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A
Project Report
on
Product Advising
For
RELIANCE LIFE INSURANCE COMPANY
LIMITED
SUBMMITED FOR
Partial fulfllment of the requirements of two years
full time
PostGraduate Diploma in ManagementPGDM!
"y
#andeep
$umar
Declaration
I do hereby declare that the work embodied in this proect entitled !Product Advising” carried o"t by me "nder the s"per#ision
o$ B"siness De#elopment Man%er&Bhilai Re%ion'(
An attempt has been made by me to pro#ide all rele#ant and important details re%ardin% the topic to s"pport the theoretical
edi$ice with concrete research e#idence( This will help$"l to clean the $o% s"rro"ndin% the #ario"s aspects o$ the topic( I hope
this proect will be bene$icial $or the instit"te(
Si%nat"re o$ the st"dent
&Sandeep )"mar'
ACKNOWLEDGEMENT
The satiation and e"phoria that accompany the s"ccess$"l completion o$ the proect wo"ld be incomplete witho"t the mention o$ the
people who made it possible(
I wo"ld like to take the opport"nity to thank and e*press my deep sense o$ %ratit"de to my corporate mentor Mr(Abhay k"mar ain
and my $ac"lty mentor Mr( +inayak ,ramophadya( I am %reatly indebted to both o$ them $or pro#idin% their #al"able %"idance at all
sta%es o$ the st"dy- their ad#ice- constr"cti#e s"%%estions- positi#e and s"pporti#e attit"de and contin"o"s enco"ra%ement- witho"t
which it wo"ld ha#e not been possible to complete the proect(
I wo"ld also like to thank Mr( Abhay k"mar ain&B"siness De#elopment Mana%er' who in spite o$ b"sy sched"le has co.operated
with me contin"o"sly and indeed- his #al"able contrib"tion and %"idance ha#e been certainly indispensable $or my proect work(
I owe my wholehearted thanks and appreciation to the entire sta$$ o$ the company $or their cooperation and assistance d"rin% the
co"rse o$ my proect(
I hope that I can b"ild "pon the e*perience and knowled%e that I ha#e %ained and make a #al"able contrib"tion towards this ind"stry
in comin% $"t"re(
Sandeep kumar
CONTENTS
Preface%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% &!
'ertifcate%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% (!
Ac$nowledgement%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% )!
*+ecutive #ummary%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ,!
-nde+%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% .!
/
EXECUTIVE SUMMARY
Anil Dhir"bhai Ambani ,ro"p &ADA,' anno"nces the ac0"isition o$ 122
percent shareholdin% in AM3 Sanmar 4i$e Ins"rance 5ompany 4imited(
Reliance 4i$e Ins"rance 5ompany 4imited is o$$icially la"nched on
Febr"ary 1- /226( This was a$ter obtainin% the re0"ired re%"latiry appro#als
$rom the Re%istrar o$ 5ompanies and the Ins"rance Re%"latory and
De#elopment A"thority( Reliance 4i$e Ins"rance is the part o$ the Reliance
5apital(
Reliance 4i$e Ins"rance has plenty o$ plans on the an#il( It has also 117
branches- with stron% presence in So"th and a bo"0"et o$ prod"cts caterin%
sa#in%s protection and in#estment need o$ indi#id"als and corporate( The head.
o$$ice o$ it is at 5hennai(
The company has already added 622 employees in addition to the 1222 pl"s sta$$
o$ the erstwhile AM3 Sanmar 4i$e Ins"rance 5ompany 4imited(
Reliance 4i$e Ins"rance aims to be the cons"mer8s pre$erred li$e ins"rer by
"nderstandin% and meetin% his needs(
Think Bi%%er- Think Better9
INDEX
:
'/AP0*R #1"2*'0 PAG*
345 345
6 -3#1RA3'* -3D1#0R7
1(1 Meanin% o$ Ins"rance 68
1(/ Importance o$ Ins"rance 66
1(: Di$$erence between Ins"rance and Ass"rance 69
1(; 3rinciples o$ Ins"rance 6&
1(< =istory o$ Ins"rance 6)
1(6 Time line in Ins"rance history 6.
1(> Meanin% o$ 4i$e Ins"rance 6:
1(7 =istory o$ 4i$e Ins"rance
98
1(? )ey $eat"res o$ 4i$e Ins"rance 9(
1(12 Bene$its o$ 4i$e Ins"rance 9.
1(11 Role o$ 4i$e Ins"rance in the %rowth o$ economy 9;
9 -30R4D1'0-43 04 0/* '4MPA37
/(1 Abo"t Reliance 4i$e Ins"rance &8
/(/ =istory &9
/(: @o"rney so $ar &9
/(; Role o$ IT at Reliance 4i$e Ins"rance &&
/(< Mission &,
/(6 5ore +al"es
&,
/(> F"t"re 3lans
&.
/(7 =ead . O$$ice &.
/(? Branches &;
& PR4D1'0 M-<
:(1 Traditional 3lans (8
:(/ Unit linked 3lans (;
( /1MA3 R*#41R'* MA3AG*M*30
;(1 Recr"itment )&
;(/ Selection )&
;(: Trainin% and De#elopment
),
;(; 5areer De#elopment
),
;(< 5omm"nication ).
;(6 Incenti#es ):
;(> Ser#ices ):
;(7 3er$ormance Appraisal ,8
;(? Or%aniAational $orm and Str"ct"re ,6
;(12 Department ,6
;
) MAR=*0-3G D*PAR0M*30
<(1 Distrib"tion 5hannel ,&
<(/ 3romotional 3ro%rammes and Tar%et se%ment ,,
<(: 5omparati#e St"dy .6
, R*#*AR'/ M*0/4D4>4G7
6(1 Obecti#e o$ the st"dy .:
6(/ B"estionnaire .:
6(: Samplin% Method and Samplin% SiAe ;8
6(; 4imitations ;9
6(< Analysis o$ B"estionnaire ;&
6(6 SCOT Analysis
:,
. F-3A3'* D*PAR0M*30 ::
; '43>1#-43 68,
: "-">-4GRAP/7 A3D R*FR*3'*# 68;
68 APP*3D-< 668
<
CHAPTER-1
INSURANCE INDUSTRY
1.1 MEANING OF INSURANCE
6
Ins"rance may be described as a social de#ice to red"ce or eliminate risk o$ loss
to li$e and property( Ins"rance is a collecti#e bearin% o$ risk( Ins"rance is a
$inancial de#ice to spread the risks and losses o$ $ew people amon% a lar%e
n"mber o$ people- as people pre$er small $i*ed liability instead o$ bi% "ncertain
and chan%in% liability(
Ins"rance can be de$ined as a !le%al contract between two parties whereby
one party called ins"rer "ndertakes to pay a $i*ed amo"nt o$ money on the
happenin% o$ a partic"lar e#ent- which may be certain or "ncertain(D The
other party called ins"red pays in e*chan%e a $i*ed s"m known as premi"m(
Ins"rance is desired to sa$e%"ard onesel$ and one8s $amily a%ainst possible
losses on acco"nt o$ risks and perils( It pro#ides $inancial compensation $or the
losses s"$$ered d"e to the happenin% o$ any "n$oreseen e#ents(
1.2 IMPORTANCE OF INSURANCE
>
Ins"rance constit"tes one o$ the maor se%ments o$ the $inancial market(
Ins"rance ser#ices play predominant role in the process o$ $inancial
intermediary( Today ins"rance ind"stry is one o$ the most %rowin% sectors in
India( There is lot o$ potential in the Indian Ins"rance Ind"stry(
There are many iss"es- which re0"ire st"dy( The scope o$ the st"dy o$
ins"rance ind"stry o$ India wo"ld be #ery %reat as there are on%oin%
de#elopments in the ind"stry a$ter the openin% o$ the sector(
The maor iss"e ri%ht now is the hike in FDI &Forei%n Direct In#estment'
limit $rom 9,? to (:? in the ins"rance sector( ,o#ernment may in near
$"t"re allow ;?E FDI in Ins"rance( This wo"ld lead to more capital in$low by
$orei%n partners(
Another maor iss"e is the e$$ects on 4I5 a$ter the entry o$ pri#ate players in the
market( Tho"%h market share o$ 4I5 has been a$$ected- it has impro#ed in terms
o$ e$$iciency(
There are n"mber o$ other hot topics like penetration o$ =ealth Ins"rance-
R"ral marketin% o$ ins"rance- new distrib"tion channels- new prod"ct
ran%es- ins"rance brokers8 re%"lation- incenti#e scheme o$ de#elopment
o$$icers o$ 4I5 etc( So it o$$ers lot o$ scope $or st"dyin% the ins"rance
ind"stry(
Ri%ht now the ins"rance ind"stry has %reat opport"nities in a co"ntry like
India or 5hina which h"%e pop"lation( Also the penetration o$ ins"rance in
7
India is #ery low in both li$e and non.li$e se%ment so there is lot potential to be
tapped(
Be$ore startin% the disc"ssion on ins"rance ind"stry and related iss"es- we
ha#e to start with the basics o$ ins"rance( So $irst we "nderstand what is
insuranceF /ow the word @insuranceA is diBerent from
the word
@assuranceAC etc(
1.3 DIFFERENCE EET!EN INSURANCE
AND ASSURANCE
Ass"rance is older in history and it was "sed to describe all types o$
ins"rances( From 17/6- the term ass"rance came to be "sed only $or the risks
co#ered by li$e ins"rance and the term ins"rance was e*cl"si#ely "sed to
denote the risks co#ered by marine- $ire- etc(
The word ass"rance indicated certainty( In li$e ins"rance- there is an
ass"rance $rom the ins"rance company to make payment "nder the policy
either on the mat"rity or at earlier death( On the other hand the word
ins"rance was "sed to denote indemnity type o$ ins"rances where the
ins"rance company was liable to pay only in case o$ the loss dama%e the
property(
The ins"red e#ent was bo"nd to happen sooner or later "nder ass"rance b"t the
e#ent ins"red a%ainst may or may not happen "nder ins"rance(
?
