vishal reliance project table part

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Table of Contents

No Topic Page No

01 Introduction

02 The history of Indian Insurance industry

03 Major Players in the Insurance Industry in India

04 Company Profile: Reliance

05 Product offered by Reliance Life

06 Recruitment of Advisor

07 Sales Process which I used in Reliance Life

08 Research Methodology

09 Data Analysis & Interpretation

08 SWOT Analysis

09 Limitation& Findings

10 Conclusions & Recommendations

11 Bibliography & Appendix


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INTRODUCTION


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Introduction

Insurance is nothing but a system of spreading the risk of one onto the shoulders of many. While

it becomes somewhat impossible for a man to bear by himself 100% loss to his own property or

interest arising out of an unforeseen contingency, insurance is a method or process which

distributes the burden of the loss on a number of persons within the group formed for this

particular purpose.

Basic Human trait is to be averse to the idea of risk taking. Insurance, whether life or non-life,

provides people with a reasonable degree of security and assurance that they will be protected in

the event of a calamity or failure of any sort.

Insurance may be described as a social device to reduce or eliminate risk of loss to life and

property. Under the plan of insurance, a large number of people associate themselves by sharing

risks attached to individuals. The risks, which can be insured against, include fire, the perils of

sea, death and accidents and burglary. Any risk contingent upon these, may be insured against at

a premium commensurate with the risk involved. Thus collective bearing of risk is insurance.

Insurance Indemnifies Assets & Income

Every Asset has a value and generates Income to its Owner. There is a normally expected Life-

time for the Asset during which time it is expected to perform. If the Asset gets lost earlier,

being destroyed or made Non-functional through an Accident or other unfortunate event the

Owner is Prejudiced. Insurance helps to reduce CONSEQUENCES of such Adverse

Circumstances which are called Risks.

Insurance is the science of spreading of the risk

It is the system of spreading the losses of an Individual over a group of Individuals


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Insurance is a Method of sharing of financial losses

Of a few from a common fund formed out of Contribution of the many who are equally exposed

to the same loss.

What is uncertainty for an Individual becomes a certainty for a Group. This is the basis of All

Insurance Operations. Thus insurance convert uncertainties to certainty


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THEHISTORYOFINDIANINSURANCE

INDUSTRY


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THE HISTORY OF INDIAN INSURANCE INDUSTRY

Life Insurance

In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life

Insurance Company. First attempts at regulation of the industry were made with the introduction

of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were

made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the

power given to the Government to collect statistical information about the insured and the high

level of protection the Act gave to the public through regulation and control. When the Act was

changed in 1950, this meant far reaching changes in the industry. The extra requirements

included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in

such companies to prevent dominant control (to protect the public from any adversarial policies

from one single party), stricter control on investments and, generally, much tighter control. In

1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was

heavily concentrated in urban areas and targeted the higher echelons of society. Unethical

practices adopted by some of the players against the interests of the consumers then led the

Indian government to nationalize the industry. In September 1956, nationalization was

completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It

was felt that nationalization has lent the industry fairness, solidity, growth and reach.

Some of the important milestones in the life insurance business in India are:

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

insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect

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


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1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of

protecting the interests of the insuring public.

1956: The market contained 154 Indian and 16 foreign life insurance companies.

General Insurance

The General Insurance industry in India dates back to the Industrial Revolution and the

subsequent increase in trade across the oceans in the 17th century. As for Life Insurance, the

British brought General Insurance to India, and a similar path was followed in the development

of this industry. A number of private companies were in existence for years and years until, in

1971, the Indian Government decided that the public interest would be served by nationalizing

the industry, merging all the 107 companies into four companies, depending on the sort of

business transacted (Marine, Fire, Miscellaneous). These were the National Insurance Company

Ltd., the Oriental Insurance Company Ltd., the New India Assurance Company Ltd., and the

United India Insurance Company Ltd. located in Calcutta, New Delhi, Bombay and Madras

respectively. The General Insurance Corporation (GIC) was set up in 1972 as a holding

company, having these four companies as its subsidiaries.

Some of the important milestones in the general insurance business in India are:

1907: TheIndian Mercantile Insurance Ltd. set up, the first company to transact all classes of

general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code

of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency marginsand the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general

insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and

grouped into four companies viz. the National Insurance Company Ltd., the New India


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Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India

Insurance Company Ltd. GIC incorporated as a company.


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MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN

INDIA


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Major Players in The Insurance Industry In India

y Life Insurance Corporation ofIndia (LIC)

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

message of life insurance in the country and mobilise peoples savings for nation-building

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

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

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

country.

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

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

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

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

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

policies in U.K.

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

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

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

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

LIC has even provided insurance cover to five million people living below the poverty line, with50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's

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

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


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y General Insurance Corporation ofIndia (GIC)

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

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

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

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

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

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

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

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

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

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

and crop insurance which is handled by the GIC.

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

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

IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN

PERMITTED TO ENTERINTO INSURANCE BUSINESS: -

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

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

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

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

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

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

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

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

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


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1. HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. is one of Indias leading private life insurance

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

between Housing Development Finance Corporation Limited (HDFC Ltd.), Indias leading

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

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

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

They have managed to cover over 11, 00,000 individuals out of which over 3, 40,000 live havebeen covered through our group business tie-ups.

2. Max New York Life Insurance Co. Ltd.

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

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

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

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

network of 57 offices in 37 cities across India.

3. ICICI Prudential Life Insurance Company Ltd.

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

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

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

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

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

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

4. Om Kotak Mahindra Life Insurance Co. Ltd.

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

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


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COMPANYPROFILEOFRELIANCELIFE

INSURANCE


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COMPANY PROFILE OF RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance -

Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sector financial

services companies, and ranks among the top 3 private sector financial services and banking

companies, in terms of net worth. Reliance Capital has interests in asset management and mutual

funds, stock broking, life and general insurance, proprietary investments, private equity and other

activities in financial services.

y 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.

y 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.

