Reliance Life Inurance

7/24/2019 Reliance Life Inurance

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RELIANCE LIFE INSURANCE

BACHELOR OF COMMERCE

BANKING & INSURANCE

SEMESTER VI

ACEDEMIC YEAR 2015-16

SUBMITTED

IN PARTIAL FULFILLMENT OF THE

REQUIREMENTS FOR THE AWARD OF DEGREE

OF BACHELOR OF COMMERCE

BANKING & INSURANCE

BY

MR! ARIHANT "IAN

UNDER THE GUIDANCE OF # MRS! ARMIN

SODAWATERWALA

SEAT N$!

"AI HIND COLLEGE

%A ROAD' CHURCHGATE' MUMBAI ( )00 020

1


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DECLARATION

I 'MR!FENIL "AIN , *+,./+ $ B! C$! BANKING &

INSURANCE S..*+. VI 32015-164 ..7 .89:. +:+ I :;.

8$/$:+>$/ *,>++. >* +,. & $>?>/:9 +$ +. .*+ $ 7

@/$9.?.!

S>?/:+,.

MR. FENIL JAIN.

SEAT NO.

2


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JAI HIND COLLEGE,

A ROAD' CHURCHGATE' MUMBAI - )00 020!

CERTIFICATE

T>* >* +$ 8.+>7 +:+ FENIL "AIN $ B!C$! BANKING &

INSURANCE S..*+. VI32015-164 :* *,88.**,997 8$


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ACKNOWLEDGEMENT

Interdependence

I/+..* *$.+>/?' >8 >* ;.7 .**./+>:9 >/ +$:7*

$9 $ 8$+>$/ $ :/7 +:*@! T>* >* :9*$ .>/? 8$/+ .$+ $ *$ :/7 +,. +$ :99 >?+ GOD :/ 7 /3B,*>/.** A**$8>:+.4 $ ?:/+. +.

**>$/ +$ $ +>*


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ACKNOWLEDGEMENT

I would like to thank my project guide Mr. Nitin Kataria,

Sales Development Manager RELIA!E Li"e Insurance,

Alwar "or guiding me through my summer internship and

research project# $is encouragement, time and e%ort are

greatly appreciated#

I would like to thank Prof. Deepak Mishra, "or supporting

me during this project and providing me an opportunity to

learn outside the class room# It was a truly wonder"ul

learning e&perience#

I would like to dedicate this project to my parents# 'ithout

their help and constant support this project would not have

(een possi(le#

Lastly I would like to thank all the respondents who o%ered

their opinions and suggestions through the survey that

was conducted (y me in Alwar#

)nce again my gratitude to the RELIANCE Life

insurance# *or their kind co+operation#

5


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DECLARATION

I I-AS -$ADEL'AL )* ..A III year o" /Lords

international !ollege0 here(y declare that the summer

training report entitled /IS1RA!E SE!2)R0 I RELIA!E

LI*E IS1RA!E is an original word and the same has not

(een su(mitted to any other institute "or the award o" any

other degree#

Signature o"

candidate

3aurav -handelwal

6


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EXECUTIVE SUMMARY

In today4s corporate and competitive world, I 5nd that

insurance sector has the ma&imum growth and potential

as compared to the other sectors# Insurance has the

ma&imum growth rate o" 67+879 while as *M!3 sector has

ma&imum :;+: etc have ade?uate agents in the market they


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can capture (ig market as compared to the other

companies#

Agents are the only way "or a company o" Insurance sectorthrough which policies and (ene5ts o" the company can (ee&plained to the customer#

CAPTER I

INDIAN IN!"RANCE

IND"!TR#$AN O%ER%IEW&


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TE IN!"RANCE IND"!TR# IN INDIA

AN O%ER%IEW

'ith the largest num(er o" li"e insurance policies in "orce in

the world, Insurance happens to (e a mega opportunity in

India# It4s a (usiness growing at the rate o" :


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I!TORICAL PER!PECTI%E

2he history o" li"e insurance in India dates (ack to :8:8

when it was conceived as a means to provide "or English

'idows# Interestingly in those days a higher premium was

charged "or Indian lives than the non + Indian lives, as

Indian lives were considered more risky to cover# 2he

.om(ay Mutual Li"e Insurance Society started its (usiness

in :867# It was the 5rst company to charge the same

premium "or (oth Indian and non+Indian lives#

2he )riental Assurance !ompany was esta(lished in :887#

2he 3eneral insurance (usiness in India, on the other

hand, can trace its roots to 2riton Insurance !ompany

Limited, the 5rst general insurance company esta(lishedin the year :8


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2he 5rst comprehensive legislation was introduced with

the Insurance Act o" :FH8 that provided strict State !ontrol

over the insurance (usiness# 2he insurance (usiness grew

at a "aster pace a"ter independence# Indian companies

strengthened their hold on this (usiness (ut despite the

growth that was witnessed, insurance remained an ur(an

phenomenon#

2he 3overnment o" India in :F


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2hese were su(sidiaries o" the 3eneral Insurance

!ompany B3I!#

KE# MILE!TONE!

