A

PROJECT STUDY REPORT

ONTRAINING UNDERTAKEN AT

RELIANCE LIFE INSURANCE

CUSTOMER-BUYING BEHAVIOR WITH A FOCUS ON MARKET SEGMENTATION

Submitted in partial fulfillment for the

Award of degree of

Bachelors of Business Administration

Submitted to: Submitted By:

University of Rajasthan Vishal Saini

BBA Part-III

(2011-2013)

1

PREFACE

The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers where in the catch 22 situation wherein for one they wanted competition, development and growth of this insurance sector which is extremely essential for channeling the investments in to the infrastructure sector. At the other end the policy makers had the fears that the insurance premium, which are substantial, would seep out of the country; and wanted to have a cautious approach of opening for foreign participation in the sector.

As one of the rare occurrences the entire debate was put on the back burner and the IRDA saw the day of the light thanks to the maturing polity emerging consensus among factions of different political parties. Though some changes and some restrictive clauses as regards to the foreign participation were included the IRDA has opened the doors for the private entry into insurance.

2

ACKNOWLEDGEMENT

I would like to thank my project guide Mr. Nitin Kataria , Sales Development Manager RELIANCE Life Insurance, Alwar for guiding me through my summer internship and research project. His encouragement, time and effort are greatly appreciated.

I would like to thank Prof. Deepak Mishra, 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 Jaipur.

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

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EXECUTIVE 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 RELIANCE LIFE INSURANCE has given me the opportunity to work and get experience in highly competitive and enhancing sector.

The success story of good market share of different market organizations depends upon the availability of the product and services near to the customer, which can be distributed through a distribution channel. In Insurance sector, distribution channel includes only agents or agency holders of the company. If a company like RELIANCE LIFE INSURANCE, TATA AIG, MAX etc have adequate agents in the market they can capture big market as compared to the other companies.

Agents are the only way for a company of Insurance sector through which policies and benefits of the company can be explained to the customer.

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Contents

1. Introduction to the Industry 6

2. Introduction to the Organization 11

3. Research Methodology 28

3.1 Title of the Study

3.2 Duration of the Project

3.3 Objective of Study

3.4 Type of Research

3.5 Sample Size and method of selecting sample

3.6 Scope of Study

3.7 Limitation of Study

4. Analysis and Interpretation 32

5. Facts And Findings 53

6. Conclusion 54

7. Recommendations and Suggestions 55 8. SWOT Analysis 56

9. Questionnaire 59

10. Bibliography 68

5

CHAPTER I

INDIAN INSURANCE

INDUSTRY

“AN OVERVIEW”

6

THE INSURANCE INDUSTRY IN INDIA

AN OVERVIEW

With the largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 1560.41 billion (for the financial year 2006 – 2007). Together with banking services, it adds about 7% to the country’s Gross Domestic Product (GDP). The gross premium collection is nearly 2% of GDP and funds available with LIC for investments are 8% of the GDP.

Even so nearly 65% of the Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. A large part of our population is also subject to weak social security and pension systems with hardly any old age income security

A well-developed and evolved insurance sector is needed for economic development as it provides long term funds for infrastructure development and strengthens the risk taking ability of individuals. It is estimated that over the next ten years India would require investments of the order of one trillion US dollars.

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HISTORICAL PERSPECTIVE

The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. Interestingly in those days a higher premium was charged for Indian lives than the non - Indian lives, as Indian lives were considered more risky to cover. The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to charge the same premium for both Indian and non-Indian lives.

The Oriental Assurance Company was established in 1880. The General insurance business in India, on the other hand, can trace its roots to Triton Insurance Company Limited, the first general insurance company established in the year 1850 in Calcutta by the British. Till the end of the nineteenth century insurance business was almost entirely in the hands of overseas companies.

Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during the 1920's and 1930's sullied insurance business in India. By 1938 there were 176 insurance companies.

The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over the insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born. Nationalization was justified on the grounds that it would create the much needed funds for rapid industrialization. This was in conformity with the Government's chosen path of State led planning and development.

The non-life insurance business continued to thrive with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. These were subsidiaries of the General Insurance Company (GIC).

