloan liabilities you have incurred. On survival at maturity, all premiums paid for the basic

policy will be returned to you.
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6.Reliance Endowment Plan

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

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

future expenses Dream!!..

7.Reliance Special Endowment Plan

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

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

offers you with other added benefits.

8.Reliance Connect 2 Life

The Reliance Connect 2 Life Plan gives you the option to upgrade your life cover to keep

pace with your changing lifestyle. As your income grows, your family will have

sufficient cover.

9.Reliance Whole Life Plan

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

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

10.Reliance Wealth + Health Plan

Invest in the Reliance Wealth Health Plan and balance your health needs and wealthneeds, without compromising on either health or wealth.
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11.Reliance Cash Flow Plan

Invest in the Reliance Cash Flow Plan and reap the dual benefits of a life insurance plan

and easy liquidity through lump sum cash, which means you can get a percentage of the

Sum Assured at periodic intervals.

Savings & Investment Plans

In life, you have always given your family whatever they have wanted. Yet, there are

some promises you have to fulfill, such as taking your family for a vacation, or buying

that dream house.

Set aside some money to achieve these specific goals with the help of Reliance Savings

& Investment Plans. The plan allows you to experience the joys of life and provide for

your familys needs.

Enjoy life without worrying about the promises you have madewe are here to fulfill

them.

1.Reliance Super Invest Assure Plan

Reliance Super Invest Assure is a complete plan which addresses your vital needs like

Flexibility, Security, Investment Return and Financial Planning. With all its key benefits,

it is here to ensure that there will always be more than you can ask for!

2.Total Investment Plan I - Insurance

Reliance TIPS -Series I- Insurance is a Unit Linked Investment + Insurance Plan that

helps you meet all your financial needs, without the complexity of managing multiple

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

needs, without compromising on either health or wealth.

4.Reliance Automatic Investment Plan

The Reliance Automatic Investment Plan is an enhanced unit linked plan that allows you

to choose the right investment mix to reap maximum benefits. It also provides you with

enhanced Life Cover.

5.Reliance Money Guarantee Plan

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

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

balance between Protection and Savings.

6.Reliance Cash Flow Plan

Invest in the Reliance Cash Flow Plan and reap the dual benefits of a life insurance plan

and easy liquidity through lump sum cash, which means you can get a percentage of the

Sum Assured at periodic intervals.

7.Reliance Market Return Plan

The Reliance Market Return Plan gives you insurance protection and allows you tobenefit from investment growth. It works through your life and meets the changing

requirements you may have from time to time.
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8.Reliance Endowment Plan

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

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

future expenses.

9.Reliance Special Endowment Plan

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

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

offers you with other added benefits.

10.Reliance Whole Life Plan

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

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

11.Reliance Golden Years Plan

The Reliance Golden Years Plan helps you save systematically and generate the much-

needed corpus to help you enjoy life after retirement.

12.Reliance Golden Years Plan Value

Realize all your dreams of playing golf, or going for a world tour after retirement by

investing in the Reliance Golden Years Plan Value, which helps you generate the amountyou will need for the future.
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13.Reliance Golden Years Plan Plus

Invest in the special Reliance Golden Years Plan Plus that not only helps you build the

corpus you need after, but also collects a basic minimum amount in case something were

to happen before you realize your dreams.

14.Reliance Connect 2 Life Plan

The Reliance Connect 2 Life Plan gives you the option to upgrade your life cover to keep

pace with your changing lifestyle. As your income grows, your family will have

sufficient cover.

Retirement Plans

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

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

retirement.

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

you continue to get some income after retirement thereby ensuring that you do not have

to depend on any other person or make any compromises to maintain the same lifestyle.

Invest in a Reliance Retirement Plan today and enjoy life after retirement on your own

terms.

1.Total Investment Plan II - Pension

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

that you will make each one of your dreams come true!.
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2.Reliance Golden Years Plan

The Reliance Golden Years Plan helps you save systematically and generate the much-

needed corpus to help you enjoy life after retirement.