The principle o$ !indemnityD applies to !ins"rance contractsD&non.li$e' only( The
scope o$ the word- ins"rance is wider(
1." PRINCIPLES OF INSURANCE
An ins"rance contract is based on some basic principles o$ ins"rance(
6! Principle of D1Eerrima FidesF or Principle of utmost
good
faith
It means !ma*im"m tr"thD( Both the parties sho"ld disclose all
material in$ormation re%ardin% the s"bect matter o$ ins"rance(
9! Principle of indemnity
This means that i$ the ins"red s"$$ers a loss a%ainst which the policy has
been made- he shall be $"lly indemni$ied only to the e*tent o$ loss( In
other words- the ins"red is not entitled to make a pro$it on his loss(
&! Principle of suErogation
This means the ins"rer has the ri%ht to stand in the place o$ the ins"red
a$ter settlement o$ claims in so $ar as the ins"red8s ri%ht o$ reco#ery $rom
an alternati#e so"rce is in#ol#ed( The ins"rer be$ore the settlement o$ the
claim may e*ercise the ri%ht( In other words- the ins"rer is entitled to
reco#er $rom a ne%li%ent third party any loss payments made to the
12
ins"red( The p"rposes o$ s"bro%ation are to hold the ne%li%ent person
responsible $or the loss and pre#ent the ins"red $rom collectin% twice $or
the same loss( The concept o$ GThird 3arty 5laims8 is based on the same
principle(
(! Principle of causa pro+ima
The ca"se o$ loss m"st be direct and an ins"red one in order to claim o$
compensation(
)! Principle of insuraEle interest
The ass"red m"st ha#e ins"rance interest in the li$e or property ins"red(
Ins"rable interest is that interest which considerably alters the position o$ the
ass"red in the e#ent o$ loss takin% place and i$ the e#ent does not take placed-
he remains in the same old position(
1.# $ISTORY OF INSURANCE
11
The concept o$ ins"rance is belie#ed to ha#e emer%ed almost ;<22 years a%o in
the ancient land o$ Babylonia where traders "sed to bear risk o$ the
carvan by %i#in% loans- which were later repaid with interest when the %oods
arri#ed sa$ely(
The concept o$ ins"rance as we know today took shape in 1677 at a place
called 4loyd8s 5o$$ee =o"se in 4ondon where risk bearers "sed to meet to
transact b"siness( This co$$ee ho"se became so pop"lar that 4loyd8s became
the one o$ the $irst modern ins"rance companies by the end o$ the ei%hteenth
cent"ry(
Marine ins"rance companies came into e*istence by the end o$ the
ei%hteenth cent"ry( These companies were empowered to write $ire and li$e
ins"rance as well as marine( The ,reat Fire o$ 4ondon in 1?66 ca"sed h"%e
loss o$ property and li$e( Cith a #iew to pro#idin% $ire ins"rance $acilities-
Dr( Hicholas Barbon set "p in 1?6> the $irst $ire ins"rance company known
as the Fire o$$ice(
The early history o$ ins"rance in India can be traced back to the +edas( The
Sanskrit term G7oga$shema8 &meanin% well bein%'- the name o$ 4i$e
Ins"rance 5orporation o$ India8s corporate head0"arters- is $o"nd in the Ri%
+eda( The Aryans practiced some $orm o$ Gcomm"nity ins"rance8 aro"nd
1222 B5(
4i$e ins"rance in its modern $orm came to India $rom En%land in 1717( The
Oriental 4i$e Ins"rance 5ompany was the $irst ins"rance company to be set
"p in India to help the widows o$ E"ropean comm"nity( The ins"rance
1/
companies- which came into e*istence between 1717 and 176?- treated
Indian li#es as s"bnormal and char%ed an e*tra premi"m o$ 1< to /2 per
cent( The $irst Indian ins"rance company- the Bombay M"t"al 4i$e
Ass"rance Society- came into e*istence in 17>2 to co#er Indian li#es at
normal rates(
The Ins"rance Act- 1?:7- the $irst comprehensi#e le%islation %o#ernin% both
li$e and non.li$e branches o$ ins"rance were enacted to pro#ide strict state
control o#er ins"rance b"siness( This amended ins"rance Act looked into
in#estments- e*pendit"re and mana%ement o$ these companies(
By the mid. 1?<2s there were 1<; Indian ins"rers- 16 $orei%n ins"rers- and ><
pro#ident societies carryin% on li$e ins"rance b"siness in India( Ins"rance
b"siness $lo"rished and so did scams- irre%"larities and d"bio"s in#estment
practices by scores o$ companies( As a res"lt the %o#ernment decided to
nationaliAe the li$e ass"rance b"siness in India( The 4i$e Ins"rance
5orporation o$ India &4I5' was set "p in 1?<6( The nationaliAation o$ li$e
ins"rance was $ollowed by %eneral ins"rance in 1?>/(
1.% TIME LINE IN INSURANCE $ISTORY
&MA'OR LANDMAR(S)
 6;6; British introd"ced the li$e ins"rance to India with the
1:
establishment o$ the Oriental 4i$e Ins"rance 5ompany in
5alc"tta(
 6;)8 Hon li$e ins"rance started with Triton Ins"rance
5ompany(
 6;.8 Bombay M"t"al 4i$e Ass"rance Society is the $irst India
owned li$e ins"rer(
 6:69 The Indian 4i$e Ass"rance 5ompany Act enacted to
re%"late the li$e ins"rance b"siness(
 6:&; The Ins"rance Act was enacted(
 6:), HationaliAation took place( ,o#ernment took o#er /;<
Indian and $orei%n ins"rers and pro#ident societies(
 6:.9 Hon.li$e b"siness nationaliAed- ,eneral Ins"rance
5orporation G-'! came into bein%(
 6::& Malhotra committee was constit"ted "nder the
chairmanship o$ $ormer RBI chie$ R( H( Malhotra to
draw a bl"e print $or ins"rance sector re$orms(
 6::( Malhotra committee recommended reentry o$ pri#ate
players(
1;
 6::. IRDA &Ins"rance Re%"latory and De#elopment
A"thority' was set "p as a re%"lator o$ the ins"rance
market in India(
 9888 IRDA started %i#in% license to pri#ate ins"rers( I5I5I
3r"dential- /DF' were $irst pri#ate players to sell
ins"rance 3olicies(
 9886 Royal S"ndaram was the $irst non.li$e pri#ate player to
sell an ins"rance policy(
 9889 Bank allowed to sell ins"rance plans as T3As enter the
scene- ins"rers start settin% non.li$e claims in the
cashless mode(
1.* MEANING OF LIFE INSURANCE
There are three parties in a li$e ins"rance transactionI the ins"rer- the
ins"red- and the owner o$ the policy &policyholder'- altho"%h the owner and
1<
the ins"red are o$ten the same person(
Another important person in#ol#ed in a li$e ins"rance policy is the
bene$iciary( The bene$iciary is the person or persons who will recei#e the
policy proceeds "pon the death o$ the ins"red(
4i$e ins"rance may be di#ided into two basic classes . term and permanent(
J Term li$e ins"rance pro#ides $or li$e ins"rance co#era%e $or a
speci$ied term o$ years $or a speci$ied premi"m( The policy does not
acc"m"late cash #al"e(
J 3ermanent li$e ins"rance is li$e ins"rance that remains in $orce "ntil
the policy mat"res- "nless the owner $ails to pay the premi"m when
d"e(
J Chole li$e ins"rance pro#ides $or a le#el premi"m- and a cash #al"e
table incl"ded in the policy %"aranteed by the company( The primary
ad#anta%es o$ whole li$e are %"aranteed death bene$its- %"aranteed
cash #al"es- $i*ed and known ann"al premi"ms- and mortality and
e*pense char%es will not red"ce the cash #al"e shown in the policy(
J Uni#ersal li$e ins"rance &U4' is a relati#ely new ins"rance prod"ct
intended to pro#ide permanent ins"rance co#era%e with %reater
$le*ibility in premi"m payment and the potential $or a hi%her internal
rate o$ ret"rn( A "ni#ersal li$e policy incl"des a cash acco"nt(
3remi"ms increase the cash acco"nt(
I$ yo" want ins"rance protection only- and not a sa#in%s and in#estment
prod"ct- b"y a term li$e ins"rance policy(
16
I$ yo" want to b"y a whole li$e- "ni#ersal li$e- or other cash #al"e policy-
plan to hold it $or at least 1< years(
5ancelin% these policies a$ter only a $ew years can more than do"ble yo"r
li$e ins"rance costs( 5heck the Hational Association o$ Ins"rance
5ommissioners website &www(naic(or%Kcis' or yo"r local library $or
in$ormation on the $inancial so"ndness o$ ins"rance companies(
1.+ $ISTORY OF LIFE INSURANCE
Risk protection has been a primary %oal o$ h"mans and instit"tions
thro"%ho"t history( 3rotectin% a%ainst risk is what ins"rance is all abo"t(
O#er <222 years a%o- in 5hina- ins"rance was seen as a pre#entati#e
meas"re a%ainst piracy on the sea( 3iracy- in $act- was so pre#alent- that as a way
o$ spreadin% the risk- a n"mber o$ ships wo"ld carry a portion o$ another
shipLs car%o so that i$ one ship was capt"red- the entire shipment wo"ld not
be lost(
In another part o$ the world- nearly ;-<22 years a%o- in the ancient land o$
Babylonia- traders "sed to bear risk o$ the cara#an trade by %i#in% loans that
had to be later repaid with interest when the %oods arri#ed sa$ely( In /122
B5- the 5ode o$ =amm"rabi %ranted le%al stat"s to the practice( It
$ormaliAed concepts o$ !bottomryD re$errin% to #essel bottoms and
!respondentiaD re$errin% to car%o( These pro#ided the "nderpinnin% $or
marine ins"rance contracts( S"ch contracts contained three elementsI a loan
on the #essel- car%o- or $rei%htM an interest rateM and a s"rchar%e to co#er the
possibility o$ loss( In e$$ect- ship owners were the ins"red and lenders were
the "nderwriters(
1>
4i$e ins"rance came abo"t a little later in ancient Rome- where b"rial cl"bs
were $ormed to co#er the $"neral e*penses o$ its members- as well as help
s"r#i#ors monetarily( Cith RomeLs $all- aro"nd ;<2 A(D(- most o$ the
concepts o$ ins"rance were abandoned- b"t aspects o$ it did contin"e thro"%h
the Middle A%es- partic"larly with merchant and artisan %"ilds( These
pro#ided $orms o$ member ins"rance co#erin% risks like $ire- $lood- the$t-
disability- death- and e#en imprisonment(
D"rin% the $e"dal period- early $orms o$ ins"rance ebbed with the decline o$
tra#el and lon%.distance trade( B"t d"rin% the 1;th to 16th cent"ries-
transportation- commerce- and ins"rance wo"ld a%ain reemer%e(
Ins"rance in India can be traced back to the +edas( For instance-
yo%akshema- the name o$ 4i$e Ins"rance 5orporation o$ IndiaLs corporate
head0"arters- is deri#ed $rom the Ri% +eda( The term s"%%ests that a $orm o$
Ncomm"nity ins"ranceN was pre#alent aro"nd 1222 B5 and practiced by the
Aryans(
And similar to ancient Rome- b"rial societies were $ormed in the B"ddhist
period to help $amilies b"ild ho"ses- and to protect widows and children(
 Modern -nsurance
Ille%al almost e#erywhere else in E"rope- li$e ins"rance in En%land was
#i%oro"sly promoted in the three decades $ollowin% the ,lorio"s Re#ol"tion
o$ 1677( The type o$ ins"rance we see today owes itLs roots to 1>th cent"ry
En%land( 4loydLs o$ 4ondon- or as they were known then- 4loydLs 5o$$ee
17
=o"se- was the location where merchants- ship owners and "nderwriters met to
disc"ss and transact b"siness deals(
Chile ser#in% as a means o$ risk.a#oidance- li$e ins"rance also appealed
stron%ly to the %amblin% instincts o$ En%landLs b"r%eonin% middle class(
,amblin% was so rampant- in $act- that when newspapers p"blished names o$
prominent people who were serio"sly ill- bets were placed at 4loyd8s on
their anticipated dates o$ death( Reactin% a%ainst s"ch practices- >? merchant
"nderwriters broke away in 1>6? and two years later $ormed a !Hew 4loyd8s
5o$$ee =o"seD that became known as the !real 4loyd8s(D Makin% wa%ers on
peopleLs deaths ceased in 1>>; when parliament $orbade the practice(
 -nsurance moves to America
The U(S( ins"rance ind"stry was b"ilt on the British model( The year 1>:<
saw the birth o$ the $irst ins"rance company in the American colonies in
5harleston- S5( The 3resbyterian Synod o$ 3hiladelphia in 1><?- sponsored
the $irst li$e ins"rance corporation in America $or the bene$it o$ ministers
and their dependents( And the $irst li$e ins"rance policy $or the %eneral
p"blic in the United States was iss"ed- in 3hiladelphia- on May //- 1>61(
B"t it wasnLt "ntil 72 years later &a$ter 17;2'- that li$e ins"rance really took o$$
in a bi% way( The key to its s"ccess was red"cin% the opposition $rom reli%io"s
%ro"ps(
In 17:<- the in$amo"s Hew Oork $ire drew peopleLs attention to the need to
pro#ide $or s"dden and lar%e losses( Two years later- Massach"setts became
the $irst state to re0"ire companies by law to maintain s"ch reser#es( The
1?