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KEY MILESTONES

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers along with provident societies were taken over by the central government and nationalized. LIC was formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 crore from the Government of India.

INDUSTRY REFORMS

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations.

The other decision taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDA online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products.

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PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA

The life insurance industry in India grew by an impressive 47.38%, with premium income at Rs. 1560.41 billion during the fiscal year 2006-2007. Though the total volume of LIC's business increased in the last fiscal year (2006-2007) compared to the previous one, its market share came down from 85.75% to 81.91%.

The 17 private insurers increased their market share from about 15% to about 19% in a year's time. The figures for the first two months of the fiscal year 2007-08 also speak of the growing share of the private insurers. The share of LIC for this period has further come down to 75 percent, while the private players have grabbed over 24 percent.

With the opening up of the insurance industry in India many foreign players have entered the market. The restriction on these companies is that they are not allowed to have more than a 26% stake in a company’s ownership.

Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have poured into the Indian market and 19 private life insurance companies have been granted licenses.

Innovative products, smart marketing, and aggressive distribution have enabled fledgling private insurance companies to sign up Indian customers faster than anyone expected. Indians, who had always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. Some of these products include investment plans with insurance and good returns (unit linked plans), multi – purpose insurance plans, pension plans, child plans and money back plans. (www.wikipedia.com)

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CHAPTER II

INTRODUCTION TO THEORGANIGATION

11

INTRODUCTION TO THE COMPANY

COMPANY PROFILE OF 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 H Ambani. Fewer still have left behind a legacy that

is more enduring and timeless.

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

Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of

men, the architect of India’s capital markets, 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.

When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$

300 (around Rs 14,000). Over the next three and a half decades, he converted this fledgling

enterprise into a Rs 60,000 crore colossus—an achievement which earned Reliance a place

on the global Fortune 500 list, the first ever Indian private company to do so.

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

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

by a small club of elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to

participate in the unfolding Reliance story and put their hard-earned money in the Reliance

Textile IPO, promising them, in exchange for their trust, substantial return on their

investments. It was to be the start of one of great stories of mutual respect and reciprocal gain

in the Indian markets.

Under 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.

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Through out this amazing journey, Dhirubhai always kept the interests of the ordinary

shareholder uppermost in mind, in the process making millionaires out of many of the initial

investors in the Reliance stock, and creating one of the 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.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered

with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial services sector in

India and aims to become a dominant player in this industry and offer fully integrated

financial services.

Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need

based Life Insurance solutions to individuals and Corporates.

CORPORATE OBJECTIVE

13

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

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

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

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

customer services, in the best possible way.

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

India and to become a cornerstone of RLI integrated financial services

business in India.

CORPORATE MISSION

“To set the standard in helping our customers manage their financial

future”.

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY

RELIANCE LIFE INSURANCE

INSURANCE PLANS AVAILABLE

1. Products (Individual Plans)

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Savings (Endowment)

2. Reliance Endowment Plan

(formerly Divya Shree)

3. Reliance Special Endowment Plan

(formerly Subha Shree)

4. Reliance Cash Flow Plan

(formerly Dhana Shree)

5. Reliance Child Plan

(formerly Yuva Shree)

6. Reliance Whole Life Plan

(formerly Nithya Shree)

Pensions

7. Reliance Golden Years Plan

(formerly Bhagya Shree)

Investments

8. Reliance Market Return Plan

(formerly Kanaka Shree)

9. Risk / Protection

10. Reliance Term Plan

(formerly Raksha Shree)

Products (Group / Corporate Plans)

11. Risk (Protection )

15

Reliance Group Term Assurance Policy

(formerly Group Term Assurance Policy)

Reliance EDLI Scheme

(formerly EDLI Scheme)

12. Pensions

a. Reliance Group Gratuity Policy

(formerly Group Gratuity Policy)

b. Reliance Group Superannuation Policy

(formerly Group Superannuation Policy)

13. Reliance Money Guarantee Plan

Tax Benefits

INCOME TAX

SECTION

GROSS ANNUAL

SALARY

HOW MUCH TAX

CAN YOU SAVE?

