ON ANALYSIS OF

In Partial fulfillment of the requirements for the award of Bachelor of Business Administration

SUBMITTED TO

SUBMITTED BY

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Content

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Objective of the Company Importance of the study Introduction of Insurance List of rivate Insurance Company "bout #e$iance Life Insurance &oard of directors 'efinition of sa$es ()ar*etin+ )ar*etin+ -trate+y roduct -e+mentation /nit Lin*ed roduct #esearch )ethodo$o+y 0uestionnaire 'ata "na$yses Conc$usion Limitation #ecommendation &ib$io+raphy

4 5 7 1! 15 22 2% 2, 33 45 71 75 7% .2 .3 .4 .5

DECLARATION

PREFACE
Insurance is one of the fastest growing sectors in country. For year after Liberali ation the insurance industry still holds !ast o""ortunities for #oung and $%"erienced "rofessionals. &n the life insurance side "ublic sector life insurance 'or"oration of India is( &f course( the largest "layer with a history of o!er )* years. After "ri!ati ation( the P+, has been ma-ing efforts to im"ro!e efficiency and customer ser!ice. Among the "ri!ate life insurance Player .eliance life is a /ey "layer. 0y study about Life Insurance( gi!ing s"ecial reference to .$LIA1'$ Life Is an attem"t to get a inner loo- about the wor-ing of this "ri!ate "layer in the 'ountry( there mode of recruiting ad!isor and customer satisfaction with the com"any in $2A3. As the com"any o"erating in 45 cities with o!er 3)* branches( $tah is selected as a sam"le unit of study( the will consist of studying Product bas-et of .eliance life with the hel" of secondary data and the mar-et sur!ey with the hel" of 6uestionnaires to collect "rimary data and there after the result will be generali ed of ,ni!erse 7I18IA9 to get clear "icture about the "reference of .eliance life in India.

ACKNOWLEGEMENT
It is a great feeling to acknowledge all those very important people without whom this training & research project would not have been completed. At the very outset, I take the opportunity to express my gratitude and hearty thanks for those people who have directly or indirectly helped me in working with Reliance Life I con!ey my sincere than-s to Mr ?? of our college for their ad!ice( endless encouragement ; co< o"eration in hel"ing me to com"lete this Internshi" Programme. I con!ey my sincere than-s and dee" gratitude to res"ected Senior Territory Manager, Reliance Life Insurance Co !any, ?? I ta-e this o""ortunity to than- my "ro=ect guide Mr" ?? Senior Territory Manager #S"T"M$, Reliance Life Insurance Co !any, for his -ind co<o"eration and !aluable suggestions for conducting the study successfully and enabling me to do my summer training. Finally I e%tended my warm than-s to all my coordinators who were in!ol!ed with me during my Interns%i! Training for their -ind co<o"eration and hel".

O&'ECTI(E OF COMPAN)
In the short s"an since the insurance sector was o"ened u"( .eliance Life has literally dictated the mar-et>s e!olution. 'atering to all age and income segments( the com"any started out with the traditional insurance "olicies that were easy to understand( the idea was to entice customers used to LI'>s style of functioning. .eliance Life began e%"loring new areas? it introduced modern "roducts( li-e ,nit<Lin-ed Product where return are lin-ed to the mar-et "erformance of the underlying assets. .eliance Life leads n !irtually all "arameters? si e of agent force( number of "olicies sold( total sum assured( "remium income and "roducti!ity of agents it has set e%acting standards for its range of "roducts( riders offered( quality of information in "romotional material and e!en in the insurance awareness e!ents organi ed. @hat has been in fa!ors of .eliance Life is the range of "roducts in each +egment of life insurance<traditional( unit< lin-ed and single "remium o"tion( be they for retirement "lan or child "lan. @ith such a com"rehensi!e bouquet( it caters to all financial goals of a customer. +o the ob=ecti!e of study is to see in that bouquet of "roduct and satisfaction of customers with the com"any through research wor- in 0eerut.

IMPORTANCE OF T*E ST+D)

.eliance Life has grown e%"onentially o!er the "ast three years( ma-ing its mar- in a number of segments such as retirement solutions( child "lan and unit<lin-ed "lans. 2he success of the business thus far( has towards achie!ing the com"any>s Bision of being a leader in life insurance business in India. .eliance Life is the leading "ri!ate sector life insurance in India. +o( the research wor- is im"ortant in res"ect of understanding the changing Insurance sector with s"ecial reference to .eliance Life. 2he study is about "roducts of leading "ri!ate insurer( their mode of recruiting ad!isors and their a""roach< which made them customer centric.

SCOPE OF ST+D)
.eliance Life insurance has increased its mar-et share among "ri!ate life insurers to nearly :)D of 3)Das of end< Euly. 2he com"any>s first<year "remium income in the 1o!ember<Eune "eriod stood at .s. )5A.5 crore( accounting for :3.5AD of the .s. 1()CA crore "remiums boo-ed by all "ri!ate life insurers together. 'onsidering the entire life mar-et( including .s. 12(C4* crore boo-ed by life insurance 'or"oration( .eliance Life mar-et share wor-s out to around 5.13D. 2he life insurance mar-et continuous to be dominated by LI' which has about 5AD share this only a marginal di" from its A3D share in end<Euly. 2hese com"arisons are only for first year or new business "remium. 2he ga" between .eliance Life and the second<inFline "ri!ate insurer is !ast. In fact( this hiatus has led some analysts to wonder if the com"any is not a trifle too aggressi!e. But others say this has more to do with the com"any>s customer<centric focus( its "an<India "resence and su"erior ris- management and in!estment strategies. .eliance Life is not( howe!er( resting on its laurels. 'om"any>s customer centric a""roach will be studied during the 2raining "eriod and the finding of the research wor- will definitely focus on the "resent condition ; future requirement 7if any9( relating to the "roducts of com"any.

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Insurance is mechanism that ensures an indi!idual thri!e on ad!erse consequences by com"ensating the indi!idual for loss financially. 2he meaning of insurance can be made from two "ointsG Function meaning of insurance 'ontractual meaning of insurance

Functional Meaning,
Insurance is a co<o"erati!e de!ice to s"read the loss caused by a "articular ris- o!er a number of "eo"le( who are e%"osed to it and who agree to ensure themsel!es against the insurance isG a9 A co<o"erati!e de!ise to s"read the risinsured against basis of

b9 2he system to s"read the ris- o!er a number of "eo"le who are the ris-. c9 2he "rinci"al to share the loss of each member of the society on the "robability of loss to their ris- and d9 2he method to "ro!ide security against losses to the insured.

Contractual Meaning,
2he insurance is a contract where byG 'ertain sum called "remium( is charged in consideration. Against the said consideration a large sum is guaranteed to be "aid by recei!ed the "remium. the insurer who

2he "ayment will be made in certain definite sum that is the loss or the "olicy amount whiche!er may be( and 2he "ayment is made only u"on a contingency.

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-in.s of insurance
2he Insurance can be di!ided from two angelsG From the business "oint of !iew. From the ris- "oint of !iew.

&usiness !oint of /ie0,

2he insurance can be classified in to categories from business "oint of !iew

1$

Life insurance

Life insurance is different from other insurance in the since that( here( the sub=ect matter of insurance is life of human being. Life is the most im"ortant "ro"erty of the society or an indi!idual. 2his insurance "ro!ides "rotection to the family at the "remature death or gi!es adequate amount at the old age when earning ca"acities are reduced.

2$

3eneral insurance

2he general insurance includes "ro"erty insurance( liability insurance and other forms of insurance. Fire and marine insurance are strictly called "ro"erty insurance? 0otor( 2heft( Fidelity and 0achine insurances includes the e%tent of liability Insurance to a certain e%tant.

#A$ Pro!erty Insurance

,nder the "ro"erty insurance "ro"erty of a "erson insured against certain s"ecified ris-. 2he ris- may be fire or marine "erils( 2heft of "ro"erty or goods damage to "ro"erty at accident.

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1$ Marine Insurance
0arine insurance "ro!ides "rotection against loss or marine "erils. 2hese "erils cause damage( destruction of disa""earance of the shi" and cargo and non"ayment of freight.

