9197492 Life Insurance Project on Sales

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A STUDY ON

RECRUITMENT OF ADVISORSAND SALES OF FINANCIALPRODUCTS THROUGH THEMANDCOLLECTION OF DESIRABLEPREMIUM.

SUBMITTED BY:

AMIT KUMAR SUMAN

ROLL NO: 7348

DUAL: C

BIIB (ICIB)2007-09

[email protected]

Balaji Institute of International Business (BIIB), Pune

Survey No. 55/2-7, Tathawade, Opp. Wakad Police Station, Off Pune-Mumbai

Highway,

Pune - 411 033. (T): +91 - (020) - 6674 1081/ 83/ 84/ 85

Date: 22nd July, 2008


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TO WHOM IT MAY CONCERN

This is to certify that Mr. Amit Kumar Suman of Balaji Institute Of International

Business, Pune (PGBM in Marketing 2007-09 Batch) has completed his on-the-job two

months summer training in Reliance Life Insurance Company Limited, Patna from 2nd

May 2008 to 30th June 2008, in connection to his course curriculum.

Mr. Amit Kumar Suman was briefed about the work of recruiting ten financial advisorsand getting policies for the company up to rs. 2 lakhs. He achieved the target and has

proved his skills as a sales manager that was assigned to him as his project profile and

we admire his talent.

We put on record and appreciate the excellent conceptual abilities and communication

skills of Mr. Amit Kumar Suman and wish him all the very best for a bright and

promising career.
http://www.reliancelife.com/


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ACKNOWLEDGEMENT

First of all I would like to thank the Management at Reliance Life Insurance co.for

giving me the opportunity to do my two-month project training in their esteemed

organization. I am highly obliged to Ms.Rashmi Paul (Branch head) for granting me to

undertake my training at Patna main branch (Exhibition road).

I express my thanks to all Sales Managers under whose able guidance and direction

specially Mr. Ranjeet kr. Malhotra(sales manager) who was my mentor and helped me

alot,through which I was able to give shape to my training. Their constant review and

excellent suggestions throughout the project are highly commendable.

My heartfelt thanks go to all the executives who helped me gain knowledge about the

actual working and the processes involved in various departments.

Thanking you Amit Kumar Suman


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PREFACE

The liberalization of the Indian insurance sector has been the subject of much heated

debate for some years. The policy makers where in the catch 22 situation wherein for

one they wanted competition, development and growth of this insurance sector which

is extremely essential for channeling the investments in to the infrastructure sector. At

the other end the policy makers had the fears that the insurance premia, which are

substantial, would seep out of the country; and wanted to have a cautious approach of

opening for foreign participation in the sector.

As one of the rare occurrences the entire debate was put on the back burner and the

IRDA saw the day of the light thanks to the maturing polity emerging consensus among

factions of different political parties. Though some changes and some restrictive clauses

as regards to the foreign participation were included the IRDA has opened the doors for

the private entry into insurance.

Whether the insurer is old or new, private or public, expanding the market will present

multitude of challenges and opportunities. But the key issues, possible trends,

opportunities and challenges that insurance sector will have still remains under the

realms of the possibilities and speculation. What is the likely impact of opening up

Indias insurance sector?

The large scale of operations, public sector bureaucracies and cumbersome procedures

hampers nationalized insurers. Therefore, potential private entrants expect to score in

the areas of customer service, speed and flexibility. They point out that their entry will

mean better products and choice for the consumer. The critics counter that the benefit

will be slim, because new players will concentrate on affluent, urban customers as

foreign banks did until recently. This seems to be a logical strategy. Start-up costs-such

as those of setting up a conventional distribution network-are large and high-end niches

offer better returns. However, the middle-market segment too has great potential. Since

insurance is a volumes game. Therefore, private insurers would be best served by amiddle-market approach, targeting customer segments that are currently untapped


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EXECUTIVE SUMMARYIn todays corporate and competitive world, I find that insurance sector has the

maximum growth and potential as compared to the other sectors. Insurance has the

maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of

growth rate. This growth potential attracts me to enter in this sector and RELIANCE

LIFE INSURANCE has given me the opportunity to work and get experience in highly

competitive and enhancing sector.