HDFC STANDARD

LIFE PLANS

Sec. 80C Across All income Upto Rs. 33,990 All the life insurance

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Slabs saved on investment

of

Rs. 1,00,000.

plans.

Sec. 80 CCC Across all income

slabs.

Upto Rs. 33,990

saved on Investment

of Rs.1,00,000.

All the pension plans.

Sec. 80 D Across all income

slabs

Upto Rs. 3,399 saved

on Investment of

Rs. 10,000.

All the health insurance

riders available with the

conventional plans.

TOTAL SAVINGS

POSSIBLE

Rs37,389

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 income

exceeding Rs. 10,00,000.

Sec. 10 (10)D Under Sec. 10(10D), the benefits you receive are completely tax-free,

subject to the conditions laid down therein.

2.2 OTHER COMPITITORS2.2 OTHER COMPITITORS

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

Life Insurance Corporation of India (LIC)

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

message of life insurance in the country and mobilise people’s savings for nation-building

activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta,

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Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in

important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the

country.

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

Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-

India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited,

Kuala Lumpur; and Life Insurance Corporation (International), E.C. Bahrain. It has also entered

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

policies in U.K.

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

recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income grew at a healthy

average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia (3.4 per

cent in Europe, 1.4 per cent in the US).

LIC has even provided insurance cover to five million people living below the poverty line, with

50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's

at 74 per cent are higher than that of global average of 40 per cent. Compounded annual growth

rate for Life insurance business has been 19.22 per cent per annum

General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a government company known as

General Insurance Corporation of India (GIC) was formed by the Central Government in

November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers

which were operating in the country prior to nationalization, were grouped into four operating

companies, namely, (i) National Insurance Company Limited; (ii) New India Assurance

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

Company Limited.  (However, with effect from Dec'2000, these subsidiaries have been de-linked

from the parent company and made as independent insurance companies). All the above four

subsidiaries of GIC operate all over the country competing with one another and underwriting

various classes of general insurance business except for aviation insurance of national airlines

and crop insurance which is handled by the GIC.

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

branches or agencies and in 14 countries through subsidiary and associate companies.

IN ADDITION TO ABOVE STATE INSURERS THE

FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO

INSURANCE BUSINESS: -

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

The initiatives taken by the private players are very competitive and have given immense

competition to the on time monopoly of the market LIC. Since the advent of the private players

in the market the industry has seen new and innovative steps taken by the players in this sector.

The new players have improved the service quality of the insurance. As a result LIC down the

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

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

of these private players are enough to give more competition to LIC in the near future. LIC

market share has decreased from 95% (2002-03) to 82 %( 2004-05).

1. HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life insurance

companies, which offers a range of individual and group insurance solutions. It is a joint venture

between Housing Development Finance Corporation Limited (HDFC Ltd.), India’s leading

housing finance institution and The Standard Life Assurance Company, a leading provider of

financial services from the United Kingdom. Their cumulative premium income, including the

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

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

been covered through our group business tie-ups.

2. Max New York Life Insurance Co. Ltd .

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

forces - Max India Limited, a multi-business corporate, together with New York Life

International, a global expert in life insurance. With their various Products and Riders, there are

more than 400 product combinations to choose from. They have a national presence with a

network of 57 offices in 37 cities across India.

3. ICICI Prudential Life Insurance Company Ltd.

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

financial powerhouse and Prudential plc, a leading international financial services group

headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector

insurance companies to begin operations in December 2000 after receiving approval from

Insurance Regulatory Development Authority (IRDA). The company has a network of about

56,000 advisors; as well as 7 banc assurance and 150 corporate agent tie-ups.

4. Om Kotak Mahindra Life Insurance Co. Ltd.

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

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

5.Birla Sun Life Insurance Company Ltd.

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

financial Services of Canada.

Tata AIG Life Insurance Company Ltd.

SBI Life Insurance Company Limited

ING Vysya Life Insurance Company Private Limited

Allianz Bajaj Life Insurance Company Ltd.

Metlife India Insurance Company Pvt. Ltd.