2$ Miscellaneous Insurance
2he "ro"erty good machine( furniture( automobiles( !aluable articles etc. can be insured against the damage due to accident or due to 2heft these are different forms of insurance for each ty"e of said "ro"erty where by not only "ro"erty insurance e%ist but liability insurance and "ersonal in=uries are also insured.

#&$ Lia4ility Insurance

2he general insurance also include liability insurance where by the insured is liable to "ay the damage of "ro"erty or com"ensate the loss of "ersonal in=ury or death. 2his insurance is seen in the form of Fidelity insurance( Automobile insurance and 0achine insurance etc.

#C$ Ot%er for

Besides the "ro"erty and liability insurance there are certain insurances( which are include under general insurance( state em"loyees insurance etc. where by the Insurer guarantees to certain amount at the certain e!ent.

5$ Social Insurance
2he social insurance is to "ro!ide "rotection to the wea-er section of the society who is unable to "ay the "remium of adequate insurance. Pension Plan( 8isability Benefit( ,nem"loyment Benefit( +ic-ness insurance and industrial insurance are the !arious form of social insurance with the increase of socialistic ideas( the social Insurance is an obligatory duty of the nation.

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List of Pri/ate Insurance Co !anies

Insurance Industry in the year 2***<2**1 had 21 new entrants( 7Foreign "layers entering the Indian insurance sector with their Indian "artners9 Life Insurance List, Life Insurers
NAME OF T*E COMPAN) Ba=a= Allian Life Insurance 'om"any Limited . H$ Pla a( Air"ort .oad ( #erawadaPune :11 **5 NAME OF PRINCIPAL OFFICER NAME OF APPOINTED ACT+AR) TELEP*ONE NO"6FA7 No"6E8 MAIL 9 :E& ADDRESS

S"No

1.

0r./amesh Hoyal

0r. Anil /umar +ingh

2el G *2*<:*25555 Fa% G *2*<:*25AC4 .

2.

3.

:.

Birla +un Life Insurance 'o. Ltd 5th Floor( Baman 'entre( 0a-hwana .oad( off Andheri</urla .oad ( Andheri7$9( 0,0BAI<:** *)4. 38F' +tandard Life Insurance 'o. Ltd 2nd Floor( 2rade +tar /ondi!ita Eunction Andheri /urla .oad Andheri $ast 0umbai :***)4 . I'I'I Prudential Life Insurance 'o. Ltd I'I'I Prulife 2owers ( 1*C4( A""asaheb 0arathe 0arg( Prabhade!i( 0umbai :** *2).

0r. A=ay +rini!asan

0r. Fabien Eeudy

2el G *22 :*343333I55AC3333 Fa%G *22 :*4513A3I55AC3232 $mail Gcustomerser!iceJbirlasunlife.com

0r Paresh Parasnis

0r. @illiam Eohn 0artin

2el G *22<5A)15555 Fa%G *22<2C22 CC::

+ri B. Baidyanathan

0r. A!i=it 'hatter=ee

2el G*22<)5521445 Fa%G *22<)5522*31

1:

).

5.

A.

C.

I1H Bysya Life Insurance 'om"any Ltd. I1H Bysya 3ome( )th Floor( K22 0ahatma gandhi .oad Bangalore<)5* **1. Life Insurance 'or"oration of India #oga-shema( Eee!a Bima 0arg( Post Bo% 1o. 144)3 0,0BAI :** *21 0a% 1ew #or- Life Insurance 'o. Ltd 11th Floor( 8LF +quare ( Eacaranda 0arg( 8LF 'ity ( Phase<II( H,.HA&1 122 **2. 0et Life India Insurance 'om"any Ltd. Brigade +eshamahal( 1o. )( Bani Bilas .oad ( Basa!anagudi( BA1HAL&. $<)5* **:.

0r./shiti= Eain

0s. 3emamalini .ama-rishnan

2el G *C*<2)32C*** Fa%G *C*<2)))4A5:

+hri 2 +. Bi=ayan

0r. 2 Bharga!a

2el )5)4CA*1?)5)4CA*2 Fa%G 22C2:3C5 $<0ail ? chairmanJlicindia.com

+hri .a=esh +ud

0r.Eohn 'harles Poole

2el G *12:<2)51A1A Fa%G *12:<2)51A5:

0r. .a=esh .elan

0r. 0 + B + Phanesh

2el G *C*<25:3C53C Fa%G *C*<25)214A* 2oll Free 1o. 1<5**<::<5454

4.

/ota- 0ahindra &ld 0utual Life Insurance Limited 4th Floor( Hodre= 'oliseum( Behind $!erard 1agar( +ion 7$ast9( 0,0BAI<:** *22..

0r. Haurang +hah

0r. Andrew @illis 'artwright

2el G *22<5521 )444 Fa%G*22<5521 )A)A( 5521 )C)C

1*.

+BI Life Insurance 'o. Ltd 2urner 0orrison Building( 2nd Floor( 15( Ban- +treet( Fort 0umbai<:** *23.

0r. 0ahade! 1agendra .ao

0r. +an=ee! /umar Pu=ari

2el G *22<)5342*** Fa%G *22<)5521:A1

11.

2ata AIH Life Insurance 'om"any Limited )th A 5th Floor( Peninsula 2ower( Peninsula 'or"orate ParHan"atrao /adam 0arg( Lower Parel( 0,0BAI :** *13.

0r. 0. +uresh

0r. 3eeraBasu

2el G *22<55)15*** Fa% G *22<55))*A11

1)

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.eliance Life Insurance 'om"any Limited. 1st Floor( 0idas( +ahar Pla a(Andheri /urla .oad( Andheri $ast( 0umbai :***)4. A!i!a Life Insurance 'om"any India Limited A!i!a 2ower( +ector .oad( &""osit Holf 'ourse( 8LF<Phase B( +ector<:3( Hurgaon < 122 **3

0r. 0alay Hhosh 7&fficiating9

0s. Pournima Hu"te

2el G *22<3*CC3:3:I 3*CCA251 Fa%G *22<3*CC5)CA

0r. 2. .. .amachandran

0r. 'handan /hasnobis

2elG *12:<2A* 4***I*1( Fa%G *12:<2A* 4**A.

1:

+ahara India Life Insurance 'o( Ltd. +ahara India Bhawan( /o"oorthala 'om"le%( Luc-now 225*2:

0r. 1.'. +harma

0r. / / 8harni

2elG *)22<233AAAA Fa%G *)22<23AC2**

1)

+hriram Life Insurance 'o( Ltd. .egd. &ffice G 3<5<:AC( 3rd Floor( Anand $state( Liberty .oad( 3imayat 1agar( 3yderabad < )***24

0r . 8uru!asan

0r. 2heo Bernhard +cheffler

2elG *:*<23:3::55<A2 Fa%G *:*<23:3::CC

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Bharti ALA Life Insurance 'om"any Ltd. 5*1<5*2 5th Floor( .ahe=a 2itanium &ff @estern $%"ress 3ighway Horegaon 7$9 0umbai F :** *53

0r. 1itin 'ho"ra

0r. H L 1 +arma

2elG *22 F :*3*53**I53*1 Fa%G *22 < :*3*53:A

1A

Future Henerali India Life Insurance 'om"any Limited **1( 2rade Pla a( Hround Floor( :1:( Beer +ar!ar-ar 0arg( Prabhade!i( 0umbai :** *2).

0r. Eayant /hosla

0r. 8 +ai +rini!as

2el 1o.G *22<:*4A5555 Fa% 1o.G *22<:*4A55**

1C

I8BI Fortis Life Insurance 'om"any Ltd.( 2rade!iew( &asis 'om"le%( /amala 'ity( P.B. 0arg( Lower Panel 7@9( 0umbai<:** *13

0r. H.B. 1ageswara .ao

0r. 0ichael E @ood

2el 1o.G *22<2:4*C1*4I1* Fa% 1o.G *22<2:4:1*15

15

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'anara 3+B' &riental Banof 'ommerce Life Insurance 'om"any Ltd. 'Io. 3+B' at Amsoft +ystems( ,nitech 2rade 'entre( +ector<:3( +ushant Lo-<1( &"". Par- Pla a 3otel( Hurgaon<122 **1.