'(')*2he Indian Li"e Assurance !ompanies Act enacted as

the 5rst statute to regulate the li"e insurance (usiness#

'()+* 2he Indian Insurance !ompanies Act enacted to

ena(le the government to collect statistical in"ormation

a(out (oth li"e and non+li"e insurance (usinesses#

'(,+*Earlier legislation consolidated and amended (y the

Insurance Act with the o(jective o" protecting the interests o"

the insuring pu(lic#

'(-*;< Indian and "oreign insurers along with provident

societies were taken over (y the central government and

nationali=ed# LI! was "ormed (y an Act o" arliament+ LI! Act:F


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IND"!TR# RE/ORM!

Re"orms in the Insurance sector were initiated with the

passage o" the IRDA .ill in arliament in Decem(er :FFF#

2he IRDA since its incorporation as a statutory (ody in

April ;777 has "astidiously stuck to its schedule o" "raming

regulations and registering the private sector insurance

companies# Since (eing set up as an independentstatutory (ody the IRDA has put in a "ramework o" glo(ally

compati(le regulations#

2he other decision taken simultaneously to provide the

supporting systems to the insurance sector and in

particular the li"e insurance companies was the launch o"

the IRDA online service "or issue and renewal o" licenses to

agents# 2he approval o" institutions "or imparting training

to agents has also ensured that the insurance companies

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would have a trained work"orce o" insurance agents in

place to sell their products#

PRE!ENT !CENARIO 0 LI/E IN!"RANCE IND"!TR# IN INDIA

2he li"e insurance industry in India grew (y an impressive 6#H89, with

premium income at Rs# :


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Innovative products, smart marketing, and aggressive distri(ution have

ena(led edgling private insurance companies to sign up Indian customers

"aster than anyone e&pected# Indians, who had always seen li"e insurance as

a ta& saving device, are now suddenly turning to the private sector and

snapping up the new innovative products on o%er# Some o" these products

include investment plans with insurance and good returns Bunit linked plans,

multi C purpose insurance plans, pension plans, child plans and money (ack

plans# Bwww#wikipedia#com

CAPTER II

15


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PRO/ILE O/

ORGANIGATION

INTRODUCTION TO THE COMPANY

COMPANY PROFILE OF RELIANCE LIFE INSURANCE

FOUNDER

*ew men in history have made as dramatic a contri(ution

to their country4s economic "ortunes as did the "ounder o"

Reliance, Sh# Dhiru(hai $ Am(ani# *ewer still have le"t

(ehind a legacy that is more enduring and timeless#

As with all great pioneers, there is more than one

uni?ue way o" descri(ing the true genius o" Dhiru(haiJ

2he corporate visionary, the unmatched strategist, the

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proud patriot, the leader o" men, the architect o" India4s

capital markets, the champion o" shareholder interest#

.ut the role Dhiru(hai cherished most was perhaps that

o" India4s greatest wealth creator# In one li"etime, he

(uilt, starting "rom the prover(ial scratch, India4s largest

private sector enterprise#

'hen Dhiru(hai em(arked on his 5rst (usiness venture,

he had a seed capital o" (arely 1SK H77 Baround Rs

:,777# )ver the ne&t three and a hal" decades, he

converted this edgling enterprise into a Rs @7,777

crore colossusan achievement which earned Reliance

a place on the glo(al *ortune


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1ndaunted, Dhiru(hai managed to convince a large

num(er o" 5rst+time retail investors to participate in the

un"olding Reliance story and put their hard+earned

money in the Reliance 2e&tile I), promising them, in

e&change "or their trust, su(stantial return on their

investments# It was to (e the start o" one o" great

stories o" mutual respect and reciprocal gain in the

Indian markets#

1nder Dhiru(hai4s e&traordinary vision and leadership,

Reliance scripted one o" the greatest growth stories in

corporate history anywhere in the world, and went on to

(ecome India4s largest private sector enterprise#

2hrough out this ama=ing journey, Dhiru(hai always

kept the interests o" the ordinary shareholder uppermost

in mind, in the process making millionaires out o" many

o" the initial investors in the Reliance stock, and creating

one o" the world4s largest shareholder "amilies#

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ABOUT RELIANCE

Reliance Li"e Insurance !ompany Limited is a part o" Reliance !apital

Ltd# o" the Reliance + Anil Dhiru(hai Am(ani 3roup# Reliance !apital is

one o" India4s leading private sector 5nancial services companies, and

ranks among the top H private sector 5nancial services and (anking

companies, in terms o" net worth# Reliance !apital has interests in

asset management and mutual "unds, stock (roking, li"e and general

insurance, proprietary investments, private e?uity and other activities

in 5nancial services#

Reliance !apital Limited BR!L is a on+.anking *inancial !ompany

B.*! registered with the Reserve .ank o" India under section


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CORPORATE OBJECTIVE

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CORPORATE MISSION

T$ *.+ +. *+:/: >/ .9/? $, 8,*+$.* :/:?. +.> >/:/8>:9

,+,.!

