s and requirements Developing service and/or product standards based on your findings Examining trends over time in order to take action on a timely basis Establishing priorities and standards to judge how well you've met these goalsBefore an appropriate customer satisfaction surveying program can be designed, the following basic questions must be clearly answered: How will the information we gather be used? How will this information allow us to take action inside the organization? How should we use this information to keep our customers and find new ones?Careful consideration must be given to what the organization hopes to accomplish, how the results will be disseminated to various parts of the organization and how the information will be used. There is no point asking customers about a particular service or product if it won't or can't be changed regardless of the feedback.Conducting a customer satisfaction surveying program is a burden on the organization and its customers in terms of time and resources. There is no point in engaging in this work unless it has been thoughtfully designed so that only relevant and important information is gathered. This information must allow the organization to take direct action. Nothing is more frustrating than having information that indicates a problem exists but fails to isolate the specific cause. Having the purchasing department of a manufacturing firm rate the sales and service it received on its last order on a scale of 1 (terrible) to 7 (magnificent) would yield little about how to improve sales and service to the manufacturer.The lesson is twofold. First, general questions are often not that helpful in customer satisfaction measurement, at least not without many other more specific questions attached. Second, the design of an excellent customer satisfaction surveying program is more difficult than it might first appear. It requires more than just writing a few questions, designing a questionnaire, calling or mailing some customers, and then tallying the results.Understanding differing customer attitudesThe most basic objective of a customer satisfaction surveying program is to generate valid and consistent customer feedback (i.e., to receive the voice of the customer, which can then be used to initiate strategies that will retain customers and thus protect the most valuable corporate asset--loyal customers).As it's determined what needs to be measured and how the data relate to loyalty and repurchase, it becomes important to examine the mind-set of customers the instant they are required to make a pre-purchase (or repurchase) decision or a recommendation decision. Surveying these decisions leads to measures of customer loyalty. In general, the customer's pre-purchase mind-set will fall into one of three categories--rejection (will avoid purchasing if at all possible), acceptance (satisfied, but will shop for a better deal), and/or preference (delighted and may even purchase at a higher price).This highly subjective system that customers themselves apply to their decisions is based primarily on input from two sources: The customers' own experiences--each time they experience a product or service, deciding whether that experience is great, neutral or terrible. These are known as "moments of truth." The experiences of other customers--each time they hear something about a company, whether it's great, neutral or terrible. This is known as "word-of-mouth."There is obviously a strong connection between these two inputs. An exceptional experience leads to strong word-of-mouth recommendations. Strong recommendations influence the experience of the customer, and many successful companies have capitalized on that link.Obviously, the goal of every company should be to develop customers with a preference attitude (i.e., we all want the coveted preferred vendor status such that the customer, when given a choice, will choose our company), but it takes continuous customer experience management, which means customer satisfaction measurement, to get there--and even more effort to stay there.About Reliance Life insurance CompanyReliance Life Insurance Company Limited (Reliance Life Insurance)is a part ofReliance CapitalLtd. of the RelianceAnil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sectorfinancial servicescompanies, and ranks among the top 3 private sector financial services andbankingcompanies, in terms of net worth.Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effective October 7, 2011 subsequent to receipt of all regulatory approval.Nippon Life Insurance, also called Nissay, is Japan's largest private life insurer with revenues of Rs 346,834 crore (US$ 80 Billion) and profits of over Rs 12,199 crore (US$ 3 billion). The Company has over 14 million policies in Japan, offers a wide range of products, including individual and group life and annuity policies through various distribution channels and mainly uses face-to-face sales channel for its traditional insurance products. The company primarily operated in Japan , North America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked 81st in Global Fortune 500 firms in 2011.Established in 2001, Reliance Life insurance Company is a private insurance company; subsidiary of reliance capital ltd. Reliance life insurance is based in Mumbai and only the second company among private insurer to have 9001:2000 ISO certification.Reliance Life Insurance offers you products that fulfill your savings and protection needs. Our aim is to emerge as a transnational Life Insurer of global scale and standard.Reliance Life Insurance is a Reliance Capital Company and is part of Reliance Group. Reliance Capital is one of Indias leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activities in financial services.