The success story of good market share of different market organizations

depends upon the availability of the product and services near to the customer,

which can be distributed through a distribution channel. In Insurance sector,

distribution channel includes only agents or agency holders of the company. If a

company like RELIANCE LIFE INSURANCE, TATA AIG, MAX etc have

adequate agents in the market they can capture big market as compared to the

other companies.

Agents are the only way for a company of Insurance sector through which

policies and benefits of the company can be explained to the customer .


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INTRODUCTION TO THE INDUSTRY

NEED OF LIFE INSURANCE

.The functions of Insurance can be bifurcated into two parts:

1. Primary Functions

2. Secondary Functions

3. Other Functions

The primary functions of insurance include the following:

Provide Protection - The primary function of insurance is to provide protection against

future risk, accidents and uncertainty. Insurance cannot check the happening of the risk,

but can certainly provide for the losses of risk. Insurance is actually a protection against

economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few among

many others. Insurance is a mean by which few losses are shared among larger number

of people. All the insured contribute the premiums towards a fund and out of which the

persons exposed to a particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk by evaluating

various factors that give rise to risk. Risk is the basis for determining the premium rate

also

Provide Certainty - Insurance is a device, which helps to change from uncertainty to

certainty. Insurance is device whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable

device to prevent unfortunate consequences of risk by observing safety instructions;

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installation of automatic sparkler or alarm systems, etc. Prevention of losses cause lesser

payment to the assured by the insurer and this will encourage for more savings by way of

premium. Reduced rate of premiums stimulate for more business and better protection to

the insured.

Small capital to cover larger risks - Insurance relieves the businessmen from security

investments, by paying small amount of premium against larger risks and uncertainty.

Contributes towards the development of larger industries - Insurance provides

development opportunity to those larger industries having more risks in their setting up.

Even the financial institutions may be prepared to give credit to sick industrial units

which have insured their assets including plant and machinery.

The other functions of insurance include the following:

Means of savings and investment - Insurance serves as savings and investment, insurance

is a compulsory way of savings and it restricts the unnecessary expenses by the insured's

For the purpose of availing income-tax exemptions also, people invest in insurance.

Source of earning foreign exchange - Insurance is an international business. The countrycan earn foreign exchange by way of issue of marine insurance policies and various other

ways.

Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade

risk free with the help of different types of policies under marine insurance cover.

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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.

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MAJOR PLAYERS IN THEMAJOR PLAYERS IN THE LIFELIFE

INSURANCE INDUSTRY IN INDIAINSURANCE INDUSTRY IN INDIA

Life Insurance Corporation of India (LIC)

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

spread the message of life insurance in the country and mobilise 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, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95

per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent.

Compounded annual growth rate for Life insurance business has been 19.22 per cent per

annum

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IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN

PERMITTED TO ENTER INTO INSURANCE BUSINESS: -

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

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

immense competition to the on time monopoly of the market LIC. Since the advent of theprivate 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 70 %( 2007-08)

Insurance Companies in India(April 2008)

Bajaj Allianz LifeInsurance

AMP Sanmar Life Insurance Birla Sun Life Insurance

Aviva Life Insurance HDFC Life Insurance ICICI Prudential LifeInsurance

Max Newyork LifeInsurance

Metlife India Insurance Reliance Life Insurance

Shiram Life Insurance Tata AIG Life Insurance SBI Life Insurance

Bharti AXA LifeInsurance ING Vysya Life Insurance Sahara Life Insurance

Kotak MahindraInsurance

General InsuranceCorporation India

Royal SundaramInsurance

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 (HDFCLtd.), 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 lives have been covered through our

group business tie-ups.

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group of banks by market value and part of Europe top 3 banking companies, is one of

the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas

Assurance is the forth largest life insurance company in France, and a worldwide leader

in Creditor insurance products offering protection to over 50 million clients. BNP Paribas

Assurance operates in 42 countries mainly through the bancassurance and partnership

model.

SBI Life has a unique multi-distribution model encompassing Bancassurance, Agency

and Group Corporates.

SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance

products along with its numerous banking product packages such as housing loans and

personal loans. SBIs access to over 100 million accounts across the country provides a

vibrant base for insurance penetration across every region and economic strata in the

country ensuring true financial inclusion.