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY

RELIANCE LIFE INSURANCE

INSURANCE PLANS AVAILABLE

1! P$,8+* 3I/>;>,:9 P9:/*4

S:;>/?* 3E/$./+4

2! R.9>:/8. E/$./+ P9:/

3$.97 D>;7: S..4

! R.9>:/8. S:9 E/$./+ P9:/3$.97 S,: S..4

)! R.9>:/8. C:* F9$ P9:/

3$.97 D:/: S..4

5! R.9>:/8. C>9 P9:/

3$.97 Y,;: S..4

6! R.9>:/8. W$9. L>. P9:/

3$.97 N>+7: S..4

Pen!"n

21
http://www.reliancelife.co.in/products/ind_REP.asphttp://www.reliancelife.co.in/products/ind_RSEP.asphttp://www.reliancelife.co.in/products/ind_RCFP.asphttp://www.reliancelife.co.in/products/ind_RCP.asphttp://www.reliancelife.co.in/products/ind_RWLP.asphttp://www.reliancelife.co.in/products/ind_REP.asphttp://www.reliancelife.co.in/products/ind_RSEP.asphttp://www.reliancelife.co.in/products/ind_RCFP.asphttp://www.reliancelife.co.in/products/ind_RCP.asphttp://www.reliancelife.co.in/products/ind_RWLP.asp


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! R.9>:/8. G$9./ Y.:* P9:/

3$.97 B:?7: S..4

In#e$%en$

! R.9>:/8. M:@.+ R.+,/ P9:/

3$.97 K:/:@: S..4

! R>*@ P$+.8+>$/

10! R.9>:/8. T. P9:/

3$.97 R:@*: S..4

P&"'()$ *G&"(+ C"&+"&-$e P-n/

11!R>*@ 3P$+.8+>$/4

R.9>:/8. G$,< T. A**,:/8. P$9>87

3$.97 G$,< T. A**,:/8. P$9>874

Re!-n)e EDLI S)0e%e

3$.97 EDLI S8..4

12! P./*>$/*

:! R.9>:/8. G$,< G:+,>+7 P$9>87

3$.97 G$,< G:+,>+7 P$9>874

! R.9>:/8. G$,< S,$/ P$9>87

3$.97 G$,< S,$/ P$9>8741! R.9>:/8. M$/.7 G,::/+.. P9:/

22
http://www.reliancelife.co.in/products/ind_RGYP.asphttp://www.reliancelife.co.in/products/ind_RMRP.asphttp://www.reliancelife.co.in/products/ind_RTP.asphttp://www.reliancelife.co.in/products/ebp_RCESP.asphttp://www.reliancelife.co.in/products/ebp_EDLI.asphttp://www.reliancelife.co.in/products/ebp_RCBP.asphttp://www.reliancelife.co.in/products/ebp_RCPP.asphttp://www.reliancelife.co.in/products/ind_RGYP.asphttp://www.reliancelife.co.in/products/ind_RMRP.asphttp://www.reliancelife.co.in/products/ind_RTP.asphttp://www.reliancelife.co.in/products/ebp_RCESP.asphttp://www.reliancelife.co.in/products/ebp_EDLI.asphttp://www.reliancelife.co.in/products/ebp_RCBP.asphttp://www.reliancelife.co.in/products/ebp_RCPP.asp


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T-1 Bene2!$

INCOME TA1

!ECTION

GRO!! ANN"AL

!ALAR#

OW M"C

TA1 CAN #O"

!A%E2

D/C !TANDARD

LI/E PLAN!