Reliance Group also has presence in Communications, Energy, Natural Resources, Media, Entertainment, Healthcare and Infrastructure.Reliance Life Insurance has plenty of plans onthe anvil. It has also 118branches, with strong presence in South and a bouquet of products catering savings protection and investment need of individuals and corporate. The head-office of it is at Chennai. The company has already added 600 employees in addition to the 1000 plus staff of the erstwhile AMP SanmarLife Insurance Company Limited. Reliance Life Insurance aims to be the consumers preferred life insurer by understanding and meeting his needs. Think Bigger, Think Better!

Distribution Network/ Branches:Reliance life insurance has a strong distribution system with around 1250 branches with 2, 00,000 advisors.Financial informationThe total premium earned for the half year ended September 30, 2010 was Rs 27,862 million. The profit after tax for the same period is Rs. 1634 million. A total of 4968 claims were made during the period out of which 3635 claims were settled and 374 cases were rejected. Mission and visions MissionCreate unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plan.VisionEmpowering everyone live their Dreams.Our GoalReliance life insurance would strive hard to achieve three goals mentioned below: Emerge as transnational Life insurer of global scale standard. Create best value for customers, shareholders and all stake holders. Achieve impeccable reputation and credentials through best business practices.

Key features of the life insurance

1) Nomination: When one makes a nomination, as the policyholder you continue to be the owner of the policy and the nominee does not have any right under thepolicy so long as you are alive. The nominee has only the right to receive thepolicy monies in case of your death within the termof the policy.

2) Assignment: If your intention is that your policy monies should go only to a particularperson, you need to assign the policy in favorof that person.

3) Death Benefit: The primary feature of a life insurance policy isthe death benefit it provides. Permanent policies provide a death benefit that is guaranteed for the life ofthe insured, provided the premiums have been paid and the policy has notbeen surrendered. 4) Cash Value: The cash value of a permanent life insurance policy is accumulated throughout the life of the policy. It equals the amount a policy owner would receive, after any applicable surrender charges, if the policy were surrendered before the insured's death.

5) Dividends: Many life insurance companies issue life insurance policies that entitle thepolicy owner to share in the company's divisible surplus.

6) Paid-Up Additions: Dividends paid to a policy owner of a participating policy can be used innumerous ways, one of which is toward the purchase of additional coverage, called paid-up additions.

7) Policy Loans: Some life insurance policies allow a policy owner to apply for a loan against the value of their policy. Either a fixed or variable rate of interest is charged. This feature allows the policy owner an easily accessible loan in times ofneed or opportunity.

8) Conversion from Term to Permanent: When in need of temporary protection, individuals often purchase term life insurance. If one owns a term policy, sometimes a provision is available that will allow her to convert her policy to a permanent one without providing additional proof of insurability.

Benefits of Life Insurance

1) Risk cover: Life Insurance contracts allow an individual to have a risk cover against any unfortunate event of the future.

2) Tax Deduction: Under section 80C of the Income Tax Act of 1961 one can get tax deduction on premiums up to one lakh rupees. Life Insurance policies thus decrease the total taxable income of anindividual.3) Loans: An individual can easily access loans from differentfinancial institutions bypledging his insurance policies.

4) Retirement Planning: What had provided protection against the financial consequences ofpremature death may now be used to help them enjoy their retirement years. Moreover the cash value can be used asan additional income in the old age.

5) Educational Needs: Similar to retirement planning the cash values that flow from ones life insurance schemes can be utilized for educational needs of the insurer or his children.

Product Portfolio:

Life insurance products are designed to suit the requirements of customers. Fundamentally the product provide for: Risk cover Investment Health cover

In every product, to a certain degree, risk cover is imperative for it to fall under the category of insurance. Based on the coverage of theproduct, the premiums are calculated and the customer pays accordingly. In order to suggest the right product, it is essential for an agent to understand the requirements of the customer well. Reliance Life Insurance Company Limited has offered 9traditional plans to the customers, which are listed asfollows:1. Reliance Term Plan2. Reliance Whole Life Plan3. Reliance Child Plan4. Reliance Endowment Plan5. Reliance Special Endowment Plan6. Reliance Cash Flow Plan7. Reliance Credit Guardian Plan8. Reliance Special Credit Guardian Plan.Each of the above traditional plans is discussed asfollows:

Reliance Term plan: This insurance policy is designed for those who only want life cover for theprotection of their family, and do not wish to save for themselves. It can alsobe useful to business firms that wish to provide financial security to theirbusiness against the sudden loss of partners or valuable manpower. Since there is no saving element or bonus provision, the premium is very low. Hence, high risks plans with a low premium.

