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SUMMER TRAINING REPORT

ON

A COMPARATIVE STUDY

OF

FAVORABLE AND UNFAVORABLE ASPECTS OFRELIANCE LIFE INSURANCE COMPANY

AND

LIC

Undertaken At

RELIANCE LIFE INSURANCE COMPANY Ltd.

Submitted In the Partial Fulfillment for the Award of the DegreeOf

BACHELOR OF BUSINESS ADMINISTRATIONSubmitted by

Ankit JainEnrollment no. 0011701707

BBA 5th Semester (morning)SESSION: 2009 2010

Under the Supervision Under the supervision

and guidance of and guidance of

Prof. Rajesh Bajaj Mr. Nimit Verma

Mr. Vipul Sharma

(Faculty guide) (Industry guide

TECNIA INSTITUTE OF ADVANCED STUDIES

(Approved by AICTE, Ministry of HRD, Govt. of India)

Affiliated To Guru Gobind Singh Indraprastha University, Delhi

INSTITUTIONAL AREA, MADHUBAN CHOWK, ROHINI, DELHI- 110085


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ACKNOWLEDGEMENT

I would like to express my gratitude to all those who made it possible for me to complete this report. It is

my pleasure to thank the Reliance Life Insurance for giving me permission to commence this project in

the first instance, to do the necessary research work and to use departmental data. I would furthermore like

to thank the Sales manager of Reliance Life Insurance Barakhamba branch, Mr Nimit Verma who gave

this permission and encouraged me throughout my project.

I am deeply indebted to my supervisor Mr. Rajesh Bajaj from Tecnia Institute of Advanced Studies, Delhi

whose help, stimulating suggestions and encouragement helped me throughout the research and the

writing of this report.

Last but not the least; I would like to give my special thanks to my family and friends, for their constant

support and encouragement to complete this research.

Date:

Submitted by:

JYOTI SINGH

(0151701707)


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DECLARATION

I ANKIT JAIN Enrolment No: 0011701707 Class: BBA (5th

sem) morning of the Tecnia Institute of

Advanced Studies, Delhi hereby declare that the Summer Training Report entitled. A Comparative study

of favorable and unfavorable aspect in term of RLIC and LIC is an original work and the same has

not been submitted to any other Institute for the award of any other degree. A seminar presentation of the

Summer Training Report was made on and the suggestions as approved by the faculty were duly

incorporated.

Signature of Researcher

Countersigned

Signature of faculty Guide


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Table of cont


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TABLE OF CONTANTS.NO. TOPIC PAGE

NO.SIGN.

1. Chapter-1 1-31

RESEARCH PROBLEM & PURPOSE

a) Company profile 2-8

b) Ulip plans of the companies (PRODUCTS) 9-17

c) Industry profile 18-28

d) Swot analysis 29

e) Significance of the study 30f) Objectives of the study 31

2. CHAPTER-2 32-37

CURRENT SCENERIO

a) Insurance Industry 34-35

b) Reliance Life Insurance 36-373. CHAPTER-3

38-53RESEARCH METHODOLOGY

a) Data Analysis and Interpretations 41-52

b) Limitations of the Study 53

4. CHAPTER-4 54-62

DISCUSSION AND FINDINGS OF THE STUDY

a) Findings of the Study 56

b) Recommendation and Suggestions 57

c) Conclusion 58

d) Questionnaire 59-61

e) Bibliography 62

ER


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CHAPTER : RESEARCH PROBLEM & PURPOSE

y

COMPANY PROFILEI. RELIANCE LIFE INSURANCE

y ULIP PLANS OF THE COMPANY

I. RELIANCE LIFE INSURANCE

II. LIC

y INDUSTARY PROFILE

y SIGNIFICANCE OF THE STUDY

y OBJECTIVE OF THE STUDY


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i &203$1


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5(/,$1&(/,)(,1685$1&(

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

Life Insurance solutions to individuals and Corporates.

Reliance Life Insurance Company Limitedisa part ofReliance Capital Ltd. oftheRelianc

- Anil Dhirubhai Ambani Group. Reliance Capital is one of Indialeading privatesector financialservicescompanies,andranksamong the top 3 privasectorfinancialservicesand bankingcompanies,interms ofnet worth. Reliance Capithas interests in asset management and mutual funds, stock broking, life and generinsurance, proprietary investments, private equity and other activities in financiservices.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFCregistered with theReserve Bank of Indiaunder section 45-IA of theReserve Bank oIndia Act, 1934.

Reliance Capitalseesimmense potentialintherapidlygrowingfinancialservicessectoin Indiaandaimsto becomeadominant playerinthisindustryand offerfullyintegratefinancialservices.


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INTRODUCTIONReliance Life Insurance offers you products that fulfill your savings and

protection needs. Our aim is to emerge as a transnational Life Insurer of global scaleand standard.

Reliance Life Insurance is an associate company of Reliance Capital Ltd., a partof Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leadingprivate sector financial services companies, and ranks among the top 3 private sectorfinancial services and banking companies, in terms of net worth. Reliance Capital hasinterests in asset management and mutual funds, stock broking, life and generalinsurance, proprietary investments, private equity and other activities in financialservices.

Insurance industry employees and executives are indoctrinated with thephilosophy that insurance is good and that policyholders, claimants and lawyers are

bad. According to the insurance industry, nearly 50% of policyholders are actual orpotential crooks. One recent article, written by the President of the InsuranceInformation Institute, finds that the perpetrators of insurance fraud are. . . "For the mostpart, the people we live and work among -- our neighbors. . . . Moreover, the "rampant"corruption of otherwise honest, "seemingly law-abiding people" is something that thosein the insurance industry "have known for sometime." Insurance company claimsadjusters view themselves as underpaid, overworked vigilantes protecting anunappreciative American public from a horde of thieving, conniving robbers intent onpillage and plunder.

