Reliance insurance project file

Project reportOn

Reliance life insurance Distribution enhancements

Submitted in partial fulfillment of the degree of BACHELOR OF BUSINESS ADMINISTRATION Session: 2012-2013

Under Guidance of: Submitted By: Mr. Pulkit Gupta Ankit kumar BBA VI Sem Roll No. 11206524

STUDENT DECLARATION

I here by declare that the training report entitled the “Recruitment of Advisors" is completed and submitted under the guidance of Mr. Pulkit Gupta (Faculty, Management) in my original work.

The imperial finding in this report is based on the data collected by me this project is not submitted to any other University for the compliance of any examination or Degree.

ANKIT KUMARBBA (VI Sem)

11206524

ACKNOWLEGEMENT

Today’s environment accomplished by any academic or professional pursuit requires contribution from various individuals. Firstly, I want to take the opportunity to express my deep sense of gratitude to our respected Sales Manager Mr. Sourabh Pandey, who provided me an opportunity to do my summer project in the Reliance life Insurance.

First of all I would like to thank my project guide Mr. Pulkit Gupta(faculty,management) them & providing me with the necessary guidance & help at every step.

I hereby take the opportunity to express my profound sense of gratitude and reverence to all those who have helped me towards the successful completion of the project at Reliance Life Insurance. I, sincerely acknowledge the help, encouragement and valuable suggestion to me Mr. Sagar Sharma, (Sales Manager). Without his guidance and active support I would not have been able to do my winter project successfully.

It has given me a complete insight about how an organization not only survives a cut throat competition but also mention killer instinct in this competitive world. Date:

Place:

EXECUTIVE SUMMARY

Identifying different profile’s of the people and giving them a business

opportunity to join Reliance Life Insurance.

“A market survey was done on Life Insurance companies. Different question

regarding the companies training programs for agents, top 5 up’s centers etc

were asked. The areas covered up in this survey were Bareilly The report

contains details of different life insurance companies which are in healthy

competition with Reliance Life Insurance.”

Insurance industry is growing rapidly day by day. India itself has a population

of 1.2 billion out of which roughly 6.5% people are insured. This clearly shows

that most of the people are not insured just because they don’t know much about

insurance. Most people have some common queries about life insurance.

CONTENTS

1. Introduction

2. About the company:o Company profile

Mission of the co. Key strength

o Growth of the company3. Objective

4. Private life insurance players: Head to head

5. Research Methodology

6. Recruitment Process

7. Findings

8. Recommendations & Suggestion

9. Conclusion

10. Bibliography

INTRODUCTION

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.

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.

Life Insurance

A policy that will pay a specified sum to beneficiaries upon the death of the

insured. An agreement that guarantees the payment of a stated amount of

monetary benefits upon death of the insured.

Need Of Insurance

Insurance is the protection of life and assets against unforeseen circumstance.

Whether it is a general accident policy, a Mediclaim policy or a pension policy,

an insurance policy helps you to scope with uncertainty and insecurity.

Ever thought about why you should take an insurance policy. For one, it helps

you to hedge risks against unforeseen circumstances and save more. If that's not

all, it is:

Superior to an ordinary savings plan as it provides full protection against

risk of death.

Encourages and forces compulsory savings unlike other saving

instruments, wherein the saved money can be easily withdrawn.

Provides loan to tie over a temporary difficult phase and is also

acceptable as security for a commercial loan.

Offers tax relief to policyholders.

Hedges risk against uncertainty.

For a policy taken under the MWP Act 1874, (Married Women's Property

Act), a trust is created for wife and children as beneficiaries.

Based on the concept of sharing of losses, the society will benefit as

catastrophic losses are spread globally.

Life Insurance Policy Holder

Any person above 18 years of age, who is eligible to enter into a valid contract,

can go for an insurance policy. Subject to certain conditions, a policy can be

taken on the life of a spouse or children.

Use Of Life Insurance Policy

Planning for the financial consequences of a premature death is an essential part

of every financial plan. Generally, the consequences are simply too large to

ignore and cannot be totally covered with your own resources. Life Insurance is

nothing but a contract with an Insurance Company under which the insured

(purchaser) pays a premium in exchange for coverage of specified losses. Life

Insurance protects your family against the risk of the premature death of you (or

your spouse). Life Insurance planning should consider your family's short-term

needs (for example, medical expenses) and long-term needs (for example,

replacing your income).

In the course of our life we are accosted by risk-that of failing health, financial

losses, accidents and so on. Insurance is a means by which life's uncertainties

are addressed in financial terms. It offers a monetary compensation against

those losses. Insurance is considered more as a hedging mechanism rather than

a true investment avenue. Life Insurance, in particular is essentially

acknowledged as a mechanism that eliminates risk-substituting certainty for

uncertainty primarily by transferring risk from the insured to the insurer.

Life insurance as saving instrument?

Life Insurance is mainly considered as a saving instrument rather than an

investment avenue as it promotes compulsory savings besides reducing tax

burden on the policyholder and protect the family of the policyholder in the

event of unforeseen happening. It is the only saving instrument, which covers

the life risk besides giving tax concession both at entry (premium paid) and at

exit points. The section 10 (D) of the income tax act totally exempts payment of

tax on any amount received as bonus against Life Insurance Policies.

INSURANCE INDUSTRY PROFILE

The Insurance landscape in India is undergoing major change. Closed to foreign

competition since nationalization in 1956, the Life Insurance industry had been

protected from competitive pressures. Now, with the re-opening of the sector,

several new players have entered the scene.

The game is old but the rules are new and still developing. Ensconced in a

monopoly run from the nationalization days beginning in 1956, the insurance

industry has indeed awakened to a deregulated environment in which several

private players have partnered with multinational insurance giants.

However, despite its teeming 1 billion population, India still has a low insurance

penetration of 1.95%, 51st in the world. Despite the fact that India boasts a

saving rate of around 25% < 5% is spent on Insurance.

COMPANY PROFILE

Reliance Life Insurance Company Ltd 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 three private sector financial services and banking companies in terms of net worth. Reliance Capital has interest in asset management and mutual funds stock broking life and general insurance proprietary investments, private equity and other activities in financial services.

Anil Ambani’s Reliance Life Insurance Company Ltd. A subsidiary of Reliance Capital Ltd. Has conducted a much awaited deal in the life insurance sector.

The Reliance had approached the Insurance Regulatory and Development Authority (IRDA) to revive its business license that had been cancelled by the regulator for non-commencement of business.

What is clear is that Reliance Life has clearly outbid others suitors like Aviva, ICICI Prudential. ICICI Prudential began its operations in India in December 2000. It is among the first private sector insurance companies to get the approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential’s equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. Until Sep 30, 2005, the company wrote 283,818 policies. Inn the process, it has garnered Rs 820 crore of new business premiums for a total sum assured of Rs 7,131 crore. For the past four years, ICICI Prudential has been donning the No. 1 position in the private life insurance sector in the country. It has a wide range of flexible products that meet the needs of the Indian customer at every step.

Its Registered Office

Reliance Life Insurance Company Limited,Regd. Office: H Block,1st Floor, Dhirubhai Ambani Knowledge City. Nai Mumbai, Maharastra- 400710Visit us at:

www.reliance.co.in

http://www.reliance.co.in/

HISTORY OF COMPANY

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 Corporate

VISION OF COMPANY

To be the dominant new player in the Line Insurance Industry.This will be achieved through:

Recruitment of quality advisors. Intensive product training. Selling skill training. Superior technology and processes. Innovative financial solutions.

Achievements so far!

Leading Private Life Insurance Company. Strong brand recognition. Every 2.75 minutes we cover life. State of the art support services.

SALESMANAGER

Organizational Structure (Hierarchy)

BRANCH MANAGER

SALESMANAGER

SALESMANAGER

ASST. BRANCH MANAGER

25-30 ADVISOR UNDER EACH SALES MANAGER

COMPETITORS

Although for the last 50 years LIC has been the only company to create the consumer needs in the insurance sector but in the past 5 years 21 insurance companies have emerged in this scenario :

ICICI Prudential Life.

Reliance Life Insurance.

Birla Sun Life.

Bajaj Allianz.

Max New York Life.

Met Life.

ING Vyasa.

Om Kotak Mahindra.

Tata AIG.

Aviva.

HDFC Standard Life.

SBI Life.

Iffko-tokio.

Bharti.

Pnb life.

New players need to recognize the limitations of their rival and decide upon the

right mix of distribution channels in their business.

Reliance Life Insurance is another steps forward for Reliance Capital Ltd to

offer need based Life Insurance solution to individuals and corporate.

PROJECT PROFILE

Reliance Child Plan

As a parent, it is only natural to dream of a smooth and blissful life for your child. Which is exactly why you need to secure your child’s tomorrow, today. Reliance Child Plan helps you save systematically so that you can give your child the much-needed financial security in the future. Simply put, Reliance Child Plan gives you the freedom to enjoy every moment with your child today, without worrying about his/her tomorrow.

Key Features Risk protection for you during the term of the Policy Accumulated bonus at the end of the Policy Term 25% of Sum Assured payable every year as lump sum Benefit during the

last four Policy Anniversaries All future premiums are waived in the event of unfortunate loss of life Guaranteed Fixed Benefits continue even after loss of life of the

Policyholder More value for your money by way of High Sum Assured Rebate Choose to add the Benefit of two Riders – Critical Illness and Accidental

Death Benefit and Total and Permanent Disablement Rider Policy participates in profit even after the loss of life of the Life Assured.

How does this Plan work?You pay premium every year for the entire term and get guaranteed Fixed Benefits every year during the last four years of the Policy Term. On death, your Beneficiary will get the Sum Assured, guaranteed Fixed Benefits on specified dates and all future premiums will be waived. All attached bonuses are payable at the end of the Policy Term and will remain attached to your Policy even after payment of Life Cover Benefit.

BenefitsLife Cover Benefit: In the unfortunate event of loss of life, your Beneficiary will receive the Sum Assured immediately and all future premiums will be waived.

Guaranteed Fixed Benefit: Get 25% of Sum Assured every year on the last four Policy Anniversaries irrespective of the survival of the Life Assured. For

example if you have taken a Policy for Rs 1 lakh for 20 years, then Fixed Benefits payable will be Rs 25,000 each at the end of 17th, 18th, 19th and 20th year.Maturity Benefit: On maturity you get accumulated bonuses irrespective of the survival of the Life Assured.Rider Benefit: You also have the option to add two additional Benefits to customize the policy as per your needs.

A. Accidental Death Benefit and Total and Permanent Disablement RiderB. Critical Conditions Rider

Accidental Death Benefit & Total & Permanent Disablement Rider

Accidents are unfortunate and sometimes fatal. You can customize your basic Policy with an Accidental Death Benefit and Total and Permanent Disablement Rider. The Accidental Death Benefit is payable if death occurs directly as a result of an accident and is intimated within 90 days of its occurrence. The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000 and the maximum under all Policies taken together is Rs 50,00,000.The Total and Permanent Disablement Benefit is payable if the LifeAssured becomes totally and permanently disabled directly as a resultof an accident. The Disability Benefit is equal to the basic Sum Assured paid in ten equal annual instalments. Total and Permanent Disablement is defined as the total and irrecoverable loss of sight of both eyes, or loss by severance of two limbs at or above wrist or ankle, or total and irrecoverable loss of the sight of one eye and loss by severance of one limb at or above wrist or ankle for a period of at least six months.

Inbuilt Waiver of Premium

If the Life Assured becomes totally and permanently disabled, thenReliance Life Insurance will waive all future premiums under thebasic Policy and Riders up to a limit of Rs 40,000 p. a.

Accidental Death Benefit &Total & Permanent Disablement Rider Age at entry 18 yrs 59 yrs

Age at expiry 25 yrs 64 yrsSum Assured Rs 25,000 Rs 50,000

(Basic Policy SumAssured subject toa maximum ofRs 50,00,000 per life)

ExclusionsThe Company will not pay any Accidental Death Claim and Total and Permanent Disablement Claim, which results directly or indirectly from any one or more of the following:

An act or attempted act of self-injury Participation in any criminal or illegal act Being under the influence of alcohol or drugs except under direction of a

registered medical practitioner Racing or practicing racing of any kind other than on foot Flying or attempting to fly in, or using or attempting to use, an aerial

device of any description, other than as a fare paying passenger on a recognised airline or charter service

Participating in any riot, strike or civil commotion, active military, naval, air force, police or similar service, or

War, invasion, act of foreign enemies, hostilities or war like operations (whether war be declared or not), civil war, mutiny, military rising, insurrection, rebellion, military or usurped power or any act of terrorism or violence.