Reliance Whole Life Plan: This insurance policy is designed for people who do not wish to avail any ofbenefits themselves but wish to create an immediate estate to protect theirfamily by availing of insurance cover on their lifeat a very low cost.

Reliance Child Plan: This insurance policy is designed for people who wish to save money for a future time when there will be a recurring need for substantial amounts ofmoney. This is especially true when it comes to paying large sums of money for higher education as and when your sonor daughter is studying to become an Engineer, a Doctor or specialize in some other field, or is perhapsplanning to go abroad. This money is payable in equal installments over the last 4 years of thepolicy term.

Reliance Endowment Plan: Reliance Life Insurances Reliance Endowment Plan is the key to all yourfinancial needs. It is an inexpensive and easy way to protect you, yourfamily or your business. In a nutshell this plan will keep you financially prepared for all the special occasions in your life - your daughters wedding, your childs university education or even a new office for your business - by eliminating the burden that a shortage of money creates. In the event of your untimely death, Reliance Endowment Plan will also assist your loved ones through this difficult time bythe financial support that it provides. Reliance Endowment Plan also gives you the additional benefit ofparticipating in the companys profits, which you will receive at the end ofthe policy period.

Reliance Cash Flow Plan: This insurance policy is designed for those who have a recurring need forreinvestment in business or look for short-term investment channels. The advantage of the policy is that they need not part with a sizable amount ofmoney at any one time, but create, through regular premium payments, aperiodic return of lump sums which become available for reinvestment a the higher returns, while providing simultaneously, substantial life cover. Alternatively, it can be used to meet any immediate financial crisis in the family like your son's college admission, your daughter's engagement, and renovation of your home or perhaps, a holiday abroad. The money is payable in installments. The first installment is paid at the end of the 4th year and thereafter at the end of every 3rd year. Reliance Credit Guardian Plan: This insurance policy is designed for those who not only safeguards individuals but also families and businesses from the financial hardship that could arise from unfortunate and unexpected death.

Reliance Special Credit Guardian Plan: This insurance policy is designed for those who not only safeguards individuals but also families and businesses from the financial hardship that could arise from unfortunate and unexpected death, disability or critical illnesses

Unit linked policyA unit-linked policy is a life assurance policy in which the benefits depend on the performance of a portfolio ofshares.Each premium paid by the insured person is split: a part is used toprovide life assurance cover, while the balance (after the deduction of costs, expenses, etc.) is used to buy units ina unit trust. In this way, a small investor can benefit from investment in a managed fund without making a large financial commitment. As they are linked to the value of shares, unit linked policies can go up or down in value. Policyholders can surrender the policy at any time and the surrender value is the selling price of the units purchased by the date of cancellation 9lessexpense). A small part of the contribution is used for providing life coverand the balance is invested in unit. Legal heirs are entitled to the amount ofinsurance cover and entitled units in case of death ofthe insured. Reliance Life Insurance Company Limited has also offered the two Unit Linked Plans, which are listed as follows:1. Reliance Market Return Plan.2. Reliance Golden Years Plan.

The above two ULIP plans are discussed asfollows:

3. Reliance Market Return Plan: Reliance Market Return Fund is the unit-linked product that helps you invest in the financial markets in a combination of investment instruments of yourchoice. You can enjoy the returns from the markets without the trouble ofmonitoring and managing your own investment portfolio and keeping trackof the market movements. At the same time your investment premiumsprovide you with insurance cover. Reliance Market Return Fund unit-linked insurance plan provides you with a basket of fund options that balances yourreturn and risk exposure while providing life cover at thesame time.

4. Reliance Golden Years Plan: Reliance Golden Years Plan. The Reliance Life Insurance no-worry stay happy retirement plan. Reliance Golden Years Plan is a flexible package thatprovides freedom of choice in choosing the type of investment, life cover, vesting options such as commuting and annuity options. Contributionsprovide Income tax savings as well. Reliance Golden Years Plan, a flexible pension product is available for all individuals who are between the ages of 18 and 65.Marketing campaignsReliance Life insurance has very has a very strong brand recall because of reliance brand image. Reliance life has launched commercials as well as done outdoor campaigns from time to time. In 2009, Reliance life associated itself with the blockbuster movie 3 idiots (tagline All is well) to promote another proposition jab hai saath Reliance life insurance, all is well.