Reliance Life Insurance Company Limited is a wholly-owned subsidiary ofReliance Capital Limited of the Reliance ADAG. After acquisition of AMP Sanmar LifeInsurance Company in 2005, Reliance Life Insurance Co had a pre-establishedinfrastructure and a product portfolio to develop further. The research and marketinghad been done by AMP Sanmar making it somewhat easier for a glamorous name likeReliance by continuing the legacy further.

Reliance Life Insurance Company Ltd. has made buying a life insurance product promptand convenient. Targeting boot individual employees and employing multinationals,Reliance Life Insurance India offers a mixed bag of Insurance schemes that includeboth individual and group employee benefit plans. Reliance Life employs individual

brokers and insurance agents for direct sale and marketing of the various Life insurancepolicy and plan.

The company provides you complete product details and the helps you calculatethe insurance premiums through their customer care executives or online through the


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BOARD OF DIRECTORS & PROMOTERRS OF

ADAG

y Gautam Doshi - Director

Gautam is the Group Managing Director of Reliance Anil Dhirubhai Ambani Group andDirector of Reliance Life Insurance Company Limited.

y Saumen Ghosh - Group C.E.O

Saumen is currently the Group President of Reliance Capital Limited.

y Malay Ghosh C.E.O.

Malay leads all activities at Reliance Life Insurance Company Limited Life and his key focus is on rapid expansion of all

channels and accelerating the companys growth trajectory.

Manoranjan sahoo - HOS

Pankaj Ghera - North zone Head

Sanjeev Bharadwaj - Regional Manager (c.p.)

Honey Nagar - Branch Manager (cp)

Nimit Verma - Sales Manager (cp)


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UNITLINKED INSURANCEPLANS

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$V WLPH SURJUHVVHG WKH SODQV ZHUH DOVR VXFFHVVIXOO\

PDSSHGDORQJZLWKOLIHLQVXUDQFHQHHGVWRUHWLUHPHQWSODQQLQJ

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FOLHQW OLNH LQVXUDQFH SODQQLQJ ILQDQFLDO QHHGV ILQDQFLDO

SODQQLQJIRUFKLOGUHQVIXWXUHDQGUHWLUHPHQWSODQQLQJ

STRUCTURE OF ULIPs

ULIPs offered by different insurers have varying charge structures. Broadly the

different types of fees and charges are given below. However the insurers have the right to

revise or cancel the fees and charges over a period of time

Premium Allocation charges: - This is a percentage of the premium appropriated towards

charges before allocating the units under the policy. This charge normally includes initial and

renewal expenses apart from commission expenses.


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f. Extra protection with ridersDeath due to accident

Disability

Critical illness

g. Liquidity

Partial withdrawals during the term

At maturity

h. Variable investment options

I. Premium holiday

j. Allow Top-ups

FACTORS INFLUENCINGTHEBUYING OFUNITLINKEDINSURANCE

PLAN (ULIPs)


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The degree of buying of ULIPs insurance varies from person to person. It depends

upon many factors. The factors can be classified into personal, social, economic, psychological

and company related variables. Age and experience of policyholder are personal factors, while

the co- education is a social factor. Economic factors include occupation, income and wealth,

and the psychological factors consist of perception, satisfaction about the services rendered by

insurance companies, the impact of advertisement and personal selling made by insurance

companies on policyholders. The company related variables are the promotional efforts to sell

the policies to prospective buyers. These include advertisement and personal selling too.


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Reliance Products

Reliance Children Plans

What could make you happier than knowing, that your child's future is secure?Nothing, we suppose. Which is why, Reliance Life Insurance brings to you RelianceSecure Child Plan, a unit-linked Insurance Plan, that gives you the freedom to enjoytoday with your child, because his tomorrow is in safe hands.

y Do you see your child becoming a trailblazer?

y Will they create the ultimate symphony or give sports a new dimension?

Our children may just be the ones to end the arms race and wipe out povertyfrom the face of the Earth. But for them to be able to aim for the skies, YOU NEED TO

ACT NOW!

Introducing Reliance Secure Child Plan - a unique life insurance cum savingsplan. secure the future of your child.

Key FeaturesInsurance cover on the life of childYour child is completely protected - we will continue to pay thepremiums even if you are not aliveLife time income to child in the event of disabilityReturn Shield option to protect your investment returns

Liquidity in the form of partial withdrawalsCapital guarantee available on maturity and on death of the childfor basic and top-up premiumsOption to package with Accidental Death and Total andPermanent Disablement Rider, Critical Conditions Rider andTerm Life Insurance Benefit Rider.

(2)Reliance Health + Wealth Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENTPORTFOLIO IS BORNE BY THE POLICYHOLDER.

There are times when late working hours take precedence over your healthcheck-ups. And there are times when a visit to the doctor seems more important thandividends on your shares. In the rat race to make money, we often forget to take care ofourselves.


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We understand this predicament. Here is a plan that will ensure that your wealthkeeps increasing constantly and yet your health does not take a backseat. The RelianceWealth Health Plan. A plan that gives you the benefits ofwealth bhi. health bhi.

Life changes. And as it does, so do your priorities. After all, the circumstances ofyour life can determine the type of health coverage you need.

India has made rapid strides in the health sector. Since Independence, lifeexpectancy has gone up markedly and survival rates have also increased, still criticalhealth issues remain. Infectious diseases continue to claim a large number of lives.