0r. 3ar"al +. /arlcut

0r. Paul Beresford

2elG *12:F ::21)A*5 Fa%G *12:< :2*11*4

2*

A$H&1 .eligare Life Insurance 'om"any Limited. H#+ 3eights( 2nd Floor( Paran="e MBN +cheme( +ubhash .oad( 1ear Harware 3ouse( Bile Parle 7$9( 0umbai F :** *)A

0.. .a=i! Eam-hed-ar

0r. /.+. Ho"ala-rishnan

2ele 1o.< *22<5A242424 Fa% 1o.< *22 5A243333

8LF Pramerica Life Insurance 'o. Ltd. 21 :th Floor 2ower B( Building 1o.<4( 8LF 'yber 'ity( Phase<III( Hurgaon<122**2. 0r. /a"il 0ehta 708 ; '$&9 0r. Pradee" /umar 2ha"liyal Ph. 1o.< *12:<:54A*** Fa% 1o.< *12:<:54A1** I 2**

22

+tar ,nion 8ai<ichi Life Insurance 'o. Ltd.( +tar 3ouse( 3rd Floor( 7@est @ing9( '<)(Bandra</urla 'om"le%( Bandra 7$ast9( 0umbai :** *)1

0r. /amal=i +ahay 708 ; '$&9

0r. I +A0BA+IBA .A&

PhoneG *22<34):5211 e<mailG ceoJsudlife.in

1A

1C

Money plan Health plan Child plan

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Pension plan
ABOUT THE COMPANY THE COMPANY About Relia !e Li"e I #u$a !e
Reliance Life Insurance offers you "roducts that fulfill your sa!ings and "rotection needs. &ur aim is to emerge as a transnational Life Insurer of global scale and standard. .eliance Life Insurance is an associate com"any of .eliance 'a"ital Ltd.( a "art of .eliance < Anil 8hirubhai Ambani Hrou". .eliance 'a"ital is one of India>s leading "ri!ate sector financial ser!ices com"anies( and ran-s among the to" 3 "ri!ate sector financial ser!ices and ban-ing com"anies( in terms of net worth. .eliance 'a"ital has interests in asset management and mutual funds( stoc- bro-ing( life and general insurance( "ro"rietary in!estments( "ri!ate equity and other acti!ities in financial ser!ices. Reliance 8 Anil D%iru4%ai A 4ani 3rou! also has "resence in 'ommunications( $nergy( 1atural .esources( 0edia( $ntertainment( 3ealthcare and Infrastructure.

2*

Our Foun.er
Few men in history ha!e made as dramatic a contribution to their country>s economic fortunes as did the founder of .eliance , S%ri" D%iru4%ai * A 4ani . Fewer still ha!e left behind a legacy that is more enduring and timeless. As with all great "ioneers( there is more than one unique way of describing the true genius of 8hirubhaiG 2he cor"orate !isionary( the unmatched strategist( the "roud "atriot( the leader of men( the architect of India>s ca"ital mar-ets( the cham"ion of shareholder interest. But the role 8hirubhai cherished most was "erha"s that of India>s greatest wealth creator. In one lifetime( he built( starting from the "ro!erbial scratch( India>s largest "ri!ate sector enter"rise.
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@hen 8hirubhai embar-ed on his first business !enture( he had a seed ca"ital of barely ,+O 3** 7around .s 1:(***9. &!er the ne%t three and a half decades( he con!erted this fledgling enter"rise into a .s 5*(*** crore colossusPan achie!ement which earned .eliance a "lace on the global Fortune )** list( the first e!er Indian "ri!ate com"any to do so. 8hirubhai is widely regarded as the father of India>s ca"ital mar-ets. In 14AA( when .eliance 2e%tile Industries Limited first went "ublic( the Indian stoc- mar-et was a "lace "atronised by a small club of elite in!estors which dabbled in a handful of stoc-s. ,ndaunted( 8hirubhai managed to con!ince a large number of first<time retail in!estors to "artici"ate in the unfolding .eliance story and "ut their hard<earned money in the .eliance 2e%tile IP&( "romising them( in e%change for their trust( substantial return on their in!estments. It was to be the start of one of great stories of mutual res"ect and reci"rocal gain in the Indian mar-ets. ,nder 8hirubhai>s e%traordinary !ision and leadershi"( .eliance scri"ted one of the greatest growth stories in cor"orate history anywhere in the world( and went on to become India>s largest "ri!ate sector enter"rise. 2hrough out this ama ing =ourney( 8hirubhai always -e"t the interests of the ordinary shareholder u""ermost in mind( in the "rocess ma-ing millionaires out

of many of the initial in!estors in the .eliance stoc-( and creating one of the world>s largest shareholder families.

(ision 9 Mission
(ision $m"owering e!eryone li!e its dreams. Mission 'reate unmatched !alue for e!eryone through de"endable( effecti!e( trans"arent and "rofitable life insurance and "ension "lans. Our 3oal .eliance Life Insurance would stri!e hard to achie!e the 3 goals mentioned belowG
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$merge as transnational Life Insurer of global scale and standard 'reate best !alue for 'ustomers( +hareholders and all +ta-e holders Achie!e im"eccable re"utation and credentials through best business "ractices

A:ARDS 9 ACCOLADES
Ac%ie/e ents

2he 'om"any has been the fastest com"any to reach the 3 million "olicy mar.LI' closed the last financial year with a Ne0 &usiness Pre iu of Rs 5;15 Crores" For 3 successi!e years( since ince"tion( the 'om"any has been amongst the fastest growing 'om"anies in the Life Insurance Industry achie!ing a gro0t% rate of 2<= in the last financial year against a mar-et growth of <5D. In the Indi!idual Business segment( the com"any achie!ed a gro0t% rate of ;>= in terms of @.P against the "ri!ate industry growth of 1D. .eliance Life has been one of the fastest gainers in mar-et share growing from 1.4D amongst "ri!ate "layers in 0arQ*5 to 1*.3D as of 0arQ*4. 2his has resulted in the 'om"any growing to becoming the ?t% largest !ri/ate !layer in @ust t0o years starting at "osition of 11. and was the 5r. largest !ri/ate insurer in terms of Policy count in 2**C<*4 .eliance Life has accom"lished a large distribution ram"<u" in the Industry in a short s"an of time by o!ening 11?; 4ranc%es in @ust o/er 2 year" .LI' continues to be amongst the foremost Life Insurance com"anies in India to be certifie. ISO >AA1,2AAA for all the "rocesses. Awarded the 'a nalal &a@a@ +c%it (ya/a%ar PurasBar 2AAC8 Certificate of Merit in the Financial +er!ices category by 'ouncil for Fair Business Practices 7'FBP9. 2he 'om"any has also 0on t%e DL S%a% Duality Council of In.ia Co en.ation A0ar. in the ser!ices category in feb 2**C for its wor- on "romoting Eself %el! c%annels for ser/iceE

Lea%e$#&i' Tea(
BOARD OF DIRECTORS

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Gauta( Do#&i) Di$e!to$ Hautam is the Hrou" 0anaging 8irector of .eliance Anil 8hirubhai Ambani Hrou" and 8irector of .eliance Life Insurance 'om"any Limited. In his long and illustrious career s"anning 3* years( Hautam has held -ey "ositions in !arious organisations such as 0Is. Bansi +. 0ehta( .+0 ; 'o. and Ambit 'or"orate Finance P!t. Ltd. Presently( as a Board member of !arious re"uted "ublic limited com"anies( Hautam continues to "ower the industry with his "rofound -nowledge and e%"ertise. Hautam( a qualified 'hartered Accountant( has ser!ed as the 'hairman of the Institute of 'hartered Accountants of India for the year 14C2FC3. 3e was also elected to the 'ouncil of the Institute of 'hartered Accountants of India for two consecuti!e terms s"anning o!er 1442 to 144C

Satya Pal Tal0ar,Director +atya Pal is the 8irector of .eliance Life Insurance 'om"any Limited. 3e holds an e%"erience of more than 3) years in o"erations and "olicy formulation. 2hrough his distinguished ser!ice in the financial industry( +atya Pal has ser!ed as the R'hairman and 0anaging 8irector> of renowned organi ations such as Ban- of Baroda( ,nion Ban- of India and &riental Ban- of 'ommerce. 3is in<de"th -nowledge of the sector has seen him rise quic-ly into "i!otal "ositions at ad!isory and board le!els in Indian and as well global organi ations such as +$BI( I8BI and 0aster'ard International. 3e has also held the co!eted "osition of 8e"uty Ho!ernor of .BI from 144: to 2**1. +atya Pal holds a degree in Law. 3e is a 'ertified Associate of the Indian Institute of Ban-ers and a member of the Indian 'ouncil of Arbitration.