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

based Life Insurance solutions to individuals and Corporates.

FOUNDER

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

y 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 Indias capital markets, and the champion of shareholder interest.

y But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth creator. In

one lifetime, he built, starting from the proverbial scratch, Indias largest private sector

enterprise.


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y 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 Rs 60,000 crore colossusan achievements which earned Reliance a place on

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

y Dhirubhai is widely regarded as the father of Indias capital markets. In 1977, when Reliance

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

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

y 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.

y Under Dhirubhais extraordinary vision and leadership, Reliance scripted one of the greatest

growth stories in corporate history anywhere in the world, and went on to become Indias

largest private sector enterprise.

y Throughout this amazing journey, Dhirubhai always kept the interests of the ordinary

shareholder uppermost in mind, in the process making millionaires out of many of the initialinvestors in the Reliance stock, and creating one of the worlds largest shareholder families.


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BUSINESSUNIT VALUATION

Ratios highlighting profitability of the RGIC

Year 2007-08 Ratios

Gross Profit Ratio -15%

Net Profit Ratio -17%

Operating Expenses Ratio 29%

ROI 11.27%

ROE -34%

EPS -15.92

Dividend Per Share* -


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ADA Reliance Group

CORPORATE OBJECTIVE

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

insurance must offer flexibility and choice to go with that stage. We are fully prepared and

committed to guide you on insurance products and services through our well-trained advisors,

backed by competent marketing and customer services, in the best possible way.

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

become a cornerstone of RLI integrated financial services business in India

CORPORATE MISSION

To set the standard in helping our customers manage their financial future.


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Our Goal

Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:

Emerge as transnational Life Insurer of global scale and standard

Create best value for Customers, Shareholders and all Stake holders

Achieve impeccable reputation and credentials through best business practices

Achievements

y RLIC has been one of the fast gainers in market share in new business premium

amongst the private players with an incremental market share of4.1% in the Financial

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

y Also continues to beamongst the fast growing Private Life Insurance Companies

with a YOY growthof195% in new business premiumas ofMar08.

y A Company that has crossed 1.7 Million policies in just 2 years of operation, post take

over of AMP Sanmar business.

y Initiated Express Life an Unique Over the Counter sales process for Unit Linked

Insurance Policies in the Industry.

y Accomplished a large distribution ramp-up in the Industry in a short span of time by

opening 600 branches in 10months taking the overall branch network above 740.

y RLIC continues to be one of the two Life Insurance companies in India to be certified

ISO 9001:2000 for all the processes.

y Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- CertificateofMerit in

the Financial Services category by Council for Fair Business Practices (CFBP).


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PRODUCTSOFFEREDBYRELIANCELIFE


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PRODUCTS OFFERED BY RELIANCE LIFE

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

different customer profile.It target its product according to the needs of people which make them

its customer.

ProtectionPlansIn todays uncertain world, there could be calamity at every step of the life. It is up to you to

ensure that your family stays protected always.

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

choose a plan from. Right from limited period plans to lifetime protection plans, you can opt for

the one that suits your lifestyle.

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

the peace of mind. Investing in Reliance Protection Plans would mean your familys future is insafe hands.

1.Reliance Term Plan

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

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

2. Reliance Simple Term Plan

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

which offers you comprehensive coverage for a specified period of time to suit your need.

3. Reliance Special Term Plan

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

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


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4. Reliance Credit Guardian Plan

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

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

premiums paid for the basic policy.

5. Reliance Special Credit Guardian Plan

Invest in the Reliance Special Credit Guardian Plan and protect your family from any loan

liabilities you have incurred. On survival at maturity, all premiums paid for the basic policy will

be returned to you.

6. Reliance Endowment Plan

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

amount of Sum Assured based on your current financial position and expected future expenses

Dream!!..

7. Reliance Special Endowment Plan

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

your lump sumthat is exactly what the Reliance Special Endowment Plan offers you with other

added benefits.

8. Reliance Connect 2 Life

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

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

9. Reliance Whole Life Plan

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

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


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10. Reliance Wealth + Health Plan

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

without compromising on either health or wealth.

11. Reliance Cash Flow Plan

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

liquidity through lump sum cash, which means you can get a percentage of the Sum Assured at

periodic intervals.

Savings & InvestmentPlans

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

promises you have to fulfil, such as taking your family for a vacation, or buying that dream

house.

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

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

familys needs.

Enjoy life without worrying about the promises you have madewe are here to fulfil them.

1. Reliance Super Invest Assure Plan

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

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

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

2. Total Investment Plan I - Insurance

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

meet all your financial needs, without the complexity of managing multiple products.


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4. Reliance Automatic Investment Plan

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

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

Life Cover.

5. Reliance Money Guarantee Plan

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

the unit linked Reliance Money Guarantee plan that gives you the perfect balance between

Protection and Savings.

6. Reliance Cash Flow Plan

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

liquidity through lump sum cash, which means you can get a percentage of the Sum Assured at

periodic intervals.

7. Reliance Market Return Plan

The Reliance Market Return Plan gives you insurance protection and allows you to benefit from

investment growth. It works through your life and meets the changing requirements you may

have from time to time.

8. Reliance Endowment Plan

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

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


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9. Reliance Special Endowment Plan

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

your lump sumthat is exactly what the Reliance Special Endowment Plan offers you with other

added benefits.

10. Reliance Whole Life Plan

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

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

11. Reliance Golden Years Plan

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

corpus to help you enjoy life after retirement.

12. Reliance Golden Years Plan Value

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

the Reliance Golden Years Plan Value, which helps you generate the amount you will need for

the future.

13. Reliance GoldenYears Plan Plus

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

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

before you realise your dreams.