Reliance Wealth + Health Plan, a health insurance plan underwritten by RelianceLife Insurance Company Limited, is designed to work in conjunction with contributionstowards savings.

Key Featurey A Unit Linked plan with Unique Savings Componenty Twin benefit of market linked return and health protection

y Choose from two different plan options

y Flexibility to take care of your familys health

y Flexibility to switch between funds / plan options

y Option to pay Top-ups

(3) Reliance Pension Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO ISBORNE BY THE POLICYHOLDER.

Retirement means different things to different people, while some want to relaxand take a trip around the world, some want to start up a venture of their own, andpursue a dream harnessed for years. The power to make your autumn years special liesonly with you. The Reliance Super Golden Years Plan gives you the power and the rightkind of solution - A retirement plan that allows you to save systematically and generatethe much-needed corpus to make your olden years look golden.

Key Features Reliance Pension Policy :y Invest systematically and secure your golden years

y A flexible unit-linked pension product that is different fromtraditional life insurance products with Vesting Age between 45& 70 years

y Eight different investment funds to choose from


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y Flexibility to switch between funds

y Option to pay Regular, Single as well as Top-up premiums

y Flexibility to advance / extend your Vesting Age

y Tax free commutation up to one third of Fund Value at VestingAge

(4) Reliance Wholelifeinsurance policy

Youve always loved your family. As a loving person you want to be rest assuredthat they will be happy, even if something were to happen to you. With Reliance WholeLife Plan you can be sure that your family will receive that timely financial support theyneed.

Go ahead, live your today to the fullest, without a worry about tomorrow.

Key Featuresy Insurance protection till age 85

y Choice of extending your insurance coverage till age 99

y Convenient Premium Payment Term

y Wealth creation through bonus additions

y More value for your money by way of High Sum AssuredRebate Get Sum Assured plus Bonuses in case of yourunfortunate death

y Option to add two Riders Critical Illness and Accidental DeathBenefit and Total and Permanent Disablement Rider

y Policy Loan available after three full years premium payment


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PROFIT PLUS(RP&SP)

Min entry age 0 yrsMax entry age 65 yrs

Max Maturity age 70,75 yrsMin premium 1000 RP 20000 SP

No of funds 4Riders ADBR,CIBRMin premium payment term 3 yrs

Key Features

I. Premium allocationcharge is 15% min inthis productwhere as Wealthsurance has acharge ofMax 4%.

II. In Wealthsurance there is unlimitedswitching redirectionandpartialwithdrawal

allowedabsolutelyfree ofcharge.

III. There are no riders available inthis productas againstWealthsurance has ahostof

riders tochoose from.


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iINDUSTRY

PROFILE


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DIFFERENCE BETWEEN INSURANCE AND ASSURANCE

Assurance is older in history and it was used to describe all types of insurances. From 1826, theterm assurance came to be used only for the risks covered by life insurance and the terminsurance was exclusively used to denote the risks covered by marine, fire, etc.The word assurance indicated certainty. In life insurance, there is an assurance from theinsurance company to make payment under the policy either on the maturity or at earlier death.On the other hand the word insurance was used to denote indemnity type of insurances where theinsurance company was liable to pay only in case of the loss damage the property.The insured event was bound to happen sooner or later under assurance but the event insuredagainst may or may not happen under insurance.The principle of indemnity applies to insurance contract(non-life) only. The scope of theword, insurance is wider.

PRINCIPLES OF INSURANCE

An insurance contract is based on some basic principles of insurance.

(1) Principle of Uberrima Fides or Principle of utmost good faithIt means maximum truth. Both the parties should disclose all material information regardingthe subject matter of insurance.

(2) Principle of indemnityThis means that if the insured suffers a loss against which the policy has been made, he shall be

fully indemnified only to the extent of loss. In other words, the insured is not entitled to make aprofit on his loss.

(3) Principle of subrogation

This means the insurer has the right to stand in the place of the insured after settlement of claimsin so far as the insureds right of recovery from an alternative source is involved. The insurerbefore the settlement of the claim may exercise the right. In other words, the insurer is entitled torecover from a negligent third party any loss payments made to the insured. The purposes ofsubrogation are to hold the negligent person responsible for the loss and prevent the insured fromcollecting twice for the same loss. The concept of Third Party Claims is based on the sameprinciple.

(4) Principle of causa proxima

The cause of loss must be direct and an insured one in order to claim of compensation.

(5) Principle of insurable interestThe assured must have insurance interest in the life or property insured.Insurable interest is that interest which considerably alters the position of the assured in the eventof loss taking place and if the event does not take placed, he remains in the same old position


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HISTORY OF INSURANCE

The concept of insurance is believed to have emerged almost 4500 years ago in the ancient landof Babylonia where traders used to bear risk of the carvan by giving loans, which were laterrepaid with interest when the goods arrived safely.The concept of insurance as we know today took shape in 1688 at a place called Lloyds Coffee

House in London where risk bearers used to meet to transact business. This coffee house becameso popular that Lloyds became the one of the first modern insurance companies by the end ofthe eighteenth century.Marine insurance companies came into existence by the end of the eighteenth century. Thesecompanies were empowered to write fire and life insurance as well as marine. The Great Fire ofLondon in 1966 caused huge loss of property and life. With a view to providing fire insurancefacilities,Dr. Nicholas Barbon set up in 1967 the first fire insurance company known as the Fire office.The early history of insurance in India can be traced back to the Vedas. TheSanskrit term Yogakshema (meaning well being), the name of LifeInsurance Corporation of Indias corporate head quarters, is found in the Rig Veda. The Aryans

practiced some form of community insurance around1000 BC.