7. Allianz Bajaj Life Insurance Company Ltd.

Bajaj Allianz Life Insurance Company Limited is a Union between Allianz SE, one of

the worlds largest Life Insurance companies and Bajaj Auto, one of the biggest 2- &- 3

wheeler manufacturers in the world.

Allianz SE is a leading insurance conglomerate globally and one of the largest asset

managers in the world, managing assets worth over a Trillion Euros (Over R. 55,00,000

crores). Allianz SE has over 115 years of financial experience in over 70 countries.

Bajaj Auto is one of the most trusted name is Indian auto for over 55 years. At Bajaj

Allianz customer delight is our guiding principle. Ensuring world-class solutions by

offering customized products with transparent benefits, supported by best technology is

our business philosophy.

DATA ABOUT TOTAL REVENUE COLLECTIONS IN 2006-07

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Accelerated Growth

Fiscal Year No. of policies sold in FY New Business in FY(Rs. in cr.)

2001-2002(6 mths) 21,376 7

2002-2003 1,15,965 69

2003-2004 1,86,443 180

2004-2005 2,88,189 857

2005-2006 7,81,685 2717

2006-2007 20,79,217 4270

OTHER PLAYERS:

Tata AIG Life Insurance Company Ltd

ING Vysya Life Insurance Company Private Limited

Metlife India Insurance Company Pvt. Ltd.

AMP SANMAR Assurance Company Ltd.

Dabur CGU Life Insurance Company Pvt. Ltd.

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Marketing of Insurance In India

Insurance is in a manner of speaking the last frontier in the financial sector to open. It is

also a sector, which leads to benefits across the full spectrum, from the individual who

now have wider choices, to the economy, which see increased savings, to the

infrastructure sector, which can look forward to long term funding being available. In an

under-insured economy, newer channels of distribution have to be utilized to intensify

the reach of insurance both in urban and rural markets. This will create huge employment

opportunities not only within insurance companies but also as agents and consultants of

insurance companies.

Marketing Mix Policies

Different companies can choose to position themselves differently and hence the

Marketing Mix is different. However, there are certain common characteristics that one

can cull out from the possible strategies that companies adopt.

Product:

The development of flexible products to suit individual requirements is what will

differentiate the winners from the also-rans. The key to success is in providing insurance

solutions, not standardized insurance products. The concept of riders/optional benefits

has already been a huge innovation brought about by the new players, which has led tocustomization of products for individual needs. However, companies may differentiate

themselves on the basis of product segments that they choose to focus on and excel in.

Place:

Different companies may however choose different channels and different geographies to

focus on. The channel options are - tied agency force, corporate agents and brokers and

this is an area where different companies will make different choices. Many companies

like HDFC Standard Life are focusing on all channels whereas companies like Max New

York Life are focusing on the tied agency force only. Customer interface will be a key

challenge for life insurance companies and includes every that interaction that the

customer has with the company, such as sales, new business underwriting, policy

servicing, premium payments, claim processing and so on. Technology can play a crucial

role in delivering the highest standards of service set by the company and it will be

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Price:

Price is a relevant differentiator only in two segments - pure term insurance and in pure

annuities. Here too, service delivery and financial strength will need to be present at a

minimum acceptable level for price to be a relevant differentiator. In case of savings

oriented products, long-term returns generated are more relevant than just the price of theproduct. A focus on generating good investment performance and keeping a tight control

on costs help in generating good long-term maturity value for customers. Norms have

been laid down on all of these by IRDA and adhering to these while delivering good

returns will be a challenge.

Promotion and Advertising:

The level of demand is latent and will have to be activated considerably. The market

needs to be developed. Greater awareness of insurance and the need to have it as a

protection tool rather than as a tax planning measure needs to be appreciated by the

Indian people. Various communication tools including advertising, direct marketing and

road shows contribute to all this and different companies take different approaches on

these.

Process:

Cashless settlement: One of the most defining and customer-friendly changes that

weve seen in recent years relates to the way claims settlements are made. The advent of

the third-party administrator (TPA) regime has facilitated the transition to the hugely

convenient era of cashless settlement of health and auto insurance claims. TPAs are

entities who process claims on behalf of insurers: the IRDA licenses them after it is

satisfied that they have the financial strength, the trained manpower, the infrastructure

and the skills to undertake this activity.