Critical Illness Rider

Sudden onset of a major illness causes worries and heavy expenses. Ouroptional Critical Conditions Cover helps provide financial relief in suchcases. It pays you the Sum Assured upfront in respect of ten major illnesses.

a) Cancerb) Coronary Artery Bypass Surgeryc) Heart Attackd) Strokee) Kidney Failuref) Aorta Surgeryg) Comah) Heart Valve Replacementi) Major Organ Transplantj) Paralysis

This Benefit can be availed only once against any one of the illnesses andthe Company will not pay the claim if it arises from deliberate self-injury orattempted suicide by the Life Assured, whether sane or insane. This Benefitwill only be given, if the diseases are confirmed by a Consultant Physician.

Critical Illness RiderAge at entry 18 yrs 55 yrsAge at expiry 25 yrs 64 yrsSum assured Rs 1,00,000 Rs 10,00,000

(Basic Policy Sum Assured subject toa maximum of Rs 10,00,000 per life)

MinimumPolicy Term 5

Exclusions

Cancer: Any CIN stage (Cervical Intraepithelial Neoplasia); any pre-malignant tumour; any non-invasive cancer (cancer in situ); prostate cancer stage 1 (T1a, 1b, 1c); all skin cancers including malignant melanoma stage IA (T1a N0 M0); any malignant tumour in the presence of any Human Immunodeficiency Virus.Heart Attack: Non-ST-segment Elevation Myocardial Infarction (NSTEMI) with elevation of Troponin I or T; other acute CoronarySyndromes.Stroke: Transient Ischemic Attacks (TIA); neurological symptoms due to migraine.Coronary Artery (Bypass) Surgery: Angioplasty and/or any other intra-arterial procedures; key-hole surgery.Paralysis: Paralysis due to Guillain-Barré Syndrome.

Waiting and Survival PeriodThe Company will not pay the Critical Illness Benefit if:

The critical illness begins prior to or within six months of the commencement date or date of reinstatement of the Benefit - Waiting Period

Death from critical illness takes place within 30 days of the onset of the same – Survival Period

Flexibility

These Riders maybe attached to your Policy at the beginning or at any Policy Anniversary during the term of the Contract, subject to underwriting conditions prevailing at that time. Sum Assured for Critical Illness Rider may be increased or decreased by the Policyholder:

• The increase is subject to underwriting conditions• Once decreased, further increases will not be allowed

The Contract can be terminated and opted for only once, by the Policyholder at any time. Though these are general conditions of the Rider, we may specify

restrictions (like time of exercise) on the above options. Such restrictions would be filed along with the based product filing.

Sample Premiums

The tables below illustrate the indicative premiums for an individual Life Assured across different Sum Assured for a Policy Term of 15, 18 and 20 years.

Age/Term(yrs) 15 18 20 Sum 30 7665 6230 5520Assured: 35 7830 6415 5720Rs 1 lakh 40 8115 6720 6045

45 8655 7290 6630


45 25665 21570 19590


45 42275 35450 32150

What is the Policy Term?Minimum Policy Term: 5 yearsMaximum Policy Term: 20 years

Who can buy this product?Minimum age at entry: 20 yearsMaximum age at entry: 60 yearsMinimum age at maturity: 25 yearsMaximum age at maturity: 70 years

What is the Sum Assured?Minimum Sum Assured: Rs 25,000Maximum Sum Assured: No Limit

Savings and accumulation through bonusesThe Company will declare simple reversionary bonus which ispayable at maturity (i.e. at the end of the Policy Term).

More value for money – High Sum Assured RebateReliance Child Plan offers an attractive premium discount for SumAssured over and above Rs 99,999 as mentioned below. For example,as per the tabular premium rates, the Annual Premium for a 30 yearold male for a 20 year Policy for Rs 5 lakh Sum Assured comes toRs 28,100 before the High Sum Assured Rebate. After the HighSum Assured Rebate, the premium is Rs 26,600.

Sum Assured Range High Sum Assured RebateRs 1,00,000 – Rs 2,49,000 Re 1 per 1,000 Sum AssuredRs 2,50,000 – Rs 4,99,000 Rs 2 per 1,000 Sum AssuredRs 5,00,000 – Rs 9,99,000 Rs 3 per 1,000 Sum AssuredRs 10,00,000 and above Rs 4 per 1,000 Sum Assured

Waiver of Premium BenefitIn the event of unfortunate loss of life, your child is completely protected. The Company waives the entire future premium apart from paying the Sum Assured to the Beneficiary. In additions all the Fixed Benefits are paid as and when due. Bonuses will remain attached to your Policy and are payable at maturity.Can I take a loan against my Policy?Yes, you can take loan against your Policy. The Policy Loan can be up to a maximum of 90% of the Surrender Value of the Policy at the time of taking the loan based on the terms and conditions at that time. This facility is available after premium payment of three full years and after three years have elapsed from date of commencement of the Policy. The interest will be charged on any outstanding loan at a rate of interest set by us, from time to time.What happens if I discontinue paying premium?During the first three years, if premiums are not paid within the grace period the Policy will lapse. After the first three years if premiums are not paid within the grace period the Policy will be made ‘Paid up’ and the Sum Assured will be reduced, firstly, in the proportion of completed duration to original Policy term and secondly, by the amount of periodic lump sumpayments already made. Any accumulated bonuses attached to this Policy will remain attached in full. Once this Policy becomes ‘Paid-up’, no further bonuses

are payable. You will receive the ‘Paid-up’ Sum Assured in the event of loss of life. Once the Policy becomes paid-up any outstanding FixedBenefits will be reduced to the paid up Sum Assured divided by the number of outstanding Fixed Benefits. On maturity, the accumulated bonuses up to the date of ‘Paid-up’ are paid.

What if I want to discontinue the Policy?We provide you the option to surrender your Policy and receive the Surrender Value. If your Policy has accumulated any bonuses, then youwill also receive the cash value of that total amount upon surrendering your Policy. Your plan acquires a Surrender Value after three years premium has been paid and after three years have elapsed from date of commencement of Policy. We guarantee a minimum Surrender Value of 30% of the total premiums paid (excluding any extra premiums and premiums for additional benefits) subsequent to the first year premium, less the total of any periodic lump sum Fixed Benefits already paid under this Policy. On surrender, the insurance protection provided under the Policywill also cease.Can I revive a Policy which is lapsed?A lapsed Policy can be reinstated for full Benefits anytime before the date of maturity at terms and conditions required by the Company.

Flexible Premium Payment Modesa) Yearlyb) Half-yearlyc) Quarterlyd) Monthly (with salary deduction schemes only)

Grace PeriodOne month or 30 days from the due date for the payment of premiums.

Tax BenefitPremiums paid are eligible for tax deduction under Section 80C and 80D of the Income Tax Act, 1961. Maturity and Death Benefit are tax free under Section 10 (10D) of the Income Tax Act, 1961. Under Section 80C, premiums upto Rs 1,00,000 are allowed as deduction from your taxable income. Under Section 80D premium upto Rs 10,000 (Rs 15,000 for senior citizens) are allowed as deductionfrom your taxable income.(80D - Applicable to Critical Conditions Premium)General ExclusionsThe Company will not pay any claim on death if the Life Assured,

whether sane or insane, commits suicide within 12 months from thedate of issue of this Policy or the date of any reinstatement of this Policy.

15 Days Free Look PeriodThe Policyholder may cancel this Policy by returning it to the Companywithin 15 days of receiving it together with a letter requesting it be cancelled. The Company will refund the premium paid by the Policyholder less a deduction:

Of the proportionate premium for the time cover has been provided till cancellation

Of expenses incurred by the Company for medical examination of the Life Assured, Stamp Charges and expenses incurred in that connection.

Reliance Term Plan( Protect yourself …….

……. Protect your loved ones)“Life, as we know, is full of uncertainties. And to keep ahead of them, you need to plan ahead. Reliance Term Plan is a pure Life Insurance Plan that offers you comprehensive and affordable coverage for a limited period of time to suit your needs.”

Key Features Get higher insurance protection at economical rates Optional Accidental and Disablement Rider to enhance protection Economical way to protect your family against financial liabilities like

loss of income and outstanding loans etc. Discount on premium rates for women Suitable for business owners who want to cover the life of their key

employees

How does this Plan work?You pay premium every year for the entire Policy Term. On death your Beneficiary will get the Sum Assured. There is no Maturity Benefit under this plan.

BenefitsLife Cover Benefit: In the unfortunate event of loss of life, your beneficiary will receive the Sum Assured. Maturity Benefit: There is no Maturity Benefit payable under this Policy.Rider Benefit: You also have the option to add Accidental Death Benefit and Total and Permanent Disablement Rider.

Accidental Death Benefit & Total & Permanent Disablement RiderAccidents are unfortunate and sometimes fatal. You can customize your basic Policy with an Accidental Death Benefit and Total and Permanent Disablement Rider. The Accidental Death Benefit is payable if death occurs directly as a result of an accident and is intimated within 90 days of its occurrence. The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000 and the maximum under all Policies taken together is Rs 50,00,000. The Total and Permanent Disablement Rider is payable if the Life Assured becomes totally and permanently disabled directly as a result of an accident. The Disablement Benefit is equal to the basic Sum Assured paid in ten equal annual instalments. Total and Permanent Disablement is defined as the total and irrecoverable loss of sight of both eyes, or loss by severance of two limbs at or above wrist or ankle, or total and irrecoverable loss of the sight of one eye and loss by severance of one limb at or above wrist or ankle for a period of at least six months.Inbuilt Waiver of PremiumIf the Life Assured becomes totally and permanently disabled, then Reliance Life Insurance will waive all future premiums under the basic Policy and Riders up to a limit of Rs 40,000 p. a.

Accidental Death Benefit & Total & Permanent Disablement RiderAge at entry 18 yrs 59 yrsAge at expiry 25 yrs 64 yrsSum assured Rs 25,000 Rs 50,00,000


ExclusionsThe Company will not pay any Accidental Death Claim and Total and Permanent Disablement Claim which results directly or indirectly from any one or more of the following:

An act or attempted act of self-injury

Participation in any criminal or illegal act Being under the influence of alcohol or drugs except under direction of a


device of any description, other than as a fare paying passenger on a recognised airline or charter service

Participating in any riot, strike or civil commotion, active military, naval, air force, police or similar service, or


FlexibilityThis Rider can be attached to your Policy at the beginning or at any Policy Anniversary during the term of the Contract, subject tounderwriting conditions prevailing at that time.

Sample PremiumsThe tables below illustrate the indicative premiums for a male LifeAssured across different Sum Assured and ages for Policy Term of20, 25 and 30 years.

Age/Term(yrs) 20 25 30 Sum 30 2600 3070 3640Assured: 35 3630 4380 5260Rs 10 lakh 40 5400 6540 NA

45 8220 NA NA


45 12080 NA NA


45 15940 NA NA

What is the Policy Term?Minimum Policy Term: 5 yearsMaximum Policy Term: 30 years

Who can buy this product?Minimum age at entry: 21 yearsMaximum age at entry: 60 yearsMaximum age at maturity: 65 years

What is the Sum Assured?Minimum Sum Assured: Rs 2,50,000Maximum Sum Assured: No LimitMinimum Premium: Rs 2,000 per instalment

What happens if I discontinue paying premium?The Policy will lapse if the premiums are not paid within the grace period. The grace period is one month but not less than 30 days. However, you have the option to revive the Policy within three years from the date of lapse subject to revival conditions. The Policy is not eligible for any Paid-up or Surrender Value.

Flexible Premium Payment Modes?a) Yearlyb) Half-yearlyc) QuarterlyThe Company will charge a Policy Fee, depending on the PremiumPayment Mode selected by you.

Advantage WomenWomen Policyholders have an advantage as they receive discount on premium paid. For the basic Policy, basic premium payable will be equivalent to the premium for a three-year younger male Policyholder.

Tax BenefitPremiums paid are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Death Benefit is tax free under Section 10 (10D) of the Income Tax Act, 1961. Under Section 80C, premiums paid up to Rs 1,00,000 are allowed as deduction from your taxable income.