Sau en 3%os%, 3rou! Presi.ent

+aumen is currently the Hrou" President of .eliance 'a"ital Limited. +aumen has wor-ed in the ,/ for one of the leading 'hartered Accountancy firms and then mo!ed to Australia to =oin a subsidiary of the Allian Hrou" where he held !arious senior "ositions in the finance and international di!ision. In his immediate "ast assignment( before =oining .eliance 'a"ital Limited( +aumen was res"onsible for the o!erall Allian o"erations in India and 0iddle $ast. +aumen is a qualified 'hartered Accountant and is a member of the Institute of 'hartered Accountant in $ngland ; @ales and Australia.

2:

Malay 3%os% F Presi.ent

0alay leads all acti!ities at .eliance Life Insurance 'om"any Limited Life and his -ey focus is on ra"id e%"ansion of all channels and accelerating the com"any>s growth tra=ectory. 0alay has o!er 2: years of wor- e%"erience in the insurance industry. 3e has wor-ed for 1A years with LI' across !arious functions and for A years with Ba=a= Allian Life Insurance where he was last designated 3ead of +ales. 0alay holds a 0asters degree in statistics.

Manees%a T%aBur, C%ief *u an Resources Officer

0aneesha in her role as the 'hief 3uman .esource &fficer at .eliance Life Insurance 'om"any Limited has de!elo"ed a "erformance dri!en and em"loyee centric culture. +he has been at the forefront of the organi ation growth by facilitating talent acquisition and management. 0aneesha in her career s"an of 1) years has wor-ed with com"anies li-e +3'IL( ALL2$L( 2ransamerica( I'I'I Ban- and B+1L. In addition to an 0A in $nglish Literature( 0aneesha holds a Post Hraduate 8i"loma in Personnel 0anagement ; Industrial .elations from LL.I( Eamshed"ur.

Pourni a 3u!te, A!!ointe. Actuary

Pournima is the A""ointed Actuary at .eliance Life Insurance 'om"any Limited where she has the o!erall res"onsibility for statutory re"orting( ris- a""etite( "ricing( !aluation( reinsurance( etc. Prior to =oining .eliance( Pournima ser!ed at Life Insurance 'or"oration of India for 2* long and rewarding years. 3er stint with LI' included a four<year de"utation at the London branch( as 0anager. +he then mo!ed on to be the 'hief 0anager F Actuarial( at /ota- 0ahindra Life Insurance 'om"any and Associate Bice President F Actuarial at Ba=a= Allian Life Insurance 'om"any. Pournima is a graduate in +tatistics and a Fellow of the Actuarial +ociety of India 7FA+I9.

C Mo%an, C%ief Tec%nology Officer

2)

' 0ohan is the 'hief 2echnology &fficer 7'2&9 of .eliance Life Insurance 'om"any Limited and he is res"onsible for Information 2echnology +trategy Formulation and 8e"loyment.0ohan is an $ngineering Hraduate and holds many International I2 'ertifications. 0ohan has o!er 12S years of I2 $%"erience of which he s"end more than AS years $%ecuti!e 0anagement $%"erience in o!erseas. 3e wor-ed with 'athay Pacific Airways and 'om"uter +ciences 'or"oration in Asia Pacific .ole at +inga"ore before he =oined .eliance Life. In #ear 2**C he has been awarded as Pioneer 'I& by 'I&L<8ata 6uest and Bold 1** 'I& by I8H<'I& Forum. 3e also recei!ed the $arly +&A Ado"ter Award from IB0. *e %as recently 4een selecte. as a %onoree in 3lo4al CIO 1AA 2AA> A0ar. Su Colora.o, +SA" it to 4e %el. in

R Rangara@an, C%ief In/est ent Officer

.angara=an is the 'hief In!estment &fficer at .eliance Life Insurance 'om"any Limited. 3e alongwith his team( stri!es to gi!e the best "ossible returns on in!estments to shareholders and "olicyholders( -ee"ing in mind their a""etite for ris-. .angara=an draws on his in<de"th -nowledge of in!estment and e%"erience of 2) years to ensure that the goals of the organi ation are metPwithout any com"romise on the benefits of the in!estors. Prior to being a "art of .eliance Life Insurance( .angara=an wor-ed with A0P +anmar Life Insurance as 3ead F In!estments for three years. 3is earlier assignment was with a large 0utual Fund organi ation. .angara=an is a qualified 'hartered Accountant.

S ( Sun.er -ris%nan, C%ief RisB Officer

+under is the 'hief .is- officer for .eliance Life Insurance and is res"onsible for o!erseeing .is- 0anagement( Internal Audit and 'om"liance functions at .eliance Life Insurance. +under came with 23 years of e%"erience and -nowledge in Internal Audits( 'om"liance( Assurance 'onsulting and .is- 0anagement. 3e has wor-ed for !arious leading organi ations such as 8+P 0errill Lynch( I1H Bysya( 'redit Lyonnais( +tandard 'hartered( Ban- International Indonesia( $rnst ; #oung and 8elloitte at senior and middle management "ositions with e%"osure to businesses and o"erations in more than 12 countries.

25

+under is a qualified F'A( 'I+A( and ''+A. 3e is also the President of Information +ystems Audit 'ontrol Association 7I+A'A<,+A9( 0umbai 'ha"ter for the year 2**A<*C and was a member of the Board of Ad!isors to Bombay 'hartered Accountants +ociety 7B'A>+9 for Internal Audit studies for the year 2**)<*5.

Saro@ - Panigra%i, *ea. Legal Co !liance 9 Co !any Secretary

Q+aro= / Panigrahi heads the Legal( 'om"liance and 'om"any +ecretarial function of .eliance Life InsuranceQ. 3e is armed with twel!e years of !aluable e%"erience in the 'or"orate Legal( 'ommercial( and .egulatory 'om"liance and 'or"orate Ho!ernance domains. Prior to =oining .eliance( he headed the Legal ; IP de"artment at Accentor>s India &utsourcing Business. 8uring his fulfilling tenure( he s-illfully managed the Legal( Intellectual Pro"erty( .egulatory .is- ; 'om"liance as"ects of se!eral Fortune )** com"anies. Prior to his assignment with Accentor( +aro= was Associate Legal 'ounsel ; 'om"any +ecretary at I1H Bysya Life Insurance and was also associated with I'.A( an associate of 0oody>s In!estors Inc. +aro= holds a degree in Law. 3e is also a Fellow 'om"any +ecretary( a 'hartered +ecretary 7,/9 and a 'hartered Financial Analyst 7'FA9.

DEFINATIONS OF MAR-ETIN3 AND SALES

MAR-ETIN3 0ar-eting means mo!ements of goods through distribution channel. 2hrough mar-eting consumers are made to understand the quality and usefulness of the "roducts. 0ar-eting g is a com"rehensi!e acti!ity( as quantum of sales de"ends largely u"on mar-eting. SALES +ales mean su""lying goods to the "roducts. +ales ta-e "lace in the minds of the buyer after the "roducts are made -nown to them through mar-eting. 3ence( 0ar-eting and selling are interrelated. In my o"inion( mar-eting is more im"ortant than sales because without mar-eting first sales cannot ta-e "lace.

C*ANNEL MAR-ETIN3 S+PPORT TO TIED A3ENTS

2A

a" Certificates
2hese are awarded to to" "erforming ad!isors for their contribution to sales of Pension Plans( ,nit Lin-ed Plans and sales to 3igh 1et worth Indi!iduals. It is a source of instant gratification to the sales team for their "erformance.

4" &anners
2he cor"orate banner was designed for the launch of the 'hurch gate Branch. It can be used to "ro!ide cor"orate brand !isibility for similar occasions.
c" &acB.ro! for EG%i4ition Stall

2his bac-dro" was designed to "ro!ide cor"orate brand !isibility for the e%hibition stall at +a-al in Pune. It can be used for forthcoming "ersonal finance e%hibitions that we "artici"ate in.