Likewise, with auto insurance, the TPA ties up with garages and authorized service

centers for cashless settlement of auto insurance claims.

Lower premiums: The spirit of competition and the broadening of the risk experience of

insurance companies have contributed to a fall in premiums over the years. Thats

because, other things being equal, an insurer who covers the lives just of 10 people bears

a higher risk than an insurer who covers the lives of, say, 100 people. Further, a broader

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base will provide greater efficiencies on costs such as distribution, management and

claims. A broad basing of the mortality experience, therefore, gives insurers the

elbowroom to compete by lowering premiums, and that trend is expected to continue.

Premium payment flexibility: Insurers have imparted certain flexibility to premium

payment options in order to address this concern. For instance, one now have the optionto pay your premiums upfront, which is then carried forward for the tenure of the policy.

The yearly premiums are drawn from the initial corpus. Insurers have also introduced the

concept of automatic cover maintenance to protect your policy from lapsing owing to

your omission to pay your premium on time. Under this, in the event of your not paying

the premium, the insurer dips into your investment account to the extent of the premium.

Of course, this comes with an in-built drawback: your investment portion diminishes

year on year to the extent of the amount paid to cover your risk.

Physical Evidence:

This can play a significant role for marketing in the Indian scenario. Since Internet users

are comparatively lesser than countries such as US, the offline mode will be preferred in

India. Although the distribution model is largely agent-based, wherever the customer is

in contact with the company, this factor can play a significant role in luring the customer.

People:

The most important factor that materializes sales and maintains customer relationships

on a long-term basis is this factor. No matter what distribution strategy a company

adopts, customer relationship has to be taken care of in order to maintain the customer

base on a long-term basis.

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INTRODUCTION TO COMPANY

RELIANCE LIFE INSURANCE CO. LTD.

Our 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.

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, the champion of

shareholder interest.

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.

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

barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he

converted this fledgling enterprise into a Rs 60,000 crore colossusan achievement

which earned Reliance a place on the global Fortune 500 list, the first ever Indian

private company to do so.

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

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

place patronised by a small club of elite investors which dabbled in a handful of

stocks.

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

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

money in the Reliance Textile IPO, promising them, in exchange for their trust,

substantial return on their investments. It was to be the start of one of great stories of

mutual respect and reciprocal gain in the Indian markets.

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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.

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

ordinary shareholder uppermost in mind, in the process making millionaires out of

many of the initial investors in the Reliance stock, and creating one of the worlds

largest shareholder families.

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RELIANCE CAPITAL

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 sectorfinancial services and banking companies, in terms of net worth. Reliance Capital has

interests in asset management and mutual funds, stock broking, life and general

insurance, proprietary investments, private equity and other activities in financial

services.

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

registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of

India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial services

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

integrated financial services.

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

need based Life Insurance solutions to individuals and Corporates.

Reliance capital entered into the life insurance business by acquiring AMP Sanmar in

October 2005. The business was thereafter renamed Reliance Life Insurance. Today

RLIC has over 20 products - 16 individual plans and 4 employee benefit plans -

including the two new innovative products Connect to Life and Reliance Money

Guarantee Plan - that were launched recently.

Reliance Life Insurance Company (RLIC) has been accorded the ISO 9001-2000

certificate for its best-in-class management systems in Quality, Customer & Process

orientation.

With this, RLIC is one of the only two life insurance companies in India to get ISO

9001:2000 certification covering all functional areas.

The scope of the certification covers the entire gamut of business processes ranging

from product design, sales - front-end and back-end operations, customer care and

investment, to all business support functions. The certification has been awarded by

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internationally acclaimed Bureau Veritas and is valid till 2010 subject to continued

satisfactory operation of RLIC's Quality Management System.

"This certification is a significant milestone in our continuous quest to offer innovative

products, outstanding services and improved customer satisfaction. It indicates that we

have been able to install systems, processes & performance measures that are in line with

the best in the industry and will form the basis of our business growth in future", said

P Nandagopal, CEO, Reliance Life Insurance Company.