General ExclusionThe Company will not pay any claim on death if the Life Assured,whether sane or insane, commits suicide within 12 months from the date of issue of this Policy or the date of any reinstatement of this Policy.

15 Day Free Look PeriodThe Policyholder may cancel this Policy by returning it to theCompany within 15 days of receiving it together with a letterrequesting it be cancelled.The Company will refund the premium paid by the Policyholderless a deduction:

Of the proportionate premium for the time cover has been provided till cancellation

Of expenses incurred by the Company for medical examination of the Life Assured, Stamp Charges and expenses incurred in that connection.

Reliance Endowment PlanIt 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 realise your dreams in the future. It lets you decide howmuch 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

On maturity receive Sum Assured plus bonuses Wealth creation through bonus additions More value for your money by way of High Sum Assured Rebate Increase your insurance protection by adding Term Cover Choose to pay Regular or Single Premium Choose to add the Benefit of two Riders - Critical Illness Rider and

Accidental Death Benefit and Total and Permanent Disablement Rider

Choose to avail of a Policy Loan after three full years of premium payment

How does this Plan work?You pay premium every year for the entire term and get Sum Assuredplus accumulated bonuses at maturity. On death, your Beneficiarywill get the Sum Assured plus accumulated bonuses.

Benefits

Maturity Benefit: On maturity you get Sum Assured plus accumulated bonuses (if any) till that date.Life Cover Benefit: In the unfortunate event of loss of life, your family will receive the Sum Assured plus accumulated bonuses (if any) till that date.Rider Benefit: You also have the option to add three additional Benefitsto customise the Policy as per your needs for the regular premium plan:

A. Term Life Insurance Benefit RiderB. Accidental Death Benefit and Total and Permanent Disablement RiderC. Critical Illness Rider

Term Life Insurance Benefit RiderAdd the advantage of the Term Life Insurance Benefit Rider to your basic Policy and increase risk coverage. In the event of unfortunate loss of life, the Term Life Insurance Benefit Rider is payable and the amount payable is equal to the Rider Sum Assured. There is no Maturity Benefit.Term Insurance Minimum / Maximum age at 18 / 59 years entryMaximum age at 64 yrs (Policy Anniversary immediately expiry following age) Sum Assured Rs 1,00,000 Equal to basic Policy Sum AssuredPolicy Term Equal to basic Policy Term Accidental Death Benefit & Total & Permanent Disablement Rider Accidents are unfortunate and sometimes fatal. You can customize your basic Policy with an Accidental Death Benefit and Total and Permanent Disablement Rider. The Accidental Death Benefit is payable if death occurs directly as a result of an accident and is intimated within 90 days of the occurrence. The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000 and the maximum under all Policies taken together is Rs 50,00,000. The Total and Permanent Disablement Benefit is payable if the Life Assured becomes totally and permanently disabled directly as a result of an accident. The Disablement Benefit is equal to the basic

Sum Assured paid in ten equal annual instalments. Total and Permanent Disablement is defined as the total andirrecoverable loss of sight of both eyes, or loss by severance of twolimbs at or above wrist or ankle, or total and irrecoverable loss of thesight of one eye and loss by severance of one limb at or above wrist orankle for a period of at least six months.

Inbuilt Waiver of PremiumsIf the Life Assured becomes totally and permanently disabled, thenReliance Life Insurance will waive all future premiums under thebasic Policy and Riders up to a limit of Rs 40,000 p. a.

Accidental Death Benefit & Total & Permanent Disablement RiderAge at entry 18 yrs 59 yrsAge at expiry 25 yrs 64 yrsSum assured Rs 25,000 Rs 50,00,000

(basic policy sum assured subject to a maximum of Rs 50,00,000 per life)

ExclusionsThe Company will not pay any Accidental Death Claim and Totaland Permanent Disablement Claim which result directly or indirectlyfrom any one or more of the following:

An act or attempted act of self-injury Participation in any criminal or illegal act Being under the influence of alcohol or drugs except under direction of a


device of any description, other than as a fare paying passenger on a recognised airline or charter service.

Participating in any riot, strike or civil commotion, active military naval, air force, police or similar service, or


Critical Illness RiderSudden onset of a major illness causes worries and heavy expenses.Our optional Critical Conditions Cover helps provide financial reliefin such cases. It pays you the Sum Assured upfront in respect of tenmajor illnesses.

a) Cancerb) Coronary Artery Bypass Surgeryc) Heart Attackd) Strokee) Kidney Failuref) Aorta Surgeryg) Comah) Heart Valve Replacementi) Major Organ Transplantj) Paralysis

This Benefit can be availed only once against any one of the illnessesand the Company will not pay the claim if it arises from deliberateself-injury or attempted suicide by the Life Assured, whether sane orinsane. This Benefit will only be given, if the diseases are confirmedby a Consultant Physician.




Exclusions

Cancer: Any CIN stage (Cervical Intraepithelial Neoplasia); anypre-malignant tumour; any non-invasive cancer (cancer in situ);prostate cancer stage 1 (T1a, 1b, 1c); all skin cancers includingmalignant melanoma stage IA (T1a N0 M0); any malignant tumourin the presence of any Human Immunodeficiency Virus.Heart Attack: Non-ST-segment Elevation Myocardial Infarction(NSTEMI) with elevation of Troponin I or T; other acute CoronarySyndromes.Stroke: Transient Ischemic Attacks (TIA); neurological symptoms dueto migraine.Coronary Artery (Bypass) Surgery: Angioplasty and/or any otherintra-arterial procedures; key-hole surgery.Paralysis: Paralysis due to Guillain-Barré Syndrome.

Waiting and Survival PeriodThe Company will not pay the Critical Illness Benefit if:

The critical illness begins prior to or within six months of the commencement date or date of reinstatement of the

Death from critical illness takes place within 30 days of the onset of the same – Survival Period

FlexibilityThese Riders may be attached to your Policy at the beginning or atany Policy Anniversary during the term of the Contract, subject tounderwriting conditions prevailing at that time.Sum Assured for Critical Illness Rider may be increased or decreasedby the Policyholder:




The increase is subject to underwriting conditions Once decreased, further increases will not be allowed

The Contract can be terminated and opted for only once by thePolicyholder at any time. Though these are general conditions of theRider, we may specify restrictions (like time of exercise) on the aboveoptions. Such restrictions would be filed along with the basedproduct filing.

Sample PremiumsThe tables below illustrate the indicative annual premiums forindividual Life Assured across different Sum Assured and ages for aPolicy Term of 20, 25 and 30 years.


45 8145 6175 5115


45 24135 18225 15045


45 39725 29875 24575( The premium paying term is 5 years less than the policy term)

Indicative Maturity Benefit

The table below illustrates the Indicative Maturity Benefits for

different Sum Assured levels for an individual across different terms.

Total maturity benefit (Rs) @ 6% Total maturity benefit(Rs)@10%Sum assured\Term

20 25 30 20 25 30

Rs 100,000 148595 164061 181136 180611 209378 242726Rs 300,000 445784 492182 543408 541833 628133 728179Rs 500,000 742974 820303 905681 903056 1046889 1213631

*(The above Maturity Benefits are calculated for an illustrative grossinvestment return of 6% & 10% as stipulated by IRDA.)

What is the Policy Term?

Minimum Policy Term: 5 yearsMaximum Policy Term: Regular Premium - 35 yearsSingle Premium - 15 years

Who can buy this product?Minimum age at entry: 5 yearsMaximum age at entry: 65 yearsMinimum age at maturity: 18 yearsMaximum age at maturity: 75 years

What is the Sum Assured?Minimum Sum Assured: Regular Premium - Rs 25,000 For Single Premium it is determined by the minimum premiumMaximum Sum Assured: Entry age below 18 years - Rs 5,00,000Entry age 18 years and above - No Limit

Savings and accumulation through bonusesThe Company will declare compounded reversionary bonus, which ispayable at maturity or on death, whichever is earlier.

More value for money – High Sum Assured RebateReliance Endowment Plan offers an attractive premium discount forSum Assured over and above Rs 99,999.For example, as per the tabular premium rates, the Annual Premium

for a 30 year old male, a 25 year policy of Rs 5 lakh Sum Assuredcomes to Rs 19,165 before the High Sum Assured Rebate. After theHigh Sum Assured Rebate, the premium is Rs 17,665.

Sum Assured Range High Sum Assured RebateRs 1,00,000 – Rs 2,49,000 Re 1 per 1,000 Sum AssuredRs 2,50,000 – Rs 4,99,000 Rs 2 per 1,000 Sum AssuredRs 5,00,000 – Rs 9,99,000 Rs 3 per 1,000 Sum AssuredRs 10,00,000 and above Rs 4 per 1,000 Sum Assured

Tax BenefitsPremiums paid are eligible for tax deduction under Section 80C and80D of the Income Tax Act, 1961. Maturity and Death Benefit is tax free under Section 10 (10D) of the Income Tax Act, 1961. Under Section 80C, premiums upto Rs 1,00,000 are allowed as deduction from your taxable income. Under Section 80D premium upto Rs 10,000 (Rs 15,000 for senior citizens) are allowed as deduction from your taxable income.(80D - Applicable to Critical Conditions Premium)

Can I take a Loan against my Policy?The Policy Loan can be up to a maximum of 90% of the Surrender Value of the Policy at the time of taking the loan based on the terms and conditions at that time. This facility is available on your Regular Premium Plan after payment of three full years premium and after three years have elapsed from date of commencement of the Policy. However this facility is available immediately, in case of the Single Premium Plan. The interest will be charged on any outstanding loan at a rate of interest set by the company, from time to time.

What happens if I discontinue paying premium?During the first three years, if premiums are not paid within the graceperiod the Policy will lapse.If you discontinue paying the premium after paying premium for three full years, then your Policy will be converted in to a ‘Paid-up’ Policy for a reduced Sum Assured determined in the same proportion as the amount of premiums actually paid bears to the total amount of premiums payable. The life insurance protection will continue to the extent of the ‘Paid-up’ Value until the end of the Policy Term.

Any accumulated bonuses attached to this Policy will remain attachedin full. Once this Policy becomes ‘Paid-up’, no further bonuses arepayable. You will receive the ‘Paid-up’ Sum Assured plus bonuses onthe maturity date of the Policy or in the event of loss of life.

What if I want to discontinue the Policy?You have the option to surrender your Policy and receive the Surrender Value. If your Policy has accumulated any bonuses, then you will also receive the cash value of that total amount upon surrendering your Policy.Your single premium plan acquires a Surrender Value as soon as youpay your premium. We guarantee a minimum Surrender Value of 70% of the Single Premium paid excluding any extra premium plus the cash Surrender Value of any vested bonuses. Your regular premium plan acquires a Surrender Value after three years premium has been paid and after three years have elapsed from date of commencement of Policy. We guarantee a minimum Surrender Value of 30% of the total premiums paid (excluding any extra premiums and premiums for additional benefits) subsequent to the first year premium, plus the cash Surrender Value of any vested bonuses. On surrender, the insurance protection provided under the Policy will also cease.

Can I revive a policy which is lapsed?A lapsed Policy can be reinstated for full Benefits anytime before thedate of maturity at terms and conditions required by the Company.

Flexible Premium Payment Modesa) Yearly with minimum premium payment of Rs 2,000b) Half-yearly with minimum premium payment of Rs 1,500c) Quarterly with minimum premium payment of Rs 750d) Monthly (only with salary deduction schemes) with minimumpremium payment of Rs 250e) Single Premium with minimum premium payment of Rs 25,000Grace periodRegular Premium - one month or 30 days from the due date forpayment of premiumsMonthly Premium - 15 days

General ExclusionThe Company will not pay any claim on death of the Life Assured,whether sane or insane, commits suicide within 12 months fromthe date of issue of this Policy or the date of any reinstatement ofthis Policy.

15 days Free Look PeriodThe Policyholder may cancel this Policy by returning it to the Company within 15 days of receiving it together with a letter requesting it be cancelled.The Company will refund the premium paid by the Policyholder less a deduction:

Of the proportionate premium for the time cover has been provided till cancellation.

Of expenses incurred by the Company for medical examination of the Life Assured, Stamp Charges and expenses incurred in that connection

Reliance Money Guarantee PlanUnder this plan the investment risk in the investment portfolio is borne by the policyholder. It's a trio the pace setter plan, which promises Life Protection, an opportunity to gain control over your investments along with protection of downside risk!