14. Reliance Connect 2 Life Plan

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

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


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RetirementPlans

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

worry being whether you will be able to continue the same lifestyle after retirement.

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

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

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

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

1. Total Investment Plan II - Pension

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

will make each one of your dreams come true!.

2. Reliance Golden Years Plan

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

corpus to help you enjoy life after retirement.

3. Reliance Money Guarantee Plan

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

the unit linked Reliance Money Guarantee plan that gives you the perfect balance between

Protection and Savings...


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ChildPlans

Being a parent is one of the joys of life. Your child looks up to you and depends on you for love,

protection and support. You want to provide your child with the best in life.

The Reliance Child Plan helps you save systematically so that you can secure your childs future

needs. Be it higher education, his or her first home or any other requirement, you will always be

there for your child when he or she needs you.

So, invest in a Reliance Child Plan right awayit is the best gift you could ever give your child.

1. Reliance Super InvestAssure Plan

Reliance Super InvestAssure is a complete plan which addresses your vital needs like Flexibility,

Security, Investment Return and Financial Planning. With all its key benefits, it is here to ensure

that there will always be more than you can ask for!

2. Reliance Child Plan

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

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

3. Reliance Secure Child Plan

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

future, leaving you free from worry.





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SOME LUCRATIVES PLANS WHICH RELIANCE OFFERS

RELIANCEENDOWMENT 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 how much you would like to set as your Sum Assured based on your

current financial position and your expected future expenses.

So, go ahead... dream!!.

Key Features

1 .On maturity receive Sum Assured plus bonuses

2. Wealth creation through bonus additions

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

4. Choose to add the Benefit of three Riders-Reliance Term Life Insurance Benefit Rider, 5.

Reliance Critical Conditions Rider and Reliance Accidental Death and Total and 6.Permanent

Disablement Rider

7. Choose to avail of Policy Loan after three years

CASH FLOW PLAN

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

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

cash. It provides money periodically when you need it.

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

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

specified intervals

Key Features

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

every three years

Wealth creation through bonus additions

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


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

Full Sum Assured plus bonuses in case of your unfortunate death. This is

over and above the Survival Benefits already paid

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

Permanent Diablement Rider.

RELIANCEHEALTH + WEALTH PLAN

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS

BORNE BY THE POLICYHOLDER.

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

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

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

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

constantly and yet your health does not take a backseat. The Reliance Wealth+Health Plan. A

plan that gives you the benefits of wealth bhi. health bhi.

Life changes. And as it does, so do your priorities. After all, the circumstances of your life can

determine the type of health coverage you need.

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

up markedly and survival rates have also increased, still critical health issues remain. Infectious

diseases continue to claim a large number of lives.

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

Maybe you're running your own business or raising a family or both. In any of the situations,

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

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

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

Company Limited, is designed to work in conjunction with contributions towards savings. Theuniqueness of this plan is that it not only provides benefits for covered injuries but also for other

injuries by encashment from the unit fund. This plan from Reliance Life offers the

Hospitalization and Surgical Benefits and also covers Critical Illnesses. In short this plan

provides you with a personalised quality health cover that fits your lifestyle.


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Key Feature

A Unit Linked plan with Unique Savings Component

Twin benefit of market linked return and health protection

Choose from two different plan options

Flexibility to take care of your familys health

Flexibility to switch between funds / plan options

Option to pay Top-ups

Option to package with multiple riders

Liquidity through partial withdrawals

RELIANCESUPERINVESTASSUREPLAN

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS

BORNE BY THE POLICYHOLDER.

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

Heres a unique plan which combines protection and savings. It also offers complete flexibility

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

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

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

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

averaging model.

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

more can you ask for except gifting yourself with Reliance Super InvestAssure Plan

Key features Reliance Super InvestAssure Plan


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Twin benefit of market linked return and insurance protection.

Guaranteed additions at the rate of 50% of your first years basic premium at interval of every 5

years from 10th year till policy is in force.

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

Option to pay Top-up premium(s).

Liquidity in the form of partial withdrawals.

A host of optional rider benefits to enhance protection cover.

RELAINCEAUTOMATIC INVESTMENT PLAN

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PROTFOLIO IS

BORNE BY THE POLICYHOLDER

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

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

by giving you a sense of security. Whether its your insurance or investments, we let you make

the choice and leave the rest to us.

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

always.

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

investments in tune with your financial needs and your risk appetite.

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

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

plan addressing comprehensive needs to strike that perfect balance of protection and Savings

with full flexibility as you grow in your career. The Reliance Automatic Investment Plan gives

you full flexibility to choose just the right investment mix to reap higher benefits.

Key Features

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

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

made Plan option


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

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

Regular, limited, single premium paying options

Unmatched flexibility through out Exchange Option

Liquidity in the form of partial withdrawal

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

RELAINCETOTAL INVESTMENT PLAN SERIES -1

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

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

twist, our dreams change and so do our ambitions. And most of all we desire a security that will

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

Insurance Company Limited promises to bring to you with its Total Investment Plan Series I

Insurance.

To know more, read further

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

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

financial liquidity keeps changing at different stages of life. The birth of a child will require you

to increase your insurance cover; a marriage in the family will require additional money. We

provide you that kind of flexibility which suits you best at your convenience. Similarly on a

promotion you may want to increase your investments to create a large kitty for future expenses.

As you progress on this ladder of life we provide you the platform to increase your investment.

Usually you would require multiple financial products to meet all your needs and would have to

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

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

multiple products

Key Features


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

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

allocated towards investment due to lower allocation charges on subsequent purchases, greater

would be the returns. Purchasing the same plan in the subsequent years is an option.

1st purchase would be called as Classic

2nd purchase would be called as Silver

3rd purchase would be called as Gold

4th purchase would be called as Diamond

5th purchase would be called as Platinum

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

purchase can be made and how much Premium should be paid for each purchase subject to the

following:

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

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

The maturity date on each purchase cannot exceed 70 years.