AMP SANMAR Assurance Company Ltd.

Dabur CGU Life Insurance Company Pvt. Ltd.

7. Royal Sundaram Alliance Insurance Company

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

Limited started its operations from March 2001. The company is Head Quartered at Chennai, and

has two Regional Offices, one at Mumbai and another one at New Delhi.

8. Bajaj Allianz General Insurance Company Limited

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

and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority

(IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business

(including Health Insurance business) in India. The Company has an authorized and paid up

capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG,

Germany.

9. ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank

Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's

second largest bank, while Fairfax Financial Holdings is a diversified financial corporate

engaged in general insurance, reinsurance, insurance claims management and investment

management.

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

Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company

received regulatory approvals to commence general insurance business in August 2001.

10. Cholamandalam General Insurance Company Ltd.

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

Murugappa Group & Mitsui Sumitomo. 

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

its first calendar year of operations. The company has a pan-Indian presence with offices in

Chennai, Hyderabad, Bangalore, Kochi, Coimbatore, Mumbai, Pune, Indore, Ahmedabad, Delhi,

Chandigarh, Kolkata and Vizag.

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11. TATA AIG General Insurance Company Ltd.

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

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

integrity of the Tata Group with AIG's international expertise and financial strength. The Tata

Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per

cent stake.

Tata AIG General Insurance Company, which started its operations in India on January 22, 2001,

offers the complete range of insurance for automobile, home, personal accident, travel, energy,

marine, property and casualty, as well as several specialized financial lines.

2.3 Reliance Policies

(1) Reliance Children Plans

What could make you happier than knowing, that your child's future is secure? Nothing, we

suppose. Which is why, Reliance Life Insurance brings to you Reliance Secure Child Plan, a

unit-linked Insurance Plan, that gives you the freedom to enjoy today with your child, because

his tomorrow is in safe hands.

Do you see your child becoming a trailblazer?

Will they create the ultimate symphony or give sports a new dimension?

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Our children may just be the ones to end the arms race and wipe out poverty from the face of the

Earth. But for them to be able to aim for the skies, YOU NEED TO ACT NOW!

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

future of your child.

Key Features

Insurance cover on the life of child

Your child is completely protected - we will continue to pay the premiums

even if you are not alive

Life time income to child in the event of disability

Return Shield option to protect your investment returns

Liquidity in the form of partial withdrawals

Capital guarantee available on maturity and on death of the child for basic

and top-up premiums

Option to package with Accidental Death and Total and Permanent

Disablement Rider, Critical Conditions Rider and Term Life Insurance

Benefit Rider.

(2) Reliance Health + Wealth Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDER.

There are times when late working hours take precedence over your health check-ups. And there

are times when a visit to the doctor seems more important than dividends on your shares. In the

rat race to make money, we often forget to take care of ourselves.

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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.

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.

Key Feature

A Unit Linked plan with Unique Savings Component

Twin benefit of market linked return and health protection

Choose from two different plan options

Flexibility to take care of your family’s health

Flexibility to switch between funds / plan options

Option to pay Top-ups

(3) Reliance Pension Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDER.

Retirement means different things to different people, while some want to relax and take a trip

around the world, some want to start up a venture of their own, and pursue a dream harnessed for

years. The power to make your autumn years special lies only with you. The Reliance Super

Golden Years Plan gives you the power and the right kind of solution - A retirement plan that

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allows you to save systematically and generate the much-needed corpus to make your olden

years look golden.

Key Features – Reliance Pension Policy :

Invest systematically and secure your golden years

A flexible unit-linked pension product that is different from traditional life

insurance products with Vesting Age between 45 & 70 years

Eight different investment funds to choose from

Flexibility to switch between funds

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

Flexibility to advance / extend your Vesting Age

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

(4) Reliance Whole life insurance policy

You’ve always loved your family. As a loving person you want to be rest assured that they will

be happy, even if something were to happen to you. With Reliance Whole Life Plan you can be

sure that your family will receive that timely financial support they need.