MAR-ETIN3 STRATE3)
.eliance Life Insurance 'om"any Ltd is u"beat on the emerging o""ortunities in the areas of health insurance and "ension "roducts. 2he "ri!ate insurance ma=or "ro"oses to ta-e ad!antage of its !ast networ- of 11:) branches with 45 regions( ad!isor strength of )lac( .eliance said the com"any was also "lanning to aggressi!ely e%"and its networ-. 3owe!er( .eliance refused to di!ulge details "ertaining to number of new branches and ad!isors being "lanned. .eliance also declined to quantify the si e of o""ortunities in the health insurance and "ension "roducts that the com"any is loo-ing at. M.eliance can only say that we are !ery u"beat on the o""ortunities emerging in health insurance and "ension segments. @e ha!e ma=or "lans for networ- e%"ansion to e%"loit the o""ortunities. According to .eliance( though the contribution of health insurance( thrown o"en to life insurers =ust recently( is currently insignificant( the com"any e%"ects a significant contribution in the ne%t cou"le of years. M.eliance is confident of growing at o!er 5* "er cent this year and retain our mar-et leadershi" "osition(T .eliance said. 'a"ital infusion stating that the com"any requires significant ca"ital infusion to im"lement its ambitious growth "lans(

2C

.eliance( howe!er( said the com"any was yet estimates its e%act ca"ital requirements now. TBoth the "artners are ready to "um" the ca"ital as and when required.T +haring the details on some of interesting trends obser!ed by .eliance Life in the falling stoc- mar-ets( .eliance said the in!estors were still demonstrating their faith in equities under the unit<lin-ed insurance "olicies 7,LIPs9.

&RAND A:ARENESS
Brand !alue re!eals that the !alues "eo"le o"erations( the associate with .eliance Life are indeed those the com"any ho"es to "ro=ect( lifelong "rotection and !alue for money. 2he core !alue is "rotecting your lo!ed ones( through life>s u"s and downs. Brand building in a com"le% category li-e life insurance is an u"hill and multi<faceted tas-. At the time of relaunching o"erations( the communication tas- was to build credibility( so as to gi!e the customer the confidence that it was a com"any that could be trusted to in!est funds with>. 2he aim was to encourage "eo"le to !iew insurance as a com"ulsory ta% sa!ing instrument( but as a means to lead a worry<free secure life and in the "rocess. 2he brand "ro"osition for all the cam"aigns was reflected in the lineG R+ura-sha Uindgi -e 3ar /adam Par>. 2he cam"aign featured a significant com"etiti!e ad!antage( the sound financial bac-ing and credentials of .eliance Life( and showcased "roducts from different segments. 2he ad!ertising idea was enca"sulated in the mar-et symbol cam"aign contributed e%tensi!ely to raising brand awareness and creating a distincti!e identity for the com"any. It is a "owerful "ro"osition? one( which .eliance Life( is ta-ing into the mar-et"lace.

DISTRI&+TION C*ANNELS
Tie. Agency C%annel Agents of the com"any( as the name suggests( dri!e the tied agency channel. For insurance distribution( this is the most "o"ular channel. 2his channel sourced A)D of .eliance life business in F# 2**4.

C"D"A #C*ANNEL DE(LOPMENT ASSOCIATE

'.8.A.>+ are those entities who can recruit their own team and source business through them as well as own sources also.

Cor!orate Agents

24

'or"orate Agents are cor"orate entities that source "olicies for the Insurance 'om"any with whom they ha!e a tie u". 2hey are authori ed to the source "olicies for one insurance com"any only.

&roBers #T"P"D$
A !ariant of 'As( Bro-ers are not tied to a V"articular com"any and are allowed to source business for more than one insurance com"any.

AFFNIT) #Direct MarBeting$

8irect 0ar-eting( as a channel of distribution( is relati!ely a new one. It basically encom"asses all uncon!entional channel of distribution. Inter alia( it includes call center( internet and other mass media channels.

RELIANCE LIFE Rea.y RecBoner MARC* 51,2AA>

3*

1" &usiness Data for F)AH

C%a!ter 1 2AA< 2"C;2 25"HA 1;"<A C"<A "1AC ;H,H?< C? C?; 2AAC ">5A >">A C";A 2"?A "?; 52,CAH ;? 1HA 2AAH "1>5 15>= 111= 22<= "AC> C2= 2<= 11<

Annuali ed Premium 7.s Billion9 5";15 2otal .ecei!ed Premium 7.s Bn9 < new business < renewal 1o. of Policies7 In 0n9 5 1o. of Ad!isors 7end of year9 1o. of Locations 7end of year9 1o. of Branches 7end of year9 11?;

-ey &usiness Measures

To! +! is an additional amount of "remium that is "aid by the customer !oluntarily. It is treated at "ar with +P A18 1*D of 2o" ," is added to the AP$ to arri!e at the TOTAL APE.

Su

Assure.

+um Assured is the amount of money for which the Insurance is ta-en. Pension "roducts li-e Life 2ime Pension( +ecure Plus Pension could ha!e ero death benefit. Average Premium A!erage "remium is the a!erage si e of the "olicy of Premium A!erage Premium W 2otal APE 2otal no. of Policies

Acti/ity Ratio
It is a -ey "erformance indicator which measures the efficiency of the +AL$+ 2$A0 . Acti!ity .atio W Acti!e agents for the "eriod 2otal agents at the beginning of the "eriod

31

Pro.ucti/ity
Producti!ity is the no. of cases "er acti!e agent. Producti!ity W 2otal 'ases 1o. of acti!e agents

PRODUCT SEGMENTS
LinBe. Pro.ucts As the name suggests( the "remium recei!ed on these "roducts "ost mortality charges is in!ested in funds. 2hese "roducts are directly lin-ed to of underlying fund e.g. Life 2ime +u"er. Pension Pro.ucts A "ension "roduct is one which "ro!ides for retirement benefits e.g. Pension( Annuities. Protection Plans Protect your family e!en when you>re not around by in!esting in .eliance "rotection Plans. 'hoose a limited "eriod "lan or a lifetime "rotection "lan de"ending on your needs. 3rou! Pro.ucts A Hrou" Policy as the name suggests is a "olicy which co!ers a grou" "eo"le e.g. a "olicy ta-en by the organi ation which co!ers all the em"loyees. Sa/ings9 In/est ent Plans

32

In life( you ha!e always gi!en your family whate!er they ha!e wanted. #et( there are some "romises you ha!e to fulfill( such as ta-ing your family for a !acation( or buying that dream house. +et aside some money to achie!e these s"ecific goals with the hel" of .eliance +a!ings ; In!estment Plans. 2he "lan allows you to e%"erience the =oys of life and "ro!ide for your family>s needs. $n=oy life without worrying about the "romises you ha!e madePwe are here to fulfill them. Rural Pro.ucts .ural "roducts are customi ed to the requirements of the rural sector. It>s a regulatory obligation on e!ery insurance com"any to source a certain "ercentage of the business from the rural sector.

OT*ER POLIC) RELATED TERMS Jet Cases

For e!ery insurance case there are certain medical tests required to warrant the fitness of the assured "erson. But the assured already fulfills certain set criteria( then an insurance "olicy can be issued to him e!en without a medical test. 2hese tests are called Eet 'ases.

Non Jet Cases

All the cases which do not fall within the set criteria can be defined as the Eet 'ases are called 1on Eet 'ases.

Life cover
Life 'o!er is the "art on which the cost insurance is charged( the cost of insurance here is the mortality cost.

33

Life 'o!er at any "oint of time during the tenure of the "olicy is? Life 'o!er W +um Assured at the "oint of time F Balue of units at that Point of time

Extended life Cover

After the maturity of the "lan of the "olicy holder is "ro!ided free co!er for )*Dof the basic sum assured that he had ta-en for ne%t ) years.

Death Benefits
Benefits "aid in a Life Insurance Policy in life co!er in the e!ent of the life assured "assing away during the term.

Life Assured
Person who is assured under the "lan.

uaranteed Additions
Huaranteed Additions are the ones that the insurer adds to the +um Assured.

Pros!ects
Indi!idual that has the "otential to "urchase a life "olicy.

Pro!oser
2he "erson who buys the "olicy i.e. "ro"oser and the life assured can be the same "erson or may be different.