Life insurance in its modern form came to India from England in 1818. The Oriental LifeInsurance Company was the first insurance company to be set up in India to help the widows ofEuropean community. The insurance companies, which came into existence between 1818 and1869, treatedIndian lives as subnormal and charged an extra premium of 15 to 20 per cent. The first Indianinsurance company, the Bombay Mutual LifeAssurance Society came into existence in 1870 to cover Indian lives at normal rates.

The Insurance Act, 1938, the first comprehensive legislation governing both life and non-lifebranches of insurance were enacted to provide strict state control over insurance business. Thisamended insurance Act looked into investments, expenditure and management of thesecompanies.By the mid- 1950s there were 154 Indian insurers, 16 foreign insurers, and 75 provident societiescarrying on life insurance business in India. Insurance business flourished and so did scams,irregularities and dubious investment practices by scores of companies. As a result thegovernment decided to nationalize the life assurance business in India. The Life InsuranceCorporation of India (LIC) was set up in 1956. The nationalization of life insurance wasfollowed by general insurance in 1972.


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MEANING OF LIFE INSURANCE

There are three parties in a life insurance transaction: the insurer, the insured, and the owner ofthe policy (policyholder), although the owner and the insured are often the same person.

Another important person involved in a life insurance policy is the beneficiary. The beneficiary

is the person or persons who will receive the policy proceeds upon the death of the insured.

Life insurance may be divided into two basic classes term and permanent.

Term life insurance provides for life insurance coverage for a specified term of years for

a specified premium. The policy does not accumulate cash value.

Permanent life insurance is life insurance that remains in force until the policy matures,

unless the owner fails to pay the premium when due.

Whole life insurance provides for a level premium, and a cash value table included in the

policy guaranteed by the company. The primary advantages of whole life are guaranteed

death benefits; guaranteed cash values, fixed and known annual premiums, and mortality

and expense charges will not reduce the cash value shown in the policy.

Universal life insurance (UL) is a relatively new insurance product intended to provide

permanent insurance coverage with greater flexibility in premium payment and the

potential for a higher internal rate of return. A universal life policy includes a cash

account. Premiums increase the cash account. If you want insurance protection only, andnot a savings and investment product, buy a term life insurance policy.

If you want to buy a whole life, universal life, or other cash value policy, plan to hold it for atleast 15 years. Canceling these policies after only a few years can more than double your lifeinsurance costs.


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HISTORY OF LIFE INSURANCE

Risk protection has been a primary goal of humans and institutions throughout history.Protecting against risk is what insurance is all about.Over 5000 years ago, in China, insurance was seen as a preventative measure against piracy onthe sea. Piracy, in fact, was so prevalent, that as a way of spreading the risk, a number of shipswould carry a portion of another ship's cargo so that if one ship was captured, the entire shipmentwould not be lost.In another part of the world, nearly 4,500 years ago, in the ancient land of Babylonia, tradersused to bear risk of the caravan trade by giving loans that had to be later repaid with interestwhen the goods arrived safely. In 2100BC, the Code of Hammurabi granted legal status to the practice. It Formalized concepts ofbottomry referring to vessel bottoms and Respondent referring to cargo. These provided theunderpinning of Marine insurance contracts. Such contracts contained three elements: a loan onthe vessel, cargo, or freight; an interest rate; and a surcharge to cover the Possibility of loss. Ineffect, ship owners were the insured and lenders were the underwriters.

Life insurance came about a little later in ancient Rome, where burial clubs were formed to coverthe funeral expenses of its members, as well as help survivors monetarily. With Rome's fall,around 450 A.D., most of the concepts of insurance were abandoned, but aspects of it didcontinue through the Middle Ages, particularly with merchant and artisan guilds. These providedforms of member insurance covering risks like fire, flood, theft, disability, death, and evenimprisonment.

During the feudal period, early forms of insurance ebbed with the decline of travel and long-distance trade. But during the 14th to 16th centuries, transportation, commerce, and insurancewould again reemerge.Insurance in India can be traced back to the Vedas. For instance,yogakshema, the name of Life Insurance Corporation of India's corporate headquarters, isderived from the Rig Veda. The term suggests that a form of "community insurance" wasprevalent around 1000 BC and practiced by the Aryans.

And similar to ancient Rome, burial societies were formed in the Buddhist period to helpfamilies build houses, and to protect widows and children.


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Modern InsuranceIllegal almost everywhere else in Europe, life insurance in England was vigorously promoted inthe three decades following the Glorious Revolution of 1688. The type of insurance we see todayowes it's roots to 17th century England. Lloyd's of London, or as they were known then, Lloyd'sCoffee House, was the location where merchants, ship owners and underwriters met to discussand transact business deals.

While serving as a means of risk-avoidance, life insurance also appealed strongly to thegambling instincts of England's burgeoning middle class.Gambling was so rampant, in fact, that when newspapers published names of prominent peoplewho were seriously ill, bets were placed at Lloyds on their anticipated dates of death. Reactingagainst such practices, 79 merchant underwriters broke away in 1769 and two years later formeda New LloydsCoffee House that became known as the real Lloyds. Making wagers on people's deathsceased in 1774 when parliament forbade the practice.

Insurance moves to AmericaThe U.S. insurance industry was built on the British model. The year 1735 saw the birth of the

first insurance company in the American colonies in Charleston, SC. The Presbyterian Synod ofPhiladelphia in 1759, sponsored the first life insurance corporation in America for the benefit ofministers and their dependents. And the first life insurance policy for the general public in theUnited States was issued, in Philadelphia, on May 22, 1761.But it wasn't until 80 years later (after 1840), that life insurance really tookoff in a big way. Thekey to its success was reducing the opposition from religious groups.