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

Key Features

Insurance protection till age 85

Choice of extending your insurance coverage till age 99

Convenient Premium Payment Term

Wealth creation through bonus additions

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

Assured plus Bonuses in case of your unfortunate death

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Option to add two Riders – Critical Illness and Accidental Death Benefit and

Total and Permanent Disablement Rider

Policy Loan available after three full years premium payment

MARKETING STRATREGIES OF THE COMPANY

SOME OF THE STRATEGIES ADOPTED BY RELIANCE LIFE INSURANCE COMPANY.

Reliance Life Insurance plans to tap Reliance Communications' 2.5-crore telephony subscriber base to market its products.

The company is considering a series of options to leverage its relationship with Reliance Communications.

However, a joint product or a co-branded solution would require approval

26

from the Insurance Regulatory and Development Authority

Customers of R World, the information and entertainment portal of Reliance Communications, would also be able to pay premiums through a bank account, provided the bank is listed on the network.

Reliance Life Insurance officials, however, offered no comment when asked whether there would be an arrangement for payment of commission to Reliance Communications.

As an alternative channel for distribution, insurance companies usually tie up with banks. In the case of banc assurance, where there is a corporate agency tie-up, the commission could range from 5 per cent to 40 per cent of first-year premium depending on the commission loaded on to the product at the time of registration with IRDA.

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CHAPTER III

RESEARCH

METHODOLOGY

RESEARCH METHODOLOGY

TITLE:

To determine customer-buying behavior with a focus on market segmentation for Reliance Life Insurance.

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DURATION OF TRAINING

The duration of my training is 07-06-2012 to 20-08-2012 in Reliance Life Insurance company, Jaipur.

OBJECTIVE

Objective One

To determine reasons behind opting for an insurance.

To provide the company with information of customer's Insurance policy if they have any and reasons for opting for that particular policies.

To know the most preferred policy.

Objective Two

To determine customers perception towards private insurance companies and their expectation form private insurance companies.

To determine the feedback on services provided by any other insurance agent.

To study the types of benefits provided by insurance services.

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

RESEARCH DESIGN

NON-PROBABILITY

EXPLORATORY & DISCRIPTIVE EXPERIMENTAL RESEARCH

The research is primarily both exploratory as well as descriptive in nature. The sources of information are both primary & secondary.

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A well-structured questionnaire was prepared and personal interviews were conducted to collect the customer’s perception and buying behavior, through this questionnaire.

SAMPLING METHODOLOGY

SamplingTechnique:

Initially, a rough draft was prepared keeping in mind the objective of the research. A pilot study was done in order to know the accuracy of the Questionnaire. The final Questionnaire was arrived only after certain important changes were done. Thus my sampling came out to be judemental and convinent

Sampling Unit:

The respondants who were asked to fill out questionnaires are the sampling units. These comprise of employees of MNCs, Govt. Employees, Self Employeds etc.

Sample size:

The sample size was restricted to only 100, which comprised of mainly peoples from different regions of Jaipur due to time constraints.

Sampling Area :

The area of the research was Jaipur, India.

SCOPE OF THE STUDY

A big boom has been witnessed in Insurance Industry in recent times. A large number of new players have entered the market and are vying to gain market share in this rapidly improving market. The study deals with Reliance in focus and the various segments that it caters to. The study then goes on to evaluate and analyse the findings so as to present a clear picture of trends in the Insurance sector.

SIGNIFICANCE TO THE INDUSTRY :

30

This is a limited study which takes into consideration the responses of 100 people. This data can be explorated to take in the trends across the industry. The significance for the industry lies in studying these trends that emerge from the study. It is a rapidly changing and evolving sector. People are only beginning to wake up to it’s vast possibilities. A study like this can attempt to guide the future of the industry based on current trends.

SIGNIFICANE FOR THE RESEARCHER :To facilitate and provide all the useful informtaion of the study, the company, the insurance industry and also provide marketing ways, methods of reliance life insurance.

LIMITATIONS OF THE STUDY

1. The research is confined to a certain parts of Delhi and does not necessarily shows a pattern applicable to all of Country.

2. Some respondents were reluctant to divulge personal information which can affect the

validity of all responses.