Reliance Life Product Table:

Retirement/pension plansReliance life traditional golden plan

Child planReliance Child plan

Term PlanReliance Term plan

Term PlanReliance Simple term plan

Term Plan Reliance Special term plan

Term PlanReliance Credit guardian plan

Term PlanReliance Special credit guardian plan

Saving & Investment Plan Reliance Money multiplier plan

Saving & Investment PlanReliance Endowment plan

Saving & Investment PlanReliance Super five plus

Saving & Investment PlanReliance connect 2 life plan

Saving & Investment PlanReliance whole life plan

Saving & Investment PlanReliance cash flow plan

Table 2.1

Competitors:Private players: List of the Life Insurance companies in India as on 31st December 2011

Life Insurance Corporation of IndiaMetLife India

Bajaj Allianz Life ING-Vysya

SBI LifeICICI-prudential

TATA-AIGCanara HSBC OBC

Birla Sun LifeAEGON Religare

SaharaDLF Pramerica

IDBI FederalStar Union Dai-ichi

Future generali IndiaIndia First

Max New YorkShriram

Bharti AXAKotak Mahindra Old Mutual

HDFC Standard AVIVA

Table 2.2

Organizational Structure

Graph 2.1Now lets depict the market share ofthese players on diagram

Graph 2.2Here we can see from the diagram that LIC is the market leader and it commands the major part of the total life insurance market. Its market share was approximately 98% before 2000 but after the entry of private players it has significantly decreased. Among private players Bajaj Allianz stands first. It has the market share ofapproximately 7.56% in the total market and it constitutes 40% ofthe market share among private players. HDFC Standard comes third. SBI Life insurance Company Limited comes fourth. ICICI Prudential is also one of the fastest growing life insurance companies in India. Rest of the players has marketshare below 2%.

DepartmentsMarketing Department:Marketing department of reliance life insurance Company is of two types. Online marketing department and Direct marketing department. Online marketing department will advertises the company by telling their plans and the reputation and department advertise the company through agents.HR Department:It is the management of an organizations workforce, or human resources. It is responsible for the attraction, selection, training, and assessment and rewarding of employees, while also overseeing organizational leadership and culture, and ensuring compliance with employment and labor laws. In circumstances where employees desire and are legally authorized to hold a collective bargaining agreement the employees, HR will typically also serve as the companys primary liaison with the employees representatives (usually a labor union).Finance Department:Finance is often defined simply as the management of money or fund management. Modern finance however is a family of business activity that includes the organization, marketing, and management of each and money surrogates through a variety of capital accounts, instrument and markets created for transaction and trading assets, liabilities and risks. Awards and Achievements 3rd largest private players in a span of just 4 years, moved from 11thposition to 3rd. Amongst the fastest growing companies for 4 year in a row. Continuous increase in market share over 4 years, from 1.9% in 2005-06 to 10.26%. RLIC has achieved a growth rate of 21% while the private industry has grown at 13%. Fastest to reach the 5 million policy mark. Largest private insurer in terms of policy count in 2009-10. 1250 branches 2, 00,000 advisors and over 18,000 employees. RLIC continues to be amongst the foremost Life Insurance companies in India to certified ISO 9001:2000 for all processes. Awarded the Jamnalal Uchit Vyavahar puraskar 2007 Certificate of Merit in financial services category by council for fair Business practices(CFBP) The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in Feb 2008 for its work on promoting self help channel for service.

Title of the Study:Organizational study of Reliance Life Insurance with Reference to customer satisfaction.

Statement of the Problem

Reliance life insurance is one of the best insurance companies in India. They have many branches in all states. They have gathered a lot of consumers to build their market n insurance sector. Consumer satisfaction is the very essential factor for doing any type of business. A firm should maintain a level of consumer satisfaction with the services they provide. Consumers satisfaction is hence essential for the company in order to maintain the consumers to be loyal.

Objectives of the Study:

To find out overall standard of Reliance Life Insurance with respect to service provided to customers. To identify the factors affecting customer satisfaction in life insurance sector. To offer suggestions based on findings.