3.Reliance Money Guarantee Plan

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

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

balance between Protection and Savings...

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.

1.Reliance Super Invest Assure Plan

Reliance Super Invest Assure is a complete plan which addresses your vital needs like

Flexibility, Security, Investment Return and Financial Planning. With all its key benefits,

it is here to ensure that there will always be more than you can ask for!

2.Reliance Child Plan

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

Reliance Child Plan and let your child enjoy today without worrying about tomorrow.
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3.Reliance Secure Child Plan

Reliance Life Insurance presents a unit linked insurance plan that secures your childs

financial future, leaving you free from worry.


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

needs, without compromising on either health or wealth.

SOME LUCRATIVES PLANS WHICH RELIANCE OFFERS

RELIANCE ENDOWMENT PLAN

It takes a lot for a dream to become a reality. And money is surely an important part of it.

Reliance Endowment Plan gives you just the financial independence to realize your

dreams in the future. It lets you decide how much you would like to set as your Sum

Assured based on your current financial position and your expected future expenses.

So, go ahead... dream!!.

Key Features

1 .On maturity receive Sum Assured plus bonuses

2. Wealth creation through bonus additions

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

4. Choose to add the Benefit of three Riders-Reliance Term Life Insurance Benefit Rider,

5. Reliance Critical Conditions Rider and Reliance Accidental Death and Total and

6.Permanent Disablement Rider

7. Choose to avail of Policy Loan after three years
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CASH FLOW PLAN

While most insurance plans block your money for a certain period of time, Reliance Cash

Flow Plan gives you the double benefit of life insurance along with easy liquidity through

lump sum cash. It provides money periodically when you need it.

It lets you live life to the fullest today and at the same time, helps you stay protected for

tomorrow by giving you the flexibility of receiving a specified percentage of the Sum

Assured at specified intervals

Key Features

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

end of every three years

Wealth creation through bonus additions

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

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

Full Sum Assured plus bonuses in case of your unfortunate death, this is

over and above the Survival Benefits already paid

Option to add two Riders - Critical Illness Rider & Accidental Death Benefit and Total

and Permanent Disablement Rider

RELI ANCE HEALTH + WEALTH PLAN

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDER.


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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 than dividends on

your shares. In the rat race to make money, we often forget to take care of ourselves.

We understand this predicament. Here is a plan that will ensure that your wealth keeps

increasing constantly and yet your health does not take a backseat. The 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 of your

life can determine the type of health coverage you need.

India has made rapid strides in the health sector. Since Independence, life expectancy has

gone up markedly and survival rates have also increased, still critical health issues

remain. Infectious diseases continue to claim a large number of lives.

Perhaps you're a freshly minted graduate, a joyful newlywed, retiring early or between

jobs. Maybe you're running your own business or raising a familyor both. In any of

the situations, GOOD or BAD, health cannot be taken for granted. All are affected by the

rising costs of medical expenses. Thats why it is important to plan early and in advance.

Reliance Wealth + Health Plan, a health insurance plan underwritten by Reliance Life

Insurance Company Limited, is designed to work in conjunction with contributions

towards savings. The uniqueness of this plan is that it not only provides benefits for

covered injuries but also for other injuries by encashment from the unit fund. This plan

from Reliance Life offers the Hospitalization and Surgical Benefits and also covers

Critical Illnesses. In short this plan provides you with a personalized quality health cover

that fits your lifestyle.

Key Feature

A Unit Linked plan with Unique Savings Component

Twin benefit of market linked return and health protection


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Choose from two different plan options

Flexibility to take care of your familys health

Flexibility to switch between funds / plan options

Option to pay Top-ups

Option to package with multiple riders

Liquidity through partial withdrawals

RELI ANCE SUPERINVESTASSURE PLAN


PORTFOLIO IS BORNE BY THE POLICYHOLDER.