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

The term of the polices purchased during second, third, fourth and fifth policy years will be 9, 8,

7 and 6 respectively.

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

of new policy.

Plan Objective :

The pace setter plan with protection to life which gives

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

Investment opportunity with flexibility

Life protection

Control over your investments


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Reliance Life Insurance launches Express Life, India's First retail policyinitiative

First-of-its-kind initiative in the sector offering life insurance cover almost instantly to customers

Customers will be offered policy document Over the counter on completion of

documentation, first Express Life Policy issued today

Express Life service will be available pan India across all Reliance Life Branch Offices

Chandigarh, November 9, 2007: Reliance Life Insurance, one of the leading Life Insurance

player in India, today launched Express Life an innovative and customer friendly service that

assures fastest way of getting a life insurance cover.

With this, Reliance Life Insurance becomes the first Life Insurance player in the country to offer

this novel life insurance process to its customers for a cover of upto Rs 10 lakh..

This is the first of its kind initiative in the sector that would offer life insurance cover almost

instantly to customers, without the hassles of long waiting period, follow-ups and medical

checkups.

Speaking on the launch of Express Life, Mr. P. Nandagopal, CEO, Reliance Life Insurance

Company Limited, said, This unique process will redefine the way insurance is bought and sold

in India. Express Life is a testimony of our constant endeavor to delight our customers withinnovative and need based solutions promptly.

Customers who fall between the age group of 18 to 45 years and fulfill the qualification criteria,

can avail the benefits of, Express Life service. It is customer friendly service wherein on

submission of the duly filled application form, mandatory documents and the requisite premium

cheque, customers are assured commencement of life insurance cover in 3 working days. The

letter & the policy kit are handed to the customer over the counter.

The company also issued its first policy under the Express Life initiative to its first customer in

Chandigarh today. The Express Life service is available under the Reliance Life Insurance

Automatic Investment Plan, Money Guarantee Plan, Market Return Plan and Golden Years Plan.


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RECRUITMENTOFADVISORS


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RECRUITMENT OF ADVISORS

Advisors are the backbone of any life insurance company. They play the most important and key

role for company to cashing the revenue through selling the insurance policies.

Some years ago Advisors were known as Agents but Reliance introduced them as Advisors

which seems to be more appropriately.

As aReliance Life Insurance Advisor, the sky is not the limityou can go beyond.

In India, ever since the insurance industry has opened up, opportunities for insurance companies

have become limitless. To tap this opportunity, they require insurance agents because agents are

one of the most significant modes of bringing in much-needed business to the company.

At Reliance Life Insurance, you will not merely be an insurance agentyou will be a Financial

Advisor. You will have an important role to play because you have to give valuable advice to

prospective customers about their financial planning.

Opportunities for Reliance Advisors

Make a good profit without a heavy investment.

Enjoy the benefit of residual income.

Maintain flexible work hours.

Earn attractive commissions.


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Participate in exciting recognition programs.

Associate with Reliance - One of the strongest brands of the country.

Capitalize on the growing Insurance market.

Become a full time sales manager.

Benefits AvailableforAdvisors

Apart from being remunerated well, Advisors get a lot of recognition and can win awards by

participating in the monthly, quarterly, half yearly, yearly business competition. These business

reviews can fetch foreign tours and travel free of cost. Easy way to globe trot is to become an

advisors with RLIC.

Become an Advisor to really see the benefits. It is told that "seeing is believing '. We are ahead

and we say "experiencing is believing" are you ready to experiment.

NumberofAgents

CompanyNameNumberofAgents

Dec 09 (Nos)

Aviva Life 31,390

Bajaj Allianz Life 273138

Bharti Axa 10016

Birla Sunlife 86264

Future Generali 0

HDFC Std Life 132662

ICICI Prudential 162893

ING Vysya 48428Kotak 34714

Max New York 29,876

MetLife 32389

Reliance Life 157052

Sahara Life 12244

SBI Life 33969


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Shriram Life 16521

TATA AIG 32528

LIC 1159586

* The Figuresare provisionalandunaudited


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SALESPROCESSWHICHIUSEDIN

RELIANCELIFE:


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SALES PROCESS WHICH I USED IN RELIANCE LIFE:

Our sales process involved Personal selling. Our product being an intangible one, it

needs the company personnel to go and persuade the customer via addressing to his doubts and

concerns. We need to undergo requisite interaction with the prospective customers to gauge their

mood with respect to different price levels. As the sales personnel are also aware of the

competitors price and, based on the market reaction and customers sentiments, they can advise

a more prudent price policy to the management.

The sales person actually stimulates and generates enough interest in the customer and helps

him make the final decision to buy the product.

Steps in personal selling

Personal selling involves six important steps

Prospecting

Prospecting is the process of identifying the prospective buyers of the product. The

prospects are those who have the need or will to buy and the power to pay. A prospect is

qualified if he has the authority, need, ability and eligibility to buy. In our context prospects used

to be the owners in case of a small company and Promotions & Advertising head in that of a big

organization.

ApproachPreapproachProspecting

ClosingFollow-up

Presentation


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Ways of identifying a prospect

Acquaintance Reference: A satisfied customer can be a good source of information about the

names, addresses and phone numbers of the prospects who may be among his acquaintances,

relatives or family members. In addition we used to give reference of our other satisfied

customer to motivate the prospect to buy, thus obtaining further references.

Cold Calling: In this method we used to randomly call a customer without any reference, with

an anticipation of converting the call into sale. This method is also called random prospecting.

Centre ofInfluence Method: Using this approach, we obtained the references for prospects

from eminent people of society. Using such references, the prospects are influenced to make a

buying decision since the recommendations of eminent personalities are taken seriously.