%reat 5hica%o $ire o$ 17>1 $"rther emphasiAed how $ires can ca"se h"%e
losses in densely pop"lated modern cities( The practice o$ reins"rance-
wherein the risks are spread amon% se#eral companies- was de#ised
speci$ically $or s"ch sit"ations(
Cith the creation o$ the a"tomobile- p"blic liability ins"rance- which $irst
made its appearance in the 1772s- %ained importance and acceptanceF
More ad#ancement was made to ins"rance d"rin% the process o$
ind"strialiAation( In 17?>- the British %o#ernment passed the CorkmenLs
5ompensation Act- which made it mandatory $or a company to ins"re its
employees a%ainst ind"strial accidents(
D"rin% the 1?th cent"ry- many societies were $o"nded to ins"re the li$e and
health o$ their members- while $raternal orders pro#ided low.cost- members.
only ins"rance( E#en today- s"ch $raternal orders contin"e to pro#ide
ins"rance co#era%e to members- as do most labor or%aniAations( Many
employers sponsor %ro"p ins"rance policies $or their employees- pro#idin%
not "st li$e ins"rance- b"t sickness and accident bene$its and old.a%e
pensions( Employees contrib"te a certain percenta%e o$ the premi"m $or
these policies(
 Final 0houghts
E#en tho"%h the American ins"rance ind"stry was %reatly in$l"enced by
Britain- the US market de#eloped somewhat di$$erently $rom that o$ the
United )in%dom( 5ontrib"tin% to that was AmericaLs siAeM land di#ersity
and the o#erwhelmin% desire to be independent( As America mo#ed $rom a
colonial o"tpost to an independent $orce- $rom a $armin% co"ntry to an
/2
ind"strial nation- the ins"rance b"siness de#eloped $rom a small n"mber o$
companies to a lar%e ind"stry(
Ins"rance became more sophisticated- o$$erin% new types o$ co#era%e and
di#ersi$ied ser#ices $or an increasin%ly comple* co"ntry(
1., (EY FEATURES OF LIFE INSURANCE
6! 3ominationG %
Chen one makes a nomination- as the policyholder yo" contin"e to be the
owner o$ the policy and the nominee does not ha#e any ri%ht "nder the
policy so lon% as yo" are ali#e( The nominee has only the ri%ht to recei#e the
policy monies in case o$ yo"r death within the term o$ the policy(
9! AssignmentG %
I$ yo"r intention is that yo"r policy monies sho"ld %o only to a partic"lar
person- yo" need to assi%n the policy in $a#or o$ that person(
&! Death "eneftG %
The primary $eat"re o$ a li$e ins"rance policy is the death bene$it it pro#ides(
3ermanent policies pro#ide a death bene$it that is %"aranteed $or the li$e o$ the
ins"red- pro#ided the premi"ms ha#e been paid and the policy has not been
s"rrendered(
(! 'ash HalueG %
/1
The cash #al"e o$ a permanent li$e ins"rance policy is acc"m"lated
thro"%ho"t the li$e o$ the policy( It e0"als the amo"nt a policy owner wo"ld
recei#e- a$ter any applicable s"rrender char%es- i$ the policy were
s"rrendered be$ore the ins"redLs death(
)! DividendsG %
Many li$e ins"rance companies iss"e li$e ins"rance policies that entitle the
policy owner to share in the companyLs di#isible s"rpl"s(
,! Paid%1p AdditionsG %
Di#idends paid to a policy owner o$ a participatin% policy can be "sed in
n"mero"s ways- one o$ which is toward the p"rchase o$ additional co#era%e-
called paid."p additions(
.! Policy >oansG %
Some li$e ins"rance policies allow a policy owner to apply $or a loan a%ainst
the #al"e o$ their policy( Either a $i*ed or #ariable rate o$ interest is char%ed(
This $eat"re allows the policy owner an easily accessible loan in times o$
need or opport"nity(
;! 'onversion from 0erm to PermanentG %
Chen in need o$ temporary protection- indi#id"als o$ten p"rchase term li$e
ins"rance( I$ one owns a term policy- sometimes a pro#ision is a#ailable that
will allow her to con#ert her policy to a permanent one witho"t pro#idin%
additional proo$ o$ ins"rability(
:! DisaEility Iaiver of Premium
//
Cai#er o$ 3remi"m is an option or bene$it that can be attached to a li$e
ins"rance policy at an additional cost( It %"arantees that co#era%e will stay in
$orce and contin"e to %row
1.1- ENEFITS OF LIFE INSURANCE
6! Ris$ coverG %
4i$e Ins"rance contracts allow an indi#id"al to ha#e a risk co#er a%ainst any
"n$ort"nate e#ent o$ the $"t"re(
9! 0a+ DeductionG %
Under section 725 o$ the Income Ta* Act o$ 1?61 one can %et ta* ded"ction on
premi"ms "p to one lakh r"pees( 4i$e Ins"rance policies th"s decrease the total
ta*able income o$ an indi#id"al(
/:
&! >oansG %
An indi#id"al can easily access loans $rom di$$erent $inancial instit"tions by
pled%in% his ins"rance policies(
(! Retirement PlanningG %
Chat had pro#ided protection a%ainst the $inancial conse0"ences o$
premat"re death may now be "sed to help them enoy their retirement years(
Moreo#er the cash #al"e can be "sed as an additional income in the old a%e(
)! *ducational 3eedsG %
Similar to retirement plannin% the cash #al"es that $low $rom ones li$e
ins"rance schemes can be "tiliAed $or ed"cational needs o$ the ins"rer or his
children(
1.11 ROLE OF LIFE INSURANCE IN T$E
GRO!T$ OF T$E ECONOMY
The 4i$e Ins"rance Ind"stry has an en#iable track record amon% p"blic
sector "nits( It has a 5onsistent pro$it and di#idend payin% record
accompanied by a steady %rowth in its $inancial reso"rces( Thro"%h
in#estments in the ,o#ernment sector and socially. oriented sectors the
Ind"stry has contrib"ted immensely to the nationLs de#elopment( The
ind"stry is reco%niAed as one o$ the lar%est $inancial Instit"tions in the
co"ntry( The #ent"res initiated by the ind"stry in the areas o$ M"t"al F"nd-
/;
=o"sin% Finance has done e*ceedin%ly well in recent years( To protect the
co"ntryLs $orei%n e*chan%e reser#es- the reins"rance arran%ement are so
or%aniAed that ma*im"m retention is made possible within the co"ntry while at
the same time protectin% interests o$ the policy holders(
CHAPTER-2
INTRODUCTION TO THE COMPANY
/<
2.1 AOUT RELIANCE LIFE INSURANCE
Reliance 4i$e Ins"rance 5ompany 4imited is a part o$ Reliance 5apital 4td(
o$ the Reliance . Anil Dhir"bhai Ambani ,ro"p( Reliance 5apital is one o$
India8s leadin% pri#ate sector $inancial ser#ices companies- and ranks amon%
the top : pri#ate sector $inancial ser#ices and bankin% companies- in terms
/6
o$ net worth( Reliance 5apital has interests in asset mana%ement and m"t"al
$"nds- stock brokin%- li$e and %eneral ins"rance- proprietary in#estments-
pri#ate e0"ity and other acti#ities in $inancial ser#ices(
Reliance 5apital 4imited &R54' is a Hon.Bankin% Financial 5ompany
&HBF5' re%istered with the Reser#e Bank o$ India "nder section ;<.IA o$
the Reser#e Bank o$ India Act- 1?:;(
Reliance 5apital sees immense potential in the rapidly %rowin% $inancial
ser#ices sector in India and aims to become a dominant player in this
ind"stry and o$$er $"lly inte%rated $inancial ser#ices(
Reliance 4i$e Ins"rance is another steps $orward $or Reliance 5apital
4imited to o$$er need based 4i$e Ins"rance sol"tions to indi#id"als and
5orporate(
2.2 $ISTORY
Reliance 5apital 4imited anno"nced the la"nch o$ its li$e ins"rance b"siness
on Febr"ary 1- /226( This was a$ter obtainin% the re0"ired re%"latory
appro#als $rom the Re%istrar O$ 5ompanies and the Ins"rance Re%"latory
and De#elopment A"thority(
It was in A"%"st /22< that the ball was set rollin% when Reliance 5apital
4imited- the $inancial arm o$ Reliance . Anil Dhir"bhai Ambani ,ro"p
/>
&ADA,' . anno"nced the re0"isition o$ 122E shareholdin% in AM3 Sanmar
4i$e Ins"rance 5ompany 4imitedM and the $ormal trans$er o$ shares took
place in October /22<( The company will iss"e all policy contracts "nder the
Reliance 4i$e Ins"rance 5ompany limited name( All the e*istin% policy
contracts also stand trans$erred to the Reliance 4i$e Ins"rance entity with all
the ori%inal contract"al terms and commitments intact(
2.3 'OURNEY SO FAR.
 988)
AugustG Anil Dhir"bhai Ambani ,ro"p &ADA,' anno"nces the
ac0"isition o$ 122 percent shareholdin% in AM3 Sanmar 4i$e Ins"rance
5o 4td(
 988,
2anuary 6.G Mr( Hand%opal participates in a one.day con$erence on
GOptimisin% %rowth opport"nities thro"%h Distrib"tion Matri*I
/7
GEmer%in% Bancass"rance8 or%aniAed by the Asia Ins"rance 3ost at the Ta
3resident- M"mbai(
FeEruary 6G Rliance 4i$e Ins"rance o$$icially la"nched(
FeEruary 6,J 6.J 6;G Strate%y meet at the Reliance Mana%ement
Instit"te( Amon%st those who participate are the 5EO- 5OO- F"nctional
=eads- Re%ional Mana%ers and Re%ional Sales Mana%ers(
FeEruary 9,G A 3"a held at the 5h"rch%ate o$$ice sit"ated in E*press
B"ildin%- ;
th
Floor- 1; GE8 Road- M"mbai(
March 6G 5h"rch%ate o$$ice ina"%"rated by Mr( Amitabh
@h"nh"nwala- Mr( Amitabh 5hat"r#edi and Mr( Hand%opal(
March ,G Shi$tin% to the new premises at 5h"rch%ate commences(
March .G The new o$$ice at 5hennai- at the TrapeAi"m- First Floor- P :?-
Helson Manickam Road- ina"%"rated by their 5EO Mr( Hand%opal- Mr( )+
Srini#asan and Mr( S"reshbab" also %raced the occasion(
2." ROLE OF IT AT RELIANCE LIFE
INSURANCE
6! Iorld 'lass Data 'entreG %
They plan to establish a 3rimary Data 5entre at Ha#i M"mbai
&Dhir"bhai Ambani )nowled%e 5ity' which will cater to their company
needs across India- with $ail.o#er capability to their 5hennai Data 5entre
/?
within the same b"siness day in occ"rance i$ an incident or Disaster
happens(
9! -nter 4Kce 'onnectivityG %
All their Branch K Area and Re%ional o$$ices will be
interconnected to their Data 5entre with a /;*> access to 5ore
Applications like 4ot"s Mail- 4i$e.Asia and Internet Applications( This
will enable their associates to work $aster and better with hi%h.speed
Internet connecti#ity and also ens"re $aster T"rn Aro"nd Time $or their
c"stomers(
&! 'ustomer 'are 'entreG %
They will host a centraliAed 5"stomer 5are 5entre at
Dhir"bhai Ambani )nowled%e 5ity at Ha#i M"mbai- which cater
ser#ices to internal and e*ternal 0"eries and complications( A c"stomer
Relationship Mana%ement Tool &5RM' and 4ead Mana%ement System
&4MS' are in pro%ress(
(! IeE PortalG %
This portal will be an inter$ace between both internal employees
and their e*ternal "sers( Some o$ the $"nctions incl"ded in their portal are
3olicy Trackin% Systems- 5orporate Hews- B"ality 5heckin% System-
Under Critin% Medical System- and A%ent Mana%ement System etc(
)! R IorldG %
:2
Reliance Mobile R.Corld will pro#ide online in$ormation abo"t
their 5ompany- 3rod"cts- and 3olicy Ser#ices to their e*istin% c"stomers-
A%entsKAd#isors and 4ead ,enerators(
,! #M# AlertsG %
SMS Alerts will be pro#ided to their Sales Mana%ers abo"t the
latest happenin%s like 5ontests and 5ampai%ns- Employee Alerts will
incl"de 5ompany Hews and CelcomeKBirthdayKAnni#ersary messa%e
etc( 5"stomer Alerts will incl"de CelcomeKBirthdayKAnni#ersary
messa%e- 3olicy Dispatch Details- 3olicy Ser#icin% SMS like 3remi"m
Receipt and Renewal 3remi"m reminders etc(
.! >ife and Group AsiaG %
Sin%le 4i$e and ,ro"p 4i$e details will be capt"red and mana%ed
by 4i$e and ,ro"p Asia( A common middleware between these
applications will enable ,ro"p 4i$e 5"stomers to #iew their indi#id"al
Sin%le 4i$e Ins"rance 3lan details taken with Reliance 4i$e Ins"rance and
#ice #ersa(
;! Advisor >oungeG %
It is a dedicated area $or Reliance 4i$e Ins"rance
A%entsKAd#isors in all the branches across India( This 4o"n%e will be
e0"ipped with desktops and printers with Internet connecti#ity- where
their Ad#isors can brin% in the prospects and can ha#e disc"ssions across
the table and they can create and print 0"otes( The A%entsKAd#isors can "se
this area to ser#ice their e*istin% c"stomers(
:! Document Management #ystemG %
:1
DMS will enable both policy iss"ance and contract ser#icin%
thro"%h an a"tomated work$low- which yields a $aster T"rn aro"nd Time
to both internal and e*ternal "sers( This application will enable them to
ha#e a paperless o$$ice and th"s miti%ate the risk o$ losin% #ital
recordsKpapers(
68! Iireless Data AccessG %
This will enable identi$ied Top Sales Mana%ers and Top Ad#isors to
access real time data $or both 4MS and 5RM on the $ly thro"%h =andheld 3DA
de#ice(
66! #AP % *RP ModulesG %
SA3 &Finance and =R Mod"les'- will a"tomate the E*pense-
Tra#el and 4ea#e Mana%ement Systems(
2.# MISSION
The mission o$ Reliance 4i$e Ins"rance 5ompany 4imited is to be the best in
e#ery sphere. b"siness res"lts- c"stomer care and employee $oc"s( The aim o$
the company is to Think Bi%%er and Think Better(
2.% CORE /ALUES
Reliance 4i$e Ins"rance 5ompany 4imited has some core #al"es which are
listed as $ollowsI
:/
1' Res"lt Oriented
/' 3er$ormance Dri#en
:' 5"stomer Foc"sed
;' 4earnin% and De#elopment Oriented
<' Employee 5entric
6' In$ormal and F"n
2.* FUTURE PLANS
 Forty.$o"r new branches to be opened across the co"ntry in the
comin% monthsM and a pan India presence with 16/ branches in the
comin% year(
 A state.o$.the.art c"stomer care centre will pro#ide contin"o"s-
responsi#e ser#ices to the caller and promptly address 0"eries- collate
$eedback and s"%%estions $rom the caller- who may be both
prospecti#e and e*istin% clientele and $rom channel partners in
5hennai and M"mbai(
 It will be la"nchin% additional prod"cts aimed at pro#idin%
"nparalleled ser#ice to its #al"ed clientele(
2.+ $EAD 0 OFFICE
::
Reliance 4i$e Ins"rance 5ompany 4imited-
The TrapeAi"m-
:?- First Floor-
Helson Manickam Road-
5hennai . 622 2/?(
2., RANC$ES
They ha#e so many branches and s"bstations in the India( They ha#e aro"nd
162 branches in the India( And they ha#e planned to open more branches
across the co"ntry in the comin% months(
:;
CHAPTER - 3
PRODUCT MIX
:<
3.1 TRADITIONAL PLAN10
4i$e ins"rance prod"cts are desi%ned to s"it the re0"irements o$
c"stomers( F"ndamentally the prod"ct pro#ide $orI
 Risk co#er
 In#estment
 =ealth co#er
:6
In e#ery prod"ct- to a certain de%ree- risk co#er is imperati#e $or
it to $all "nder the cate%ory o$ ins"rance( Based on the co#era%e o$ the
prod"ct- the premi"ms are calc"lated and the c"stomer pays accordin%ly( In
order to s"%%est the ri%ht prod"ct- it is essential $or an a%ent to "nderstand the
re0"irements o$ the c"stomer well(
Reliance 4i$e Ins"rance 5ompany 4imited has o$$ered ?