You have always aspired for the best in life. And we help you achieve that.

Heres a unique plan which combines protection and savings. It also offers comple te

flexibility to gain control over your investments vis--vis your financial needs and risk

appetite.

We value your regular investments and thus reward you with guaranteed additions thus

promising unmatched benefits. This plan also offers you a unique option of moving from

a conservative fund to an aggressive fund systematically, to take advantage of the Rupee

cost averaging model.

A plan that promises you, what you ought to deserve as you reach greater heights in life.

What more can you ask for except gifting yourself with Reliance Super Invest Assure

Plan

Key featuresReliance Super InvestAssure Plan

Twin benefit of market linked return and insurance protection.


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Guaranteed additions at the rate of 50% of your first years basic premium at interval of

every 5 years from 10th year till policy is in force

Investment opportunity with flexibility -Choose from 8 pure investment fund options.

Option to pay Top-up premium(s)

Liquidity in the form of partial withdrawals

A host of optional rider benefits to enhance protection cover.

RELAINCE AUTOMATIC INVESTMENT PLAN


PROTFOLIO IS BORNE BY THE POLICYHOLDER

Life is indeed delightful if you have the freedom to make choices. The Reliance

Automatic Investment Plan gives you just that ample freedom! And we make this

freedom more enjoyable by giving you a sense of security. Whether its your insurance or

investments, we let you make the choice and leave the rest to us.

So allow us to take over and you can be rest assured, because for us yourLIFE comes

FIRST always.

This plan promise enhanced Life Cover, with complete flexibility to gain control over

your investments in tune with your financial needs and your risk appetite. A plan that

promises you what you deserve as you reach greater heights in life.

For a select few like you, the Reliance Automatic Investment Plan is an enhanced Unit

Linked plan addressing comprehensive needs to strike that perfect balance of protection

and Savings with full flexibility as you grow in your career. The Reliance Automatic

Investment Plan gives you full flexibility to choose just the right investment mix to reap

higher benefits.


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Key Features

Two plan option to choose from Ready-made and Tailor-made

Life Stage asset allocation to ensure automatic change in investment patterns, under the

Ready-made Plan option

Freedom to decide your own fund mix based on your risk profile under the Tailor-made

Plan

Allows Systematic Transfer Plan to average out the cost of unit purchased in equality

Regular, limited, single premium paying options

Unmatched flexibility through out Exchange Option

Liquidity in the form of partial withdrawal

Option to avail of Accidental Death and Total & Permanent Disability and Term

Insurance riders

RELAI NCE TOTAL I NVESTMENT PLAN SERIES -1

The journey of life, even though it may seem simple, comes with its own twists and turns,

some good, some unfortunate. And along with these moments come new dreams. With

every little twist, our dreams change and so do our ambitions. And most of all we desire a

security that will help us follow our dreams, both financial and emotional. It is this

security that Reliance Life Insurance Company Limited promises to bring to you with its

Total Investment Plan Series I Insurance.

To know more, read further

We value your dreams in this journey of life. Reliance Total Investment Plan Series I -

Insurance (TIPS-I -Insurance) helps you bring them to reality. Your need for investment,


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protection and financial liquidity keeps changing at different stages of life. The birth of a

child will require you to increase your insurance cover; a marriage in the family will

require additional money. We provide you that kind of flexibility which suits you best at

your convenience. Similarly on a promotion you may want to increase your investments

to create a large kitty for future expenses. As you progress on this ladder of life we

provide you the platform to increase your investment. Usually you would require

multiple financial products to meet all your needs and would have to actively manage

them. However with the Reliance TIPS-I -Insurance, Unit Linked Investment + Insurance

Plan you can meet all your financial needs, without the complexity of managing multiple

products

Key Features

This is a Single Premium unit linked savings life insurance plan with options to purchase

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

Premium is allocated towards investment due to lower allocation charges on subsequent

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

is an option.