Direct Mail or Telephone Method: This was the most frequently used method by us. We used

to contact the prospective buyer on the telephone and inform him about our product, price range,

benefits etc. We also used to send mail/letters to our existing customers informing them about

modifications made in the existing range.

Companys Record: We were provided contacts of the prospective customers from companys

own records. We need to follow up with them and get appointments and make sales therefore.

Pre Approach

Pre Approach is the second step in the selling process which emphasizes that salesmanshould know, after identifying the prospects in the prospecting stage, the prospects likes and

dislikes, his needs, preferences, habits, nature, behavior, economic and social status etc. Based

on all this information, the salesman has the necessary tools to plan his visit/interview with the

prospect and can give an effective sales presentation. This kind of preparation to meet the

prospect is called the pre approach.


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Because of pre-approach we gained ample knowledge about the prospect. This helped us in

giving the presentation more efficiently, effectively and with confidence.

Approaching

In this stage the prospect and the salesman come in contact with each other face to face.

Here the salesman has the opportunity to understand and interact with the prospect in a better

way. Hence, the salesman should put forward his best efforts to make the best use of this

opportunity in getting the attention of the prospect and to convince him to buy the product.

Hence, getting the attention of the prospect and persuading him to buy are the two main

objectives of a salesman. The importance of the approach cannot be overemphasized since it is

only after the salesman starts interacting directly with the prospect that the latter decides within

the first few minutes whether he needs to purchase or not. Similarly, the salesman has the

opportunity to judge whether the prospect is in the mood to buy or not.

We generally found it very difficult to approach the prospects owing to their busy schedule.

Also sometimes they are not interested in proposal. Despite this major hurdle we kept on trying

to obtain an appointment with the prospect. We need to be a little diplomatic and polite in our

approach.

Different ways in which we gained access to the prospects:

Direct approach: We used to directly approach the prospect without any introduction

whatsoever and conduct an interview. We stated the benefits of our product and tried to arouse

interest of the prospect.

Advance Mailer: Another manner in which we used to seek an appointment with a prospect was

by sending an advance mailer explaining our product and its benefits vis - a - vis our

competitors. Such mailers were designed and written in a simple but attractive manner so as to

arouse the interest of the prospect.


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Reference: This is the best method of securing an appointment with the prospect. References

could be obtained from friend, relative, or business associate of the prospect. This not only

facilitated the interview but also made the task of selling the product easier.

Sale letters: These proved to be another kind of a door opener. Such letters provide ample detail

about the product, benefits and schemes available with the product. Such letters signed by senior

executives, when sent in advance, facilitated our entry.

A successful approach enhances the sale and it is thus important for running of a business.

A failed approach on the other hand gives an opportunity to the rival company. So a good

approach goes a long way in building good relations with the prospect, while a bad one causes to

lose the business & facilitates competitors entry.

Presentation

A good presentation is as important as a good product. The significance of a good

presentation of the product can be gauged from the fact that many a time an attractively packed

presentation is sufficient to sell the product.

Requirements of a good presentation:

We were required to explain the product with its features and price advantage to the customer in

simple and easy terms. We ought to have thorough knowledge about our product and also other

competitive products available in the market. This helps in satisfying all the queries of the

customers and answers them satisfactorily.

It is very important that customer be shown the kind of product he is looking for. This way not

only his time is saved but also he tends to make a quick decision.


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The Close

This is the last stage of any sales presentation. The whole exercise becomes useless if the

sale does not take place. Therefore its most crucial stage for any salesman. The main aim of the

close is to convince the prospect to sign the contract form immediately rather than in future.

For successfully closing the sale we needed to be attentive and open mind throughout so as

to be able to listen patiently to the prospect, face objections and confidently answer any queries

of them.


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CUSTOMER FOCUS

Competitive environment with the entry of private players

o Spread of customer centricity

o Availability of more product lines ULIP in particular

o Spread of term insurance culture

o Increased use of local language in transactions

o Focus on reaching out to customers in their neighbourhood

Product innovation

o Increasing importance of OTC products

o Customised solutions to cater to lifestage needs

o Flexible payment options

o Riders - critical illness, hospital cash etc

o Health products covering specific illnesses

Spread of equity culture

o Education of Asset allocation concept

o Large scale participation in equity share in India growth story

o Use of Alternative Channels like Banks and Corporate agents

o Increased accessibility

o Use of technology

o Web-based customer service tools

o Faster turn around times for complaint resolution

o Enablement of real time fund switching options

o ULIP the game changer

o Complete insurance package with insurance, wealth management, asset

allocation, saving for specific need

o Competitive investment product for the long-term

o Flexibility and transparency packed in


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RESEARCHMETHODOLOGY


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RESEARCH METHODOLOGY

Research: - is a process of collecting, analyzing, interpreting and summarizing in a

significant manner for the purpose of framing out necessary conclusion and findings of

data perceived and formulated for deriving out the meaningful information. To carry

our research necessary telephonic calls needed to be done, suitable appointments were

to be fixed and therefore market survey is to be followed.

Objective of training: - To understand life insurance and recruitment of capable life

insurance advisors for growth prospects.

Process: Methodology or process involving in the Research followed during the course

of summer training is as follows: -

a) Collection of data: - This is an important aspect in formulating the objective of

research process where the data is collected via two process: - i) Primary Sources

and ii) Secondary sources

i) Primary sources: - Where the data is collected primarily by interviewing and

personal observation and is original in nature and accurate to the considerable

extent.


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ii) Secondary sources: -Where the data is obtained from some published and

printed sources such as newspaper, magazines, websites and so on.

b) Analyzing of collected data: - The data collected through market survey and

published sources is then processed to obtained necessary inferences and findings

for the purpose of achieving the objective as well as to derive necessary conclusion.

A considerable skill and knowledge is involved in analyzing the data for the purpose

of interpreting thereof.

c) Interpreting of data: - it is the significant step where the data collected and analyzed

is interpreted in the forms of graphs and figures is depicted in the report called

Project report.

d) Summarizing of data: - Thereby necessary summary is prepared which is essential

in the project report of the summer training being done under an organization.