traditional plans to the c"stomers- which are listed as $ollowsI
1' Reliance Term 3lan
/' Reliance Chole 4i$e 3lan
:' Reliance 5hild 3lan
;' Reliance Endowment 3lan
<' Reliance Special Endowment 3lan
6' Reliance 5ash Flow 3lan
>' Reliance 5redit ,"ardian 3lan
7' Reliance Special 5redit ,"ardian 3lan
Each o$ the abo#e traditional plans is disc"ssed as $ollowsI
1' Reliance Term planI .
This ins"rance policy is desi%ned $or those who only want li$e co#er $or the
protection o$ their $amily- and do not wish to sa#e $or themsel#es( It can also
be "se$"l to b"siness $irms that wish to pro#ide $inancial sec"rity to their
b"siness a%ainst the s"dden loss o$ partners or #al"able manpower( Since
:>
there is no sa#in% element or bon"s pro#ision- the premi"m is #ery low(
=ence- this is a hi%h.risk plan with a low premi"m(
 FeaturesG %
a' 3"rely a term plan
b' Entry a%e minim"m 17 years and ma*im"m 6< year
c' Ma*im"m premi"m payin% term is :2 year
d' 4oan $acility H(A(
e' Mat"rity amo"nt Q S"m ass"red
/' Reliance Chole 4i$e 3lanI .
This ins"rance policy is desi%ned $or people who do not wish to a#ail o$ any
bene$its themsel#es b"t wish to create an immediate estate to protect their
$amily by a#ailin% o$ ins"rance co#er on their li$e at a #ery low cost(
 FeaturesG %
a' It is a whole li$e ins"rance policy with pro$its
b' 4ow cost li$e co#er
c' Mat"rity a%e is 7< year or ?? years last birthday as chosen
d' Mat"rity amo"nt Q S"m ass"red R +ested bon"s
e' Ta* bene$it is a#ailable
:7
:' Reliance 5hild 3lanI .
This ins"rance policy is desi%ned $or people who wish to sa#e money $or a
$"t"re time when there will be a rec"rrin% need $or s"bstantial amo"nts o$
money( This is especially tr"e when it comes to payin% lar%e s"ms o$ money $or
hi%her ed"cation as and when yo"r son or da"%hter is st"dyin% to become an
En%ineer- a Doctor or specialiAe in some other $ield- or is perhaps
plannin% to %o abroad(
This money is payable in e0"al installments o#er the last ; years o$ the
policy term(
 FeaturesG %
I( Minim"m entry a%e is /2 year and ma*im"m 62 year
a' Minim"m s"m ass"red is Rs( /<-222(
b' Minim"m premi"m payin% term is < year and ma*im"m
/2 year
c' Ta* bene$it is a#ailable
d' Mat"rity amo"nt Q Fo"r e0"al installment o$ s"m ins"red
in last $o"r year pl"s #ested bon"s in the last year
e' 4oan $acility is a#ailable
;' Reliance Endowment 3lanI .
:?
Reliance 4i$e Ins"rance8s Reliance Endowment 3lan is the key to all yo"r
$inancial needs( It is an ine*pensi#e and easy way to protect yo"- yo"r
$amily or yo"r b"siness(
In a n"tshell this plan will keep yo" $inancially prepared $or all the special
occasions in yo"r li$e . yo"r da"%hter8s weddin%- yo"r child8s "ni#ersity
ed"cation or e#en a new o$$ice $or yo"r b"siness . by eliminatin% the b"rden that
a shorta%e o$ money creates(
In the e#ent o$ yo"r "ntimely death- Reliance Endowment 3lan will also
assist yo"r lo#ed ones thro"%h this di$$ic"lt time by the $inancial s"pport that it
pro#ides(
Reliance Endowment 3lan also %i#es yo" the additional bene$it o$
participatin% in the company8s pro$its- which yo" will recei#e at the end o$ the
policy period(
 FeaturesG %
a' Entry a%e minim"m is < year and ma*im"m 6< year
b' Mat"rity a%e minim"m is 17 year and ma*im"m >< year
c' Minim"m premi"m payin% term is < year and ma*im"m :<
year in case o$ re%"lar and in case o$ sin%le 1< year
;2
d' Minim"m s"m ass"red is Rs( /<-222 or as determined by the
minim"m premi"m
e' Ma*im"m s"m ass"red is Rs( <-22-222 &entry a%e below 17
years and no limit $or entry a%e 17 and abo#e'
$' 3remi"m mode ann"al- hal$ yearly- 0"arterly and monthly
&by salary ded"ction only'
%' 4oan "p to ?2E o$ the s"rrender #al"e o$ the policy
h' Mat"rity amo"nt Q ,"aranteed s"m ass"red R Re#ersionary
bon"s
<' Reliance Special Endowment 3lanI .
This ins"rance policy is desi%ned $or people who wish to combine sa#in%s
with e*tended sec"rity( The "ni0"e $eat"re o$ this policy is that li$e
protection contin"es $or $i#e years a$ter yo" ha#e stopped the payment o$
premi"m( 3ayment o$ s"m ass"red at the end o$ premi"m payin% term and
e*tension o$ li$e co#er therea$ter $or the $"ll s"m ass"red $or a period o$ <
years- are characteristics o$ the policy(
This plan also participates in the pro$its(
 FeaturesG %
a' Entry a%e minim"m 1/ year and ma*im"m 6< year
b' Minim"m s"m ass"red is Rs( /<-222
c' Minim"m premi"m payin% term is 12 year and ma*im"m ;2
year
;1
d' Uni0"e $eat"re o$ this policy is that $i#e year li$e protection
contin"es a$ter yo" ha#e stopped the payment o$ premi"m
e' Ta* bene$it is a#ailable
$' Under this policy bon"s is compo"nded yearly
%' 4oan $acility is a#ailable
h' Mat"rity amo"nt Q F"ll s"m ass"red be$ore mat"rity date R
+ested bon"s at the time o$ mat"rity date
6' Reliance 5ash Flow 3lanI .
This ins"rance policy is desi%ned $or those who ha#e a rec"rrin% need $or
rein#estment in b"siness or look $or short.term in#estment channels( The
ad#anta%e o$ the policy is that they need not part with a siAable amo"nt o$
money at any one time- b"t create- thro"%h re%"lar premi"m payments- a
periodic ret"rn o$ l"mp s"ms which become a#ailable $or rein#estment at
hi%her ret"rns- while pro#idin% sim"ltaneo"sly- s"bstantial li$e co#er(
Alternati#ely- it can be "sed to meet any immediate $inancial crisis in the
$amily like yo"r sonLs colle%e admission- yo"r da"%hterLs en%a%ement- and
reno#ation o$ yo"r home or perhaps- a holiday abroad(
The money is payable in installments( The $irst installment is paid at the end o$
the ;th year and therea$ter at the end o$ e#ery :rd year(
 FeaturesG%
a' 3lan with pro$its
b' Minim"m entry a%e is 1< year and ma*im"m is 6: year
;/
c' Ma*im"m premi"m payin% term is :; year
d' 4oan $acility is not a#ailable
e' In case o$ death $"ll s"m ass"red R accr"ed bon"ses "p to
the date o$ death is payable immediately
$' In case o$ s"r#i#al "p to mat"rity date all premi"m paid
%' Rider accident death and critical illness
h' Mode o$ payment is a#ailable
>' Reliance 5redit ,"ardian 3lanI .
This ins"rance policy is desi%ned $or those who not only sa$e%"ards
indi#id"als b"t also $amilies and b"sinesses $rom the $inancial hardship that
co"ld arise $rom "n$ort"nate and "ne*pected death(
 FeaturesG %
a' 4oan protection a%ainst home- home impro#ement- two
wheelers and $o"r wheelers
b' In case o$ death remainin% loan amo"nt paid immediately
c' In case o$ s"r#i#al no bene$it is a#ailable
d' 3remi"m payment option $or sin%le and re%"lar is a#ailable
e' 3remi"m payin% term is /K: o$ loan period and remainin%
period paid by the company
7' Reliance Special 5redit ,"ardian 3lanI .
;:
This ins"rance policy is desi%ned $or those who not only sa$e%"ards
indi#id"als b"t also $amilies and b"sinesses $rom the $inancial hardship that
co"ld arise $rom "n$ort"nate and "ne*pected death- disability or critical
illnesses(
 FeaturesG %
a' 4oan protection a%ainst home- home impro#ement- two
wheelers and $o"r wheelers
b' In case o$ death remainin% loan amo"nt paid immediately
c' In case o$ s"r#i#al no bene$it is a#ailable
d' 3remi"m payment option $or re%"lar and sin%le is a#ailable
e' 3remi"m payment term is /K: o$ loan period and remainin%
period paid by the company
$' Mat"rity amo"nt Q All the premi"m paid amo"nt
%' Ta* bene$it is a#ailable
3.2 UNIT LIN(ED PLAN
A "nit.linked policy is a li$e ass"rance policy in which the bene$its
depend on the per$ormance o$ a port$olio o$ shares(
;;
Each premi"m paid by the ins"red person is splitI a part is "sed to
pro#ide li$e ass"rance co#er- while the balance &a$ter the ded"ction o$ costs-
e*penses- etc(' is "sed to b"y "nits in a "nit tr"st(
In this way- a small in#estor can bene$it $rom in#estment in a mana%ed
$"nd witho"t makin% a lar%e $inancial commitment( As they are linked to the
#al"e o$ shares- "nit linked policies can %o "p or down in #al"e(
3olicyholders can s"rrender the policy at any time and the s"rrender #al"e is
the sellin% price o$ the "nits p"rchased by the date o$ cancellation ?less
e*pense'( A small part o$ the contrib"tion is "sed $or pro#idin% li$e co#er
and the balance is in#ested in "nit( 4e%al heirs are entitled to the amo"nt o$
ins"rance co#er and entitled "nits in case o$ death o$ the ins"red(
Reliance 4i$e Ins"rance 5ompany 4imited has also o$$ered the two
Unit 4inked 3lans- which are listed as $ollowsI
1' Reliance Market Ret"rn 3lan
/' Reliance ,olden Oears 3lan
Amon%st the abo#e plans the Reliance Market Ret"rn 3lan is the
lar%est sellin% plan o$ the Reliance 4i$e Ins"rance 5ompany 4imited( The
abo#e two U4I3 plans are disc"ssed as $ollowsI
1' Reliance Market Ret"rn 3lanI .