1st purchase would be called as Classic

2nd purchase would be called as Silver

3rd purchase would be called as Gold

4th purchase would be called as Diamond

5th purchase would be called as Platinum

Once you purchase the first policy there will full flexibility, as to when second and

subsequent purchase can be made and how much Premium should be paid for each

purchase subject to the following:


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The minimum Premium on each purchase should be at least Rs. 25000 for life assured

aged up to 40 and Rs. 50000 for life assured aged 41 to 64.

The maturity date on each purchase cannot exceed 70 years.

All the polices should mature on maturity date of the first purchase.

The term of the polices purchased during second, third, fourth and fifth policy years will

be 9, 8, 7 and 6 respectively.

New policy can be purchased only if all the previous polices are in force on the date of

purchase of new policy.

Plan Objective :

The pace setter plan with protection to life which gives

Tax benefit under Sec. 80C and Sec. 10(10D)* of Income Tax Act 1961

Investment opportunity with flexibility

Life protection

Control over your investments

OVERVIEW OF INSURANCE SECTOR

With 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 450 billion. Together with banking

services, it adds about 7 per cent to the countrys GDP. Gross premium collection is


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nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of

GDP.

Yet, nearly 80 per cent of Indian population is without life insurance cover while

health insurance and non-life insurance continues to be below international standards.

And this part of the population is also subject to weak social security and pension

systems with hardly any old age income security. This itself is an indicator that growth

potential for the insurance sector is immense.

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

development as it provides long-term funds for infrastructure development and at the

same time strengthens the risk taking ability. It is estimated that over the next ten years

India would require investments of the order of one trillion US dollar. The Insurance

sector, to some extent, can enable investments in infrastructure development to sustain

economic growth of the country.

Insurance is a federal subject in India. There are two legislations that govern the

sector- The Insurance Act- 1938 and the IRDA Act- 1999. The insurance sector in India

has come a full circle from being an open competitive market to nationalization and back

to a liberalized market again. Tracing the developments in the Indian insurance sector

reveals the 360-degree turn witnessed over a period of almost two centuries.

Indian Insurance Industry: Insurance may be described as a social device to reduce

or eliminate risk of life and property. Under the plan of insurance, a large number of

people associate themselves by sharing risk, attached to individual.

The risk, which can be insured against include fire, the peril of sea, death, incident, &

burglary. Any risk contingent upon these may be insured against at a premium

commensurate with the risk involved.


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Insurance is actually a contract between 2 parties whereby one party called insurer

undertakes in exchange for a fixed sum called premium to pay the other party

happening of a certain event.

Insurance is a contract whereby, in return for the payment of premium by the

insured, the insurers pay the financial losses suffered by the insured as a result of the

occurrence of unforeseen events.

With the help of Insurance, large number of people exposed to a similar risk make

contributions to a common fund out of which the losses suffered by the unfortunate

few, due to accidental events, are made good

Potential Largely untapped market: 17% of the worlds population

o Nearly 80% of the Indian population is without Life, Health and Non-lifeinsurance

o Life insurance penetration is low at 4.1% in 2006-07o Non-life penetration is even lower at 0.6% in 2006-07o The per capita spend on life and non-life insurance is US$33.2 and US$5.2

(2006-07), respectively compared to a world average of US$330 and

US$224

o Strong economic growth with increase in affluence and rising riskawareness leading to rapid growth in the Insurance sector

o Innovative products such as Unit Linked Insurance Policies are likely todrive future industry growth

o Investment opportunities exist in both Life and Non-life segmentso Total estimated investment opportunity of US$14-15 billion


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STRUCTURE

Indian Insurance market was opened to private & foreign investment in 1999-2000

The Indian Insurance industry consists of a total of 31 players Life: 1 Public sector player; 15 private players Non-Life: 6 public sector players; 9 private players Major international players like AIG, Aviva, MetLife, New York Life,

Prudential, Allianz, Sun Life, Standard Life and Lombard are already present with

minority stakes in joint ventures with Indian companies for both Life and Non-life

segments

Life Insurance market is still dominated by Life Insurance Corporation (LIC) - apublic sector company which has 75% share of first year premium in 2006-07

In Non-life, private sector companies (almost all are joint ventures with foreigninsurers) accounted for 34% of the market in 2006 to 07.