Need for the Study:

Review of literature reveals that very little research has been done on insurance industry in India. Considering the fact that insurance is coming up in a big way in India, there is an emergent need for doing research on various facets of insurance industry in India. The need and significance of the study can be summarized as:

The basic need for the study is to know how much customers are satisfied with services of reliance life insurance.

Insurance has a very long history but most of the studies are done from the finance point of view not from marketing view point. Such studies are important because companies need to market themselves to increase their market share. This research project is an effort to fill that gap. As revealed by the review of literature, customer satisfaction has been ignored in the field of insurance services.

Scope of Study:

The study is based on the survey conducted on various customers who shared their satisfaction levels with reliance life insurance Company and their services. The scope of the study is restricted to the Life Insurance sector only. Although there are 23 life insurance companies in the market Life Insurance Corporation (LIC) holds 64 percent of the market share.

Methodology of the Study:

Methodology of the study adopted is the survey method. For primary data a sample size of 40 customers were contacted and data is obtained from them through questioners. Respondents were contacted at their work places itself for their convenience. The findings are limited to the city of Bangalore. For secondary data marketing books, magazines, journals were referred.

Sources of data:

For the purpose of this study data is collected from two sources mentioned above.Namely: 1. Primary source 2. Secondary source

1. Primary source: It is the original source. The data is collected directly from respondents through questioners, personal interviews and through observation.

2. Secondary source: These are the sources containing data which have been collected and compiled for another purpose. This source consists of readily available information and already compiled statistical statement whose data may be used by researchers for their study.

Tools for Data Collection

A carefully planned structured questionnaire was designed to collect data from the insurance holders. The following aspects were covered in the questionnaire.

Sampling:

Sampling is one of the major tools for marketing research, which is connected with collecting, analyzing and interpreting data. It involves the study, inconsiderable details, of relatively small numbers of information taken from a larger group. It is a process of extracting sample from a population. Defining the population requires that one can describe the characteristics of the group which information is required in clear unambiguous terms. The population comprises individuals. Households, firms and other organizations.

Sampling Technique:

The technique following is "Simple Random Sampling. Simple random sampling: A simple random sample is a subset of individuals (a sample) chosen from a larger set (a population). Each individual is chosen randomly and entirely by chance, such that each individual has the same probability of being chosen at any stage during the sampling process.

Sample Size:

The questionnaire contains 10 questions and sample size is 40.

Limitations of the Study:

The case study pertains to only one branch of Reliance Life Insurance Company due to the limitation of time frame.

The sample size of 40 might not represent the perception of whole population.

The opinion expressed by respondents may be biased.

Another limitation is time shortage. If given more time the reports must have been more concluding.

This study is restricted to customers only.

Sample size is restricted to only 40 respondents due to time constraints.

Data Analysis and InterpretationAnalysis was done on the responses received from the people that were interviewed. In this section we will look at the questions detail, the count of responses received, the percentage of response received.Basis the same we will arrive at a finding and then proceed to draw a logical conclusion from the same. The questionnaire in detail is attached at the end of this report.All the Respondents were assured of full confidentially after they agreed to our request of answering the questionnaire for the benefit of study. Further they were also informed that the information being provided by them was going to be used strictly for an educational purpose and only towards the same.In this chapter ahead we will deal with each one of these questions individually and understand what results can be derived from the same .Every question will be followed by a logical chart providing a visual representation of the findings.

Table 4.1 Showing Importance of Insurance OptionsNo. of ResponsesPercentage

Yes3587.5

No37.5

Dont know25

Total40100

Table 4.1AnalysisThe above table shows that out of 40 respondents, 35 comprising 87.5% of the total sample size feels that yes insurance is important, while 3 comprising 7.5% feels that it is not important and remaining 5% dont know.

Graph representing the responses received in Percentage

Graph 4.1InterpretationFrom the above chart we can infer that most of the people think that insurance is important, while a mere population says No, insurance is not important and remaining minority says no idea. The analysis shows that people are highly educated and knows the importance of insurance in their life.

Table 4.2 Showing Quality of Service from Company AdvisorsOptionsNo. of ResponsesPercentage

Excellent512.5

Good2870

Fair512.5

Poor25

Total40100

Table 4.2AnalysisThe above table shows that out of 40 respondents, 5 comprising 12.5% of the total sample size say reliance life insurance is excellent, while 28 comprising 70% feels that it is good, 5 people say just fair and remaining 5% regard it a poor company.