Reliance Market Ret"rn F"nd is the "nit.linked prod"ct that helps yo" in#est
in the $inancial markets in a combination o$ in#estment instr"ments o$ yo"r
;<
choice( Oo" can enoy the ret"rns $rom the markets witho"t the tro"ble o$
monitorin% and mana%in% yo"r own in#estment port$olio and keepin% track
o$ the market mo#ements( At the same time yo"r in#estment premi"ms
pro#ide yo" with ins"rance co#er( Reliance Market Ret"rn F"nd "nit.linked
ins"rance plan pro#ides yo" with a basket o$ $"nd options that balances yo"r
ret"rn and risk e*pos"re while pro#idin% li$e co#er at the same time(
 FeaturesG %
a' Minim"m entry a%e is :2 days and ma*im"m entry a%e
is 6< year
b' Ma*im"m policy term ;2 year and minim"m policy
term < year
c' Mode o$ premi"m as ann"al- 0"arterly- hal$ yearly and
monthly Rs( 1222 &$or salary ded"ction only' and Rs(
/<22 &standin% orderKcredit card'
d' Top "p premi"m minim"m Rs( /<22
e' Option o$ in#estment $"nd
i( 5apital sec"re 122E $i*ed interest sec"rities
ii( Balanced minim"m 72E $i*ed interest sec"rities
and ma*im"m /2E in e0"ity
iii( E0"ity 122E e0"ity
i#( ,rowth minim"m 62E $i*ed interest sec"rities and
ma*im"m ;2E in e0"ity
$' 4oan $acility is not a#ailable
%' One switches e#ery year $ree and s"bse0"ent switches
char%ed 1E o$ the amo"nt switched
;6
h' 3artial withdrawals per year "nder re%"lar and sin%le
premi"m options is / times
i' 4ock in period till today is : year
' Minim"m "nit acco"nt balance a$ter each withdrawals
is Rs( 12-222
/' Reliance ,olden Oears 3lanI .
Reliance ,olden Oears 3lanS(( The Reliance 4i$e Ins"rance Gno.worry stay
happy8retirementplan( Reliance ,olden Oears 3lan is a $le*ible packa%e that
pro#ides $reedom o$ choice in choosin% the type o$ in#estment- li$e co#er-
#estin% options s"ch as comm"tin% and ann"ity options( 5ontrib"tions
pro#ide Income ta* sa#in%s as well(
Reliance ,olden Oears 3lan- a $le*ible pension prod"ct is a#ailable $or all
indi#id"als who are between the a%es o$ 17 and 6<(
 FeaturesG %
a' Entry a%e minim"m is 17 year and ma*im"m 6< year
b' Minim"m premi"m amo"nt Rs( 12-222 and ma*im"m
is "nlimited
c' Mode o$ premi"m payment is a#ailable
d' 3ension plan with risk co#er and witho"t risk co#er
e' 5hoice o$ in#estment
;>
i( 5apital sec"re $"nd . 72E in e0"ity and /2E in
%o#ernment sec"rity
ii( Balanced $"nd . 72E in %o#ernment and /2E
in e0"ity
$' Ho loan $acility is a#ailable
%' Ta* bene$it is a#ailable
h' Ann"ity options
i(
ii(
iii(
'/AP0*R % (
Ann"ity payable $or li$e
Ann"ity payable $or <K12K1< years certain and
therea$ter with li$e
Ann"ity payable $or li$e with ret"rn o$ capital on
death o$ the ann"itant
HUMAN RESOURCE MANAGEMENT
;7
".1 RECRUITMENT
Recr"itment is the process o$ $indin% and attractin% capable applicants $or
employment( The process be%ins when new recr"its are so"%ht and ends
when their applications are s"bmitted( The res"lt is a pool o$ applicants $rom
which new employees are selected(
;?
In this company the Sales Mana%er- who recr"its the ad#isorsKa%ents $or
sellin% the prod"cts o$ the company- does the recr"itment( The ad#isors
sho"ld ha#e at least passed the S(S(5( e*amination( They m"st pass the pre.
recr"itment e*amination- which is cond"cted by the Ins"rance Instit"te o$
India- M"mbai- or any other appro#ed e*amination body( A$ter clearin% the
e*amination the code will be pro#ided to them and the license will also be
%i#en to them- the #alidity the license wo"ld be : years( A$ter all these
re0"irements- the person will become an ins"rance ad#isor in the company(
".2 SELECTION
Selection is the process o$ pickin% indi#id"als &o"t o$ the pool o$ ob
applications' with re0"isite 0"ali$ications and competence to $ill ob in the
or%aniAation( In simple words- it is the process o$ di$$erentiatin% between
applicants in order to identi$y these with a %reater likelihood o$ s"ccess in a
ob(
The Branch Mana%er- which incl"des.- will cond"ct the process o$ selection o$
Sales Mana%er
6! Personal -nterviewG %
The $irst step o$ selection o$ Sales Mana%er in the
Reliance 4i$e Ins"rance 5ompany 4imited is to cond"ct a personal inter#iew o$
an applicant by the Branch Mana%er(
<2
9! Project (8 -nterviewG %
A$ter clearin% the personal inter#iew- the proect ;2
inter#iew will be taken by the Branch Mana%er( In this step- the applicant
sho"ld ha#e to make a list o$ ;2 and then start the b"siness with them(
&! -nterview with Regional /eadG %
A$ter clearin% the proect ;2 inter#iew- the applicant
sho"ld be inter#iewed by the Re%ional =ead- who will check hisKher
per$ormance(
(! 3egotiationG %
A$ter clearin% the inter#iew with Re%ional =ead- the
ne%otiation will be pro#ided to the applicant(
)! Medical *+aminationG %
A$ter that- the medical check "p sho"ld e made to the
applicant(
,! #electionG %
A$ter clearin% all the abo#e steps the applicant sho"ld be
appointedKselected as a Sales Mana%er in the company(
<1
 Requirements of #ales ManagerG%
The Sales Mana%er sho"ld possess the
$ollowin% thin%s.
1( They sho"ld be an M(B(A(
/( The a%e o$ them sho"ld be between /< to :< years(
:( They sho"ld ha#e %ood comm"nication skill(
;( They sho"ld ha#e at least sales e*perience o$ : years(
<( They sho"ld ha#e the capability to handle the team(
6( Their ob pro$ile incl"des recr"itment- trainin%- %"idin%- moti#atin%
and in t"rn %ettin% b"siness o"t o$ a team(
".3 TRAINING AND DE/ELOPMENT10
Trainin% and De#elopment is any attempt to impro#e c"rrent or $"t"re
employee per$ormance by increasin% an employee8s ability to per$orm
thro"%h learnin% "s"ally by chan%in% the employee8s attit"de or increasin%
hisKher skills and knowled%e( The need $or trainin% and de#elopment is
determined by the employee8s per$ormance de$iciency- comp"ted as $ollowsI
</
Trainin% T De#elopment Q Standard 3er$ormance . Act"al 3er$ormance
They are pro#idin% 122 ho"rs trainin% to their ad#isors- who
are newly recr"ited( They are also pro#idin% the prod"ct trainin% to their
ad#isors and Sales Mana%ers- who are newly recr"ited( The 122 ho"rs
trainin% is to be cond"cted at Het Bios 5omp"ter Academy whereas the
prod"ct trainin% is to be cond"cted at HIS S3ARTA( The HIS S3ARTA
Instit"te has more than 1<2 batches and is trained o#er :222 a%ents $or most
o$ the pri#ate ins"rance companies( This instit"te is appro#ed by IDRA to
train a%entsKad#isors(
"." CAREER DE/ELOPMENT
They are also pro#idin% career de#elopment plans- which will identi$y
potential and create a#en"es $or %rowth(
".# COMMUNICATION
5omm"nication is the process thro"%h which an indi#id"al can e*chan%e
their belie$s- thin%s- in$ormation- and e*perience to others( In simple words-
it is the process o$ e*chan%in% the in$ormation $rom one person to another(
They are pro#idin% an open en#ironment- which enablin% $ree interaction
between all le#els( The comm"nication is pro#ided in the $ollowin% mannerI
<:
<;
"RA3'/
"RA3'/
"RA3'/
R*G-43A>
R*G-43A>
R*G-43A>
'/A33*>
/*AD
' M 4
' * 4
<<
 *+planations of the diagramG%
The comm"nication is $low between Branch to Branch(
Cithin a branch- it $lows between Branch Mana%er to Sales Mana%ers and
Sales Mana%ers to A%entsKAd#isors- and then Branch =ead to Re%ional
=ead- then di$$erent Re%ional =ead to Re%ional =ead- then Re%ional =ead to
5hannel =ead- then to 5hie$ Marketin% O$$icer &5MO'- then to 5hie$
E*ec"ti#e O$$icer &5EO'(
".% INCENTI/ES
Incenti#es are monetary bene$its paid to workmen in reco%nition o$ their
o"tstandin% per$ormance( They are pro#idin% an a%%ressi#e reward and
reco%nition plans- which are incl"din% sales incenti#es(
".* SER/ICES
They are o$$erin% $ollowin% certain ser#ices to their employees(
1' They are pro#idin% knowled%e sharin% and certi$ication practices(
/' They are planned team b"ildin% and $"n e#ents(
:' They are creatin% Reliance 4i$e Ins"rance $amily- which incl"des
employees- associates and their $amilies(
<6
;' Reliance 4i$e Ins"rance in a team b"ildin% mode and is lookin% $or
per$ormance dri#en- achie#ement oriented and challen%e lo#in%
per$ormance(
".+ PERFORMANCE APPRAISAL
3er$ormance appraisal is the systematic e#al"ation o$ the indi#id"al with
respect to hisKher per$ormance on the ob and hisKher potential $or
de#elopment( 3er$ormance appraisal is a $ormal- str"ct"red system o$
meas"rin% and e#al"atin% an employee8s ob related beha#iors and o"tcomes to
disco#er how and why the employee is presently per$ormin% on the ob and
how the employee can per$orm more e$$ecti#ely in the $"t"re so that the
employee- or%aniAation and society all bene$it(
They are pro#idin% a balanced scorecard approach $or strate%y deployment
and per$ormance meas"rement- which %oals and meas"re $inancial- c"stomer
$oc"sed- process related and employee de#elopment related initiati#es( In
addition to this- the Branch Mana%er sho"ld meas"re the per$ormance o$ the
Sales Mana%ers at e#ery si* months and the Sales Mana%er sho"ld meas"re
the per$ormance o$ the ad#isorsKa%ents( I$ the per$ormance is best then
heKshe will be prompted(
<>
"., ORGANI2ATION FORM AND
STRUCTURE
5EO
5MO
5hannel =ead
Re%ional =ead
Branch =ead
Sales 5Ma na%er
Ad#isorsKA%ents
5"stomers
".1- DEPARTMENT
They are pro#idin% $ollowin% areas or departmentsI
1' Retail Sales
/' Under Critin%
:' Act"arial
;' Ins"rance Operations
<' 5"stomer Ser#ice
6' B"ality and 3rocesses
>' ="man Reso"rces
<7
7' Finance
CHAPTER - 5
MARKETING DEPARTMENT
<?