Sec# 87! Across All income

Sla(s

1pto Rs# HH,FF7

saved on

investment o"

Rs# :,77,777#

All the li"e insurance

plans#

Sec# 87 !!! Across all income

sla(s#

1pto Rs# HH,FF7

saved on

Investment o"

Rs#:,77,777#

All the pension plans#

Sec# 87 D Across all income

sla(s

1pto Rs# H,HFF

saved on

Investment o"

Rs# :7,777#

All the health

insurance riders

availa(le with the

conventional plans#

2)2AL SAI3S

)SSI.LE

Rs,34,+(

Rs# HH,FF7 under Sec# 87! and under Sec# 87 !!! ,Rs#H,HFF under Sec# 87 D, calculated "or a male with grossannual incomee&ceeding Rs# :7,77,777#

Sec# :7 B:7D 1nder Sec# :7B:7D, the (ene5ts you receive are completely

ta&+"ree, su(ject to the conditions laid down therein#

2


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;#; )2$ER !)ME2I2I)RS

MAJOR PLAYERS IN THE INSURANCE INDUSTRY INMAJOR PLAYERS IN THE INSURANCE INDUSTRY IN

INDIAINDIA

L!2e In(&-n)e C"&+"&-$!"n "2 In'!- *LIC/

Li"e Insurance !orporation o" India BLI! was esta(lished

on : Septem(er :F


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-uala LumpurN and Li"e Insurance !orporation

BInternational, E#!# .ahrain# It has also entered into an

agreement with the Sun Li"e B1- "or marketing unit linked

li"e insurance and pension policies in 1#-#

In :FF


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2he general insurance industry in India was nationali=ed and a

government company known as 3eneral Insurance !orporation o" India

B3I! was "ormed (y the !entral 3overnment in ovem(er :F6;# 'ith

e%ect "rom : Oanuary :F6H the erstwhile :76 Indian and "oreign

insurers which were operating in the country prior to nationali=ation,

were grouped into "our operating companies, namely, Bi ational

Insurance !ompany LimitedN Bii ew India Assurance !ompany

LimitedN Biii )riental Insurance !ompany LimitedN and Biv 1nited India

Insurance !ompany Limited# B$owever, with e%ect "rom DecG;777,

these su(sidiaries have (een de+linked "rom the parent company and

made as independent insurance companies# All the a(ove "our

su(sidiaries o" 3I! operate all over the country competing with one

another and underwriting various classes o" general insurance

(usiness e&cept "or aviation insurance o" national airlines and crop

insurance which is handled (y the 3I!#

.esides the domestic market, the industry is presently operating in :6

countries directly through (ranches or agencies and in : countries

through su(sidiary and associate companies#

IN ADDITION TO ABOVE STATE INSURERS THE

FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO

INSURANCE BUSINESS3 4

26


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5. HDFC S$-n'-&' L!2e In(&-n)e C"%+-n6 L$'!

HDFC S+:/: L>. I/*,:/8. C$* $/. $ I/>:* 9.:>/?

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28/89

8,,9:+>;. , >/8$.' >/89,>/? +. >*+ 7.: ,* :/

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$ I/*,:/8. R.?,9:+$7 D.;.9$+7 3IRDA4! T.

8$


30/89

I3 ysya Li"e Insurance !ompany rivate Limited

Allian= .ajaj Li"e Insurance !ompany Ltd#

Metli"e India Insurance !ompany vt# Ltd#

AM SAMAR Assurance !ompany Ltd#

Da(ur !31 Li"e Insurance !ompany vt# Ltd#

5. R"6- S(n'-&-% A!-n)e In(&-n)e C"%+-n6

2he joint venture (ringing together Royal Q Sun Alliance

Insurance and Sundaram *inance Limited started its

operations "rom March ;77:# 2he company is $ead

uartered at !hennai, and has two Regional )ces, one at

Mum(ai and another one at ew Delhi!

9. B-:-: A!-n; Gene&- In(&-n)e C"%+-n6 L!%!$e'

0


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B:=:= A99>:/ G./.:9 I/*,:/8. C$>+. >* : =$>/+ ;./+,.

.+../ B:=:= A,+$ L>>+. :/ A99>:/ AG $ G.:/7! B$+ ./=$7 :

.$/ $ .*.' *+:>9>+7 :/ *+./?+!

B:=:= A99>:/ G./.:9 I/*,:/8. .8.>;. +. I/*,:/8. R.?,9:+$7 :/

D.;.9$+7 3IRDA4 8.+>>8:+. $ R.?>*+:+>$/ 3R4 $/ M:7

2/' 2001 +$ 8$/,8+ G./.:9 I/*,:/8. ,*>/.** 3>/89,>/? H.:9+

I/*,:/8. ,*>/.**4 >/ I/>:! T. C$. :/ ,/>/? 26 >*

.9 7 A99>:/' AG' G.:/7!

7. ICICI L"%


32/89

general insurance, reinsurance, insurance claims

management and investment management#

Lom(ard !anada Ltd, a group company o" *air"a& *inancial

$oldings Limited, is one o" !anadaGs oldest property and

casualty insurers# I!I!I Lom(ard 3eneral Insurance

!ompany received regulatory approvals to commence

general insurance (usiness in August ;77:#

=. C0"-%-n'--% Gene&- In(&-n)e C"%+-n6 L$'.