For the select few like you, the Reliance Money Guarantee Plan is a Unit Linked product addressing comprehensive need to strike that perfect balance of Protection and Savings, that you deserve as you grow successfully. The Reliance Money Guarantee Plan is a Regular Premium Unit Linked Policy which guarantees the entire premium (including premiums for top- ups) paid by you. This is a plan which helps you reap all the benefits of a rising market simultaneously protecting you from the downside risk of the market.

Key Features

Capital Guarantee The sum of all premiums paid is guaranteed on maturity or on death before the maturity.

Capital Guarantee is available on both the basic premiums as well as on top-up premiums

Unique Return Shield feature to protect your returns Choice to invest from 3 pre-packaged investment fund options Unmatched flexibility through our ‘Exchange Option’ to move between

the Reliance Money Guarantee suite of products offered, as you grow up the ladder

Liquidity in the form of partial withdrawals from top-up fund Option to package with Accidental Death & Disability and Term

Insurance riders

How does this Plan work?The premium contributed by you net of Premium Allocation Charges and Miscellaneous Charge is invested in fund option of your choice for a specified period of time as selected by you and units are allocated depending on the price of units for the fund/funds. The Fund Value is the total value of units that you hold in the fund. The Policy has a minimum Guaranteed Fund Value which is equal to total of all premiums paid (excluding any additional and extra premiums if any), to be payable on survival to maturity or earlier death. The amount of top-up premiums paid is also guaranteed on death provided there is no partial withdrawal. The amount of top-ups premium is guaranteed on maturity provided the top-ups premium was paid at least 10 years before the date of maturity and there is no partial withdrawal. The Sum Assured under the

Policy is fixed on the basis of the selected annual premium and Policy Term. The Mortality Charges and Policy Administration Charges are deducted through cancellation of units whereas the Fund Management Charge is priced in the Unit Value. The premiums for riders, if selected, are payable over and above the premium for the basic Policy.

Benefits in DetailsCapital Guarantee: The plan offers Capital Guarantee provided the Policy is kept in full force by payment of due premiums on time.

Capital Guarantee under the Basic Plan: Premiums paid under the Basic Plan are guaranteed on the maturity of the Policy or on death during the Policy Term.

Capital Guarantee under the Top-Up premiums: Each top-up premium paid is guaranteed on death during the Policy Term provided there are no partial withdrawals from that top-up. Each top-up premium paid is guaranteed on maturity of the Policy provided the Policy Term is greater than ten years, there are no partial withdrawals from that top-up and the top-up was paid ten years before the maturity date.

Life Cover Benefit: The amount of Death Benefit depends on the age of the Life Assured at the time of death

If the age of the Life Assured at the time of death is more than 12 years last birthday while the Policy is in force, the Company will pay the sum of:

o Higher of (Sum Assured, Fund Value as on date of intimation of death under Basic Plan, Premiums paid under the Basic Plan excluding any extra or additional premiums paid.)

o Higher of (Fund Value as on date of intimation of death under top- ups and top-up premium paid provided no partial withdrawal is made from that top-up)

However if the Life Assured's age at the time of death is less than or equal to 12 years last birthday while the Policy is in force, the Death Benefit will be the sum of:

Higher of (Fund Value as on date of intimation of death under Basic Plan and premiums paid under the Basic Plan excluding any extra or additional premiums paid)

Higher of (Fund Value as on date of intimation of death under top- ups and top-up premium paid provided no partial withdrawal is made from that top-up)

The Policy terminates on payment of the Death Benefit.

Maturity Benefit: The Maturity Benefit is the sum of Higher of (Fund Value under Basic Plan and Premiums paid under Basic

Plan excluding any extra or additional premiums paid) Maturity Benefit under Top-Up

If Policy Term is greater than ten years, the Maturity Benefit under top-up is the higher of ( Fund Value under the top-up and top-up premium paid provided there is no partial withdrawal from that top-up)If Policy Term is ten years, the Maturity Benefit under the top-up is the Fund Value under the top-up. The Policy Terminates on payment of the Maturity Benefit.

Sum AssuredThe fixed Sum Assured under the Basic Plan will be calculated as the amount of annual premiums payable for half the Policy Term

Rider Benefit: You can add Accidental Death & Accidental Total and Permanent Disablement Benefit Rider & Term Life Insurance Benefit Rider.

What are the different fund options?

a. Funds available in respect of Basic Plan and top-up premiumThe plan offers three funds for Basic Plan and top-ups - Fund D, Fund E and Fund F. You have the option to decide your own fund mix with respect to premiums under the Basic Plan and top-ups.

b. Funds available in respect of Return Shield OptionReturn Shield Fund will be available if Return Shield Option is selected. The returns earned under the Basic Plan and top-ups will be transferred to Return Shield Fund if Return Shield option is selected.

c. Funds available during settlement periodIf you have opted for the settlement option, then Fund C would apply by default during the settlement period.

Unit pricing & Cut-off TimingsValue of Units: The computation of Unit Value will be based on whether the Company is purchasing (Appropriation Price) or selling (Expropriation Price) the Assets in order to meet the day to day transactions of Unit Allocations and Unit Redemptions i.e. the Company shall be required to sell/purchase the Assets if Unit Redemptions/Allocations exceed Unit Allocations/Redemptions at the Valuation Date. The Unit Price of each Fund will be the Unit Value calculated on a daily basis.

Unit Value =

Total Market Value of Assets Plus(less) expenses incurred in the purchase (sale) of Assets plus Current

Assets plus any accrued income net of Fund Management Charges less Current Liabilities less Provision

Fund ValuationThe value of the fund will be equal to the no of units multiplied by the Net Asset Value (NAV) of each unit in the fund. The computation of NAV will be based on whether the Company is purchasing (Appropriation Price) or selling (Expropriation Price) the Assets in order to meet the day to day transactions of Unit Allocations and Unit Redemptions i.e. the Company shall be required to sell/purchase the Assets if Unit Redemptions/Allocations exceed Unit Allocations/Redemptions at the Valuation Date.

The Appropriation Price shall apply in a situation when the Company is required to purchase the Assets to allocate the units at the Valuation Date. This shall be the amount of money that the Company should put into the fund in respect of each unit it allocates in order to preserve the interests of the existing Policyholders

The Expropriation Price shall apply in a situation when the Company is required to sell Assets to redeem the units at the Valuation Date. This shall be the amount of money that the Company should take out of the fund in respect of each unit it cancels in order to preserve the interests of the continuing Policyholders

Computation of Net Asset Value (NAV): When Appropriation Price is applied: The NAV for a particular fund shall be computed as: Market Value of investment held by the fund plus the expenses incurred in the purchase of the Assets plus the value of any Current Assets plus any Accrued Income net of Fund Management Charges less the value of any Current Liabilities less Provisions, if any. This gives the net Asset value of the fund. Dividing by the number of units existing at the Valuation Date (before any new units are allocated), gives the Unit Price of the fund under consideration.

When Expropriation Price is applied: The NAV for a particular fund shall be computed as: Market Value of investment held by the fund less the expenses incurred in the sale of the Assets plus the value of any Current Assets plus any Accrued Income net of Fund Management Charges less the value of any Current Liabilities less provisions, if any. This gives the Net Asset Value of the fund. Dividing by the number of units existing at the Valuation Date (before any units are redeemed), gives the Unit Price of the fund under consideration. In case the valuation day falls on a holiday, then the exercise will be done the

following working day. The Company reserves the right to suspend unit pricing if it is not possible to value some or all of the Assets of a Unit Linked Fund because of closure of stock exchanges or investment markets for the duration of these conditions. Flexibility available under Reliance Money Guarantee Plan Return Shield an innovative way to protect your returns This option is available to you during the term of the Policy. You can select or delete this option at any time during the term of the Policy. There will not be any charge for the Return Shield option under following circumstances;

If the option is selected under Basic Plan on commencement of the plan If the option is selected under top-up premium at the time of payment of

top-up premium Under all other circumstances, a fixed charge of Rs100 is payable every

time the Return Shield option is selected. If this option is selected, the return earned on Basic Plan and Top-Ups

during the month will be transferred to Return Shield Fund at the end of the Policy month. The operation of Return Shield option under Basic Plan is given below:

The amount of returns to be transferred to Return Shield Fund will be determined separately for each Policyholder in respect of each of the tree funds D,E and F Fund The method used for determining the return to be transferred is given below :

= Fund Value) on the last working day of the Policy monthLess Fund Value on last working day of the previous Policy monthLess amount of inflows during the month

The operation of Return Shield option under top-up premium(s) will be similar to that of Basic Policy.

The amount will be transferred to Return Shield Fund at the prevailing Unit Price.

Exchange Option: This option is available for existing Policyholders after completion of three Policy years from the date of commencement, Under this option, the Policy holder can transfer Policy Benefits (surrender, maturity etc.) either fully or partially to another plan. This option must be exercised at least 30 days before the date of receipt of benefit under the Policy.. The Terms and Conditions as specified in the opted Policy Document would apply to the Policy holder opting for the 'Exchange Option'.

If a Policyholder is opting for the Reliance Money Guarantee plan under exchange option, the Allocation Charge in year of exchange will be 15 % of the

annualised premium of Reliance Money Guarantee Plan. If the Exchange Option is used to pay top-ups in the Money Guarantee Policy, the Allocation Charge in the year exchange will be 1% of the top up amount.

Pay top-ups: If you have received a bonus or some lump sum money you can use that as a top-up to increase the investments component in your Policy. Top-ups are allowed only if all basic premiums due till date are paid. At any time, the maximum amount of all top-up premiums allowed is restricted to 25% of the total basic regular premium paid till date. The minimum top-up premium amount is Rs 2,500. The amount of top-up premiums paid is also guaranteed on death provided there is no partial withdrawal. The amount of top-up premium is guaranteed on maturity provided the top-up premium was paid 10 years before the date of maturity and there is no partial withdrawal made from the top-up fund.

Partial Withdrawals : These are allowed for units created by top-up premiums. There is lock-in period of three years under the top-ups from the date of payment of top-ups during which no partial withdrawal is allowed. The lock-in period is not applicable to Top-ups made during last three years of a Policy. After partial withdrawal, the original Tranche of that particular top-up will lose the Capital Guarantee. Where Life Assured is minor, partial withdrawals will be allowed only after completion of age 18 years.

No partial withdrawals are allowed for basic regular premium funds.

Switching Option: You can switch the whole or part of the funds between funds D, E, F at any time during the Policy Term. You can also switch from Return Shield option to any one fund D, E and F. First four switches in any Policy year are free.If Return Shield option is selected switching from any of the funds D, E, F in to Return Shield option will be done at the end of every Policy month. Such switches will not be counted as part of the four free switches during the Policy year.

Premium Redirection: You may instruct us in writing to redirect all the future premiums under a Policy in an alternative proportion to the various Unit Funds available. Redirection will not affect the allocation of premium(s) paid prior to the request.

Settlement Options: This option enables you to take the maturity proceeds in the form of periodical payments after the Maturity Date instead of a lump sum on the Maturity Date. You can choose to redeem the units in your Unit Fund anytime up to 5 years from the date of maturity. Capital Guarantee is not available during this period.

During this period, there will be no Life Cover. The only fund option available during the settlement period is Fund C. The maturity proceeds will automatically be transferred in to Fund C if settlement option is selected. The Policy will participate in the performance of units of Fund C.

The Company will deduct Policy Administration Charges by cancellation of units. The Fund Management Charge will be priced in the Unit Value.

In the event of death during settlement period the Fund Value as on the date of intimation at the office will be paid to the nominee. ?In order to opt for this option the customer has to give notice of 30 days to the Company before the Maturity Date.

During the settlement period, the investments made in the Unit Funds are subject to investment risks associated with Capital Markets and the Unit Prices may go up or down based on the performance of the fund and the factors influencing the Capital Market, and the Policyholder is responsible for his / her decisions. The investment risk during the settlement period will be borne by the Policyholder.

Convenient Premium Paying optionsYou can pay the regular premiums in yearly, half yearly, quarterly and monthly mode and pay by cash, cheque, debit/credit card, ECS & direct debit.

The minimum regular premium is Rs 10,000 for annual mode, Rs 5,000 for half-yearly, Rs 2,500 for quarterly and Rs 1,000 for monthly mode. The minimum top-up premium is Rs 2,500.