Graph representing the responses received in Percentage

Graph 4.2

InterpretationFrom the above chart we can understand that a major chunk of the population grades the service received as good, while an equal percentage people feel that it is excellent and fair service. This is actually a good point for the company that most of the people grade their service as good. Their should be a little improvement where we could take a little extra care of customers and have more satisfied customers.

Table 4.3 Showing Recommendation analysis of Reliance Life InsuranceOptionsNo. of RespondentsPercentage

Definitely1537.5

I think so yes2152.5

I dont think so37.5

No12.5

Total40100

Table 4.3

AnalysisThe above table shows that out of 40 respondents, 15 comprising 37.5% of the total sample size says they would definitely recommend Reliance to their friend in need, while 21 comprising 52.5% feels they think they will recommend, other 10% had negative response.

Graph representing the responses received in Percentage

Graph 4.3InterpretationFrom the above chart we can interpret that 90% of the people are positive when the question of recommendation arises. This is a very good point for the company. In a country like India a word of mouth has a lot of value. This would help in business growth for the company.

Table 4.4 Showing Satisfaction levels regarding Amount of Service ReceivedOptionsNo. of RespondentsPercentage

Very satisfied2050

Mostly satisfied1230

Quite indifferent615

Dissatisfied25

Total40100

Table 4.4AnalysisThe table shows that out of 40 respondents, 20 comprising 50% of the total sample size says they are very satisfied with Reliance, while 12 comprising 30% feels mostly satisfied. Other 20% feels lack in service quantity.

Graph representing the responses received in Percentage

Graph 4.4InterpretationFrom the above chart it is very clear that half of the people in Reliance family are very satisfied in terms quantity service they received. Nearly a third of people feel mostly satisfied, whereas remaining people are not satisfied with quantity service, the company needs to improve in terms of service and satisfy the customers. This is a very crucial point as negative things spread faster than the positive ones.

Table 4.5 Showing whether the guidance received helped to deal with the problems more effectivelyOptionsNo. of respondentsPercentage

Yes3280

No820

Total40100

Table 4.5AnalysisThe table shows that out of 40 respondents, 32 comprising 80% of the total sample size were able to deal with their problems from effectively from the guidance they received from the companys insurance advisors, 8 people comprising another 20% were dissatisfied.Graph representing the responses received in Percentage

Graph 4.5

InterpretationThe chart above clarifies that majority of the people are benefitted from the guidance which they received from companys insurance advisors. This is a very strong and positive point, which also shows the employees commitment to companys motive. Very less people are not benefitted it could be result of 6is-selling by advisors, which has to taken care by giving proper training to the advisors.

Table 4.6 Showing whether clients would invest in Reliance Life Insurance if required in future againOptionsNo. of responsesPercentage

Definitely2767.5

I think so yes1025

I dont think so yes25

No, definitely not12.5

Total40100

Table 4.6

Analysis

The above table shows that out of 27 respondents comprising 67.5% of the total sample size says they would definitely go for Reliance if required in future, while 10 comprising 25% feels they think they will go with Reliance and other 7.5% had negative thought.

Graph representing the responses received in Percentage

Graph 4.6InterpretationThe chart above shows that most of the customers would come back to Reliance if they needed another insurance which clearly shows the level of highly satisfied customers, and a few of the dissatisfied customers said they would not like to go for Reliance insurance in future. Loosing on customers is a setback for the company and it should work on it.

Table 4.7 Showing need SatisfactionOptionsNo. of responsesPercentage

Yes2767.5

Very much yes717.5

Not much410

No25

Total40100

Table 4.7AnalysisThe above table shows that out of 2 respondents comprising 5% of the total sample size couldnt meet their needs of the insurance policy thy took, while 85% feel they got the right policy meeting their needs. This is possible due to a wide range of products.Graph representing the responses received in Percentage

Graph 4.7InterpretationThe above pie chart shows the responses of people when asked whether the suggested products met their needs, a huge chunk of people said yes the insurance plan suggested to them was helpful to meet their needs.

Table 4.8 Showing factors of choosing Reliance Life Insurance

OptionsNo. of ResponsesPercentage

Personal interest1230

Friends1127.5

Family410

Advertisements1332.5

Total40100

Table 4.8

Analysis

The above table shows that out of 40 respondents, 12 comprising 30% of the total sample size is with Reliance due to their personal interest in the company, 37.5% are influenced by family and friends. Others comprising 32.5% are influenced by advertisements.