Nominee
2he custodian to the claim F may or may not be the right owner to the claim money.

Beneficiar"
2he right successor to the claim.

3:

Rider
.iders are the features attachable with a main "olicy which "ro!ides added "rotection against s"ecific ris-s at little e%tra cost.

#nder$riting
,nderwriting is a "rocess of estimation of the ris- assumed under a "olicy. It forms the basics of the "remium charge for a gi!en sum assured.

%ortalit" Charges
0ortality charges are the ris- charges that are le!ied on the life co!er "art to "ro!ide the "rotection benefit to the "olicyholder.

Pro.ucts

P.&8,'2+ &FF$.$8

+ABI1H PLA1+

P$1+I&1 PLA1+

P.&2$'2I&1 PLA1+

3)

SA(IN3 PLANS
ENDO:MENT ASS+RANCE PLAN

MONE) &AC- PLAN

C*ILDRENIS PLAN

+NIT LIN-ED ENDO:MENT PLAN

+NIT LIN-ED ENDO:MENT PL+S

+NIT LIN-ED )O+N3 STAR PLAN

+NIT LIN-ED )O+N3 STAR PL+S

PENSION PLANS

PERSONAL PENSION PLAN

UNIT LINKED PENSION

UNIT LINKED PENSION PLUS

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P.&2$'2I&1 PLA1+

2$.0 A++,.A1'$ PLA1

L&A1 '&B$. 2$.0 A++,.A1'$ PLA1

+I1HL$ P.$0I,0 @3&L$ &F LIF$ PLA1

PRODUCTS
Insurance +olutions for Indi!iduals .eliance Life Insurance offers a range of inno!ati!e( customer<centric "roducts that meet the needs of customers at e!ery life stage. Its "roducts can be enhanced with u" to ) riders( to create a customi ed solution for each "olicyholder.

Sa/ings Solutions

Secure Plus is a trans"arent and feature<"ac-ed sa!ings "lan that offers 3 le!els of "rotection. Cas% Plus is a trans"arent( feature<"ac-ed sa!ings "lan that offers 3 le!els of "rotection as well as liquidity o"tions.

3A

Sa/eInIProtect is a traditional endowment sa!ings "lan that offers life "rotection along with adequate returns. Cas%&aB is an antici"ated endowment "olicy ideal for meeting milestone e%"enses li-e a child>s marriage( e%"enses for a child>s higher education or "urchase of an asset. Lifeti e 9 Lifeti e offer customers the fle%ibility and control to customi e the "olicy to meet the changing needs at different life stages. $ach offer : fund o"tionsX Preser!er( Protector( Balancer and 0a%imi er. Lifeline II is a single "remium 0ar-et Lin-ed Insurance Plan which combines life insurance co!er with the o""ortunity to stay in!ested in the stoc- mar-et. Pre ier Life is a limited "remium "aying "lan that offers customers life insurance co!er till the age of A). In/est S%iel. Life is a 0ar-et Lin-ed "lan that "ro!ides ca"ital guarantee on the in!ested "remiums and declared bonus interest. In/est S%iel. Cas% is a 0ar-et Lin-ed "lan that "ro!ides ca"ital guarantee on the in!ested "remiums and declared bonus interest along with fle%ible liquidity o"tions. In/est S%iel. 3ol. is a 0ar-et Lin-ed "lan that "ro!ides ca"ital guarantee on the in!ested "remiums and declared bonus interest along with limited "remium "ayment terms.

Protection Solutions

Life 3uar. is a "rotection "lan( which offers life co!ers at !ery low cost. It is a!ailable in 3 o"tionsX Le!el term assurance( le!el term assurance with return of "remium and single "remium. *o e Assure is a mortgage reducing term assurance "lan designed s"ecifically to hel" customers co!er their home loans in a sim"le and cost<effecti!e manner.

C%il. Plan

3C

S art -i. e.ucation !lans "ro!ide guaranteed educational benefits to a child along with life insurance co!er for the "arent who "urchases the "olicy. 2he "olicy is designed to "ro!ide money at im"ortant milestones in 2he child>s life. +mart /id "lans are also a!ailable in unit<lin-ed formX Both single "remium and regular "remium.

Retire ent Solutions

Fore/er Life is a retirement "roduct targeted at indi!iduals in their thirties. Secure !lus Pension is a fle%ible "ension "lan that allows one to select between 3 le!els of co!er.

Solutions for 3rou!s

As an em"loyer( you belie!e in "ro!iding the best o""ortunities for your em"loyees while -ee"ing the interests of the com"any in mind. 3ow will you stri-e a balance between the twoX .eliance Life Insurance offers you a win<win solution with +olutions for Hrou"s. 1ot only are your em"loyees co!ered for life from accidents and disablements( you can also efficiently manage their future with gratuity and "ension "lans. +o in!est in .eliance +olutions for Hrou"s to gi!e your em"loyees a sense of belonging and feel at "eace -nowing that you ha!e fulfilled your obligation towards your cor"orate family. As an em"loyer( you belie!e in "ro!iding the best o""ortunities for your em"loyees while -ee"ing the interests of the com"any in mind. 3ow will you stri-e a balance between the twoX

34

.eliance Life Insurance offers you a win<win solution with +olutions for Hrou"s. 1ot only are your em"loyees co!ered for life from accidents and disablements( you can also efficiently manage their future with gratuity and "ension "lans. +o in!est in .eliance +olutions for Hrou"s to gi!e your em"loyees a sense of belonging and feel at "eace -nowing that you ha!e fulfilled your obligation towards your cor"orate family.

*ealt% Solution

*ealt% Assure, Is a regular "remium "lan which "ro!ides l ong term co!er against 5 critical illnesses by "ro!iding "olicyholder with financial assistance( irres"ecti!e of the actual medical e%"enses. *ealt% Assure Plus, Is a regular "remium "lan which "ro!ides long term co!er against 5 critical illnesses by "ro!iding financial assistance( irres"ecti!e of actual medical e%"enses( as well as an equi!alent life insurance co!er

+NIT LIN-ED PROD+CTS

#N&' L&N( &N)#RANCE PLAN)*#L&P+ 2he higher the insurance co!er would be( the lesser the "ortion that goes into the in!estment cor"us. In a ,LIP the in!estor can switch from equity to debt<and !ice !ersa<

:*

de"ending on his life stage. In!estors can also res"ond to the changes in the mar-et scenario. An in!estor can switch from the equity fund to the debt ,LIP is life insurance solution that "ro!ides for the benefits of "rotection and fle%ibility in in!estment. 2he in!estment is denoted as units and is re"resented by the !alue that it has attained called as 1et Asset Balue 71AB9.,LIP came into "lay in the 145*s and became !ery "o"ular in @estern $uro"e and Americas. ,LIP+ also offer a great degree of trans"arency and fle%ibility to the in!estors. As times "rogressed the "lans were also successfully ma""ed along with life insurance need to retirement "lanning. In today>s times( ,LIP "ro!ides solution for insurance "lanning( financial needs( financial "lanning for children>s future and retirement "lanning. ,LIP+ combine the benefits of insurance and mutual funds. A "ortion of the in!estor goes into buying insurance co!er and the rest is in!ested in the fund of his choice< equity( balanced or debt. 2he co!er is ordinarily fi!e( 1* or 2* times the "remium "aid. Funds if he feels that the stoc- mar-et is o!erheated and due for a correction. But these are long<term in!estments and daily fluctuations in the 1AB should not im"act an in!estor>s decision. In!estors can also to" u" their ,LIP+ by in!esting more than the "remium "ayable in a year. 2hrough there is no u""er limit for to"s<u"s? they are not eligible for ta% deductions According to the I.8A( a com"any offering unit<lin-ed "lans must gi!e the in!estor an o"tion to choose among debt( balanced and equity funds. If they o"t for a unit<lin-ed endowment "olicy( they can choose to in!est their "remiums in debt( balanced or equity "lans.If they choose a debt "lan( the ma=ority of their "remiums will get in!ested in debt securities li-e gilts and bonds. If they choose equity( then a ma=or "ortion of their "remiums will be in!ested in the equity mar-et. 2he "lan they choose would de"end on their ris- "rofile and their in!estment need.