#.1 DISTRIUTION C$ANNEL
Reliance 4i$e Ins"rance 5ompany 4imited is "sin% $i#e types o$
distrib"tion channel- which are as $ollowsI
6! AgencyG %
Independent ins"rance a%ents represent a n"mber o$ companies
and can research these companies8 prod"cts to $ind the ri%ht combination
$or their clients( Independent a%ents T ins"rance prod"cer %ro"ps are
%rowin% in pre#alence( Altho"%h prod"cer %ro"ps are in their in$ancy-
their emer%ence may potentially be reali%nment in the distrib"tion o$
$inancial ser#ices( Independent shops realiAed that by poolin% prod"ction
and $"ndin% a central s"pport o$$ice- they had increased b"yin% power(
The one type o$ distrib"tion channel- which Reliance 4i$e
Ins"rance 5o( 4td is "sin%- is an a%ency( This channel works as $ollowsI
Branch
Mana%ers
Ad#isors
5"stomers
62
9! "an$ AssuranceG %
Chile a lot o$ bank relationships with ins"rance companies
ha#e been established- li$e ins"rance sales ha#e been slower than one
wo"ld e*pect he primary bank ins"rance acti#ities ha#e been the
distrib"tion o$ ann"ities- credit li$e- and direct marketin% ins"rance(
Banks are $ailin% to incorporate s"ccess$"l sales tactics "sed to sell other
$inancial ser#ices like in#estments(
Another type o$ distrib"tion channel is bank ass"rance( This
channel is tie "p with banks( In this channel the ad#isors "sin% or
tar%etin% the bank c"stomers to make a b"siness with them i(e(- to sell the
policy o$ the company(
&! 'orporateG%
To %ain a better "nderstandin% o$ the demand amon%st
independent ad#isors $or tr"st ser#ices and to %ain a better $eel $or how
independent ad#isors handle tr"st ser#ices- a research was per$ormed
with independent ad#isors across se#eral brokerKdealers and c"stodians(
The inter#iews re#ealed that demand is %reatest $or li#in% tr"sts amon%
independent ad#isors- $ollowed by demand $or corporate tr"stee ser#ices(
Another type o$ distrib"tion channel is corporate- which are $or
employee bene$its( This channel is tie "p with corporate or small
enterprises( Thro"%h these small enterprises- the ad#isors will sell the
prod"ctsKpolicy to c"stomers o$ the small enterprises(
61
(! Rural "eneftsG%
Brokera%e $irms ha#e %ained m"ch o$ the instit"tional and
personal tr"st b"siness lost by the banks( These $irms ha#e steadily
capt"red assets- primarily at the e*pense o$ the banks( The n"mber o$
non.bank tr"st companies has increased in recent years as independent
tr"st companies ha#e emer%ed and more brokerKdealers are inte%rated
ser#ices( Ins"rance companies #iew $"ll.ser#ice brokers as a potentially
new distrib"tion channel as well(
Another type o$ distrib"tion channel is r"ral bene$its( This
channel works as a dealership( In this channel- the dealers will sell the
policy to the tar%et c"stomers(
)! IeE IorldG%
Direct sales o$ li$e ins"rance are %rowin% rapidly- b"t many o$
the traditional $"ll.ser#e players seem to be lettin% it %o( Across all
$inancial ser#ices- cons"mers are e*pressin% a willin%ness to deal with a
#ariety o$ pro#iders on the web( Ceb sites are startin% to pop "p o$$erin%
cons"mer ins"rance prod"cts especially desi%ned $or distrib"tion o#er the
web(
Another type o$ distrib"tion channel is web world( This channel is
tie "p with c"stomer database( In this channel- the ad#isors will sell the
policy to the tar%et c"stomers- which are taken $rom the c"stomer
database- are listed in the website(
6/
#.2 PROMOTIONAL PROGRAMMES 3
TARGET SEGMENT
3romotional pro%rammes and tar%et se%ment are related to each other( The
promotional pro%rammes are made to moti#ate the ad#isorsKa%ents and
sales mana%ers to do more b"siness i(e(- to sell the more policies( The
Reliance 4i$e Ins"rance 5o( 4td has made three promotional schemes-
which are as $ollowsI
6! #huEh % AramEhG%
This promotional scheme is detailed as $ollowsI
S4AB &CR3' RECARD
A'/-*H*R#
6:
:2-222 Reliance 4i$e T.Shirt
<2-222 Table Top 5lock
><-222 4eather Ba%
1-22-222 Corld Space Radio
1-<2-222 4(,( Microwa#e. 1?4
/-22-222 D+DK+5DKM3: 3layer
:-22-222 Sony M"sic System
#1P*R A'/-*H*R#
<-22-222 4, Re$ri%erators ,4./::
>-<2-222 4, Air 5onditioner 1T
12-22-222 Sony Di%ital 5amcorder
1<-22-222 Trip to D"bai :DK;H
/2-22-222 =ero =onda Splender
#0AR A'/-*H*R#
<2-22-222 Mar"ti Alto Std(
><-22-222 Mar"ti Swi$t 4*i
1-22-22-222 ,M A#eo 1(;4S
4o%inI 1
st
April to :1
st
May G26
Iss"ance till 1<
th
@"ne G26
9! R5A5R5*5G%
The $"ll $orm o$ R(A(R(E( is Reliance Ad#isor8s Reward
E*perience( This pro%rams consists o$
1( Hew Ad#isor Incenti#e 3ro%ram
/( Board o$ Ad#isors
6;
:( Ann"al Disco#ery Series
;( Ad#isor 5areer 3ro%ression
<( RARE 5l"b . 4oyalty 3ro%ram
The abo#e pro%rams are described as $ollows
1( R(A(R(E( 3ro%ram Hew Ad#isor Incenti#esI.
 5riteria
There will be two le#els in the Hew Ad#isor Incenti#e
pro%ram
A( 4a"nch 3ad
B( Take O$$
/( R(A(R(E( 3ro%ram Board o$ Ad#isorsI.
 5riteria
There will be two le#els in the Board o$ Ad#isors pro%ram
A( Time 3eriod
B( 3arameters
:( R(A(R(E( 3ro%ram Disco#ery SeriesI.
 5riteria
There will be si* le#els in the Disco#ery Series pro%ram
A( B"ali$ication period
B( B"siness criteria
6<
5( The 0"ali$ication criteria will be the same $or both the ,lobal
and the Hational Disco#ery Series
D( B"ali$ication $or the ,lobal Disco#ery Series
E( B"ali$ication $or the Hational Disco#ery Series
F( The top 1<2 will bb calc"lated based on CR3 &Cei%hted Recd
3remi"m'
;( R(A(R(E( 3ro%ram Ad#isor 5areer 3ro%ressionI.
 Ad#isor 5areer 3ro%ression
A( B"siness Associate
B( Sales Mana%er
<( R(A(R(E( 3ri#ile%e 5l"bI.
 4e#els
A( The RARE 5l"b will ha#e 6 di$$erent le#els
B( The criteria $or entry into each le#el will be based on
I( B"siness &CR3'
II( 3ersistency
III( 3rod"ct Mi*
5( The 0"ali$ication period is
I( 4o%ins $rom 1
st
Apr 826 to :1
st
Mar G2>
II( Iss"ances $rom 1
st
Apr 826 to 1<
th
Apr G2>
 B"ali$ication 5riteria
66
4e#el CR3 &Rs' Traditional 3ersistency
3rod"cts
TopaA 1-<2-222 62E 72E
3earl <-22-222 62E 72E
Sapphire 12-22-222 62E 72E
Emerald 1<-22-222 <2E 7<E
R"by /<-22-222 <2E 7<E
Diamond <2-22-222 <2E 7<E
&! *lite 'luE #chemeG%
In this scheme the ad#isor- who ha#e lo%in the re%"lar
premi"m o$ Rs( /- 22-222 will be eli%ible $or the Elite 5l"b
Membership(
#.3 COMPARATI/E STUDY
3resently there are 1< 4i$e ins"rance companies in the co"ntry(
There is only one p"blic sector company 4I5 and the rest 1; are pri#ate
sector( Altho"%h 4I5 has been dominatin% the 4i$e Ins"rance b"siness since
past $ew years the pri#ate players ha#e now started to take the moment"m(
6>
6! Major Mar$et PlayersG %
 "irla #un >ife -nsurance 'ompanyG %
Birla S"n 4i$e Ins"rance 5ompany is a >;I/6 oint #ent"re
between Birla %ro"p and S"n 4i$e Financial( It is a pri#ate sector company(
The company was re%istered on :1K1K/221( The market share $or FO /22<.
26 was 1(7?E(
 /DF' % #tandardG %
=DF5 standard is a >;I/6 oint #ent"re between =DF5 and
Standard 4i$e( It is a pri#ate sector company( The company was re%istered on
/:K12K/222( The market share $or FO /22<.26 was /(7>E(
 -'-'- Prudential >ife -nsuranceG %
I5I5I 3r"dential 4i$e is a >;I/6 oint #ent"re between I5I5I
and 3r"dential( It is a pri#ate sector company( The company was re%istered on
/;K11K/222( The market share $or FO /22<.26 was >(:<E(
 >ife -nsurance 'orporation of -ndia >-'!G %
4i$e Ins"rance 5orporation o$ India is a 122E %o#ernment held
3"blic Sector 5ompany( Bein% the $irst to be established 4I5 is the
$orer"nner in the 4i$e Ins"rance sector( The market share $or FO /22<.26
was >1(;;E(
 =ota$ Mahindra 4>D MutualG %
67
)otak Mahindra O4D M"t"al is a >;I/6 oint #ent"re between
)otak Mahindra bank and Old M"t"al( It is a pri#ate sector company( The
company was re%istered on 12K1K/221( The market share $or FO /22<.26
was 1(11E(
 Ma+ 3ew 7or$ >ifeG %
Ma* Hew Oork 4i$e is a >;I/6 oint #ent"re between @ T Bank-
3alloni T 5o and Met4i$e( It is a pri#ate sector company( The company was
re%istered on 6K7K/221( The market share $or FO /22<.26 was 1(/:E(
 Aviva >ife -nsurance -ndiaG %
A#i#a 4i$e ins"rance is a >;I/6 oint #ent"re between A#i#a and
Dab"r( It is a pri#ate sector company( The company was re%istered on
1;K<K/22/( The market share $or FO /22<.26 was 1(1;E(
 -3G Hysya >ife insuranceG %
IH, +ysya 4i$e Ins"rance is oint #ent"re between E*ide
&<2E'- ,"arat 5ements &1;(7>E'- Enam &?(1:E' and IH, &/6 E'( It is a
pri#ate sector company( The company was re%istered on /K7K/221( The
market share $or FO /22<.26 is 2(>?E(
 Met >ife -ndiaG %
6?
Met 4i$e India is a >;I/6 oint #ent"re between >;I/6 @+
between @ T Bank- 3alloni T 5o and Met4i$e( It is a pri#ate sector
company( The company was re%istered on 6K7K/221( The market share $or FO
/22<.26 was 2(;2E(
 "ajaj AllianL >ife -nsurance 'o5G %
Baa AllianA 4i$e Ins"rance 5ompany is a >;I /6 @oint
#ent"re between Baa A"to limited and AllianA AI,( The company was
re%istered on :K7K/221( The market share $or FO /22<.26 was >(<6E(
 #"- >ife -nsurance 'ompany >tdG %
SBI 4i$e Ins"rance 5ompany is a >;I /6 @oint #ent"re between SBI
and 5ardi$$ S(A( The company was re%istered on :1K:K/221(It is a pri#ate
sector company( The market share $or FO /22<.26 was /(:1E(
 0he 0A0A A-G GroupG %
TATA AI, %ro"p is a >;I/6 @+ between Tata ,ro"p and AI,( It
belon%s to the pri#ate sector( The company was re%istered on 1/K/K/221( The
market share $or FO /22<.26 was 1(/?E(
 #ahara -ndia >ife -nsurance 'ompany >td5G %
>2
First Cholly Indian Owned 3ri#ate 4i$e Ins"rance 5ompany(
The 5ompany commenced operations $rom :2th October /22;( The market
share $or FO /22<.26 was 2(26 E(
 #hriram life insurance company >tdG %
Shriram 4i$e is a recent entrant into the li$e ins"rance sector It
is a >;I/6 oint #ent"re between the Shriram %ro"p thro"%h its Shriram
Financial =oldin%s and Sanlam 4i$e Ins"rance 4imited- So"th A$rica( The
company e*pects to start operations soon(
9! Mar$et #hareG %
Sr( Ho Ins"rer Market Share &E'
1 4I5 >1(;;
/ Baa AllianA >(<6
: I5I5I 3r"dential >(:<
; =DF5 Standard /(7>
>1
< SBI 4i$e
6 Birla S"n4i$e
> Tata AI,
7 Ma* Hew Oork
? A#i#a
12 )otak Mahindra O4D M"t"al
11 IH, +ysya
1/ Reliance 4i$e
1: Met4i$e
1; Sahara 4i$e
1< Shriram 4i$e
/(:1
1(7?
1(/?
1(/:
1(1;
1(11
2(>?