POLICY

FDI up to 26% is permitted under the automatic route subject to obtaining a license

from the Insurance Regulatory and Development Authority (IRDA)

Plans to increase FDI up to 49%

Insurance Regulatory Development Authority (IRDA) is the regulator for the Insurance

industry

In a landmark move the government detariffed the General Insurance business on 1stJanuary 2007

What is Life Insurance?

Life insurance is a guarantee that your family will receive financial support, even

in your absence. Put simply, life insurance provides your family with a sum of money


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should something happen to you. It thus permanently protects your family from financial

crises.

In addition to serving as a protective cover, life insurance acts as a flexible

money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get

your children married and even retire comfortably.

Life insurance is a contract that pledges payment of an amount to the person

assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

The date of maturity, or Specified dates at periodic intervals, or Unfortunate death, if it occurs earlier

The functions of Insurance can be bifurcated into two parts:

1. Primary Functions

2. Secondary Functions

3. Other Functions

The primary functions of insurance include the following:

Provide Protection - The primary function of insurance is to provide protection againstfuture risk, accidents and uncertainty. Insurance cannot check the happening of the risk,

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

economic loss, by sharing the risk with others.


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

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

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

which the persons exposed to a particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk by evaluating

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

also

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

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

The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable

device to prevent unfortunate consequences of risk by observing safety instructions;

installation of automatic sparkler or alarm systems, etc. Prevention of losses cause lesser

payment to the assured by the insurer and this will encourage for more savings by way of

premium. Reduced rate of premiums stimulate for more business and better protection to

the insured.

Small capital to cover larger risks - Insurance relieves the businessmen from security

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

Contributes towards the development of larger industries - Insurance provides

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

Even the financial institutions may be prepared to give credit to sick industrial units

which have insured their assets including plant and machinery.


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THE OTHER FUNCTIONS OF INSURANCE INCLUDE THE FOLLOWING:

Means of savings and investment - Insurance serves as savings and investment,

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

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

insurance.

Source of earning foreign exchange - Insurance is an international business. The

country can earn foreign exchange by way of issue of marine insurance policies and

various other ways.

Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade

risk free with the help of different types of policies under marine insurance cover.

Need for Life Insurance

Today, there is no shortage of investment options for a person to choose from.

Modern day investments include gold, property, fixed income instruments, mutual funds

and of course, life insurance. Given the plethora of choices, it becomes imperative to

make the right choice when investing your hard-earned money. Life insurance is a unique

investment that helps you to meet your dual needs - saving for life's important goals, and

protecting your assets.

LET US LOOK AT THESE UNIQUE BENEFITS OF LIFE INSURANCE IN DETAIL.

Asset Protection

From an investor's point of view, an investment can play two roles - asset

appreciation or asset protection. While most financial instruments have the underlying

benefit of asset appreciation, life insurance is unique in that it gives the customer the

reassurance of asset protection, along with a strong element of asset appreciation.


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The core benefit of life insurance is that the financial interests of ones family

remain protected from circumstances such as loss of income due to critical illness or

death of the policyholder. Simultaneously, insurance products also have a strong inbuilt

wealth creation proposition. The customer therefore benefits on two counts and life

insurance occupies a unique space in the landscape of investment options available to a

customer.

Goal based savings

Each of us has some goals in life for which we need to save. For a young, newly

married couple, it could be buying a house. Once, they decide to start a family, the goal

changes to planning for the education or marriage of their children. As one grows older,

planning for one's retirement will begin to take precedence.