HDFC STANDARD LIFE INSURANCE

HDFC Standard Life Insurance HDFC Standard Life Insurance Company is a joint venture between India's largest housing finance provider, HDFC and Europe's largest mutual life assurance company - The Standard Life Assurance Company (U. K).

HDFC Standard Life Insurance Company Limited is the First Private Sector Life Insurance Company to be granted a license.

FOREIGN PARTNER:

Standard Life, UK

Standard Life, UK, founded in 1825, has been at the forefront of the UK insurance industry for 175 years by combining sound financial judgement with integrity and reliability. It is the Largest Mutual Life company in Europe and has total assets of Rs. 5,50,000 crore.

It is one of the very few insurance companies in the world to have received 'AAA' rating from two of the leading international credit rating agencies, Moody's and Standard & Poor's. Standard Life was recently voted 'Company of the Decade' in U.K. by the Independent Brokers called IFAs.

THE PARTNERSHIP :

HDFC and Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed.

Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January

http://www.hdfcinsurance.com/index.htm

2000 an expert team from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in HDFC Bank.

In a further development Standard Life agreed to participate in the Asset Management Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited.

Their ambition since October 1995, was to be the first private company to re-enter the life insurance market in India. On the 23rd of October 2000, this ambition was realised when HDFC Standard Life was the only life company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is the maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared values and trust. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance company's in India are measured.

Their Mission:

They aim to be the top new life insurance company in the market.This does not just mean being the largest or the most productive company in the market, rather it is a combination of several things like-

Customer service of the highest order Value for money for customers Professionalism in carrying out business

Innovative products to cater to different needs of different customers

Use of technology to improve service standards Increasing market share

Their Values:

SECURITY: Providing long term financial security to our policy holders will be our constant endeavor. We will be do this by offering life insurance and pension products.

TRUST: We appreciate the trust placed by our policy holders in us. Hence, we will aim to manage their investments very carefully and live up to this trust.

INNOVATION: Recognizing the different needs of our customers, we will be offering a range of innovative products to meet these needs.

Their mission is to be the best new life insurance company in India and these are the values that will guide us in this.

Insurance Products1. Endowment Assurance Plan

This plan is a with profits saving plan and is well suited for saving money for your long term financial goals. This plan also helps provide for the needs of your family in your absence by paying out a lump sum in the event of your unfortunate death during the term of the policy.

Indicative Premium*

Age (yrs.)

Basic Policy Premium (Rs.)

Additional Premiumfor optional benefits (Rs.)CI DSA ADB WOP

20 4771 304 322 136 23630 4835 442 388 144 30040 5098 925 641 156 47550 5813 - 1357 - -

* The above quoted premium is for a male life assured for a period of 20 years and a sum assured of Rs. 1lakh. The premium quoted above may vary as a result of underwriting.

The premium relatable to all the optional benefits put together should not exceed 30% of the premium of the basic policy.

- Single Life Endowment Plan- Joint Life Endowment Plan

2. Money Back Plan

This plan helps you plan for future anticipated expenses by paying periodic cash lump sums to you at regular intervals. This plan also helps provide for the needs of your family in your absence by paying them the basic sum assured plus any bonus additions in the event of your unfortunate death during the term of the policy.

Indicative Premium* for the basic policy

Age (yrs.)

Basic Policy Premium (Rs.)

Additional Premiumfor optional benefits (Rs.)CI DSA ADB WOP

20 7491 304 322 136 35230 7585 442 388 144 44340 7925 925 641 156 67250 8815 1890 1357 - -

- Single Life Endowment Plan- Joint Life Endowment Plan

3. Single Premium Whole of Life Plan

Single Premium Whole Of Life Insurance Plan is well suited to meet your long term investment needs. This participating (with profits) plan offers you the following benefits:

A sound investment Flexibility of term Surrender value In case of unfortunate death No medical requirements

Indicative Premium

Minimum sum assured : Rs. 25,000Maximum sum assured : Rs. 5,00,000Premium: Rs. 950 per thousand of sum assured.

4. Term Assurance PlanIf you have a family that you care for, you should consider what would happen in case of your unfortunate death. The emotional void cannot be filled, but financial insecurity can be avoided. By taking this affordable life insurance plan, you canprovide for the well-being of your family in case of your unfortunate death. This plan comes to you at a minimal cost and is well-suited for the value-conscious customer.

Indicative Premium

Age of Life Assured

Premium* (Rs.) SinglePremium (Rs.) Quarterl

yHalf-yearly Yearly

20 yrs. 467 862 1566 1197025 yrs. 495 914 1662 1311030 yrs. 529 979 1782 1572635 yrs. 579 1074 1956 1821640 yrs. 790 1473 2688 26400* The premium quoted is for a healthy male, paying premiums for a 15 year term for a sum assured of Rs. 6,00,000. The exact premium may vary as a result of underwriting.

5. Loan Cover Term Assurance

If you are taking a loan to buy a house for your family, this plan can help you ensure that life's uncertainties do not affect their shelter. It is an affordable plan that has been designed to help your family repay the outstanding loan in case of your unfortunate death.

Indicative Premium* for the basic policy

Annual Premium** (Rs. p.a.)

Single Premium(Rs.)

Term of loan (in yrs.)

Term of loan (in yrs.)

Age of Life Assured 10 15 10 1530 yrs. 1592 1634 5781 799335 yrs. 1757 1799 6324 915240 yrs. 2114 2163 8515 1299145 yrs. 2782 2915 10636 1666350 yrs. 3955 4175 15921 25038

* The premium quoted above may vary as a result of underwriting. The above rates are for a male life assured for an initial sum assured of Rs. 3.5 lakh.** In case of annual premium payment, the premium is to be paid for only the first 2/3 rd of the term while the cover continues for the full term.Types of series

- Single Life Protection Series- Joint Life Protection Series

6. Personal Pension Plans

This participating (with profits) plan is basically a savings contract, which is designed to provide an income for life from retirement. It does this by providing a notional lump sum on retirement, comprising of sum assured plus any attaching bonus. Subject to the prevailing regulations, part of this lump sum can be taken in form of cash and the rest converted to an annuity at the rate then offered by HDFC Standard Life. Alternatively, if it is permitted by the prevailing regulations, the notional lump sum can be used to buy an annuity with any other insurance company who will accept such business. On earlier death after the first year, for Regular Premium policies all premiums paid to date will be returned with interest at 8% per annum, subject to a maximum of the sum assured plus

bonuses declared to date. For Single premiums, it is sum assured plus bonuses declared to date.

Normally, they will declare a reversionary bonus once a year. Once added, it cannot be reduced. Reversionary bonus will take the form of a simple addition to your policy benefits. In addition, on maturity, a terminal bonus might be payable. On death, an interim bonus, reflecting the period since the last addition of reversionary bonus, might also be payable.

How much will it cost?

The cost of the plan depends on your age, the amount of benefit you have chosen, the premium paying frequency and the term of the policy. To give you an idea, here are the annual premiums in Rupees, payable on a policy with sum assured of Rs. 100,000.

Term

Age 10 15 2030 n/a n/a 4,30935 n/a 6,098 4,32740 9,577 6,117 4,357

For Single premium policies, the premium payable with respect to the basic benefit is equal to the basic sum assured as required by the policyholder.

Am I eligible?

The age and term limits for taking out a Personal Pension Plan are:

Minimum Term3

Maximum Term

Minimum Age at Entry

Maximum Age at Entry

Minimum Age at Retirement

Maximum Age at Retirement

RP1 SP2 RP SP RP SP 60

50

7010 5 40 15 18 35

1 RP : Regular Premium 2 SP : Single Premium 3 Term to Retirement

ICICI PRUDENTIAL LIFE INSURANCE ICICI Prudential Life Insurance is a joint venture between the ICICI Group and Prudential plc, of the UK. ICICI started off its operations in 1955 with providing finance for industrial development, and since then it has diversified into housing finance, consumer finance, mutual funds to being a Virtual Universal Bank and its latest venture Life Insurance.

FOREIGN PARTNER:Established in 1848, Prudential plc. of U.K. has grown to be the largest life insurance and mutual fund company in U.K. Prudential plc. has had its presence in Asia for the past 75 years catering to over 1 million customers across 11 Asian countries.

Prudential is the largest life insurance company in the United Kingdom (Source : S&P's UK Life Financial Digest, 1998).

ICICI and Prudential came together in 1993 to provide mutual fund products in India and today are the largest private sector mutual fund company in India.

Their latest venture ICICI Prudential Life plans to take care of the insurance needs at various stages of life.

THE COMPANY

http://www.iciciprulife.com/creative/main.jsp

ICICI Prudential Life Insurance Company is a joint venture between ICICI, 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).

ICICI Prudentials equity base stands at Rs. 3.75 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. As of December 31, 2002, the company had issued nearly 230,000 policies with a sum assured of over Rs 6,500 crore and premium income in excess of Rs. 340 crore. Today the company is the #1 private life insurer in the country.

DISTRIBUTIONICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 23 cities and towns in India. The company has the largest number of bancassurance tie-ups, having agreements with ICICI Bank, Citibank, Allahabad Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, and Punjab & Maharashtra Co-operative Bank, as well as some corporate agents. It has also tied up with organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society. ICICI Prudential has recruited and trained over 16,000 insurance agents to interface with and advise customers, and has the highest number amongst private life insurers on the renowned Million Dollar Round Table (MDRT).

PRODUCTS

Savings Solutions

ICICI Pru Save n Protect is a traditional endowment savings plan that offers life protection along with adequate returns.

ICICI Pru Cash Back is an anticipated endowment policy ideal for meeting milestone expenses like a child's marriage, expenses for a child’s higher education or purchase of an asset.

It is a three in one plan that combines savings, liquidity and protection through the following:

• Fixed term of 15 or 20 years

• Survival benefit payments at regular intervals

• Premiums are payable throughout the term of the policy. How? The survival benefits available to you are as follows:

Policy Term 15 years Policy

Term 20 years

At end of year

Survival Payment as a % of basic sum assured

At end of year

Survival Payment as a % of basic sum assured

3 10% 4 10%6 15% 8 15%9 20% 12 20%12 25% 16 25%

15(Maturity)

50% plus guaranteed additions plus vested bonuses.

20 (maturity)

50% plus guaranteed additions plus vested bonuses.

On the death of the life assured, the beneficiary will get the sum assured, the guaranteed additions and the vested bonuses.

Who can apply?

You can apply if you are 16 years old and no older than 55 years. The minimum sum assured you should apply for is Rs.75,000. The minimum premium amount is Rs.4,800 p.a.

Protection Solutions

ICICI Pru Life Guard is a protection plan, which offers life cover at very low cost. It is available in 3 options - level term assurance, level term assurance with return of premium and single premium.

Child Solutions

ICICI Pru Smart Kid provides guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the child’s life. Parents (between 20-60 years) with children in the age group of 0-12 years can purchase this policy.

As parents with children aged 12 years and below, you can take this policy. You have the flexibility to choose the exact age of the child (between 22 to 25 years), at which the policy is to mature. You also have the option to choose between two structures of payout of benefits.

For e.g.

Age of the child: 5 yearsTerm of the plan: 23 - 5 = 18 years

Chosen age of child at maturity: 23 yearsSum assured : Rs.5,00,000/-

Structure 1:

At the end of

Child's Age % of Sum Assured Amount

11th year of policy (Term-7)

16 years 20% of SA* Rs.1,00,000


18 years 25% of SA* Rs.1,25,000


21 years 25% of SA* Rs.1,25,000

On Maturity 23 years30% of SA* + Guaranteed Additions + Estimated Bonus

Rs.1,50,000 + Guaranteed Additions + Estimated Bonus

Structure 2:

At the end of

Child's Age % of Sum Assured Amount


19 years 25% of SA* Rs.1,25,000


20 years 20% of SA* Rs.1,00,000


21 years 20% of SA* Rs.1,00,000

17th year of policy (Term)

22 years 20% of SA* Rs.1,00,000

On Maturity 23 years20% of SA* + Guaranteed Additions + Estimated Bonus

Rs.1,00,000 + Guaranteed Additions + Estimated Bonus

*Sum Assured

What tax benefits will you get?

The premium that you will be paying will be tax exempt under section 88.

Market-linked Solutions

ICICI Pru Life Link is a single premium Market Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market.

ICICI Pru Life Time offers customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It offers 3 investment options - Growth Plan, Income Plan and Balanced Plan.

How do you start?