2(<;
2(;
2(26
2(2:
How let8s depict the market share o$ these players on dia%ram
>/
1 LIC
Marke4 S5are&6)
2 a7a7 A889an:
3 ICICI Pruden49a8
" $DFC S4andard
# SI L9;e
% 9r8a SunL9;e
* Ta4a AIG
+ M a< Ne= Y>rk
, A?9?a
1- (>4ak M a59ndra OLD
M u4ua8
11 ING /@A@a
12 Re89anBe L9;e
13 M e4L9;e
1" Sa5ara L9;e
1# S5r9ram L9;e
=ere we can see $rom the dia%ram that 4I5 is the market leader and it
commands the maor part o$ the total li$e ins"rance market( Its market share
was appro*imately ?7E be$ore /222 b"t a$ter the entry o$ pri#ate players it
has si%ni$icantly decreased(
Amon% pri#ate players Baa AllianA stands $irst( It has the market share o$
appro*imately >(<6E in the total market and it constit"tes ;2E o$ the market
share amon% pri#ate players(
=DF5 Standard comes third( SBI 4i$e ins"rance 5ompany 4imited comes
$o"rth( I5I5I 3r"dential is also one o$ the $astest %rowin% li$e ins"rance
companies in India(
Rest o$ the players has market share below /E(
>:
&! 'apital FundG %
5apital F"nd o$ 3ri#ate 5ompanies
& Rs in 5rore '
I5I5I 3r"dential :><
Ma* Hew Oork /<2
=DF5 Standard /17
Baa AllianA /22
Tata AI, 17:
Birla S"n 4i$e 172
A+I+A 1<<
OM )otak 1<:
Reliance 4i$e 1/6
SBI 4i$e 1/<
Met 4i$e 112
IH, +ysya 112
>;
CHAPTER - 6
RESEARCH METHODOLOGY
><
%.1 O'ECTI/ES OF STUDY
1' To %et some %ood market e*pos"re by dealin% with the prospects
$ace to $ace(
/' To impro#e o"r ability to sell a $inancial prod"ct like li$e
ins"rance(
>6
:' To know the perception o$ the cons"mer abo"t li$e ins"rance(
;' To %et a deep knowled%e o$ the $inancial prod"ct like ins"rance(
<' To %et some in$ormation abo"t the market share o$ Reliance 4i$e
Ins"rance as compared to the %iants like 4I5 and to know the
standin% o$ the company in the market(
%.2 CUESTIONNAIRE
It is most common instr"ment whether administered in person by
phone or online 0"estionnaires are #ery $le*ible( The $orm o$ each
0"estion is also important( 5losed end 0"estion incl"de all the possible
answers and s"bects matters choices amon% them(
I ha#e "sed open.end 0"estions so that c"stomers can write
answer in their own words(
I ha#e also "sed closed.end 0"estions- which pro#ide
answers that are easier to interpret and tab"late( I ha#e taken care in the
wordin% and orderin% o$ 0"estions( I ha#e "sed simple- direct- "nbiased
wordin% 0"estions- which are arran%ed in a lo%ical order( I ha#e asked
personal 0"estions at last so that respondent does not become de$ensi#e(
>>
 Muestionnaire of the customer
I ha#e made 0"estionnaire consistin% se#enteen 0"estions to %et
c"stomer8s #iew abo"t li$e ins"rance( I ha#e asked personal 0"estions at last
so that they do not become de$ensi#e( I ha#e tried to know their
per$ormance i(e( whether they want to in#est- where thy want to in#est- "p
to what amo"nt and since when(
%.3 SAMPLING MET$OD AND SAMPLE SI2E
 -ntroductionG%
Any or%aniAation whether bi% or small- pri#ate or p"blic need
di$$erent types o$ in$ormation are to know its pop"larity( I ha#e %athered
secondary data and primary data and collected in$ormation $rom the
combination o$ these two data(
 #econdary dataG %
Secondary data consist o$ in$ormation that already e*ists somewhere-
ha#in% been collected $or another p"rpose( I ha#e %athered secondary data
$rom website o$ di$$erent operators- di$$erent ma%aAines- newspapers and
libraries(
 Primary dataG %
>7
I ha#e taken %reat care while collectin% primary data to answer that it is
rele#ant- acc"rate- c"rrent and "nbiased( I ha#e taken a sample o$ <2 people( I
ha#e #isited them personally to %et data(
 #ample siLeG %
I ha#e taken sample siAe o$ <2 respondents( Beca"se the pop"lation is too
lar%e so it is di$$ic"lt to s"r#ey(
%." LIMITATIONS
I am a h"man han%- so there is some limitation o$ the h"man
han%s which is re$lected in this research(
The $ollowin% are the limitation o$ this research st"dy(
>?
1' The sample siAe o$ <2 mi%ht not represent the perception o$ whole
pop"lation- as the sample siAe is too small $or total pop"lation o$
Ahmedabad city(
/' The opinion e*pressed by the respondents may be biased(
:' The attit"de o$ the research mi%ht be biased(
;' One o$ the most in$l"encin% and most critical limitations is that I
am not trained $or the research st"dy and this is my $irst st"dy( I
tried hard to come at concl"sion- b"t there is lack o$ e*pertise(
<' Another limitation is that there is lack o$ time( I$ I %i#e more time
then st"dies will be more e$$ecti#e(
There are some limitations o$ this st"dy( B"t in spite o$ their limitation I
worked with the enth"siasm( And I tried to %i#e the best res"lts to the
research o$ this report(
%.# ANALYSIS OF CUESTIONNAIRE
=ere I ha#e $ormed a 0"estionnaire to st"dy why people %o $or li$e
ins"rance( Chat is people8s maor moti#e behind in#estin% in li$e ins"ranceF Do
they decide "pon their own or they take %"idance o$ an a%entF Chat is their
perception abo"t Reliance 4i$e Ins"rance 5ompany 4imitedF
72
 MuestionsG%
There are > 0"estions in the 0"estionnaire( O"t o$ these > 0"estions- 6
0"estions are close ended and one 0"estion is an open ended one(
 0arget PopulationG%
I had cond"cted this s"r#ey amon% <2 people- and the tar%et %ro"p was a
mi* o$ people $rom the society( I asked the 0"estions to Doctors-
3ro$essionals- 3ro$essors- Ad#ocates- En%ineers- and %eneral p"blic(
 AnalysisG%
I ha#e "sed pie charts- and some other statistical meas"res to analyAe the
0"estions(
M56 Ihat is your main motive Eehind investing in life insuranceC
&a' Ta* Bene$it
&b' Sa#in%s
&c' Risk 5o#er
&d' Ret"rnKOield
71
MOTI/E NO.
TAD 2-
SA/ING #
RIS( CO/ERAGE 23
RETURNEYIELD 2
040A> )8
There co"ld be any moti#e o$
people behind in#estin% in a
li$e ins"rance policy( The main
p"rpose o$ li$e ins"rance is the
Risk co#er o$ one8s li$e( B"t some people consider di$$erent ad#anta%es o$ a
li$e ins"rance policy( Some people consider Ta* bene$it as the main
ad#anta%e o$ li$e ins"rance( Some belie#e that li$e ins"rance is an
in#estment so they tend to in#est in li$e ins"rance( Chile some people
belie#e that it is a comp"lsory sa#in%( How let8s see what all people say
TAD
SA/ING
RIS(
CO/ERAGE
RETURNEYIELD
7/
=ere we can see that maority o$ the people tend to in#est in li$e ins"rance
$or the risk co#era%e( The ne*t pre$erred option is Ta* Sa#in%( Ce $o"nded
$rom the disc"ssion with p"blic and some e*perts that those people with a
low income tend to in#est in li$e ins"rance to %ain ta* bene$it(
Sa#in% moti#e constit"tes #ery small part o$ the total sample( Ret"rn comes
last(
B"t this is the %eneral concl"sion o$ <2 people( I$ we take a lar%er sample- we
can %et a di$$erent res"lt(
As the pri#ate players ha#e la"nched U4I3s- more and more people are
t"rnin% towards these prod"cts so the In#estment moti#e has been %ainin%
command( Also the n"mber o$ those people who wish to in#est $or ret"rn is
also increasin%(
Accordin% to a li$e ins"rance e*pert &+inod Thakkar '- li$e ins"rance is $or
protection $irst then $or Sa#in%s and Ta* bene$its all those thin%s(
M59 Ran$ the aEove motives according to your preference
M40-H* 4F -3H*#0M*30
0A< "*3*F-0 #AH-3G# R-#= '4H*R R*01R3N7-*>D
Preference
6 21 3 2" 1
9 1, 11 1% "
& + 2# * 1-
(
2 11 3 3#
7:
"-
3#
3-
2#
2-
1#
1-
#
-
TAD ENEFIT
SA/INGS
RIS( CO/ER
RETURNEYIELD
Ce can see $rom the table and the %raph that the n"mber one moti#e o$
people abo"t in#estin% in li$e ins"rance is risk co#era%e- which is the main
theme o$ li$e ins"rance $ollowed by Ta* bene$it( The third position is o$
sa#in% and $o"rth is Ret"rn( This shows that still people consider other
$inancial tools more #iable $or ret"rn and li$e ins"rance is $or Ta* bene$it
and risk co#er(
M5& /ow do you decide aEout investing in life insuranceC
&a' On my own
&b' $amily decision
&c' Employer decides
&d' as per the %"idance o$ a%ent
This is a #ery cr"cial 0"estion as most o$ the people are not m"ch $amiliar
abo"t di$$erent li$e ins"rance plans o$$ered by di$$erent li$e ins"rance
7;
companies so people take help o$ the li$e ins"rance a%ent and as he %"ides
"nderstandin% the needs o$ the indi#id"al- people wo"ld in#est(
=ere one haAardo"s $actor is the moral haAard( 3eople tend to in#est in li$e
ins"rance plans to maintain relations tho"%h they are not in need o$ li$e
ins"rance(
Also sometimes it depends "pon the con#incin% power o$ the a%ent(
SOURCE NO.
ON MY O!N 2,
FAMILY DECISION *
EMPLOYER DECIDES -
AGENT GUIDANCE 1"
040A> )8
ON MY O!N
FAMILY
DECISION
EMPLOYER
DECIDES
AGENT
GUIDANCE
=ere we can see that maority people &<7E' decides on their abo"t in#estin%
in li$e ins"rance( /7E persons decides as per the %"idance o$ the a%ent(
7<
There is no contrib"tion o$ employers in the decision o$ one8s in#estment in
li$e ins"rance( 1;E people in#est in li$e ins"rance as per the $amily decision(
M5(5 Ihich life insurance policy would you prefer to EuyC
&a' Term Ass"rance
&b' Chole 4i$e
&c' Endowment
&d' 5ombination o$ Chole 4i$e and Endowment
&e' Unit 4inked
This is another cr"cial 0"estion as there are n"mber o$ prod"cts o$$ered by
li$e ins"rance companies( The prod"cts ran%e $rom p"re Term Ass"rance
3lans to Unit 4inked Ins"rance 3lans- which are relati#ely new entrant in the
market(
Ce ha#e already e*plained all these policies ahead(
How let8s $ind o"t what people ha#e to sayI
T@pe >; p>89B@ N-.
Term AAAuranBe ,
!5>8e L9;e ,
End>=men4 *
C>mF9ned 1,
ULIPA %
040A> )8
76
Term
AAAuranBe
!5>8e L9;e
End>=men4
C>mF9ned
ULIPA
As it is e#ident $rom the chart and the table :7E people pre$er combination o$
Chole 4i$e and Endowment prod"ct( It %i#es people do"ble ad#anta%e( The
person wo"ld %et some amo"nt at the end o$ the stip"lated periodM $or
instance /2 years- and a$ter that period the risk co#er contin"es and the rest o$
the amo"nt wo"ld be paid when the person dies(
M5) Iould you prefer Reliance >ife -nsurance or >-' for
Euying the life insurance policyC
&a' Reliance 4i$e Ins"rance
&b' 4I5
This is the most important 0"estion as it re$lects the scope o$ the st"dy( It is the
main theme o$ this 0"estionnaire(
7>
3rior to /222 4I5 was the only player in the li$e ins"rance market and it had
the total market( So people had to %o to 4I5 $or b"yin% li$e ins"rance policy(
B"t a$ter the entry o$ pri#ate players in /222- some people ha#e also t"rned to
pri#ate li$e ins"rers(
Reliance 4i$e Ins"rance 5ompany 4imited is newly la"nched company( So it has
$ewer c"stomers as compared to 4I5( B"t the U4I3 plans are sold more o$
Reliance li$e ins"rance as compared to 4I5 in today8s en#ironment(
How let8s see what people sayI
3ar49Bu8arA N>.