Clearly, as your life stage and therefore your financial goals change, the

instrument in which you invest should offer corresponding benefits pertinent to the new

life stage.

Life insurance is the only investment option that offers specific products tailor-made for

different life stages. It thus ensures that the benefits offered to the customer reflect the

needs of the customer at that particular life stage, and hence ensures that the financial

goals of that life stage are met.

The table below gives a general guide to the plans that are appropriate for different life

stages.

Life Stage Primary Need

Life Insurance

Product

Young &

Single

Asset creation Wealth creation plans


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Young &

Just married

Asset creation &

protection

Wealth creation and

mortgage protection

plans

Married

With kids

Children's

education,

Asset creation

and protection

Education insurance,

mortgage protection &

wealth creation plans

Middle aged

with grown up

kids

Planning for

retirement &

asset protection

Retirement solutions &

mortgage protection

Across all lif-

stagesHealth plans Health Insurance

Insurance Life V/S Other Savings

Contract of Insurance:

A contract of insurance is a contract of utmost good faith technically known as

uberrima fides. The doctrine of disclosing all material facts is embodied in this important

principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the

proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in

any document leading to the acceptance of the risk would render the insurance contract

null and void.


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Protection:

Savings through life insurance guarantee full protection against risk of death of

the saver. Also, in case of demise, life insurance assures payment of the entire amount

assured (with bonuses wherever applicable) whereas in other savings schemes, only the

amount saved (with interest) is payable.

Aid to Thrift:

Life insurance encourages 'thrift'. It allows long-term savings since payments can

be made effortlessly because of the 'easy installment' facility built into the scheme.

(Premium payment for insurance is monthly, quarterly, half yearly or yearly).For example: The Salary Saving Scheme popularly known as SSS provides a convenient

method of paying premium each month by deduction from one's salary.

In this case the employer directly pays the deducted premium to LIC. The Salary Saving

Scheme is ideal for any institution or establishment subject to specified terms and

conditions.

Liquidity:

In case of insurance, it is easy to acquire loans on the sole security of any policy

that has acquired loan value. Besides, a life insurance policy is also generally accepted as

security, even for a commercial loan.

Tax Relief:

Life Insurance is the best way to enjoy tax deductions on income tax and wealth

tax. This is available for amounts paid by way of premium for life insurance subject to

income tax rates in force.

Assesses can also avail of provisions in the law for tax relief. In such cases the assured in

effect pays a lower premium for insurance than otherwise.

Money When You Need It:


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A policy that has a suitable insurance plan or a combination of different plans can

be effectively used to meet certain monetary needs that may arise from time-to-time.

Children's education, start-in-life or marriage provision or even periodical needs for cash

over a stretch of time can be less stressful with the help of these policies.

Alternatively, policy money can be made available at the time of one's retirement from

service and used for any specific purpose, such as, purchase of a house or for other

investments. Also, loans are granted to policyholders for house building or for purchase

of flats (subject to certain conditions) .

Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid contract

can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one's spouse

or children. While underwriting proposals, certain factors such as the policyholders state

of health, the proponent's income and other relevant factors are considered by the

Corporation.

Insurance For Women

Prior to nationalization (1956), many private insurance companies would offer

insurance to female lives with some extra premium or on restrictive conditions. However,

after nationalization of life insurance, the terms under which life insurance is granted to

female lives have been reviewed from time-to-time.

At present, women who work and earn an income are treated at par with men. In

other cases, a restrictive clause is imposed, only if the age of the female is up to 30 years

and if she does not have an income attracting Income Tax.


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Medical And Non-Medical Schemes

Life insurance is normally offered after a medical examination of the life to be

assured. However, to facilitate greater spread of insurance and also to avoid

inconvenience, LIC has been extending insurance cover without any medical

examination, subject to certain conditions.