!holamandalam MS 3eneral Insurance !ompany Limited

B!hola+MS is a joint venture o" the Murugappa 3roup Q

Mitsui Sumitomo#

2


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!hola+MS commenced operations in )cto(er ;77; and has

issued more than :# lakh policies in its 5rst calendar year

o" operations# 2he company has a pan+Indian presencewith

oces in !hennai,$ydera(ad, .angalore, -ochi, !oim(atore,

Mum(ai, une, Indore, Ahmeda(ad, Delhi, !handigarh,

-olkata and i=ag#

-. TATA AIG Genera8 Insurance Co9pan: Lt7.

2ata AI3 3eneral Insurance !ompany Ltd# is a joint venture

company, "ormed "rom the 2ata 3roup and American

International 3roup, Inc# BAI3# 2ata AI3 com(ines the

strength and integrity o" the 2ata 3roup with AI3Gs

international e&pertise and 5nancial strength# 2he 2ata

3roup holds 6 per cent stake in the two insurance

ventures while AI3 holds the (alance ;@ per cent stake#

2ata AI3 3eneral Insurance !ompany, which started its

operations in India on Oanuary ;;, ;77:, o%ers the

complete range o" insurance "or automo(ile, home,

personal accident, travel, energy, marine, property and

casualty, as well as several speciali=ed 5nancial lines#


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)., Re8iance Po8icies


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Do you see your child (ecoming a trail(la=er 'ill they create the ultimate symphony or give sports

a new dimension

)ur children may just (e the ones to end the arms raceand wipe out poverty "rom the "ace o" the Earth# .ut "orthem to (e a(le to aim "or the skies, P)1 EED 2) A!2)'T

Introducing Reliance Secure !hild lan + a uni?ue li"einsurance cum savings plan# secure the "uture o" yourchild#

-ey *eaturesInsurance cover on the li"e o" childPour child is completely protected + we willcontinue to pay the premiums even i" you are notaliveLi"e time income to child in the event o" disa(ilityReturn Shield option to protect your investmentreturnsLi?uidity in the "orm o" partial withdrawals

!apital guarantee availa(le on maturity and ondeath o" the child "or (asic and top+up premiums)ption to package with Accidental Death and 2otaland ermanent Disa(lement Rider, !ritical!onditions Rider and 2erm Li"e Insurance .ene5tRider#

B;Reliance $ealth U 'ealth olicy

1DER 2$IS LA 2$E IES2ME2 RIS- I 2$EIES2ME2 )R2*)LI) IS .)RE .P 2$E )LI!P$)LDER#

5


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2here are times when late working hours take precedenceover your health check+ups# And there are times when avisit to the doctor seems more important than dividendson your shares# In the rat race to make money, we o"ten

"orget to take care o" ourselves#

'e understand this predicament# $ere is a plan that willensure that your wealth keeps increasing constantly andyet your health does not take a (ackseat# 2he Reliance'ealth $ealth lan# A plan that gives you the (ene5ts o"wealth (hi# health (hi#

Li"e changes# And as it does, so do your priorities# A"ter all,the circumstances o" your li"e can determine the type o"health coverage you need#

India has made rapid strides in the health sector# SinceIndependence, li"e e&pectancy has gone up markedly andsurvival rates have also increased, still critical healthissues remain# In"ectious diseases continue to claim alarge num(er o" lives#

Reliance 'ealth U $ealth lan, a health insurance plan

underwritten (y Reliance Li"e Insurance !ompany Limited,is designed to work in conjunction with contri(utionstowards savings#

-ey *eatureA 1nit Linked plan with 1ni?ue Savings !omponent2win (ene5t o" market linked return and healthprotection

!hoose "rom two di%erent plan options*le&i(ility to take care o" your "amily4s health*le&i(ility to switch (etween "unds V plan options)ption to pay 2op+ups

BH Reliance ension olicy

6


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1DER 2$IS LA 2$E IES2ME2 RIS- I 2$EIES2ME2 )R2*)LI) IS .)RE .P 2$E )LI!P$)LDER#

Retirement means di%erent things to di%erent people,while some want to rela& and take a trip around the world,some want to start up a venture o" their own, and pursue adream harnessed "or years# 2he power to make yourautumn years special lies only with you# 2he RelianceSuper 3olden Pears lan gives you the power and the rightkind o" solution + A retirement plan that allows you to savesystematically and generate the much+needed corpus tomake your olden years look golden#

-ey *eatures C Reliance ension olicy JInvest systematically and secure your golden yearsA e&i(le unit+linked pension product that isdi%erent "rom traditional li"e insurance productswith esting Age (etween < Q 67 yearsEight di%erent investment "unds to choose "rom*le&i(ility to switch (etween "unds