Graph representing the responses received in Percentage

Graph 4.8

Interpretation

The above bar diagram depicts the factors of influence, which made people to be a part of the huge Reliance family. The responses show an equal amount of influence from friends, personal interest and advertisements. Family influence was much lower than the rest of three.

Table 4.9 Showing Recommendation LevelsOptionsNo. of ResponsesPercentage

Excellent1230

Very good1742.5

Fair1025

Poor12.5

Total40100

Table 4.9AnalysisThe above table shows that out of 40 respondents, 12 comprising 30% of the total sample size considers Reliance life insurance as an excellent company. 17 comprising 42.5% think of it as very good company, 10 say just fair and remaining 1 i.e. 2.5% consider poor.Graph representing the responses received in Percentage

Graph 4.9InterpretationThe above chart describes customer responses, when asked to recommend the company to their friends. A third of them would say excellent, other major chunk would consider it very good. This shows the trust of people in the company. It is a very positive thing that companys name hold a great value to its investors customers.

Table 4.10 Showing areas of ImprovementOptionsNo. of RespondentsPercentage

Marketing2050

Customer relations922.5

Products1127.5

Total40100

Table 4.10AnalysisThe above table shows that out of 40 respondents, 20 comprising half of the total sample size said Reliance life insurance need to improve on marketing, 9 said customer relations and remaining 11 said Reliance Life should work on its Products.

Graph representing the responses received in Percentage

Graph 4.10InterpretationThe above chart describes customer responses, when asked about on which area they think Reliance Life Insurance should improve on, half of the respondents mentioned marketing as area of improvement. Remaining half people mentioned customer relations and products as the areas of improvement in almost equal percentage.

Summary of Findings

Majority think that insurance is important, At the same time there are very less people who dont know the significance of insurance.

A tenth of the people consider the information received from company advisors as excellent, majority grade it good. Whereas a very minor population consider advisor service as poor.

It was found that a fair population would definitely recommend Reliance Life Insurance to friend in need. Half of the people said they would also probably do the same. Very minute population had negative response.

Half of the people in Reliance family are very satisfied in terms quantity service they received before and after the sales of insurance product. A third is mostly satisfied, whereas a fifth of population is not satisfied with quantity service.

Findings show that almost all people could deal with their problems effectively after the insurance guidance. A fifth of people said it wasnt helpful for them and they couldnt tackle the problems as they thought.

Findings show that almost all people would choose Reliance if they had to take another insurance.

It was found that almost all people were satisfied with the insurance product while a tenth of them think the insurance plan couldnt help exactly the way they thought/advisor told.

It was found that people had equal influence from friends, Personal Interest & advertisements.

The study shows that expect a fourth of population others consider Reliance a good company.

Half of the people say marketing as main area to be improved. Other half consider customer relations and product development equally.

Suggestions

Conclusion

Questionnaire

Personal details:Name: Contact:Age: Email id:

1. Is insurance important according to you?a. Yesb. Noc. Dont know

2. How would you rate the quality of service you received from company advisors?a. Excellentb. Goodc. Faird. Poor

3. If a friend were in need of insurance, would you recommend Reliance life insurance to him/her?a. Definitelyb. I think so yesc. I dont think sod. No

4. How satisfied are you with the amount of service you received?a. Very satisfiedb. Mostly satisfiedc. Quite indifferentd. Dissatisfied

5. Have the guidance you received helped you to deal more effectively with your problems?a. Yesb. No

6. If you were to take another insurance policy, would you come back to reliance insurance?a. Definitelyb. I think so yesc. I dont think so yesd. No, definitely not

7. Did the insurance product help you meet your needs?a. Yesb. Very much yesc. Not muchd. No8. What factors influenced to select Reliance as your Life Insurance Company?a. Personal interestb. Friendsc. Familyd. Advertisements9. How likely are you to recommend our company to a friend or a relative? Would you say chances are?a. Excellentb. Very goodc. Fair d. Poor

Bibliography and Reference

www.reliancelife.com

www.indiainfoline.com

www.bimaonline.com

www.google.com Life Time Magazine of Reliance Life Insurance Net Bios Computer Academys Life Insurance Book

Brochures of Reliance Life Insurance

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