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Helpful Arms of Research Methodology: -

Questionnaire: - Questionnaire is a set or group of questions being framed for the

purpose of obtaining market perspective about a particular aspect or topic.

There are two types questionnaire bing carried necessary for the market survey of the

summer training being undertaken and put for the by the trainee to the sample people

taken as a base for entire population:

a) Open ended Questionnaire: - where the people (also called respondents) are

required freedom to present their views and suggestions for the benefits and success

of the organization.

b) Close ended questionnaire: - where the respondents is limited to the choice of

answer being delivered by the interviewer itself so that quick and fast means of

responses be derived out without wasting much time. Here close ended

questionnaire being followed by me during the course of the summer training

market survey.

Sampling: - Sampling is a process of obtaining a number of individuals taken a base for

the entire population since entire population can not be asked about the necessary

objective upon which a questionnaire is put forth needed for the responses to be derived

for the purpose of generation of facts and customer view point regarding their

perception of particular product or services.

There are two type of sampling i) Random Sampling and ii) Systematic sampling.


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i) Random sampling: - Random sampling is a process of selecting the sample size

randomly and no choice or preference to be made about the selection of

respondents for the market survey and questionnaire to be put forth against him.

Here, Random sampling being adopted by me.

ii) S ystematic sampling: - it is a sampling where the limited number of selected

respondents is figured out based on some criteria so that only those respondents

can be asked for the purpose of filing questionnaire.

Sample Size: - 105 respondents.


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DATA ANALYSIS & INTERPRETATION

From the survey it was drawn that life insurance is more a protection of human asset

value against uncertainty (conferred by 51 respondents) where it is a tax saving option

(being accepted by 38 respondents). Life insurance is a service involving both these

prerequisites as depicted by remaining 16 respondents. The following depicted this:

Protection of human asset value against uncertainty 51

Tax benefit device 38

Both 16

I I SU IS

S

S

S


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It has been observed and applied as a Life insurance is an essential service and should

be applicable to every one, as favored by considerable 78 respondents where it is not

essential to an extent by 27 respondents from the summer training project survey by

putting forth the set questionnaire.

?


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When further enquired about the qualification of respondents, it was found that 57% of

the respondents were graduates, 33% were post graduates and remaining 10% were of

higher secondary out of total 105 respondents. Further depicted in the following tabular

representation : -

Post graduate 35

Graduate 59

Senior secondary 11

RESPONDENT'S QUALIFICATION

33%

10%

57%

Post graduate

Graduate

Senior secondary


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Further, the age qualification for agency recruitment, it was found that 39% respondents

were belonging to 18 25 age group, 35% were belonging to 25 35 age group where

as 20% to 35 -45 age group and remaining 6% to above 45 age group. Also depicted in

the following tale mentioned below: -

18-25 age group 41

25 35 age group 37

35 45 age group 21

Above 45 age group 6

IFICAITON:

%%

%

%

-

Above e oup


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Respondents had different views about the dissatisfaction from the present status of

working or occupation. Dissatisfaction has been depicted in a table below and

graphically above:

Low employment 24 Low earning 36 Huge capital investment 17

Low status 18 All of the above 10

CA E OF I ATI FACTION

17%

16%

10%%

%

owemployment

owearning / income

Low status

ugecapital investment

All of t eabove


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When asked about whether they would like to know about a glorified career in life

insurance agency where they can fulfill any and every desire of their life, 59

respondents agreed while 46 respondents said No and will see later sometime in future.

It has been depicted that life insurance sector should be promoted at the wide extent as

it contribute to the economy as a useful source beneficial for both nation as well as is

citizens.


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From the 59 respondents who agreed to know about the life insurance as a career, 18 of

them agreed to join Reliance life insurance for agency and come to the company fore

more information whereas 41 still took time to think and postponed to some future date.

People are highly dissatisfied from the earning, status and living standard they are

sustaining at present and would definitely like to make some additional source of

earning and for this agency for life insurance would prove a boon.


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From all 105 respondents, 92 agreed that life insurance sector is a growing concern and

will grow at a rapid pace in future where as 13 took as a mere stagnant industry.

Financial services are growing at a tremendous pace as people are urging to make their

investment in lucrative opportunities and therefore life insurance sector is playing a

vital role in educating the people to make their investment which could secure their

future, needs and living despite some fatal calamity that might or might not occur.


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Among 74 respondents from 105 respondents favored the privatization of the life

insurance and perceive that the people of India will know be more aware and

knowledgeable with respect to life insurance than that in the past 50 years with the

working of LIC.

The myth of LIC since it is a Government concern is still continue to prevail even

though people have become more advanced and they can invest their hard earned

money after undertaking their pros nad cons and company position in the market.


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DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

COMPANYS NAME

NO.OF

RESPONDENT SHARE (%)

L.I.C. 78 78

RELIANCE LIFEINSURANCE

3 3

ICICI PRUDENTIAL 10 10

SBI LIFE 7 7

HDFC 2 2

TOTAL 100 100

INTERPRETATION

78% of the people contacted prefer LIC policy to any other and therefore it is

ranked no.1 by that percent of respondents.

78

3

10

7

2

LIC

REL

ICICI

SBI

HDFC


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DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

BENEFITSNO.OF

RESPONDENTSSHARE (%)

Cover Future Uncertainty 55 55

Tax Deductions 20 20

Future Investment 25 25

TOTAL 100 100

INTERPRETATION

55% of the respondents believe that covering future uncertainty is the biggest

benefit of an insurance policy.

55%20%

25%

Cover FutureUncertainty

Tax Deductions

Future Investment


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Whereas, 20% and 25% of them believe that the other benefits are Tax

deduction and future investments respectively.

DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED

RESPONDENTS

FEATURE NO.OFRESPONDENTS

SHARE (%)

Money Back Guarantee 15 15

Larger Risk Coverance 37 37

Easy Access to Agents 7 7

Low Premium 30 30

Companys Reputation 11 11

TOTAL 100 100

15%

37%

7%

30%

11%

FEATURESOF INSURANCE POLICY

MONEY BACK GUAARENTEE

LARGER RISK COVERANCE

EASY ACCESS TO AGENTS

LOW PREMIUM

REPUTATIONOF COMPANY


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INTERPRETATION

Majority of the respondent (37%) found Larger risk coverance as the most

attracted feature of the all.


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DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS

POLICY TYPE NO. OF

RESPONDENTS

SHARE (%)

LIFE POLICY 75 75

NON LIFE POLICY 25 25

BOTH 45 45

INTERPRETATION

75% of the respondents have Life Insurance Policy while 45% have both. (The % is

calculated out of 280 positive response)

75

25

45

NATUREOF POLICY

LIFE POLICY

NON LIFE POLICY

BOTH


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y 30% of the respondents are either not having any Insurance policy at present or

their policy is already matured.

y And at present 100% of the respondents are with the view that Insurance is a tool

to protect your family.

DATA SHOWS BUYING PROCESS OF THE PEOPLE

BUYING PROCESS NO. OF


Customer approached Insurancecompany/Agent

45 45%

Company/agent approachedcustomer

55 555

Total 100 100%


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INTERPRETATION

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

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

44%

56%

CustomerapproachedInsurancecompany/Agent

Company/agentapproachedcustomer


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DATA SHOWS REASONS BEHIND FOR INSURANCE

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Tax saving 80 80%

Saving / Investment 80 80.%

Family protection 100 100%

INTERPRETATION

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

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

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

family protection.

80

80

100


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DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TOPOLICY

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Satisfied 60 60%

Not satisfied 40 40%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

y 60% of the respondents are more or less satisfied with their existing policy.

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

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

60%

40%0%

Satisfied Notsatisfied Not Responded


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DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Paying tax 100 100%

Not paying tax - 0%

Total 100 100%

INTERPRETATION

y Of the sample size of 400 respondents, all the respondents are paying tax.

100%

0%

Payingtax Not payingtax


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DATA SHOWS RESPONDENTS INVESTMENTS FOR TAX SAVING

INVESTMENTS NO. OF


LIC 51 51%

NSC 33 33%

Bonds 32 32%

PPF 25 25%

PF 21 21%

EPF 11 11%

INTERPRETATION

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

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

in LIC.

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

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

51

33

32

25

21

11

LIC NSC BOND PPF PF EPF


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DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM OF

INVESTMENT FOR SECURING THEIR FUTURE

NO. OFRESPONDENTS

SHARE (%)

Fixed Assets 75 75%

Bank deposits 11 11%

Jewellery 25 25%

Securities i.e. bonds, MFs 40. 40%

Shares 10 10%

Insurance 70 70%

INTERPRETATION

y 75.25% of the respondents as with the view that Fixed Assets is the best form of

investment for securing their future.

75

11

2540

10

70

Fixed Assets

Bankdeposits

Cash & Jewellery

Securitiesi.e.bonds, MFs

Shares

Insurance


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y 70.5% of the respondents are with the perception that Insurance is the best form

of investment for securing their future, which is one of the highest and this shows

that insurance is an important key for securing your future.

DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT

RESPONSE NO. OFRESPONDENTS

SHARE (%)

Saving & Returns 100 100%

Security 90 90%

Tax benefits 71. 71.%

100

90

71

Saving & Returns Security Tax benefits


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INTERPRETATION

y 100% of the respondents intent to gain saving and returns from their investment.

y 90% of the respondents intent to gain security from their investments.

y Whereas, 71.75% of the respondents intent to gain tax benefits from their

investments.

DATA GIVES PEOPLES PERCEPTION ON APPROPRIATE AGE FOR BUYING

INSURANCE

RESPONSE NO. OF RESPONDENTS SHARE (%)

After 25 years 29 29%

After 35 years 10 10%

After 45 years 0 0%

Anytime 60 60%


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INTERPRETATION

y 29% of the respondents are with the view that insurance should be bought after

the age of 25 years.

y 10.5% of the respondents are with the view that insurance should be buyed after

the age of 35 years.

y Whereas, 60.5% of the respondents are with the view that buying of insurance do

not have any thing to do with age i.e. there is no age limitations. It can be

purchased any time according to the need.

29%

10.10%

0%

60.61%

After25 years After35 years After45 years Anytime


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DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES


SHARE (%)

Rigid plans 67 67%

Non user friendly 29 29%

Unsatisfactory services 26 26%

Non Aggressive 35 35%

Satisfactory 24 24%

Good 10 10%

Very good 0 0%

67

2926

33

2410

0

Inflexible plans Nonuserfriendly Unsatisfactoryservices

Non Aggressive Satisfactory Good

Verygood


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INTERPRETATION

y 67% of the respondents have the opinion that Indian Insurance Companies have

Rigid plans.

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

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

y 35.75% of the respondents are with the view that Indian Insurance companies are

Non-aggressive.

y 24% of the respondents feel that products and services of Indian Insurance

companies is Satisfactory.

y Whereas only 10.25% feel that it is Good enough.

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


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DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE

COMPANY


SHARE (%)

A trusted name 82 82%

Friendly service &responsiveness

71 71%

Good plans 81 81%

Accessibility 49 49%

INTERPRETATION

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

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

82

71

81

49

A trustedname

Friendlyservice & responsiveness

Good plans

Accessibility


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y Friendly service & responsiveness and Accessibility are also important factors looked

by customers in a company.

y DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS


SHARE (%)

Planning 87 87%

Not planning 13 13%

Total 100 100%

INTERPRETATION

y Only 12.5% of the customers contacted are not planning for new investments

presently.

y Whereas, 87.5% of the customers are still planning for new investments this can be

a great potential for Reliance Life Insurance to take them on their favor.