In 1835, the infamous New York fire drew people's attention to the need to provide for suddenand large losses. Two years later, Massachusetts became the first state to require companies bylaw to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires cancause huge losses in densely populated modern cities. The practice of reinsurance, wherein the

risks are spread among several companies, was devised specifically for such situations.

With the creation of the automobile, public liability insurance, which first made its appearance inthe 1880s, gained importance and acceptance?More advancement was made to insurance during the process of industrialization. In 1897, theBritish government passed the Workmen's Compensation Act, which made it mandatory for acompany to insure its employees against industrial accidents.

During the 19th century, many societies were founded to insure the life and health of theirmembers, while fraternal orders provided low-cost, members only insurance. Even today, suchfraternal orders continue to provide insurance coverage to members, as do most labor

organizations. Many employers sponsor group insurance policies for their employees, providingnot just life insurance, but sickness and accident benefits and old-age pensions. Employeescontribute a certain percentage of the premium for these policies.

Final ThoughtsEven though the American insurance industry was greatly influenced byBritain, the US market developed somewhat differently from that of theUnited Kingdom. Contributing to that was America's size; land diversity and the overwhelmingdesire to be independent. As America moved from a colonial outpost to an independent force,


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from a farming country to an industrial nation, the insurance business developed from a smallnumber of companies to a large industry. Insurance became more sophisticated, offering newtypes of coverage and diversified services for an increasingly complex country.

KEY FEATURES OF LIFE INSURANCE

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

2) Assignment: -

If your intention is that your policy monies should go only to a particular person, you need toassign the policy in favor of that person.

3) Death Benefit: -

The primary feature of a life insurance policy is the death benefit it provides.

Permanent policies provide a death benefit that is guaranteed for the life of the insured, providedthe premiums have been paid and the policy has not been 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 surrendercharges, if the policy were surrendered before the insured's death.

5) Dividends: -

Many life insurance companies issue life insurance policies that entitle the policy owner to sharein the company's divisible surplus.

6) Paid-Up Additions: -

Dividends paid to a policy owner of a participating policy can be used in numerous ways, one ofwhich 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 theirpolicy. Either a fixed or variable rate of interest is charged.This feature allows the policy owner an easily accessible loan in times of need or opportunity.

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

9) Disability Waiver of Premium

Waiver of Premium is an option or benefit that can be attached to a life insurance policy at anadditional cost. It guarantees that coverage will stay in force and continue to gr


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BENEFITS OF LIFE INSURANCE

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

2) Tax Deduction: -Under section 80C of the Income Tax Act of 1961 one can get tax deduction on premiums up toone lakh rupees. Life Insurance policies thus decrease the total taxable income of an individual.

3) Loans: -An individual can easily access loans from different financial institutions by pledging hisinsurance policies.

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

5) Educational Needs: -

Similar to retirement planning the cash values that flow from ones life insurance schemes can beutilized for educational needs of the insurer or his children.


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ROLE OF LIFE INSURANCE IN THE GROWTH OF THE ECONOMY

The Life Insurance Industry has an enviable track record among public sector units. It has aConsistent profit and dividend paying record accompanied by a steady growth in its financialresources. Through investments in the Government sector and socially- oriented sectors theIndustry has contributed immensely to the nation's development. The industry is recognized asone of the largest financial Institutions in the country. The ventures initiated by the industry inthe areas of Mutual Fund,

Housing Finance has done exceedingly well in recent years. To protect the country's foreignexchange reserves, the reinsurance arrangement are so organized that maximum retention ismade possible within the country while at the same time protecting interests of the policyholders.


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SWOT ANALYSIS

Strengths:

a. Dedicated Employees.b. Well Efficient Management.c. Technology.d. Diversification of funds.e. Strong and popular brand name.f. Adaptability to changes.

Weakness:

a. Lack of good services.

b. Lack of awareness about insurance among people.

c. Less coverage in Rural Areas.

Opportunities:

a. Fast growing economy.

b. Increasing per capita income in India.

c. Saving behavior.

d. High growth of ULIP industry.

Threats:

a. Arrival of new entrants in the insurance industry.

b. Cut throat competition within the industry


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Scope of the study:

This study can be conducted by comparing the performances & products of three private

& government insurance players in insurance industry.

The number of respondents to be surveyed can be improved.

The study can be conducted in DELHI city only.

This study can be conducted to analyze the market stand of Reliance life insurance

Company limited and Life insurance Corporation of India insurance companies.


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RESEARCHOBJECTIVES

Objectives of this are:

iTo study about the insurance industry in India.

iTo compare the services offered by RLIC (private) and LIC

(Government) in term of customers satisfaction.

i To study the promotional and marketing strategies of RLIC.

i To Study the impact of a customer centric approach being followed

by the insurance industry.

i To study the satisfaction level of users of RLIC and LIC

i To draw the various conclusion and recommendations on the

basis of the study conducted on specifically taking to consideration

the services, advertising and marketing strategies of the insurance

industry.


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CHAPTER : CURRENTSCENARIO

y INSURANCE INDUSTRY

y RELIANCELIFE INSURANCE


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CURRENTSCENARIO


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i CURRENT SCENERIO OF THE INSURANCE INDUSTRY

With largest number of life insurance policies in force in the world, insurance happens tobe a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually andpresently is of the order of Rs. 450 billion. Together with banking services, it adds about 7 percent to the countrys GDP. Gross premium collection is nearly 2 per cent of GDP and fundsavailable with LIC for investment are 8 per cent of GDP.