You can open an account with a Minimum Premium of Rs 18,000/- p.a. for annual mode.Rs 9,000/- per half year for half-yearly mode

Rs 4,500/- per quarter for quarterly modeRs 1,500/- per month for monthly mode

Benefits

Death Benefit: In case of the unfortunate event of death, your near and dear ones are spared an uncertain future. The nominee/s will receive the death benefit chosen (less any withdrawals) or value of the units, whichever is higher. 1

Withdrawal Benefit: There is no maturity date. Anytime after 3 years of commencement (provided you have paid premium for 3 full years) you can make withdrawals through partial or complete surrender of units.2

Retirement Solutions

ICICI Pru Forever Life is a retirement product targeted at individuals in their thirties. Ideally, you should be between 30-35 years of age to take the maximum benefit of this plan. This gives you a longer period for your retirement plan, thus giving you the advantage of compounding over a long period of time to create a sizeable retirement kitty.

Following table shows the annual premium payable for various age-term combinations to get an annual Life Annuity of Rs100, 000 per annum from vesting.

Age/Vesting Age 50 55 60 30 23084 13654 8159 35 40420 22383 12913 40 79090 38277 21158

The table below shows the yearly annuity payable for various age-term combinations for an annual premium of Rs10, 000.

Age/Vesting Age 50 55 60 30 42375 73233 122583 35 23764 44686 77367 40 12386 25134 47228

*The calculations are based on the current annuity rates and the assumptions taken in the benefit illustration. The annuities shown in the table are indicative and are not guaranteed.

Annuity Benefit: On the date of vesting (retirement), you start receiving a regular income for life. This amount would depend upon the annuity option chosen by you and the accumulated value as on the vesting date. The annuity would also depend upon the annuity rates offered by the company as on that date and are not guaranteed.

What tax benefits are available with Forever Life ?Tax benefit u/s 80CCC(1): up to Rs10, 000 deducted from your taxable income.

Market-linked retirement products

ICICI Pru Life Time Pension is a regular premium market-linked pension plan.

What tax benefits are available with LifeTime Pension?Tax benefit u/s 80CCC(1): up to Rs10, 000 deducted from your taxable income.

How much you have to pay?The minimum premium in this plan is Rs10, 000. However you have the flexibility of paying yearly (Rs10, 000), half-yearly (Rs5, 000), Quarterly (Rs2, 500) and monthly (Rs 833)

What are your entry conditions?You can apply for this plan if you are between 18 and 60 years of age. The minimum age of vesting is 50 years. You have the flexibility of choosing the vesting age between 50 and 70 years of age. Minimum Term of the product is 10 years.

ICICI Pru Life Link Pension is a single premium market-linked pension plan.

What tax benefits are available with LifeLink Pension?Tax benefit u/s 80CCC(1): up to Rs.10, 000 deducted from your taxable income.

How much you have to pay?The minimum premium in this plan is Rs.25, 000.

What are your entry conditions?You can apply for this plan if you are between 18 and 62 years of age. You have the flexibility of choosing the vesting age between 50 and 70 years of age. Minimum term of the product is 3 years.

Allocation RateFor premiums between Rs. 25,000/- and Rs. 39,999/- the allocation is 97%, for premiums between Rs. 40,000/-and Rs. 99,999/- it is 98%, for premiums between Rs. 1,00,000 and Rs. 4,99,999 it is 98.5% and for premiums of Rs. 5,00,000/- or above it is 98.75%

What would be the charges on your policy?.

Mortality Charges towards Death Benefit Top Up Charges - 1% of the top up amount

Other Charges: Annual administrative charges of 1.00% p.a. of net assets for protector (Income) and 1.25% p.a. for Maximiser (Growth) and Balancer (Balanced) options. Annual investment charge of 0.5% p.a. of the net assets for Protector and 1% p.a. of the net assets for Maximiser and Balanced.

Single Premium Solutions

ICICI Pru AssureInvest is a single premium savings product with life cover that offers returns ranging from 4.1% to 5.8% for a term of 5, 7 or 10 years.

On date of maturity, depending on the term and the single premium amount paid, guaranteed additions (w.e.f. 10th December '02) as given in the table below:

Term Age 5 years 7 years 10 years Single Premium (in Rs.) Guaranteed rates25,000 - 49,999 7 to 45 3.80 4.10 4.45 46 - 55 3.80 4.05 4.40 56 & above 3.65 3.95 4.3550,000 - 199,999 7 to 45 4.35 4.55 4.85 46 - 55 4.30 4.50 4.75 56 & above 4.20 4.40 4.75200,000 + 7 to 45 4.75 4.85 5.10

46 - 55 4.70 4.80 5.05 56 & above 4.55 4.70 5.00

The maturity benefits are payable even if death benefit has been paid earlier.

ICICI Pru ReAssure is a retirement product for senior citizens who are on the verge of retirement or have just retired.

The policy is available for a term of 5 or 7 years. Survival benefits: Depending on the term and the Single Premium, the new rates (w.e.f. 10th December '02) for ReAssure are as following:

Term 5 years 7 yearsSingle Premium (in Rs.)

Survival Benefits (%)

50,000 - 199,999 5.30 5.05200,000 + 6.00 5.65

Maturity benefit: On maturity the entire amount of single premium is paid to you.

What happens on death during the term of the policy? If death occurs within the first year of buying the policy, the nominee will receive the premium. If death occurs after first year, the nominee will receive 110% of the premium paid.

Who can apply?

Anyone in the age group of 07-62 years can apply for the ReAssure policy (maximum age at entry is 60 yrs in case of 7yr term). The maximum cover-ceasing age is 67 years.

What tax benefits will you get?

The premium is eligible for tax exemption under Sec88.

ICICI Prudential also launched ''Salaam Zindagi'', a social sector group insurance policy targeted at the economically underprivileged sections of the society.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.

ICICI Pru Group Gratuity Plan: ICICI Pru's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations.ICICI Pru Group Term Plan: ICICI Pru flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.

FLEXIBLE RIDER OPTIONSICICI Pru Life offers 4 flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer.

1. Accident & disability benefit

If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the sum assured under the policy. If the death occurs while traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit.

2. Level Term cover

This rider provides the option to increase the risk cover. The cover may be increased for an additional amount up to a maximum of the existing basic sum assured on your policy.

3. Critical Illness Benefit

Protects the insured against financial loss in the event of 9 specified critical illnesses. Benefits are payable to the insured for medical expenses prior to death.

4. Major Surgical Assistance Benefit

Provides financial support in the event of medical emergencies, ensuring that benefits are payable to the life assured for medical expenses incurred for surgical procedures. Cover is offered against 43 different surgical procedures.

AVIVA LIFE INSURANCE

THE COMPANYAviva Life Insurance is a joint venture between Dabur and Aviva. Aviva Plc is UK's largest insurance group. Today, with 25 million customers in over 50 countries and assets under management in excess of US $300 billion AVIVA life insurance is the oldest company in the world and is a pioneer in its own field. It is the 3rd largest Life insurance company in the global. It has its root in U.K where it is the largest insurer. Most lives in U.K are covered by AVIVA. The asset of AVIVA is over $300 billion. It has got 25 million customers worldwide and reaping the benefit of the product. Around 64,000 people are working for AVIVA worldwide. It has 40 major partnerships with leading banks across the globe. In India it has tied up with well know and admired company DABUR. The joint venture is form to cater the growing need of life insurance.Founded in 1884, Dabur is one of India's oldest and largest group of companies with annual sales of Rs. 1,200 crores. It is the country's leading producer of traditional healthcare products.Together they have been looking after generations of customers, over hundreds of years, and are committed to ensuring that we enjoy the very best financial health.Aviva Life Insurance aims for superior long-term investment performance and has the financial and management strength to deliver. Along with millions of customers worldwide we can feel certain of our choice, whether we invest for the future or provide against the unexpected.

WHO ARE THEY

Aviva Plc is the largest UK based life and general insurance group. A top priority at Aviva Plc has been the establishment of truly international businesses built on strong local partnerships and joint ventures. The Group's success in combining this strategy with a well-balanced portfolio of life and general

http://www.avivaindia.com/index.asp

business can be seen in a modern, unified operation across the globe.

Aviva Plc is one of the major institutional investors in the UK, holding 3% of British industry quoted on the London Stock Exchange and 7% of the UK gilt market. It is a top-five European life insurer based on premium income, with leading positions in the UK, the Netherlands, Ireland, Poland, Spain, Singapore and Turkey. The Group is among the top 10 asset managers in Europe and the second-largest UK-based fund manager by reference to funds under management, which exceed US $300 billion.

Aviva Plc's service standards, responsiveness and portfolio of products are customized to suit the individual needs and requirements of its customers across the world. The Group's 64,000 employees serve more than 25 million customers worldwide.

PRODUCTS AND SERVICESAt Aviva Life Insurance, insurance plans are created keeping in mind the changing needs of you and your family. Our individual life insurance plans are designed to provide you with flexible options that meet both protection and savings needs.

LIFELONG

Life Long is a flexible whole life plan designed to suit your individual requirements, no matter which life stage you are in and change as your needs change during your entire life. For younger families, maximum protection can be provided at moderate cost but as the need for protection in future reduces, the sum insured under the policy may be reduced, thus increasing the savings content.

LIFESAVER

Life Saver is a flexible endowment plan designed to meet your specific long-term savings needs such as education and wedding costs, with the added reassurance of life cover to meet those costs should something untoward happen before the policy matures.

LIFEBOND

Life Bond is a single premium savings plan designed by Aviva to provide you the maximum benefit of investment return and the security of the investment to match your medium term savings needs.

CORPORATE LIFE

Corporate Life is a product designed primarily for the corporate sector to provide life cover to their employees. The product can also be targeted at other suitable groups. This is a group term insurance product, which provides cover against risk of death. The Corporate is the master policyholder. It is a yearly renewable product. Additional covers against accidental death and permanent total disability are also available, if opted for by the master policyholder.

EASY LIFE PLUS

Easy Life Plus is designed to be a simple regular savings plan with the benefit of life protection. By choosing an appropriate premium level and term, you can match the maturity date of the policy to a specific savings need such as children’s education, wedding, etc. Easy Life Plus is specially designed for members of select groups such as Bank Customers, Employer-Employee, or any other similar recognized group.

CREDIT PLUS

Credit Plus is a product specially designed for Micro Finance Institutions who provide loans to individuals in the rural and social sectors and who would also like to provide some financial security to the families of these individuals (members).This is a yearly renewable group term insurance scheme which provides death cover on group basis.

PENSION PLUS

Pension Plus is a tax efficient personal pension plan that is designed to help you earn a regular income even after you stop

working. Through this plan, you build a fund till you retire which provides you financial security on retirement. SECURE LIFE

Secure Life is an ideal life insurance plan that helps you protect your family’s future. Depending on your requirements, whether it be for your child’s education or marriage, loan repayments, etc., Secure Life ensures that your family’s needs are met should something unfortunate happen to you. What is more, the entire premium that you pay during the policy term is returned to you on survival, at maturity.

BIRLA SUN LIFE INSURANCEThe Aditya Birla Group consists of companies based at transnational locations, comprising of some of the best-known companies in India. The group companies have attained a leading position in a range of key core sector areas and rank among the country’s largest, most profitable and fastest growing companies. At the Aditya Birla Group, growth with excellence is a way of life. With a turnover of over Rs 280 billion (US $6.01 billion), and fixed assets worth Rs 265 billion (US $5.7 billion), the group is India's leading business house. The Group's employs around 72,000 people and has 700,000 share holders spread across 40 companies situated around the globe.

Sun Life Financial is a leading international financial services organization. With a history that dates back to 1871, Sun Life Financial has evolved from a single mutual life insurance to one of the most highly rated insurance and wealth management institutions in the world. Sun Life Financial knows its value lies in more than assets and history. It also lies in the culture of integrity and the pursuit of excellence that have marked all of the organization’s endeavors. Today, the Sun Life Financial Group of companies and partners are represented globally in Canada, the United States, the Philippines, Japan, Indonesia, India and Bermuda.

Birla Sun Life Insurance is the coming together of the Aditya Birla group and Sun Life Financial of Canada to enter the Indian insurance sector.

INSURANCE PRODUCTSYOUNG SCHOLAR

Birla Sun Life Insurance, have specially designed the YOUNG SCHOLAR PACKAGE for children aged 8 and below. Birla Sun Life's Young Scholar package not only insures the parent, but also ensures the dream of your child becomes a reality.