)ption to pay Regular, Single as well as 2op+uppremiums*le&i(ility to advance V e&tend your esting Age2a& "ree commutation up to one third o" *und alueat esting Age


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39/89

!$A2ER III

).OE!2IES )* S21DP

2he main o" the present study o" is accomplish the"ollowing o(jective#


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roper understanding and analysis o" li"e

insurance industry#

2o know a(out (rand awareness o" -otak Li"e

Insurance and customer4s pre"erence a(out

-otak Li"e Insurance#

According the market survey come know a(out

how much potential o" insurance market in our

city#

And (ase on analysis o" the result thus o(tained

make a report on that research#

2raining aims at recruiting ma&imum num(er o"

Li"e Advisors and to Sell the ma&imum policies

"or the company and (ring the (usiness "or the

company which ever is going at the particular

point o" time#

As the -otak Li"e Insurance well reputed

company in India it4s great chance "or me to

o(served di%erent products launch (y other

competitor companies like I!I!I prudential, .ajaj

alliance ,LI!, Ma& ew Pork li"e etc# In all, it is to

understand the overall working o" the Li"einsurance sector#

2he o(jective (ehind the project is as "ollowsJ

)0


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2o 5nd the right candidate#

2o a(out their "amily (ackground, occupation,

social relation, uali5cation, Age#

!$A2ER I

RESEAR!$

ME2$)D)L)3P

)1


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RESEARCH METHODOLOGY

TITLE3

T$ .+.>/. 8,*+$.-,7>/? .:;>$ >+ : $8,* $/ :@.+

*.?./+:+>$/ $ R.9>:/8. L>. I/*,:/8.!

TITLE JUSTIFICATION#

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+. ,7>/? / +. >/*,:/8. >/,*+7 >+ : *:9 $8,* $/

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+.* $ I/*,:/8. N..*' A?. ?$,


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T$ . +. 8$+ >/$:+>$/ $ 8,*+$.* I/*,:/8.

87 > +.7 :;. :/7 :/ .:*$/* $ $/? $ +:+ 8,9:

8>.*!

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R.9>:/8. >/ $8,* :/ +. ;:>$,* *.?./+* +:+ >+ 8:+.* +$! T. *+,7

+./ ?$.* $/ +$ .;:9,:+. :/ :/:97*. +. >/>/?* *$ :* +$ / +. I/*,:/8. *.8+$!

SIGNIFICANCE OF THE STUDY

SIGNIFICANCE TO THE INDUSTRY 3

T>* >* : 9>>+. *+,7 >8 +:@.* >/+$ 8$/*>.:+>$/ +. .*?/>>8:/8. $ +. >/,*+7 9>.* >/ *+,7>/? +.*. +./*

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+./*!

SIGNIFICANE FOR THE RESEARCHER 3

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8$:/8. 9>. >/*,:/8.!

))


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RESEARCH DESIGN

NON4PROBABILITY

EXPLORATORY ? DISCRIPTIVE EXPERIMENTAL

RESEARCH

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+$,? +>* J,.*+>$//:>.!

SAMPLING METHODOLOGY

S-%+!n@Te)0n!(e3

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>/./+

S-%+!n@ Un!$3

)5


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T. .*99 $,+ J,.*+>$//:>.* :. +.

*:/? ,/>+*! T.*. 8$*. $ .:!

LIMITATIONS OF THE RESEARCH

1! T. .*.:8 >* 8$/>/. +$ : 8.+:>/ :/ $.* /$+

/.8.**:>97 *$* : 8 8:/ :.8+ +. ;:9>>+7 $ :99 .*/? >/,*+7' :/:97*>* $/ $/. :7 $ >/ $/.

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+$ . 8$/*>.. >/ $. +$ :**>>9:+. +. >/>/?*!

)6


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MARKETING STRATREGIES OF THE COMPANY

SOME OF THE STRATEGIES ADOPTED BY RELIANCE

LIFE INSURANCE COMPANY.

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+.9.. :*. +$ :@.+ >+* .>/? : *.>.* $ $$/* +$ 9.;.:?. >+* .9:+>$/*>+ R.9>:/8. C$,/>8:+>$/*!

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A* :/ :9+./:+>;. 8://.9 $ >*+>,+>$/' >/*,:/8. 8$.* ,*,:997 +>.

,< >+ :/@*! I/ +. 8:*. $ :/8 :**,:/8.' .. +.. >* : 8$.-,


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CHAPTER V

RESULT ANALYSIS

?

INTERPRETATION

)


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DATA ANAL#!I! > INTERPRETATION

DATA GI%E! PRE/ERENCE O/ RE!PONDENT! O/ IN!"RANCE

COMPANIE!