3. In a rapidly changing industry, analysis on one day or in one segment can change very quickly. The environmental changes are vital to be considered in order to assimilate the

findings.

CHAPTER IV

31

DATA ANALYSIS

&

INTERPRETATION

DATA ANALYSIS & INTERPRETATION

DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

COMPANY’S NAMENO.OF RESPONDENT

SHARE (%)

L.I.C. 78 78

RELIANCE LIFE 3 3

32

INSURANCE

ICICI PRUDENTIAL 10 10

SBI LIFE 7 7

HDFC 2 2

TOTAL 100 100

78

310

7

2

LIC

REL

ICICI

SBI

HDFC

INTERPRETATION

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

DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

BENEFITSNO.OF RESPONDENTS

SHARE (%)

Cover Future Uncertainty 55 55

Tax Deductions 20 20

33

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.

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

34

55%20%

25% Cover Future Uncer-tainty

Tax Deductions

Future Investment

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.

35

DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS

POLICY TYPE NO. OF RESPONDENTS

SHARE (%)

LIFE POLICY 75 75

NON LIFE POLICY 25 25

BOTH 45 45

75

25

45

NATURE OF POLICY

LIFE POLICY

NON LIFE POLICY

BOTH

INTERPRETATION

75% of the respondents have Life Insurance Policy while 45% have both. (The % is calculated out of 280 positive response)

36

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

Chart Title

S A V ING TOOL

TA X S A V ING TOOL FA MILY P ROTE CTION

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.

37

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.

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

38

70%

30%

Yes

No

BUYING PROCESS NO. OF RESPONDENTS

SHARE (%)

Customer approached Insurance company/Agent

45 45%

Company/agent approached customer

55 555

Total 100 100%

INTERPRETATION

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

Whereas, 55.5% of the respondents were approached by the Company /Agent.

39

45%56%

Customer approached Insurance company/Agent

Company/agent approached customer

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.

40

80

80

100

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.

41

60%

40%

Satisfied Not satisfied Not Responded

DATA SHOWS SATISFACTION OF +RESPONDENTS WITH RESPECT TO SERVICE AGENT

RESPONSE NO. OF RESPONDENTS

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.

42

45.00%

55.00%

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.

43

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.

32.25% of the respondents to their tax saving by investing in bonds.

44

51

3332

25

21

11

LIC NSC BOND PPF PF EPF

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.

45

75

11

2540

10

70

Fixed Assets

Bank deposits

Cash & Jewellery

Securities i.e. bonds, MFs

Shares

Insurance

DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT

RESPONSE NO. OF RESPONDENTS

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.

46

100

90

71

Saving & Returns Security Tax benefits

DATA GIVES PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING INSURANCE

RESPONSE NO. OF RESPONDENTS SHARE (%)

After 25 years 29 29%

After 35 years 10 10%

After 45 years 0 0%

Anytime 60 60%

INTERPRETATION

29% of the respondents are with the view that insurance should be bought after the age of 25 years.

10.5% of the respondents are with the view that insurance should be buyed after the age of 35 years.

Whereas, 60.5% of the respondents are with the view that buying of insurance do not have any thing to do with age i.e. there is no age limitations. It can be purchased any time according to the need.

47

29%

10.10%61%

After 25 years After 35 years After 45 years Anytime

DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES

RESPONSE NO. OF RESPONDENTS

SHARE (%)

Rigid plans 67 67%

Non user friendly 29 29%

Unsatisfactory services 26 26%

Non Aggressive 35 35%

Satisfactory 24 24%

Good 10 10%

Very good 0 0%

INTERPRETATION

48

67

2926

33

24

10

Inflexible plans Non user friendly Unsatisfactory services Non Aggressive

Satisfactory Good Very good

67% of the respondents have the opinion that Indian Insurance Companies have Rigid plans.

29.5% feel that Indian Insurance companies are Non-user friendly.

26.5% feel that services of Indian Insurance companies are Unsatisfactory.

35.75% of the respondents are with the view that Indian Insurance companies are Non-aggressive.

24% of the respondents feel that products and services of Indian Insurance companies is Satisfactory.