Yet, nearly 80 percent of Indian population is without life insurance cover while healthinsurance and non-life insurance continues to be below international standards. And this part ofthe population is also subject to weak social security and pension systems with hardly any oldage income security. This it is an indicator that growth potential for the insurance sector isimmense. A well-develop and evolved insurance sector is needed for economic development as itprovides long term funds for infrastructure development and at the same time strengthens the risktaking ability. It is estimated that over the next ten years India would require investments of theorder of one trillion US dollar. The insurance sector, to some extent, can enable investment ininfrastructure development to sustain economic growth of the country. Insurance is a federalsubject in India. There are two legislation that govern the sector - The Insurance Act-1938 andThe IRDA Act-1999.

In India, insurance is generally considered as a tax-saving device instead of its otherimplied long term financial benefits. Indian people are prone to investing in properties and goldfollowed by bank deposits. They selectively invest in shares also but the percentage is verysmall. Even to this day, Life Insurance Corporation of India dominates India insurance sector.With the entry of private sector players backed by foreign expertise, Indian insurance market hasbecome more vibrant. Business is becoming increasingly vulnerable due to wide variety of riskparticularly after September 11, 2001 disaster in which twin tower located in the hearts of NewYork city were crashed by terrorist attack resulting in loss of 6000 human lives as well as

financial loss to the extent of $45 billion. The impact of this terrorist attack has created newhorizon of risk to the business world today.

However, rapid changes in the global economy, development of technology and e-business already gathered momentum. Increased dependency on technology has originated newrisks that have resulted in well-published incidents. Computer hackers obtaining credit cardinformation from visa and Power-Gen, the love bug virus, cyber extortion, web content liability,professional errors and omissions, computers and other crimes and activities such as terrorism,kidnapping and companys executive and extortion of money, commercial liability etc havesignificant impact on business resulting in extreme financial loss, commercial embarrassment orregulatory implications.

Corporation insurance/risk managers, under the circumstances, have to demandincreasingly complex insurance products. They have to be more attentive and knowledgeableabout emerging risks, how those risks are managed effectively and efficiently, and how theycould ultimately affect a companys financial situation and therefore its position in the marketplace. In short, how such risks are managed and can give to an insured a competitive advantage.


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In the changing times, adoption of e-commerce into business models, the integration ofweb-based communication and data transfer capabilities into the business operations, andleveraging of advanced network and technology architecture for maximum benefit are the newhorizon of the risks. For the corporate insurance/risks managers, these new exposure-cyber-risks-can lead to cyber losses, widening the interpretation of what constitute insure property damage,particularly as it relates to information technology and data.

All the while, organizations are tremendous pressure to reduce expenses and increase profit margin, and cannot afford to suffer a property loss of business interruption due to anycause (risk). How a company identifies, quantifies, qualifies and manages these new risksexposure, in addition to the well-known tradition risks, is becoming an important factor increating shareholders value. This often means changing the way. Everyone in the organizationhave to think about risk.

Insurance managers are seeing price levels (premium) continue to rise-albeit modestly-intodays primarily commercial property and reinsurance markets. They are demanding thatinsurers improve their risk assessment and quantification offerings so that an insured may avail

the benefit in cost (premium rate) on account of well-managed risk.The good news for insurance managers is that as the economy evolves, insurers are

increasingly matching that evaluation with new products, services and capabilities due toopening up the insurance market to the private players.

Insurers who are truly listening to their customers and striving to be more in tune withtheir needs are responding to the fast changing corporate insurance and risk managementlandscape. They are listening to their customers. They are making fresh approaches to addressthe new challenges faced by insured organization by designing the new products as per theneeds. Insurers are providing value added services to insured to protect the value created by thebusiness.

Insurers are increasingly required to develop and expand their information technologyplatforms to ensure that the vast amount of data they collect about their customers. Insurance/riskportfolio can easily and seamlessly be transformed into valuable risk management information.To help their customers, insurers should make better-informed decisions. They must be able toswiftly deliver this data to their customers (insured) anywhere in the world. Insurer are alsodiscovering that risk assessment have to be customized to meet policyholders new exposuresand needs. The insurance industry is stepping up and addressing these challenges in severaldifferent ways.

i


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i CURRENT SCENARIO OF RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited (RLIC) is amongst the fastest growing life insurance companin India. It is also amongst the top four private sector life insurance companies in India. (as on FY 2008-

2009)

As on March 31, 2009, RLIC has an annualized premium of Rs. 30 billion with a market share of 10.3%has leapfrogged on the growth path and has reached the 4 million policy mark, in a short span of within 3years. RLIC has a strong distribution network of 1,145 branches with more than 149,000 agents.

RLIC offers wide range of innovative life insurance products, targeted at individuals and groups. It offerneed based products that caters to four distinct segments namely protection, child, retirement andinvestment plans. RLIC is committed to emerge as a transnational Life Insurer of global scale and standa


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Insurances Market Share in Comparison of Other Private company

If we look at the status of Reliance Life Insurances market share in comparison of other private

company in comparison of premium earned:-


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CHAPTER: RESEARCH METHODOLOGY

DATA ANALYSIS AND INTERPRETATIONS

LIMITATIONS OF THE STUDY


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iREASEARCH METHODOLOGY

As the tithe of the project suggests the purpose to study the access of

prudential in area like Pitampura.

Research comprise defining and redefining problems, formulating

hypothesis or suggested solutions; collecting, organizing and evaluating

data; making deductions and reaching conclusions; and at last carefully

testing the conclusions to determine whether they fit the formulating

Hypothesis.

In short, the search for Knowledge through Objective and Systematic

method of finding solutions to a problem is Research.

METHODOLOGY:

The methodology adopted in conducting this survey was quite simple. First

there was collection of data from various sources including personal

interview. Then after scanning and properly analyzing and interpreting the

information available on hand, a final report was prepared.