COMPAN#?! NAMENO.O/RE!PONDENT

!ARE


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DATA GI%E! BENE/IT! O/ IN!"RANCE PERCEI%ED B#

RE!PONDENT!

BENE/IT!NO.O/RE!PONDENT!

!ARE


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'hereas, ;79 and ;


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Majority o" the respondent BH69 "ound Larger risk coverance

as the most attracted "eature o" the all#

5


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DATA PRO%IDE! N"MBER O/ IN!"RANCE POLIC# T#PE

RE!PONDENT!

POLIC# T#PE NO. O/RE!PONDENT!

!ARE


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DATA GI%E! PEOPLE PERCEPTION ABO"T IN!"RANCE

RE!PON!E NO. O/RE!PONDENT!

!ARE


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DATA !OW! PEOPLE! A%ING IN!"RANCE


!ARE


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)" the sample si=e o" 77 surveyed respondents 679 o" the

respondents are having Insurance policy#

H79 o" the respondents are either not having any Insurance policy

at present or their policy is already matured#

And at present :779 o" the respondents are with the view that

Insurance is a tool to protect your "amily#

DATA !OW! B"#ING PROCE!! O/ TE PEOPLE

B"#ING PROCE!! NO. O/RE!PONDENT!

!ARE


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INTERPRETATION

#


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DATA !OW! REA!ON! BEIND /OR IN!"RANCE


!ARE


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DATA !OW! !ATI!/ACTION O/ RE!PONDENT! WIT

RE!PECT TO POLIC#


!ARE


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DATA !OW! !ATI!/ACTION O/ RE!PONDENT! WIT

RE!PECT TO !ER%ICE AGENT


!ARE


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All o" those who have taken a policy have responded#

62


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DATA !OW! N"MBER O/ RE!PONDENT! PA#ING TA1


!ARE


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DATA !OW! RE!PONDENT?! IN%E!TMENT! /OR TA1

!A%ING

IN%E!TMENT! NO. O/

RE!PONDENT!

!ARE


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H;#;


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67#


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INTERPRETATION

:779 o" the respondents intent to gain saving and returns "rom

their investment#

F79 o" the respondent4s intent to gain security "rom their

investments#

'hereas, 6:#6


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INTERPRETATION

;F9 o" the respondents are with the view that insurance should (e

(ought a"ter the age o" ;< years#

:7#


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DATA !OW! PEOPLE OPINION ABO"T INDIAN IN!"RANCE

COMPANIE!

RE!PON!E NO. O/

RE!PONDENT!

!ARE


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@69 o" the respondents have the opinion that Indian Insurance

!ompanies have Rigid plans#

;F#


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DATA !OW! WAT PEOPLE WO"LD LOOK /OR IN AN

IN!"RANCE COMPAN#

RE!PON!E NO. O/

RE!PONDENT!

!ARE


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*riendly service Q responsiveness and Accessi(ility are also

important "actors looked (y customers in a company#

DATA !OW! PEOPLE PLANNING /OR NEW IN%E!TMENT!


!ARE


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'hereas, 86#


74/89

DATA !OW! PEOPLE INTERE!TED IN GOING /OR

IN!"RANCE I/ A !ER%ICE PRO%IDER AWA# /ROM TE CIT#

O//ER! BETTER !ER%ICE > PROD"CT!


!ARE


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CAPTER %I

CONCL"!ION

CONCLUSION

5


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)ur e&haustive research in the 5eld o" Li"e Insurance threw

up some interesting trends which can (e seen in the a(ove

analysis# A general impression that we gathered during

Data collection was the immense awareness and

knowledge among people a(out various companies and

their insurance products# eople are (eginning to look

(eyond LI! "or their insurance needs and are willing to

trust private players with their hard earned money#

eople in general have (een impression (y the marketing

and advertising campaigns o" insurance companies# A high

penetration o" print , radio and 2elevision ad campaigns

over the years is (eginning to have it4s impact now#

2he general satis"action levels among pu(lic with regards

to policy and agents still re?uires improvement# .ut

therein lays the opportunity "or a relative new comer like

I3# LI! has never (een known "or prompt service or

customer oriented methods and Reliance can (uild on

these "actors#

6


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CAPTER %II

!"GGE!TION


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S(@@e$!"n

According the survey only ;9 people areinsured in Alwar so reaming other part is

potential "or insurance sector#

Among that ;9 people who having

insurance, they have insurance 79 "or sel"

;89"or spouse ;:9 "or children and :89 "or

their parents and ::9 "or all "amily

mem(er, also its very help "ull "or insurance

sector so they should take necessary step

"or capture this potential#

)nly ;9 people having insurance in Alwar

in that ;9 there are 8; 9 people are under

insured and other :89 people are "ully

insured according to their income so that is

also plus point "or insurance sector to

capture the market


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CAPTER %III

"E!TIONNAIRE


80/89

"E!TIONNAIRE

:# ARE #O" EMPLO#ED?PES )

I" PES, only then proceed

;# DO #O" A%E AN# IN!"RANCE POLIC#?PES )

H# WIC IN!"RANCE POLIC# DO #O" A%E?