Whereas only 10.25% feel that it is Good enough.

And according to the data, no single person has felt that it is very good.

49

DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE COMPANY

RESPONSE NO. OF RESPONDENTS

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.

50

82

71

81

49

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.

51

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.

52

43%

44%

13%

Yes No Uncertain

FACTS/FINDINGS

1. As the people think that insurance is a tool to protect their family & a tax saving device. They are aware of the fact & realizing its, importance. The company should try to expand & build up its infrastructure because there is a large potential for insurance in India.

2. Company should come up with its branches in Jaipur, with the objective and goals to meet the demands & expectations of the public. Because the entrance of private players will increase the competition and it would be a tough task to secure a good position in market.

3. Since Reliance Life Insurance is leading with several companies’ policies it

should be easy for them to penetrate into the market and secure a good position if they pay greater attention to the service part provided to their customer and thereby forming a long and trusted relationship.

4. As seen from the survey that at present 70% of the customer are having insurance policy out of which 87.5% of the customer are planning for new investments. So it can be a good potential for the company and they should make an attempt to trap these customers.

5. 43% of the customer is even ready to go for insurance if a service provider away from their home is providing it. But intend they should provide good products and services. The company should try to convince these customers and get them in its favor.

53

CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting trends which can be seen in the above analysis. A general impression that we gathered during Data collection was the immense awareness and knowledge among people about various companies and their insurance products. People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money.

People in general have been impression by the marketing and advertising campaigns of insurance companies. A high penetration of print , radio and Television ad campaigns over the years is beginning to have it’s 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.

54

Recommendations and Suggestion

According the survey only 42% people are insured in Alwar so reaming other part is potential for insurance sector.Among that 42% people who having insurance, they have 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 Alwar 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

55

SWOTANALYSIS

56

SWOT ANALYSIS

STRENGTHS:

Financial Acumen - Holds a stable and diversified portfolio and has received some of the highest

ratings in financial strength from industry’s independent rating agencies.

Disciplined fund management - Years of experience in asset management, and a strong

track record in managing funds

I. Innovativeness - Known for being an innovator in providing world-class pragmatic financial

solutions, with a constant focus on customization and flexibility

II. Unrelenting Customer Focus - A highly committed sales force, with customer satisfaction as the

key driving force - a major differentiator

III. Transparency in Services - Daily declaration of fund performances, regular performance

benchmarking, well regulated asset management, and monthly newsletter on market updates

WEAKNESSES:

Industry in nascent stage.

Rural areas still not covered.

Not very known among Indian population.

Lack of credibility among the people because bajaj being a private player.

Premiums are high as compared to its competitors.

Very few branches in the country.

Products:.

» Plan does not offer any guarantee or assured return.

» Product profile is not very comprehensive.

» Mortality, management and administrative charges are sky scrapping as compared to its

competitors.

57

OPPORTUNITIES:

Liberalization of Indian economy.

As the industry is growing the whole market is virgin.

The whole private sector is opened to be trapped even though the competition is fierce from

government owned insurance companies.

It’s a volume business that is even if the company has few good corporate the turnover cease to

increase by manifold.

Products:

» Preserver funds look good due to comfortable liquidity in the economy and there is little

chance hike in short-term rate by RBI.

» Finance minister unveiled a budget favoring consumer spending, boosting demand and

therefore higher economic growth.

THREATS

The government players will become aggressive thus growth is going to be tough.

Entry of other players is not ruled out.

Apprehension towards bajaj being a private life insurance company..

Products:

» Past performance of these plans is not indicative of the future performance of the plan.

» The sum invested in the funds is subject to market risks and there can be no assurance

that the objective of plan will be achieved.

» All benefits payable under the policy are subject to tax laws and other financial

enactment, as they exist from time to time.