SOURCES OF DATA

1. PRIMARY DATA: Primary data was collected from the sample by a self-

administered questionnaire in presence of the interviewer.

2. SECONDAR Y DATA: The chief sources of secondary data were

magazines, newspaper, journals etc.


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RESEARCH DESIGN

Type ofResearch: -Descriptiveresearch

Descriptive research includes Surveys and fact-finding enquiries of different

kinds. The main characteristic of this method is that the researcher has no

control over the variables; he can only report what has happened or what is

happening.

RESEARCH INSTRUMENTS

Selected instrument for Data Collection for Survey is Questionnaire.

SAMPLE SIZE:

The survey is conducted among 100 respondents.

Simple statistical tools have been used in the present study to analyze and

interpret the data collected from the field. The study has used percentage

method and the data are presented in the form of diagrams.

SAMPLE AREA:

Differentcustomerofsahadradistricts whichcovered manyareaslike

seelampur.

Sampling Area:

Differentcustomers ofsahadradistrict whichcovered manyareaslikeseelampur.


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RESULT ANALYSIS

&

INTERPRETATION


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1) AGE:

AGE NO. OF RESPONDENTS PERCENTAGE

18-30 43 43%

31-50 37 37%

51-65 20 20%

TOTAL 100 100%

INTERPRETATION:-The bar graph reveals that 43% of the respondents belong tothe age group of 18-30 years, 37% lies in the age group of 31-50 years and 20% ofthem lie in the age group of 51-65 years.

4337

20

0

5

10

15

20

25

30

35

40

45

NO.OF

RESPON

18 to 30 31 to 50 51 to 65

AGE (in years)

AGE WISE CLASSIFICATION


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2) OCCUPATION:

OPTION NO. OF RESPONDENTS PERCENTAGE

Service 32 32%

Business 28 28%

Profession 10 10%Housewife 17 17%

Retired 13 13%

TOTAL 100 100%

INTERPRETATION:-The above bar graph reveals that 32% of the total respondentswere servicemen, 28% of them belonged to the business class, 10% were professionals,17% were housewives and 13% of the total respondents fall in the retired category.

3228

10

17

13

0

5

10

15

20

25

30

35

ser vi ce b usi ness p r ofessi on ho usew ife r et i red

O CCUP AT I O N

OCCUPATION WISE CLASSIFICATION


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3) INCOME:

OPTION NO. OF RESPONDENTS PERCENTAGE

150000-300000 48 48%

300000-500000 29 29%

Above 500000 23 23%TOTAL 100 100%

INTERPRETATION:-The above bar graph reveals that out of the total respondents 48% liein the income group of 150000-300000, 29% of the total respondents belonged to the income

group of 300000-500000 and 23% lie in the income group of people earning an income ofabove Rs. 500000p.a.

48

29 23

0

10

20

30

40

50

N

O.OF

RESPONDENTS

150000-

300000

300000-

500000

ABOVE

500000

INCOME( in RS.)

INCOME WISE CLASSIFICATION


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DATA SHOWS PEOPLES HAVINGINSURANCE

RESPONSE NO. OFRESPONDENTS

SHARE (%)

Yes 90 90%

No 10 10%

Total 100 100%

INTERPRETATION

y Of the sample size of 100 surveyed respondents 100% of the respondents are

having Insurance policy.

y 00% of the respondents are either not having any Insurance policy at present or

their policy is already matured.

90%

10 %

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Yes No


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DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCECOMPANIES

COMPANYS NAMENO.OFRESPONDENT

SHARE (%)

L.I.C. 68 78

RELIANCE LIFEINSURANCE

3 3

ICICI PRUDENTIAL 10 10

SBI LIFE 7 7

HDFC 2 2

TOTAL 100 100

INTERPRE

TATION

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

ranked no.1 by that percent of respondents.

0

10

20

30

40

50

60

70

80

LICREL

ICICISBI

HDFC

East


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DATA SHOWS WHIS POLICY most frequentlyFOR CUSTOMER

POLICY RESPONDENT SHARE

MGP 65 65%

SAIP 35 35%

INTERPRETATION

65% of the respondents as with the view that MGP is the best for

get return with return shield option.

35% of the respondents as with the view that SAIP is the best for

get the high return

0%

10%

20%

30%

40%

50%

60%

70%

1

2

Series1


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DATA SHOWS WHAT PEOPLE INTENTTO GAIN FROM THEIR INVESTMENT


SHARE (%)

Saving & Returns 100 100%

Security 90 90%

Tax benefits 71. 71.%

INTERPRETATION

y

100% of

the respondents intent to gain saving and returnsfrom their investment.

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

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

investments.

0

20

40

60

80

100

Saving & ReturnsSecurity

Tax benefits

100

90

71

00

0

00

0

Saving & Returns

Security

Tax benefits


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DATA PROVIDES FEATURES OF INSURANCE POLICYTHATATTRACTED

RESPONDENTS

FEATURE NO.OFRESPONDENTS

SHARE (%)

Money Back Guarantee 15 15

Larger Risk Coverance 37 37

Easy Access to Agents 7 7

Low Premium 30 30

Companys Reputation 11 11

TOTAL 100 100

INTERPRETATION

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

attracted feature of the all.

15%

37%

7%

30%

11%

FEATURES OF INSURANCE POLICY

MONEY BACK GUAARENTEE

LARGER RISK COVERANCE

EASY ACCESS TO AGENTS

LOW PREMIUM

REPUTATION OF COMPANY


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DATAGIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

BENEFITSNO.OFRESPONDENTS

SHARE (%)

Cover Future Uncertainty 55 55

Tax Deductions 20 20

Future Investment 25 25

TOTAL 100 100

INTERPRETATION

attracted feature of the all.