Re89anBe L9;e InAuranBe 1#
LIC 3#
040A> )8
Re89anBe L9;e
InAuranBe
LIC
As e#ident $rom the chart that :2E o$ people wo"ld pre$er Reliance 4i$e
Ins"rance while >2E wo"ld pre$er 4I5(
77
 Personal DetailsG %
6! Age
&a' 17 to :2
&b' :1 to <2
&c' <1 to 6<
A%e Ho(
17 to :2 <
:1 to <2 :2
<1 to 6< 1<
040A> )8
7?
1+ 4> 3-
31 4> #-
#1 4> %#
As e#ident $rom the chart that I ha#e taken a sample o$ <2( O"t o$
which 12E people are a%ed between 17 to :2- 62E people are a%ed between :1
to <2- and remainin% :2E people are a%ed between <1 to 6<(
9! 4ccupation
&a' Ser#ice
&b' B"siness
&c' 3ro$ession
&d' =o"sewi$e
&e' Retired
Occ"pation Ho(
?2
Ser#ice <
B"siness 1<
3ro$ession 12
=o"sewi$e <
Retired 1<
040A> )8
Ser?9Be
uA9neAA
Pr>;eAA9>n
$>uAe=9;e
Re49red
As the e#ident $rom the chart that o"t o$ <2 respondents 12E are o$ ser#ice
men- :2E are o$ b"siness men- /2E are o$ pro$essions- 12E are o$
ho"sewi#es and remainin% :2E are o$ retired(
&! -ncome
&a' <2-222 to 1-22-222
&b' 1-22-222 to <-22-222
&c' More than <-22-222
?1
Income &3er Ann"m' Ho(
<2-222 to 1-22-222 12
1-22-222 to <-22-222 /<
More than <-22-222 1<
040A> )8
1G--G--- 4>
#G--G---
M>re 45an
#G--G---
As the e#ident $rom the chart o"t o$ <2 respondents /2E are earnin%
ann"ally between <2-222 to 1-22-222- <2E are earnin% between 1-22-222 to
<-22-222 and :2E are earnin% more than <-22-222(
(! Family memEers
&a' /
&b' :
&c' ;
&d' More than ;
?/
Family Members Ho(
/ <
: 1<
; /2
More than ; 12
040A> )8
2
3
"
M>re 45an "
As the e#ident $rom the chart o"t o$ <2 respondents 12E ha#e / $amily
members- :2E ha#e : $amily members- ;2E ha#e ; $amily members and
remainin% /2E ha#e more than ; $amily members(
%.% S!OT ANALYSIS
SCOT analysis is the analysis o$ the internal and e*ternal $actors- which
ha#e impact on the s"r#i#al o$ any or%aniAation( How let8s make SCOT
analysis $or reliance 4i$e Ins"rance 5ompany 4imited(
?:
U#0R*3G0/#G
1' Reliance 4i$e Ins"rance 5ompany 4imited is the part o$ the
Reliance 5apital(
/' The brand name is eno"%h to sell the prod"cts easily(
:' 3ri#ate placement o$ Rs( 12-222 crs worth o$ sec"rities with RBI
by the %o#ernment( 4ed to an impro#ement in market sec"rities(
;' Stron% li0"idity $rom FII was the maor reason $or the "p mo#e(
<' Ran%e o$ prod"cts
6' Reliance has a lon% and stron% history o$ sol#ency- $inancial
stability(
VI*A=3*##*#G
1' Hewly established company- so people seems it risky(
/' 4ack o$ sta$$(
?;
:' 4ack o$ ad#ertisement- so most o$ the c"stomers are not aware
o$ the Reliance 4i$e Ins"rance(
W 4PP4R013-07G
1' There is a #ast "ntapped market in India( The li$e ins"rance
penetration in India is appro*imately /(<E( So it has lar%e
potential(
/' Intention o$ traditional prod"cts is to enco"ra%e lon% term-
re%"lar and disciplined sa#in%s to systematically b"ild "p a
tar%et $"nd(
:' The a#era%e ins"rance premi"m bein% collected by the
company has been %rowin% e*ponentially year on year(
X 0/R*A0#G
1' The main threat is $rom the other players who ha#e %rabbed
appro*imately 1<E o$ the market share(
/' As the %o#ernment has scrapped the rebate on the li$e ins"rance
premi"m- the people who "sed to in#est in li$e ins"rance $or the
sole moti#e o$ ta* bene$it may t"rn to other instr"ments(
CHAPTER - 7
FINANCE DEPARTMENT
?<
 FUND PERFORMANCE10
There are $o"r $"nd options- which Reliance 4i$e Ins"rance
5ompany 4imited has o$$ered- which are as $ollowsI
?6
6! 'apital #ecure FundG%
This $"nd is $or Reliance ,olden Oears 3lan- and Reliance
Market Ret"rn 3lan(
In line with the obecti#e o$ protectin% the capital a%ainst any erosion- 61(;E o$
the $"nds were in#ested in short.term ,o#ernment Sec"rities &,ilts' and to
meet li0"idity re0"irement hi%her abo"t ;2E o$ $"nds are kept in short term
bank deposits( The net ret"rn credited to policyholders and the asset
composition ratios are %i#en in the bo*es below(
Het Ret"rns d"rin% last 1 month &Mar(826' 2(:6E
Het Ret"rns d"rin% the last : months &@an(.Mar(826' 1(12E
Het Ret"rns d"rin% the last 1/ months &Apr(82<.Mar(826' ;(2?E
Het Ret"rns since Inception in Feb82: &Ann"aliAed' :(7?E
Bank Fi*ed Deposits
Asset 3ame ? of total assets
Total Bank Deposit :7(62
Gilts
6(><E ,OI /226 6(><
11(67E ,OI /226 1:(6?
11(><E ,OI /226 ;2(?6
?>
0otal Gilts ,65(8
0otal 688588
 Asset AllocationG%
G984A
ank Dep>A94A
9! "alanced FundG%
This $"nd is $or Reliance ,olden Oears 3lan- and Reliance Market
Ret"rn 3lan(
To take ad#anta%e o$ the b"llish trend in the e0"ity market- the
e0"ity holdin%s in the $"nd was maintained as close as possible to the
ma*im"m o$ /2E allowed $or the $"nd( Bank deposits were maintained only
$or the p"rpose o$ li0"idity mana%ement( To re$lect their bearish #iew on the
debt market the d"ration o$ the $i*ed income port$olio was kept low( Cithin
the $i*ed income port$olio- allocation to ,ilts was hi%her than corporate
bonds( All the bonds in the port$olio are top rated( The asset composition-
the details o$ the port$olio and the net ret"rns are disclosed below(
Het Ret"rns d"rin% last 1 month &Mar(826' /(;>E
?7
Het Ret"rns d"rin% the last : months &@an(.Mar(826' ;(2>E
Het Ret"rns d"rin% the last 1/ months &Apr(82<.Mar(826' 1:(7:E
Het Ret"rns since Inception in Feb82: &Ann"aliAed' 1:(12E
Asset Hame E o$ Total Asset
E0"ity /2
5orporate Bonds T Debent"res //
,ilts <:
Bank Deposits <
0otal 688588
EHu94@
C>rp>ra4e >ndA
3 DeFen4ureA
G984A
ank Dep>A94A
&! Growth FundG%
??
This $"nd is $or Reliance ,olden Oears 3lan- and Reliance Market
Ret"rn 3lan(
To take ad#anta%e o$ the b"llish trend in the e0"ity market- the e0"ity
holdin%s in the $"nd was maintained as close as possible to the ma*im"m o$
/2E allowed $or the $"nd( To re$lect their bearish #iew on the debt market
the d"ration o$ the $i*ed income port$olio was kept low( All the bonds in the
port$olio are top rated( The asset composition- the details o$ the port$olio and the
net ret"rns are disclosed below(
Het Ret"rns d"rin% last 1 month &Mar(826' ;(62E
Het Ret"rns d"rin% the last : months &@an(.Mar(826' >(??E
Het Ret"rns d"rin% the last 1/ months &Apr(82<.Mar(826' /;(?2E
Het Ret"rns since Inception in Feb82: &Ann"aliAed' /1(2;E
Asset Hame E o$ Total Asset
E0"ity ?
5orporate Bonds T Debent"res ;2
,ilts ;<
Bank Deposits 6
0otal 688588
122
EHu94@
C>rp>ra4e >ndA
3 DeFen4ureA
G984A
ank Dep>A94A
(! *quity FundG%
This $"nd is $or Reliance Market Ret"rn 3lan( In line with the
stated asset allocation pattern and their #iew o$ the market- the entire corp"s o$
the $"nd was in#ested in e0"ities( Het ret"rns earned since inception and the
$"ll port$olio are disclosed below(
Het Ret"rns d"rin% last 1 month &Mar(826' 11(17E
Het Ret"rns d"rin% the last : months &@an(.Mar(826' /2(2/E
Het Ret"rns d"rin% the last 1/ months &Apr(82<.Mar(826' 6;(;6E
Het Ret"rns since Inception in Feb82: &Ann"aliAed' <>(7:E
121
Asset Hame E o$ Total Asset
E0"ity ?7(?:
M"t"al F"ndKBank Deposits 1(2>
0otal 688588
EHu94@
Mu4ua8 FundEank
Dep>A94A
CHAPTER - 8
12/
CONCUSION
 A$ter the deep st"dy o$ ins"rance sector o$ India- I can tell that this is
the sector- which has most b"siness opport"nities perhaps in India(
12:
 Ins"rance ind"stry is one o$ the $astest sectors in India( Ins"rance
sector has been %rowin% by /<E to :2E and it is e*pected to increase
by <2E in comin% < years( A$ter the openin% "p o$ the ins"rance
sector- it has become m"ch competiti#e and ins"rance awareness
amon% people has increased(
 As $ar as the comparison o$ Reliance 4i$e Ins"rance and other players
is concerned- there are both positi#e as well as ne%ati#e impacts on
both the sides(
 For Reliance 4i$e Ins"rance- the ne%ati#e aspect is that its market
share is low(
 For pri#ate players the ne%ati#e aspect is that they ha#e to $i%ht with
the p"blic sector %iant which is established player with a hi%h brand
#al"e(
 B"t the positi#e impact is that the li$e ins"rance awareness has
increased and the b"siness o$ Reliance 4i$e Ins"rance has increased(
CHAPTER - 9
BIBLIOGRAPHY AND REFERENCES
12;
 www(relianceli$e(com
 www(indiain$oline(com
 www(bimaonline(com
 www(%oo%le(com
12<
 4i$e Time Ma%aAine o$ Reliance 4i$e Ins"rance
 Het Bios 5omp"ter Academy8s 4i$e Ins"rance Book 
Broachers o$ Reliance 4i$e Ins"rance
CHAPTER - 10
ANNEXURE
126
 B"estionnaire
#urvey Ey student of
R5=5'5"5M5
4n
>ife -nsurance
3AM*G OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
M56 Ihat is your main motive Eehind investing in life insuranceC
&a' Ta* Bene$it
&b' Sa#in%s
&c' Risk 5o#er
12>
&d' Ret"rnKOield
M59 Ran$ the aEove motives according to your preference
M40-H* 4F -3H*#0M*30
0A< "*3*F-0 #AH-3G# R-#= '4H*R R*01R3N7-*>D
Preference
6
9
&
(
M5& /ow do you decide aEout investing in life insuranceC
&a' On my own
&b' $amily decision
&c' Employer decides
&d' as per the %"idance o$ a%ent
M5(5 Ihich life insurance policy would you prefer to EuyC
&a' Term Ass"rance
&b' Chole 4i$e
&c' Endowment
&d' 5ombination o$ Chole 4i$e and Endowment
&e' Unit 4inked
M5) Iould you prefer Reliance >ife -nsurance or >-' for
Euying the life insurance policyC
&a' Reliance 4i$e Ins"rance
&b' 4I5
127
P*R#43A> D*0A->#
6! Age
&a' 17 to :2
&b' :1 to <2
&c' <1 to 6<
9! 4ccupation
&a' Ser#ice
&b' B"siness
12?
&c' 3ro$ession
&d' =o"sewi$e
&e' Retired
&! -ncome
&a' <2-222 to 1-22-222
&b' 1-22-222 to <-22-222
&c' More than <-22-222
(! Family memEers
&a' /
&b' :
&c' ;
&d' More than ;
112

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