87.0%

13.0%

Planning Not planning


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DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE IF A

SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE &

PRODUCTS


SHARE (%)

Yes 43 43%

No 44 44%

Uncertain 13 13%

Total 100 100%

INTERPRETATION

The interested customers i.e. 43% are ready to go for insurance even away from a city

if services and products are worthwhile, which again is a good prospect (potential) for

Reliance Life Insurance to take them on their favor.

43%

44%

13%

Yes No Uncertain


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SWOTANALYSIS

*****


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SWOT ANALYSIS

STRENGTHS

1. Reliance life insurance offers a range of individual and group insurance

solutions.

2. Reliance Life has the financial expertise required to manage your long-term

investments safely and efficiently.

3. The company has covered over 19,78,000 lives year ending March 31, 2009

4. Rated AAA by CRISIL and ICRA for the 10th consecutive year for High

service standards

5. Life insurance industry is a rapid growing and a nobler service industry.

WEAKNESSES

1. LIC is prevalent and sustains even today a major source of population.

2. Low number of offices and network and number of life insurance agents.

3. Lack of knowledge and expertise.


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OPPORTUNTIIES

1. Life insurance has captured its mere15 20% growth therefore a wide open

untapped market is open to the company to develop, grow and measure its

success.

2. Still the number of companies are few and company has every capabilities to

grow and forward its performance areas to the widest

THREATS

1. People are hesitant to invest and put their hard earned money to the private life

insurance company with the fear of getting lost.

2. Belief towards LIC as it is a government corporation phobia is continue to

surmount the people of India despite lots of flaws and development and

liberalization of life insurance.

3. Alternative financial services such as mutual fund, banking services, share and

securities also pose problems and threats to the working of the life insurance

sector.

4. Illiteracy and unemployment also pose threat.

5. Rising real estate industry also pose threat as people are investing a bulk of their

money over to that industry.


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LIMITATION & FINDINGS


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LIMITATIONS OF THE RESEARCH

y The research is confined to a certain parts of Jhansi and does not necessarily shows a

pattern applicable to all of Country.

y Some respondents were reluctant to divulge personal information which can affect

the validity of all responses.

y Time limitations

y In a rapidly changing industry, analysis on one day or in one segment can change

very quickly


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FINDINGS

y The advisor have limited knowledge about key feature of product of RLIC

y The participation of employees in management and labor-management relationship is

quiet satisfactory.

y Well design and structural methods is follow to approach perspectives clients

y Less concentration on old clients

y Need skilled employees


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CONCLUSION

Summer training is a best example for a trainee to learn about the company working,

corporate culture under which is operating the functions. Reliance life insurance is a life

insurance company under which I gained a significant knowledge with respect to life

insurance, its importance and applicability as well as undertook the task to recruit capable

life insurance advisors which is conducive for the company to grow with more prosperity.

What I taught in the management institute utilized them fruitfully leading to the best

advantage to the company and to the best experience for mine.

At far I can conclude that life insurance is a noble service which is very important for

every citizen to learn and realize its importance because this is the only source which

can remain the status where one is with the family bread earner and ever when he is not.

With the growing financial sector I would like to opt this industry for my future career

advancement and as an opportunity to service this industry.


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RECOMMENDATIONS

*****


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RECOMMENDATIONS

Following are suggestions made for the benefits and augmentation of

the sound working of the company Reliance life insurance:

1. Need to train and develop life insurance agents with more comprehensive

knowledge and skills to counter every queries of the customer.

2. It is suggested that company should not left any stone unturned towards sound

advertisement and promotional measures on every section whether it is printed,

media or or air via radio.

3. It is also suggested that skilled management graduates need to be places on sales

and marketing of financial service that can render their best ideas for the

accomplishment of the company goals and objectives to the best extent.

4. Also, care need to be taken that every customers grievance should be met with

delight whether before purchase or after sales.

5. There should be an expansion measure for more offices and

6. Location of more centers for offices of the company be established sop that

company may grow its network.


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7. there should more advanced measures are required to develop to capture the

needs of customer so that they can be inspire and motivated to invest in the life

insurance products being provided by the Reliance life insurance.

8. Life insurance Products should be made flexible so as to suit every section of

society.


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BIBLIOGRAPHY


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BIBLIOGRAPHY

1. BOOKS/MAGAZINES REFFERED:

STUDY GUIDE- PRINCILES & PRACTICES OF LIFE / GENERALINSURANCE,

by AIMA.

BOOKS PUBLISHED BY INSURANCE INSTITUTE OF INDIA

SALES MANEGEMENT BY S.L.GUPTA

LIFE-INSURANCE, by Mc GILL

INSURANCEWATCH.

MONEYOUTLOOK.

2. WEBSITES REFFERED:

WWW.RELIANCELIFE.CO.IN

WWW.CIFAINSURANCE.COM

WWW.MONEYOUTLOOK.COM

WWW.INSURANCE.IND.COM

WWW.IRDA.COM


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QUESTIONNAIRE

*****


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APPENDIX

QUESTIONNAIRE

Name: -

Age:-

Location: -

Occupation: -

Q.1. What do you mean by life insurance

a) Protection of human asset value against uncertainty

b) A sum received after death

c) Both

Q.2. Do you think life insurance is essential for every one

a) Yes

b) No


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Q.3. What is your qualification

a) Post graduate

b) Graduate

c) Senior secondary

Q.4. Do you come under:

a) 18-25 age group

b) 25 35 age group

c) 35 45 age group

d) Above 45 age group

Q.5. What dissatisfied you most in your occupation

a) Low employment

b)

Date post:	08-Apr-2018
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