Savings... Easily achievable Guaranteed 6% Returns

If you are 30 years old and father of a child aged between 1 and 3 (both inclusive) and if you select a package with a face amount of Rs. 1,00,000

A small amount of Rs. 22.09 per day for 15 years

At the end of the Year

Rupees

This ensures that your child's higher education and development is funded

1.16th policy year 30,000 2.17th policy year 30,000 3.18th policy year 30,000 4.19th policy year 30,000 5.On Maturity 45,000

For his/her START in life

6.If the Actual Return is 9%, then the additional amount paid on maturity

82,720

(AnnualPremium Rs. 8,064 payable for 15 years)

Coverage for you 1.Normal Death 2,00,00

0 This creates an emergency fund for the Protection of your family

2.Accidental Death 3,00,000

3.Dismemberment Cover

1,00,000

If you are 35 years old and father of a child aged between 4 and 8 (both inclusive) and you select a package with a face amount of Rs. 1,00,000 Salient Features of Young Scholar

A small amount of Rs. 31.95 per day for 10 years

At the end of the Year

Rupees

This ensures that your child's higher education and development is funded

1.11th policy year 20,000 2.12th policy year 20,000 3.13th policy year 20,000 4.14th policy year 20,000 5.On Maturity 60,000

For his/her START in life

6.If the Actual Return is 9%, then the additional amount paid on maturity

55,996

(Annual Premium Rs.11,664 payable for 10 years)

Coverage for you 1.Normal Death 2,00,00

0 This creates an emergency fund for the Protection of your family

2.Accidental Death 3,00,000

3.Dismemberment Cover

1,00,000

According to the Income Tax Act, 1961 premiums paid to buy or keep an insurance in force is exempted from income tax to the extent of 20% of the premium paid or Rs. 60,000, whichever is lower (i.e. Sec 88 of the Income Tax Act). Benefits received from a life insurance policy is also exempted from income tax (i.e. Sec10(10D) of the Income Tax Act).

FLEXI LIFE LINE WHOLE LIFE PLAN

Flexi Life Line Whole Life Plan is an investment in the future which ensures that your hard earned money gives you higher returns as well as security to your loved ones. Unique Features :

Choice of Investment Options.

Automatic Premium Payment. Free Look Period. Access your funds during the duration of the plan. Favorable premiums for Female Clients.

Flexi Life Line - Whole Life Plan

Eligibility

18-65 years

Minimum Face Amount (Sum Assured)

Rs. 75,000 for a person fulfilling the eligibility criteria

Duration of the plan For the entire life till 100 years of age

Premium Paying Period Single pay, 5,10, 15, 20 years or over the duration of the plan

Premium Payment Frequency

Annually, semi-annually, quarterly or one-time payment

Free Look Period Review your decision for 15 days from the date of despatch of the policy document

Transparency in Surrender Values

Know the exact amount due in case of pre-mature plan termination

Amount due on survival up to maturity

Surrender Value in the maturity year + the balance in Additional Holding Account (Non-Guaranteed)

Amount due to nominee in event of death of the life insured

Death benefit + the balance in Additional Holding Account (Non-Guaranteed)

Riders Accidental Death & Dismemberment, Term and Critical Illness Riders

Unique Features• Investment Options*• Access to your funds• Death Benefit• Automatic Premium Payment

Protector*, Builder* and Enhancer*Loans, Withdrawals and SurrenderApplicable for all plansApplicable for all plans

Tax Benefits As per Sec 88 Sec 10(10 D) of the Income Tax Act

BIRLA SUN LIFE TERM PLAN

This low cost plan is for those who would like to buy an insurance cover at a low cost. The premium of this plan is low and offers high life coverage. This plan takes care of the policyholder's financial commitment to his family if anything unfortunate happens to him.

Eligibility:

The minimum eligibility age is 18 and maximum is 55 years.

Duration of the plan:

The duration of the plan can be 5,10,15,20 or 25 years. (The maximum age at maturity is 70 i.e., a person aged 55 can buy a maximum benefit period of 15 years).

Premium Payment:

Premiums can be paid annually, semi annually or quarterly throughout the duration of the plan or by a one time single premium. In case of non-payment of premiums on due dates, a grace period of 30 days is given after which the policy will lapse.

Free plan Trial

This option called Free Look Period begins from the date of despatch of policy document. Under this trial the customer is allowed to review his decision for 14 days. If the policyholder

wishes to cancel his plan within this period, full refund of the premium amount paid is offered.

Description Birla Sun Life Term Plan Eligibility 18 - 55 years Minimum Face Amount (Sum Assured)

Rs 2,50,000 in case of single premium and Rs 2 ,00,000 in case of annual premium for a person fulfilling the eligibility criteria

Duration of the plan As per the policy terms - 5,10,15,20 or 25 years

Premium Paying Period

Single pay, or over the duration of the plan

Premium Payment Frequency

Annually, semi-annually, quarterly, monthly or One-time payment

Free Look Period Review your decision for 14 days from the date of despatch of the policy document.

Amount due to nominee in event of death of the life insured

Face Amount ( Sum Assured)

Amount due on survival upto maturity Nil Surrender Value Nil

Riders Accidental Death & Dismemberment and Critical Illness riders but only at the time of purchase of policy

Tax Benefits As per Sec. 88 and Sec.10(10D) of the Income Tax Act

FLEXI SAVE PLUS ENDOWMENT PLAN

It is a flexible life insurance plan taken for a specified term, which offers you the dual benefit of an insurance cover as well as investment opportunity, which helps grow your savings. The Flexi Save Plus Endowment Plan is designed for people who want to maximise their savings today by paying regular premiums for a fixed duration of time or in a single lump sum, to realize their long term goals and protect their families with an insurance policy. Eligibility 1 – 65 years

Minimum face amount Rs 50000 for minors and Rs 75000 for adults.

Duration of the plan As per policy terms 10, 15, 20, 25 or 30 years or as per maturity age.

Premium paying period Single pay 5, 10, 15, 20 years or over the duration of the plan.

Premium paying frequency Annually, semi-annually, quarterly or one time payment.

Free look period 15 days from the date of the policy dispatch.

Amount due on survival up to maturity

Surrender value in the maturity year + bal. in the additional holding account.

Amount due to nominee in event of the death of the life insured

Death benefit + balance in the additional holding account

Tax benefits As per Sec 88 Sec 10(10D) of the income tax act.

FLEXI CASH FLOW MONEY BACK PLAN It is a flexible life insurance plan taken for a specified term, with periodic payback of face amount (sum assured) at fixed intervals coupled with saving growth. It is an investment, which ensures that your money also works as hard as you do. The plan keeps on giving you a part of the face amount (sum assured) at regular intervals as well as takes care of your savings needs.Eligibility 1 – 65 years

Minimum face amount Rs 50000 for minors and Rs 75000 for adults.

Duration of the plan As per policy terms 10, 15, 20 or 25 years.

Premium paying period Single pay 5, 10, 15, 20 years or over the duration of the plan.

Premium paying frequency Annually, semi-annually, quarterly or one time payment.

Free look period 15 days from the date of the policy dispatch.

Amount due on survival up to Surrender value in the maturity

maturity year + balance in the additional holding account.

Amount due to nominee in event of the death of the life insured

Death benefit + balance in the additional holding account.

Riders Accidental death and dismemberment, Term and critical illness riders.

Tax benefits As per Sec 88 Sec 10(10D) of the income tax act.

KEY FINDINGS OF THE TERM POLICIES Max New York Life provides the maximum sum assured

w.r.t. any other company’s term insurance product.

Aviva's rider CI covers maximum ailments. Another, asset of this insurer is that for term policies need no medical tests required while buying thus, lots of hassle eliminated. Its wealth protector plan also of its exceptional kinds it also give bonus on riders, which many insurers miss out at.

HDFC Standard Life gains at being the most affordable policy available. The eligibility standards are also at better ends w.r.t. other private insurers. The suicide exclusion clause dealt here by this insurer is exceptional as what other insurers apply it for the term products.

ENDOWMENT INSURANCE

PARAMETERS

BIRLASUN LIFE

HDFC STANDARD LIFE

AVIVA

Eligibility(basic policy ) 1-65 years

expiry or maturity at 80 years

12-60 years expiry or at age 75

18-65 yearsmaximum maturity at 70 years

Minimum face amount

50,000(minors)75,000(adults)

No minimum sum assuredMinimum premium is Rs 18,000 p.a.

Minimum term 5 yearsMaximumterm-52 years (depending on the current age

Riders

Accidental death and disimbersement term ,CI

CI, DSA,ADB,WOP

ADD, CI, Permanent Total Disability

Unique features

Investment options-protestor, builder, enhancer

Can be taken on a single life basic or a joint life (first claim) basis

1) It is a unitized fixed term protection cum savings plan.2) Can be purchased on any life between 18 to 65 years and for any term subject to a minimum of 5 years and the insured not exceeding 70 years at the age of maturity.3) Can increase the sum insured under the policy anniversary. However an increase will be subject to evidence of good health and

underwriter’s approval.4) Can be purchase on single life as well as on a joint life (with spouse only on first death basis)5)Regular premium payable over the whole term of the policy

ICICI PRUDENTIAL

1) Save ‘n’ Protect- 15 to 60 yearsMaximum maturity at 70 years

2) CASHBAK-16-55 years

MAX NEW YORK LIFE

20-50 years

Save ‘n’ protect-20000 minimum

Cashback-50000 minimum(no limit of maximum amount)

1,00,0001,00,00,000

Save ‘n’ protect-minimum term 10 years.

Cashbak-minimum and maximum 15 or 20 years

20 years

ADB, CI, Major Surgical Assistance, Level Term Insurance

PAB, Term Renewable and Convertible Rider, Dread Disease, Payer Rider.

Save ‘n’ protect

Once the policy matures, can get the full sum assured and guaranteed additions as well as the vested bonuses.

Also an extended term insurance cover for maturity date of the policy for 50% of the sum assured for which not have to pay any during the tenure of extended life cover

No rider benefits. Can avail loan under

policy.

Cashbak

No loans are available under this policy.

Can discontinue policy after premiums are paid for 3 years. A guaranteed surrender value is payable, if terminate the policy after 3 yrs premium are paid.

The sum that received on maturity serves as an additional source of income.

It has guaranteed death benefit during the term of the policy.

Policy will acquire a cash surrender value after policy has acquired a cash surrender value, to fund unexpected requirements.

A guaranteed, fixed premium allows to plan finances better.

Will get bonus payable once the policy has been in effect for at least two years.

KEY FINDINGS OF ENDOWMENT INSURANCE:

Birla Sun Life policy even caters to the infant aged one and which no other insurer provides thus making it quite distinctive. Its investment portfolio is also quite

competitive and substantial returns apart from the protection which other company’s have.

AVIVA bounds the insured least, with its minimum term as 5 years, in the policy whereas others have the minimum of 10 years.

ICICI Prudential Save ‘n’ protect policy scores the highest among endowment plans. Loan facilities that can be enjoyed on it make it a highly attractive opinion. ‘Cashbak’ also popular among those who feel uncertain about their future premium paying capacities.

OBJECTIVEThe objective of project was recruitment of advisors and their role towards

insurance.

In this work was to find out the socially connect persons who are socially

connected, in order to sell the insurance policies of Reliance Life Insurance We

have to find out no of advisors who have the convincing power and ability to

motivate the people towards insurance. As we know that Bajaj Allianz product

is a private market player in insurance sector, so their has to be work to move

the people towards private sector in order to fast service and better quality with

quantity.

The work was also to aware and attract the people towards more premium as

compare to LIC and to give the opportunity to be self dependent.

The work was mainly to recruit-

House wife Businessman/entrepreneur VRS opted Teacher/Lecture Bond/multifund/postal agent Builder Property dealer CA`s Students

So the main objective was t o recruit the advisors who are socially connected

and their role towards insurance

RESEARCH METHODOLOGY

The basic aim of the company in providing us with this assignment was to find

out the people’s perception of their brand in the market and via this increasing

their advisor base by encashing on their brand name.

1. Hence, our sales pitch in recruiting the good profile advisor was based

on:

Money For those who are needy, greedy and speedy

Excellent back and support, attractive payments and benefits

Extensive training for that edge over competition.

Reward and recognitionFor those who want to be recognized and honored

Several programs including foreign trips, seminars etc.