Reliance Life Insurance is the fastest growing life insurance company in India and has

an incremental market share of 4 per cent amongst private insurers. The company has

third largest distribution network in terms of number of agents operating out of 143

locations across the country.

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.

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CORPORATE VISION AND MISSION

Vision

Empowering everyone live their dreams.

MissionCreate unmatched value for everyone through dependable, effective, transparent and

profitable life insurance and pension plans.

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

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)

Also continues to beamongst the fast growing Private Life Insurance

Companieswith a YOY growthof195% in new business premiumas of

Mar08.

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

post take over of AMP Sanmar business.

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

Linked Insurance Policies in the Industry.

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.

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

certified ISO 9001:2000 for all the processes.

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Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificateof

Merit in the Financial Services category by Council for Fair Business Practices

(CFBP).

GROWTH OF RELIANCE LIFE INSURANCE SOME FACTS (MAY 2008) :

Reliance life expect to break even by 2010-11 and until then they may require an

additional rs.700 cr. of capital.

Around 97% of reliance lifes business comes from unit linked insurance plans.

Average tenor of its ULIPs is 12.7 yrs and avg. ticket size of the policy stands

around 21000/-

Alternate channel incl. corporate agents, broker, direct marketing brought in 25%

of companys business.

This year company plan to reach out further to the rural areas and introduce

MICROINSURANCE product.

The company is planning to double its manpower base from the present level of14000 employees.

New business premium at rs.2754 cr in 2007-08 against 930 cr in the previous year.

The company had add 600 more branches in the last year to expand its business

network and now it has 744 branches.

HOW THEY STACK UPPremium income of life insurers in Rs crore

April - June

2007 2008

Growth%

TotalShare (%)

LIC 8580.84 7524.56 -12 52.55

ICICI Prudential 1056.45 1,590.27 51 11.11

Bajaj Allianz 731.85 829.24 13 5.79

SBI Life 426.39 1,148.67 169 8.02

HDFC Standard 355.93 490.40 38 3.42Max New York 289.74 501.16 73 3.50

Reliance Life 204.10 557.33 173 3.89

Birla Sun Life 174.63 501.53 187 3.50

Total Private 3930.95 6,795.64 73 47.45

Total Market 12511.80 14,320.20 14 100.00

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As only 30% of the business comes from the top 25 cities and the balance comes

70% comes through the other smaller towns, company has followed a conscious

strategy to setup branches in smaller towns to tap the blue oceans.

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.

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.

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Benefits Available for Advisors

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.

Number of Agents

Company NameNumber of Agents

Dec 07 (Nos)

Aviva Life 31,390

Bajaj Allianz Life 273138

Bharti Axa 10016

Birla Sunlife 86264

Future Generali 0

HDFC Std Life 132662

ICICI Prudential 262893

ING Vysya 48428

Kotak 34714

Max New York 29,876

MetLife 32389

Reliance Life 157052

Sahara Life 12244

SBI Life 33969

Shriram Life 16521

TATA AIG 32528

LIC 1159586

* The Figures are provisional and unaudited

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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.

Protection PlansIn 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 toprovide you the peace of mind. Investing in Reliance Protection Plans would mean your

familys future is in safe 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

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

more.

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 Planoffers 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 & Investment Plans

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 theSum 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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Retirement Plans

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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Child Plans

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 childsfinancial future, leaving you free from worry.




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SOME LUCRATIVES PLANS WHICH RELIANCE OFFERS

RELIANCE ENDOWMENT PLAN

It 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.

RELIANCE HEALTH + 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. The uniqueness 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

RELIANCE SUPERINVESTASSURE PLAN


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

Twin benefit of market linked return and insurance protection.

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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.

RELAINCE AUTOMATIC INVESTMENT PLAN


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

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

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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

RELAINCE TOTAL 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 willrequire 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

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

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

Investment opportunity with flexibility

Life protection

Control over your investments

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

initiative

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

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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 with innovative 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 coverin 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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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

Prospecting Preapproach Approach

Presentation ClosingFollow-up

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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.

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 of Influence 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 modificat

9197492 Life Insurance Project on Sales

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Transcript of 9197492 Life Insurance Project on Sales