With Profit And Without Profit Plans

An insurance policy can be 'with' or 'without' profit. In the former, bonuses

disclosed, if any, after periodical valuations are allotted to the policy and are payable

along with the contracted amount.

In 'without' profit plan the contracted amount is paid without any addition. The

premium rate charged for a 'with' profit policy is therefore higher than for a 'without'

profit policy.

Key man Insurance

Key man insurance is taken by a business firm on the life of key employee(s) to

protect the firm against financial losses, which may occur due to the premature demise of

the Key man

PRINCIPLES OF INSURANCE

Insurance is a specialized type of contract. Apart from the usual essentials of a

valid contract, insurance contracts are subject to some additional principles. These

principles provide the framework within which the product and all the contracts of

insurance operate.

Principle of cooperation: A device to share risk & uncertainties collectively, onefor all and all for one


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Principle of probability: Important determinant of insurance premium, Rate ofpremium depends on quantum of risk & probability of risk

Principle of Insurable Interest: Interest of such a nature that the possessorwould be financially injured by the occurrence of the event insured against, `` LA

to be more valuable alive then dead

Principle of utmost good faith: The parties to the contract (insurer and insured)are legally bound to reveal each other all information about the subject matter,

which would influence each others decision.

Principal of warranties: A warranty is an undertaking by assured that someconditions shall be fulfilled, or a certain thing shall be or shall not be done. Awarranty may be Express or Implied

Principle of Cause Proximal: In order to make the Insurer liable for loss, suchloss must have been proximately caused by the Peril insured against. E.g. ADBR.

These 6 principles are applicable to all the products, both life and Non-Life.

These principles provide the framework within which the products and all the

contracts of Life Insurance operate.

HISTORY OF INDIAN INSURANCE INDUSTRY

The insurance sector in India has come a full circle from being an open

competitive market to nationalization and back to a liberalized market again.

Tracing the developments in the Indian insurance sector reveals the 360-degree

turn witnessed over a period of almost 190 years.

The business of life insurance in India in its existing form started in India in the


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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 are

1912 - The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act withthe objective of protecting the interests of the insuring public.

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

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

Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to theTriton Insurance Company Ltd., the first general insurance company established in the

year 1850 in Calcutta 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 transactall 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 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.

Before insurance sector was opened to the private sector Life Insurance

Corporation (LIC) was the only insurance company in India. After the opening up of

Insurance sector in India there has been a glut of insurance companies in India. These

companies have come up with innovative and flexible insurance policies to cater to

varying needs of the individual. Opening up of the Insurance sector has also forced the

LIC to tighten up its belt and deliver better service. All in all it has been a bonanza for the

consumer.

The life insurance business in India started since 1818. Till 1956, the

insurance business was mixed and decentralized. In 1956, the life insurance business

of all companies was nationalized and a single monolithic organization, the Life

Insurance Corporation of India (LIC), was set up. The Insurance Regulatory and

Development Authority (IRDA) Bill was passed by Indian parliament in December

1999. The IRDA become a statutory body in April 2000 and has been framing

regulations and restrictions the private sector insurance companies.The insurance sector was opened up to the private sector in August 2000.

Consequently, some Indian and foreign private companies have entered the insurance

business. There are about 16 life insurance companies operating in the private sector in

India.


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The insurance sector in India has come a full circle from being an open

competitive market to nationalization and back to a liberalized market again. Tracing the

developments in the Indian insurance sector reveals the 360 degree turn witnessed over a

period of almost two centuries.


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ABOUT THE INDUSTRY:

With an annual growth rate of 15-20% and the largest number of life insurancepolicies in force, the potential of the Indian insurance industry is huge. Total value of the

Indian insurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion).

According to government sources, the insurance and banking services' contribution to the

country's gross domestic product (GDP) is 7% out of which the gross premium collection

forms a significant part. The funds available with the state-owned Life Insurance

Corporation (LIC) for investments are 8% of GDP.

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