Selected club membership.

Achievements rewarded with trophies and certificates.

Carrier prospectFor people who want to climb the success ladder fast.

Then, we targeted high profile people like CA’s or MBA’s or govt. people. For

that, we drafted a letter in which we just gave them a hang of what our proposal

was for them (for recruiting them as our advisors) and ask them to contact us

themselves if they are interested.

We got at least 10-15 calls of people who were interested and wanted to become

our advisors. Meetings were held with them and they were converted.

SWOT ANALYSIS

A proper S.W.O.T. analysis of Reliance Life Insurance has also been conducted to

know better about the position, growth, and upcoming future and prospective of the

company.

STRENGTHS

Reliance Life Insurance is a joint venture between HDFC & Standard Life Insurance. Strength of Reliance Life Insurance is: ICICI Prudential is a very big financial institution Reliance Life Insurance is the First Private Sector Life Insurance

Company to be granted a license). Short-term plans of Reliance Life Insurance are the main strength. After sales services.

WEEKNESS Products cost are very high. Customer does not believe on private company. They don’t focus on rural areas. Charges are very high.

OPPURTUNITIES

Good brand promotion. 1/3rd- % insurance has been covered.

THREATS

Competitors. Privatization of banks. Government rules and regulations.

WHO IS AN INSUARANCE AGENT

An agent is the representative of an insurance company who sells different

policies or product to its clients.

Another term used for insurance agents is advisors.

Today in life insurance companies advisors are known to be the backbone of the

whole system. Advisors do not work on monthly payroll basis they receive a

certain commission on the policies they sell to the clients.

The eligibility required to become an advisor is that he/she should be 12th pass

to operate in urban areas and 10th pass for rural areas. Before a person becomes

an advisor he/she has to undergo 100hrs training according to IRDA norms,

which is compulsory.

A person who wants to be an advisor ahs first to fill a recruitment form and has

to pay a fee of Rs. 1000/-in favor of RELIANCE LIFE INSURANCE. Then he

has to pass a test, which is compiled by IRDA. After he gets a license.

MOST PREFERRED PROFILES TO RECRUIT AS ADVISORS/AGENT

Housewives

Income tax consultants

Charted Accountant

MR’s

Doctors

Teachers

Post office agent

Business Men

Accountants

Stock Brokers

Lawyers

Sales Personnel’s working in

Automobile dealership

Credit Card Co.

Telecom

Modes & ways through which the company

Recruits agents.

o Direct contacts.

o Newspaper adds.

o Consultants.

o Member of the company can introduce a new member.

Training activities for agents/advisors

As per IRDA guidelines, 100 hrs training is compulsory.

Both online &classroom training are available.

Training is compulsory with part time & full time options.

A clear exam is conducted by IRDA, the minimum qualification is-

12th pass for urban areas

10th pass for rural areas

Advisor Role

To provide ongoing financial advice for his/her clients:

Identify future clients.

Making appointments.

Conduct financial review meetings with prospects/clients.

Follows internal sales and reporting system.

Working Environment of an

Advisor /agent

To be a part of world class sales team.

Work from your own office or residence.

Earn commission, bonus & incentives.

No upper limits on earnings.

Flexible career.

How does an advisor/agentwork

Firstly an advisor/agent has to make a list of 100 people that he/she knows.

Then the advisor makes a call to these clients and tries to fix an appointment.

When an appointment is fixed the advisor meets the customer &tries to sell the product.

After that the advisor asks for the reference of maximum number of people from the client.

The references are asked in context to make future calls and the whole procedure is repeated again.

FREQUENCY

PERCENT VALID % CUMULATIV

E %VALID

FEMALE 15 23.1 23.1 23.1

MALE 50 76.9 76.9 100TOTAL 65 100 100

23.1

76.9

GENDER OF THE RESPONDENT

FEMALE

MALE

FREQUANCY

PERCENT

VALID %

CUMULATIVE %

VALID MARRIED 49 75.4 75.4 75.4UNMARRIED 16 24.6 24.6 100

TOTAL 65 100 100

75.4

24.6

MARITAL STATUS OF THERESPONDENT

MARRIED

UNMARRIED

FREQUEN

CYPERCEN

TVALID

%CUMULATI

VE %VALID INTER 5 7.7 7.7 7.7

GRADUATE 40 61.5 61.5 69.2 PROFESSIO

NAL 20 30.8 30.8 100 TOTAL 65 100 100

INTER8%

GRADUATE62%

PROFESSIONAL31%

EDUCATIONAL QUALIFICATION OF THE RE-SPONDENT

INTER

GRADUATE

PROFESSIONAL

FREQUAN

CYPERCE

NTVALID

%CUMULATI

VE %VALID

GOVT/STATE 21 31.3 31.3 31.3 PRIVATE

JOB 33 49.3 49.3 80.6 PROFESSIO

NAL 8 11.9 11.9 92.5 OTHERS 5 7.5 7.5 100 TOTAL 67 100 100

31.3

49.3

11.9

7.5

OCCUPATIONAL BACKGROUND OF THE RE-SPONDENT

GOVT/STATE

PRIVATE

PROFESSIONAL

OTHER

FREQUE

NCYPERCE

NTVALID %

CUMULATIVE %

VALID LIC 46 70.8 70.8 70.8RELIANCE LIFE INSURANCE 13 20 20 90.8OTHERS 6 9.2 9.2 100TOTAL 65 100 100

VALID LIC RELIANCE LIFE INSURANCE OTHERS0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

50.00%

50%

10%

40%

`

FREQUENC

YPERCEN

TVALID

%CUMULATIV

E %VALID

CLASSROOM 42 64.6 64.6 64.6 ONLINE 12 18.5 18.5 83.1

NONE 11 16.9 16.9 100 TOTAL 65 100 100

CLASSROOM

65%ONLINE19%

NONE17%

MODE OF TRANING BY IRDA UNDERGONE BY RESPONDENT

CLASSROOM

ONLINE

NONE

FREQUENCY PERCENT VALID % CUMULATIVE %VALID PERSONAL MEETING &

TELEPHONE 9 13.8 13.8 13.8

TELEPHONE & REFERENCE 10 15.4 15.4 29.2ALL 46 70.8 70.8 100

TOTAL 65 100 100

13.8

15.4

70.8

CONTACTING THE CUSTOMER BY THE RE-SPONDENT

PM&T T&R ALL

FREQUENCY PERCENT VALID % CUMULATIVE %

VALID PROTECTION 9 13.8 13.8 13.8SAVING 10 15.4 15.4 29.2

CHILD FUTURE 9 13.8 13.8 43.1RETIREMENT 13 20 20 63.1INVESTMENT 11 16.9 16.9 80TAX SAVING 13 20 20 100

TOTAL 65 100 100

13.8

15.4

13.8

20

16.9

20

PURPOSE OF GETTING AN INSURANCE

PRO

SAV

CF

RET

T.S

FINDINGS

During the project I found the following-

Advisor is the independent person who gets the opportunity to connect the people with BAJAJ ALLIANZ.

People are more conscious about policies. INSURANCE is an easier way to give the pure security to

the people. People are more aware about the private players. Market survey is a very good way to connect the people

with the organization. Market is very competitive. Private players are giving more opportunities and

facilities.

Most of people have less faith on private players as compare to government

players.

CONCLUSION

If we analyze in all sectors of life insurance then LIC has been the most

dominant player since 1956. The impact of LIC has been so much in both rural

and urban areas that people use the term LIC instead of Life insurance.

Each of the other private players like Aviva, Max New York Life, OM Kotak

Life, ING Vysya, had less than 1% market share but posted high growth in

business. in terms of premium collection, ICICI Prudential mopped up Rs. 136

crore followed by Birla Sun Life Rs 60 crore, Allianz Bajaj Rs 37 crore, Tata

AIG Rs 35 crore, HDFC Standard life Rs 33 crore

HDFC Standard life faces a big challenge in front of them to stay in the race

with Life insurance corporation(LIC)because with the entrance of other

companies like Max New York, Birla Sun Life the competition has become

tougher.

But insurance is also growing day by day, India has a population of 1.2 billion

and only 33.3% population is insured. This means insurance is an upcoming

industry but HDFC Standard Life has to work a lot on their strategies to

overcome LIC.

RECOMMENDATIONS

During the exposure of 2 months I had in the insurance industry via HDFC Standard life, it helped me to develop the basic understanding of how this industry works and the work experience & knowledge gained has also helped me to give the recommendations as stated below:

An insurance policy is a product, which needs a lot of convincing before it can be sold because what I analyzed in this internship that there are very few people who have a basic knowledge about life insurance especially the lower middle class society. So, it is essential for the advisor to what the customer actually he needs and then letting the customer know what benefits he will get out of it.

The limitation here is to win the trust of people when so many companies are offering the same product range here, HDFC

Standard life needs to encash its brand name because after the survey I concluded that after LIC people knew only about HDFC

Standard life

During the calls where I went along with my sales manager, I observed that people in general have the perception that insurance is all about getting discount in tax. People should be made realize that it is a great way of saving for the future too.

Besides doing market research, my other job was to increase the advisor base of the company. And company preferred the profiles of the already established insurance advisors of the other companies.

Instead of approaching good profiles agents personally, the company can hold Seminars or club meetings because every one comes for free lunches. Once they come, they can be given business Opportunities presentations about the incentives, commission structure etc HDFC Standard life is offering to its advisors.

Since the commission structures has been fixed by the IRDA only so on insurance company can give more commission on products but every company has a different mode of distributing commission, since HDFC Standard life has all kind of products and policies with it thus every agent can earn as much (NO UPPER LIMIT ON EARNINGS) as he wants because he has more choice to offer to the customer. This can be one of the sales pitches for the HDFC Standard life.

GENERAL SURVEY QUESTIONNAUIRE

NAME:

AGE:

ADDRESS:

1) GENDER

a) MALE b) FEMALE

2) MARITAL STATUS

a) MARRIED b) UNMARRIED

3) EDUCATIONAL QUALIFICATION

a) ANY PROFESSIONAL DEGREE (MBA/CA) b) GRADUATE

c) POST GRADUATE d) UNDER GRADUATE/12th OR EQUIVALENT

4) OCCUPATIONAL BACKGROUND

a) GOVT/STATE b) PVT JOB

c) PROFESSIONAL (CA/MBA) d) OTHER………………..

5) ANNUAL HOUSE INCOME

a) 5-8LACS b) 3-5LACS

c) 1-3LACS d)<LAC

6) ARE YOU INTERESTED IN MAKING EXTRA INCOME?

a) YES b) NO

7) WHICH OPTION YOU SUITS THE BEST FOR MAKING EXTRA INCOME?

a) MLM (MULTI LEVEL MARKETING) b) MUTUAL FUNDS

c) TRADING OF STOCK (STOCK MARKET) d) INVESTMENT IN PROPERTY

e) INSURANCE AGENT

IF YOU CHOSEN (e) AS YOUR ANSWER GO TO QUESTION 8&9 OTHERWISE JUMP TO QUES.10th –

8)WHICH PVT. INSURANCE CO. YOU RATE AS THE BEST IN THE INSURANSESECTOR?………………………………………………………………………………………………

9) BAJAJ ALLIANZ LIFE INSTURES CATERS TO A ATTRACTIVE PAYMENTS, INSTANT RECOGNITION & CAREER PROGRESSION OF ADVISORS. WILL YOU BE INTERESTED IN JOINING ICICI PUR LIFE?

a) CERTAINLY b) PROBABLY

c) DEFINITELY NOT

10) WILL YOU BE INTERESTED IN GETTING INTO A BUSINESS WITH ZEROINVESTMENT & HIGH RETURNS?

a) YES b) NO

BIBLIOGRAPHYo Beri G.C., Marketing Research, Tata McGraw

Hill Publishing Co. LTD., New Delhi, Third Edition (2002)

o Saxana Rajan, Marketing Management, Tata McGraw Hill Publishing Co. LTD, New Delhi, Second Edition (2001)

o Saxena R.S., Marketing Management, Himalaya Publication, New Delhi, Ninth Edition (2000)

o Kotlar Philip, Marketing Management, Pren Tice-hall of India PVT. LTD., New Delhi, Ninth Edition (2002)

o Bhandari, Research Methodology, Print 2004, Second edition

Yogakshema (LIC House Magazine)

www.bajajallianz.com www.lifeinsurence.com www.google.com

Education

Reliance insurance project file