INTERPRETATION

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

benefit of an insurance policy.

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

deduction and future investments respectively.

55%

20%

25%Cover FutureUncertainty

Tax Deductions

Future Investment


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DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO

POLICY SERVICE


SHARE (%)

Satisfied 45 45%

Not satisfied 55 55%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

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

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

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

0.00%

20.00%

40.00%

60.00%

Satisfied

Not satisfied

Satisfied Not satisfied


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DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM OF

INVESTMENT FOR SECURINGTHEIR FUTURE

NO. OFRESPONDENTS

SHARE (%)

Fixed Assets 75 75%

Bank deposits 11 11%

Jewellery 25 25%

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

Shares 10 10%

Insurance 70 70%

INTERPRETATION

y 75.25% of the respondents as with the view that Fixed Assets is the bestform of investmentfor securing their future.

y 70.5% of the respondents are with the perception that Insurance is thebestform of investment for securing their future, which is one of the highest andthis shows that insurance is an important key for securing your future.

0

10

20

30

40

50

60

70

80

75

1125

40

10

70

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Insurance

Shares

Securities i.e. bonds, MFs

Cash & Jewellery

Bank deposits

Fixed Assets


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LIMITATIONS

The study could not be made that comprehensive due to time constraints.

Some customers feel uncomfortable to reveal some personal information

relating to income etc. it might have happened that some more essential

information could have been collected.

j Time constraint.

j Biases and non-cooperation of the respondents.j Financial constraint.

j Geographical selectivity in study limiting to Delhi city only.

j People are not interested in giving personal opinion.


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DISCUSSIONS

AND

FINDINGSOF

THE STUDY


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Findings

The survey reveals that in the total population 70% people have the

insurance and only 30% people have no any insurance . Basically

people make varied form of investment for creating wealth to protect

their families against premature death and to protect income against

disabilities, sickness , critical illness.

The main motive of the individual investing in recives long term

returns. people generally consider insurance as a savingand

investments device.

Most people prefer to invest in LIC (Government)as compared to

making in investment in other insurance company.

The most preferred ULIP plans of reliance life Insurance is Money

Guarantee Plan.

In the Society large riskcoverage of insurance policyattract to takethe policy for the future and the company reputation in not the big

point for the costumers to buy the policy

The people are like to want to investment in fixedassets andafter

they choice the insurance because in the insurance the risk is very

high.

In the society more than 50% people are not satisfied from the policy

servicesa

nd most peopleare not s

atisfied with their e

xisting services

.


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Suggestions and recommendations

Based on the observations of the study some suggestions for the

organizations are made as follows .

1. Company should increase its budget on publicity so that

awareness can be increased

2. Quality ofadvisor is also importantas the quantity. The

company should go mainly for qualifying professionals.

3. Clarityand transparency shouldbe provided to costumers

regarding various products .

4. Infrastructure has to be built properlybecause an office is the

face of the company

5. Apart from the brand positioning in urban area, a strategy

shouldbe adoptedby r eliance to make its brandalso near to

middle level, or high aspirant people because the are the main

source of the business in india.

6. Some innovative technique or product is required in order to

attract the costumer


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Conclusions

1. The result of the survey conducted shows that lic is the lader in

the insurance industrybut reliance life insurane and otherprivate players are given it to close competetion.

2. The customers are very much sensitive towards their investment

they would like to invest only in that insurance company which

enjoys good public image along with good quality services.

3. The motive of the people behind investing in life insurance is the

savings and returns that they would receive high returns in the

future.

4.

In life insurance industry the

after s

ale support of the comp

any

is as important so as the quality of the life advisors.


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QUESTIONNAIRE

y NAME ___________________________________________

y ADDRESS ________________________________________

y AGE

18-30 31-50 51-65

y OCCUPATION

Business Professional Service Housewife Retired

y ANNUAL INCOME

150000-300000 300000-500000 500000 and above

1. Do you have any insurance policy?

Yes No

2. WHICH COS INSURANCE POLICY YOU PREFER THE MOST?

a) LIC

b) ICICIPRUDENTIAL


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c) SBI LIFE INSURANCE

d) ING VYSYA LIFE

e) RELIANCE LIFE INSURANCE

f) TATA AIG LIFE

g) ANYOTHER ________

3. OUT OF THE ABOVE POLICIES WHICH DO YOU MOST FREQUENTLY?

MONEY GAURNTEE PLAN (MGP)

SUPER AUTOMATIC INVESTMENT PLAN (SAIP)

4. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?

a) SAVING & RETURNS

b) SECURITY

c) TAX BENIFITS

5. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY IT?

(RANK THEM)

a) LOW PREMIUM

b) LARGER RISK COVERANCE

c) MONEY BACK GUARNTEE

d) REPUTATION OF COMPANY

e) EASY ACCESS TO AGENTS


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f) ANYOTHER _________ (Specify)

6. WH

ATD

OY

OUT

HINK

A

RET

HE BEN

EFIT

S OFIN

SURAN

CE COV

ER?(RANK THEM)

a) COVER FUTURE UNCERTAINITY

b) TAX DEDUCTIONS

c) FUTURE INVESTMENT

d) ANYOTHER _________ (Specify)

7.ARE YOU SATISFIED WITH THE POLICY SERVICE?

a) SATISFIED SAVING TOOL

b) NOT SATISFIED

c) NO

T RESPO

NDIN

8. WHICH IS THE BEST FORM OF INVESTMENTS?

a) FIXED ASSETS

b) BANK DEPOS

ITS

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