:1

+ince ,LIP is an insurance "olicy( incomes or "rofits arising from the in!estment are ta%<free. It has the double benefit of "ro!iding a .I+/ co!er and in!esting in stocmar-ets. ,nli-e traditional "lans ,LIP+ are sub=ect to the ris- factors where the ris- is borne by the "olicyholders( the in!estment ris- is related with the stoc- mar-ets and accordingly the 1ABs of the units go u" and down de"ending u"on the fund>s "erformance and the factors affecting the ca"ital mar-et. ,LIPs ha!e been doing in the recent "ast( it can be seen that R De an.s are al0ays increasing an. t%e ain t%ing is t%at t%ey are Bee!ing !ace 0it% glo4al tren.s > with ,LIPs "erforming well across the board.

Descri!tion of the current state

,h" #L&PsFirstly( ,LIP is a bundled "roduct of in!estments and insurance "roceeds. +o if you ha!e a ,LIP in!ested in equities( you are e%"osing your life insurance monies as well as your in!estable sur"lus to the !agaries of equity mar-ets. @hile it is fine and e!en sensible to let your in!estable assets get an equity fla!or( the same cannot be said about your life insurance monies( which to a large e%tent should be sacred. 2he !olatility in equity mar-ets can disturb the calmest of minds and the last thing you want to see is your nest egg being eroded by the latest slide in equity mar-ets. A ,LIP "olicyholder has the o"tion to in!est in a !ariety of funds( de"ending on his ris- "rofile. If one does not ha!e the a""etite to in!est in equity( they can choose a debt or balanced fund. 2he structure of a ,LIP ta-es care of quite a bit of the uncertainty in the mar-ets. Insurance com"anies understand the need to gi!e insurance<see-ers the fle%ibility to rethin- their in!estment strategy in !iew of mar-et histrionics. 2here is an o"tion for the insurance<see-er to switch to another "lan with a lower or ero equity com"onent to stem the loss in a falling equity mar-et. 2he switch o"tion allows customers to switch between fund o"tions( thereby ma-ing ad=ustments to any "ercei!ed ris-s. 3owe!er( for in!estors

:2

to ma-e the right switch they need to trac- mar-ets acti!ely and be well<informed( which is actually the =ob of the in!estment ad!isorIconsultant. ,LIPs are also suitable for indi!iduals who are already adequately insured and are reasonably well<informed and sa!!y to ta-e acti!e in!estment decisions by using the Yswitch o"tionQ that is "ro!ided to a ,LIP "olicyholder. Also "olicyholders with regular endowment "lans who are not satisfied with the :<5D returns can consider ta-ing a ,LIP with a lower equity com"onent. It is best if insurance<see-ers tread the middle "ath and choose balanced "lans 7with about )*<5*D equity com"onent9. Ideally they need to a!oid ta-ing the aggressi!e 1**D equity ,LIP( which could needlessly e%"ose their assets to mar-et !olatility.

+LIP !ro/i.es
Life Protection Investment and Savings Flexibility Adjustable Life Cover Investment Options Transparency

ulti!le 4enefits to t%e consu er

Options to take additional cover against Death due to accident Disability Critical Illness Liquidity Tax Planning

:3

REASONS FOR POP+LARIT) OF +LIP ULIPs offer a twin benefit ,LIPs ser!e the "ur"ose of "ro!iding life insurance combined with sa!ings at mar-et<lin-ed returns. 2his is more beneficial to the in!estor as com"ared to his in!estment in a mutual fund which does not offer a life co!er. 0oreo!er( they offer trans"arent disclosure( monthly "ortfolios and daily 1ABs 7net asset !alues9. ULIPs have multiple investment options 2he indi!iduals ha!e an o"tion of in!esting based on his mar-et analysis and his ris- "rofile. Henerally there are three categories of ,LIPs. J Aggressi/e +LIPs 7which can ty"ically in!est C*D<1**D in equities( balance in debt9. J &alance. +LIPs 7can ty"ically in!est around :*D<5*D in equities9 J Conser/ati/e +LIPs 7can ty"ically in!est u" to 2*D in equities9 ULIPS are Flexible 2he indi!iduals are allowed to switch between the ,LIP !ariants outlined abo!e to ca"itali e on in!estment o""ortunities across the equity and debt mar-ets. Free switches are an im"ortant feature that allows the informed indi!idualIin!estor to benefit from the !agaries of stoc-Idebt mar-ets. For instance( when stoc- mar-ets were on the brin- of A(*** "oints 7+ense%9( the "rudent in!estor would "refer to shift his assets from an Aggressi!e ,LIP to a low<ris- 'onser!ati!e ,LIP +LIPs are .esigne. to feature Syste atic In/est ent Plan #SIP$

::

As generally ad!ocated by the mutual fund industry( ,LIPs also facilitate +IP to the in!estors. @ith an +IP( indi!iduals in!est their funds regularly o!er time inter!als of a monthIquarter and donQt ha!e to worry about YtimingQ the stoc- mar-ets. An added benefit with ,LIPs is that indi!iduals can also in!est a one<time amount in the ,LIP either to benefit from o""ortunities in the stoc- mar-ets or if they ha!e an in!estible sur"lus in a "articular year that they wish to "ut aside for the future.

+li!s /s" Mutual Fun.s

M0Fs and ,LIPs essentially can>t be com"ared as ,LIPs are long term "roducts( with a ty"ical commitment of 1* years or more( while mutual funds are medium<term "roducts with a "eriod of three years or so.N

ULIPs
8etermined by the in!estor and can be modified as well

Mutual Funds

In/est ent a ounts

0inimum in!estment amounts are determined by the fund house

EG!enses Portfolio .isclosure

1o u""er limits( e%"enses ,""er limits for e%"enses determined by the chargeable to in!estors ha!e been insurance com"any set by the regulator

1ot mandatory

6uarterly disclosures are mandatory

Mo.ifying asset Henerally "ermitted for $ntryIe%it loads ha!e to be borne by allocation free or at a nominal cost the in!estor

:)

TaG 4enefits

+ection C*' benefits are +ection C*' benefits are a!ailable a!ailable on all ,LIP only on in!estments in ta%<sa!ing in!estments funds

S:OT Analysis Of +LIP As a Pro.uct

STREN3T*S In/est ent !lus Insurance *ig% Returns Trans!arent FleGi4ility *ig% :EA-NESSES LacB of A0areness" *ig% a. inistrati/e c%arges ortality c%arges" c%arges"

*ig% fiGe. annual

:5

OPPORT+NITIES Large +nta!!e. MarBet Pro.ucts for e/ery age grou! an. inco e le/el &enefits of 4ot% an in/est ent an. insurance !ro.uct

T*REATS Presence of /ery strong co !etitors" Aggressi/e arBeting 4y co !etitors" Not consi.ere. relia4le" Mutual fun.s an. FiGe. De!osits""

Relia !e E %o*(e t Pla

:elco e to Reliance Life

It ta-es a lot for a dream to become a reality. And money is surely an im"ortant "art of it.
:A

.eliance $ndowment Plan gi!es you =ust the financial inde"endence to realise your dreams in the future. It lets you decide how much you would li-e to set as your +um Assured based on your current financial "osition and your e%"ected future e%"enses +o( go ahead... dreamZZ.

-ey Features &n maturity recei!e +um Assured "lus bonuses @ealth creation through bonus additions 0ore Balue for your money by way of 3igh +um Assured .eb 'hoose to add the Benefit of three .iders<.eliance 2erm Life Insurance Bene fit .ider( .eliance 'ritical 'onditions .ider and .eliance Accidental 8eath and 2otal and Permanent 8isablement .ider 'hoose to a!ail of Policy Loan after three years
:C

Relia !e Wealt& + Healt& Pla

Wealt& b&i. Healt& b&i.