58

QUESTIONNAIRE

59

QUESTIONNAIRE

1. ARE YOU EMPLOYED?YES NO

If YES, only then proceed

2. DO YOU HAVE ANY INSURANCE POLICY?YES NO

3. WHICH INSURANCE POLICY DO YOU HAVE?

LIFE NON-LIFE BOTH

4. WHICH CO’S INSURANCE POLICY YOU PREFER THE MOST? (RANK THEM)

a) LIC

b) ICICIPRUDENTIAL

c) SBI LIFE INSURANCE

60

d) ING VYSYA LIFE

e) RELIANCE LIFE INSURANCE

f) TATA AIG LIFE

g) ANY OTHER ________ (Specify)

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

a) <5Yrs b) 5-10 Yrs c) 10-15 Yrs d) Any Other______ (Specify)

6. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE COVER?

(RANK THEM)

a) COVER FUTURE UNCERTAINITY

b) TAX DEDUCTIONS c) FUTURE INVESTMENT

d) ANY OTHER _________ (Specify)

61

7. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY IT?

(RANK THEM)

a) LOW PREMIUM

b) LARGER RISK COVERANCE

c) MONEY BACK GUARNTEE

d) REPUTATION OF COMPANY

e) EASY ACCESS TO AGENTS

f) ANY OTHER _________ (Specify)

8. YOUR MONTHLY INCOME?

a)<4k b)4k-8k c)8k-12k d)12k-16k e)Other_____(Specify)

9. DO YOU REALLY THINK INSURANCE POLICY COVER IN TODAY’S SCENARIO IS NOT ESSENTIAL?

_____________________________________________________

10. WHAT’S YOUR PERCEPTION ABOUT INSURANCE?

62

(RANK THEM)

a) A SAVING TOOL

b) A TAX SAVING DEVICE c) A TOOL TO PROTECT FUTURE

11. HOW HAS/WOULD YOU BOUGHT/BUY INSURANCE?

a) CUSTOMER APPROCHED INSURANCE COs

b) INSURANCE COs APPROCHED CUSTOMER

12. ARE YOU SATISFIED WITH THE POLICY?

a) SATISFIED SAVING TOOL

b) NOT SATISFIED c) NOT RESPONDING

13. ARE YOU SATISFIED WITH THE SERVICE AGENT?

63

a) SATISFIED SAVING TOOL

b) NOT SATISFIED c) NOT RESPONDING

14 DO YOU PAY TAXES?

YES NO

15. WHERE HAVE YOU INVESTED FOR TAX SAVING? (RANK THEM)

a) LIC

b) NSC

c) BONDS

d) PPF

e) PF

f) EPF

16.WHICH IS THE BEST FORM OF INVESTMENTS? (RANK THEM)

64

a) FIXED ASSETS

b) BANK DEPOSITS

c) JEWELLERY

d) SECURITIES, i.e. Bonds, MFs

e) SHARES

f) INSURANCE

17. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?

a) SAVING & RETURNS

b) SECURITY c) TAX BENIFITS

18. WHAT’S THE RIGHT AGE TO BUY INSURANCE?

a) AFTER 25 Yrs

b) AFTER 35 Yrs c) AFTER 45 Yrs

d) ANYTIME

65

19.HOW WOULD YOU RATE INDIAN INSURANCE COs?

a) RIGID PLANS

b) NON-USER FRIENDLY

c) UNSATISFATORY SREVICES

d) NON-AGGRESSIVE

e) SATISFACTORY

f) GOOD

g) VERY GOOD

20. ARE YOU PLANNING FOR NEW INVESTMENTS?

PLANNING NOT PLANING

21. WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE & PRODUCTS?

a) YES

66

b) NO

c) UNCERTAIN

THANK YOU

NAME:_________________________

ADDRESS:____________________________________________________

OCCUPATION:___________________

Biblography

1. BOOKS/MAGAZINES REFFERED:

67

STUDY GUIDE- PRINCILES & PRACTICES OF LIFE / GENERALINSURANCE, by AIMA.

Books published by INSURANCE INSTITUTE OF INDIA

LIFE-INSURANCE, by Mc GILL

INSURANCEWATCH.

MONEYOUTLOOK.

2. WEBSITES REFFERED:

WWW.RELIANCELIFE.CO.IN

WWW.CIFAINSURANCE.COM

WWW.MONEYOUTLOOK.COM

WWW.INSURANCE.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

68