LI*E )+LI*E .)2$

# WIC CO?! IN!"RANCE POLIC# #O" PRE/ERTE MO!T? BRA- 2$EM

a LI!

( I!I!IR1DE2IAL

c S.I LI*E IS1RA!E

d I3 PSPA LI*E

e RELIA!E LI*E IS1RA!E

" 2A2A AI3 LI*E

g AP )2$ER WWWWWWWWB Speci"y


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a X


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(. DO #O" REALL# TINK IN!"RANCE POLIC#CO%ER IN TODA#?! !CENARIO I! NOTE!!ENTIAL?

WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW

10. WAT?! #O"R PERCEPTION ABO"T IN!"RANCE? BRA- 2$EM

a A SAI3 2))L

( A 2A> SAI3 DEI!E

c A 2))L 2) R)2E!2 *121RE

11. OW A!WO"LD #O" BO"GTB"# ANIN!"RANCE2

a !1S2)MER AR)!$ED IS1RA!E !)s

( IS1RA!E !)s AR)!$ED !1S2)MER

12. ARE#O" !ATI!/IED WIT TE POLIC#?

a SA2IS*IED SAI3 2))L

( )2 SA2IS*IEDc )2 RES)DI3

13. ARE #O" !ATI!/IED WIT TE !ER%ICE AGENT?

2


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a SA2IS*IED SAI3 2))L

( )2 SA2IS*IED

c )2 RES)DI3

14 DO YOU PAY TAXES?

PES )

15. WHERE HAVE YOU INVESTED FOR TAX SAVING?

BRA- 2$EM

a LI!

( S!

c .)DS

d *

e *

" E*

16.WIC I! TE BE!T /ORM O/ IN%E!TMENT!?BRA- 2$EM

a *I>ED ASSE2S

( .A- DE)SI2S

c OE'ELLERP

d SE!1RI2IES, i#e# .onds, M*s


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e S$ARES

" IS1RA!E

)


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17. WAT DO #O" INTENT TO GAIN /ROMIN%E!TMENT!2

a SAI3 Q RE21RS

( SE!1RI2P

c 2A> .EI*I2S

18. WAT?! TE RIGT AGE TO B"# IN!"RANCE?

a A*2ER ;< Prs

( A*2ER H< Prs

c A*2ER < Prs

d AP2IME

19.OW WO"LD #O" RATE INDIAN IN!"RANCECOs2

a RI3ID LAS

( )+1SER *RIEDLP

c 1SA2IS*A2)RP SREI!ES

d )+A33RESSIE

e SA2IS*A!2)RP

" 3))D

g ERP 3))D

5


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20.ARE #O" PLANNING /OR NEW IN%E!TMENT!2

LAI3 )2 LAI3

21. WO"LD #O" GO /OR IN!"RANCE I/ A !ER%ICEPRO%IDER AWA# /ROM TE CIT# O//ER! BETTER!ER%ICE > PROD"CT!?

a PES

( )

c 1!ER2AI

TANK #O"

NAMEJWWWWWWWWWWWWWWWWWWWWWWWWW

ADDRE!!JWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWOCC"PATION*WWWWWWWWWWWWWWWWWWW

6


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CAPTER I1

BIBLIOGRAP#

BIBLIOGRAPHY


88/89

5. BOOKSMAGAINES REFFERED3

STUDY GUIDE- PRINCILES & PRACTICES OF LIFE

GENERALINSURANCE' 7 AIMA!

B$$@* *. 7 INSURANCE INSTITUTE OF INDIA

LIFE-INSURANCE' 7 M8 GILL

INSURANCEWATCH!

MONEYOUTLOOK!

9. WEBSITES REFFERED3

WWW!RELIANCELIFE!CO!IN

WWW.CIFAINSURANCE.COM

WWW.MONEYOUTLOOK.COM

WWW.INSURANCE.IND.COM

7. REPORTSARTICLES REFFERED3

REPORT# ISSUES & CHALLENGES FACING THE INSURANCE

INDUSTRY! D.82005!

BRIEF PROFILE OF LIC' INDIAD.8 2006!

REPORT# COPING WITH COMPETITION":/200
http://www.cifainsurance.com/http://www.moneyoutlook.com/http://www.insurance.ind.com/http://www.cifainsurance.com/http://www.moneyoutlook.com/http://www.insurance.ind.com/


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TANK #O"

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Reliance Life Inurance