/1'2# 34IL"1 342 I152-3)213 #I-6 I1 342 I152-3)213 O#37OLIO I- &O#12 &8 342 OLIC84OL'2# . 2here are times when late wor-ing hours ta-e "recedence o!er your health chec-<u"s. And there are times when a !isit to the doctor seems more im"ortant than di!idends on your shares. In the rat race to ma-e money( we often forget to ta-e care of oursel!es. @e understand this "redicament. 3ere is a "lan that will ensure that your wealth -ee"s increasing constantly and yet your health does not ta-e a bac-seat. 2he .eliance @ealthS3ealth Plan. A "lan that gi!es you the benefits of wealth bhi health bhi. Life changes and as it does( so do your "riorities. After all( the circumstances of your life can determine the ty"e of health co!erage you need. India has made ra"id strides in the health sector. +ince Inde"endence( life e%"ectancy has gone u" mar-edly and sur!i!al rates ha!e also increased( still critical health issues remain. Infectious diseases continue to claim a large number of li!es. Perha"s youQre a freshly minted graduate( a =oyful newlywed( retiring early or between =obs. 0aybe youQre running your own business or raising a family P or both. In any of the situations( H&&8 or BA8( health cannot be ta-en for granted. All are affected by the rising costs of medical e%"enses. 2hat>s why it is im"ortant to "lan early and in ad!ance.

:4

Relia !e Ca#& Flo* Pla

Li"e i# "ull o" %e(a %#...

@hile most insurance "lans bloc- your money for a certain "eriod of time( .eliance 'ash Flow Plan gi!es you the double benefit of life insurance along with easy liquidity through lum" sum cash. It "ro!ides money "eriodically when you need it. It lets you li!e life to the fullest today and at the same time( hel"s you stay "rotected for tomorrow by gi!ing you the fle%ibility of recei!ing a s"ecified "ercentage of the +um Assured at s"ecified inter!als.

-ey Features $asy Liquidity < Het "eriodic cash flows at the end of the fourth year and thereafter at the end of e!ery three years. @ealth creation through bonus additions. &n maturity( recei!e accumulated bonuses along with final lum" sum "ayout 0ore !alue for your money by way of 3igh +um Assured .ebate Full +um Assured "lus bonuses in case of your unfortunate death. 2his is o!er and abo!e the +ur!i!al Benefits already "aid &"tion to add two .iders < 'ritical Illness .ider ; Accidental 8eath Benefit and 2otal and Permanent 8isablement .ider
)*

Relia !e Su'e$ Auto(ati! I ,e#t(e t Pla

A 'la t&at %oe# all t&e *o$-) *&ile I $ela.

UNDER THIS PLAN THE IN/ESTMENT RISK IN THE IN/ESTMENT PROTFOLIO IS BORNE BY THE POLICYHOLDER

Life is indeed delightful if you ha!e the freedom to ma-e choices. .eliance +u"er Automatic In!estment Plan gi!es you =ust that am"le freedomZ And we ma-e this freedom
)1

more en=oyable by gi!ing you a sense of security. @hether it>s your insurance or in!estments( we let you ma-e the choice and lea!e the rest to us. +o allow us to ta-e o!er and rest assured( because for us "our LIF$ comes FI.+2[ always. 2his "lan "romises Life co!er( with a com"lete fle%ibility to gain control o!er your in!estments in tune with your financials needs and your ris- a""etite. @e "resent a "lan that "romises what you deser!e as you reach greater heights in life. For the select few li-e you( .eliance +u"er Automatic In!estment Plan is an enhanced ,nit Lin-ed "lan addressing com"rehensi!e needs to stri-e that "erfect balance of Protection and +a!ings with full fle%ibility as you grow in your career. .eliance +u"er Automatic In!estment Plan gi!es you full fle%ibility to choose =ust the right in!estment mi% to rea" higher benefits.

)2

-ey Features F Reliance Su!er Auto atic In/est Plan 2wo "lan o"tions to choose from F .eady<made ; 2ailor< made. Life +tage asset allocation to ensure automatic change in in!estment "atterns < under .eady<made Plan o"tion. Freedom to decide your own fund mi% based on your ris"rofile under 2ailor<made Plan Allows +ystematic transfer "lan to a!erage out the cost of unit "urchases in equity. .egular( limited( single "remium "aying o"tions ,nmatched fle%ibility through our R$%change &"tionR to mo!e between .eliance suite of unit lin-ed "roducts Liquidity in the form of "artial withdrawal. &"tion to "ac-age "olicy with .eliance 0a=or +urgical Benefit .ider( .eliance 'ritical 'onditions 72)9 .ider( .eliance 2erm Life Insurance Benefit .ider( .eliance Accidental 8eath and 2otal and Permanent 8isablement .ider

)3

Relia !e Mo e0 Gua$a tee Pla

,nbeatable "rotection For your in!estments

/1'2# 34I- L"1 342 I152-3)213 #I-6 I1 342 I152-3)213 &8 342 OLIC84OL'2#.

O#37OLIO I- &O#12

):

#es( it>s a trio the "ace setter "lan which "romises Life Protection( an o""ortunity to gain control o!er your in!estments along with "rotection of downside ris-Z For the select few li-e you( the .eliance 0oney Huarantee Plan is ,nit Lin-ed "roduct addressing com"rehensi!e need to stri-e that "erfect balance of Protection and +a!ings that you deser!e as you grow successfully. 2he .eliance 0oney Huarantee Plan is a .egular Premium ,nit Lin-ed Policy which guarantees the entire "remium 7including "remiums for to"<u"s9 "aid by you. 2his is a "lan which hel"s you rea" all the benefits of a rising mar-et simultaneously "rotecting you from the downside ris- of the mar-et.

-ey Features 'a"ital HuaranteeG 2he sum of all "remiums "aid is guaranteed on maturity or on death before the maturity. 'a"ital Huarantee is a!ailable on both the basic "remiums as well as on to"<u" "remiums ,nique .eturn +hield feature to "rotect your returns 'hoice to in!est from 3 "re<"ac-aged in!estment fund o"tions ,nmatched fle%ibility through our R$%change &"tion> to mo!e between the .eliance Life Insurance ,nit Lin-ed "roducts offered( as you grow u" the ladder Liquidity in the form of "artial withdrawals from to"<u" fund &"tion to "ac-age with Accidental 8eath ; 8isability and 2erm Insurance riders

))

Relia !e Su'e$ Gol%e Yea$# Pla

"+e need not s$o9 you do9n...

UNDER THIS PLAN THE

IN/ESTMENT RISK IN THE IN/ESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

.etirement means different things to different "eo"le( while some want to rela% and ta-e a tri" around the world( some want to start u" a !enture of their own( and "ursue a dream harnessed for years. 2he "ower to ma-e your autumn years s"ecial lies only with you. 2he .eliance +u"er Holden #ears Plan gi!es you the "ower and the right -ind of solution < A retirement "lan that allows you to sa!e systematically and generate the much<needed cor"us to ma-e your olden years loo- golden.

)5

-ey Features F Reliance Su!er 3ol.en )ears Plan, In!est systematically and secure your golden years A fle%ible unit<lin-ed "ension "roduct that is different from traditional life insurance "roducts with Besting Age between :) ; A* years $ight different in!estment funds to choose from Fle%ibility to switch between funds &"tion to "ay .egular( +ingle as well as 2o"<u" "remiums Fle%ibility to ad!ance I e%tend your Besting Age 2a% free commutation u" to one third of Fund Balue at Besting age

)A

Relia !e Su'e$ I ,e#t A##u$e Pla

Het more than you can as- for.

UNDER THIS PLAN THE IN/ESTMENT RISK IN THE IN/ESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

#ou ha!e always as"ired for the best in life. And we hel" you achie!e that. 3ere>s a unique "lan which combines "rotection and sa!ings. It also offers com"lete fle%ibility to gain control o!er your in!estments !is<\<!is your financial needs and risa""etite. @e !alue your regular in!estments and thus reward you with guaranteed additions thus "romising unmatched benefits. 2his "lan also offers you a unique o"tion of mo!ing from a conser!ati!e fund to an aggressi!e fund systematically( to ta-e ad!antage of the .u"ee cost a!eraging model.

)C

A "lan that "romises you( what you ought to deser!e as you reach greater heights in life. @hat more can you as- for e%ce"t gifting yourself with .eliance +u"er In!est Assure Plan.

-ey features F Reliance Su!er In/est Assure Plan 2win benefit of mar-et lin-ed return and insurance "rotection.

Huaranteed additions at the rate of )*D of your first year>s basic "remium at inter!al of e!ery ) years from 1*th year till "olicy is in force. In!estment o""ortunity with fle%ibility <'hoose from C "ure in!estment fund o"tions. Liquidity in the form of "artial withdrawals. A host of o"tional rider benefits to enhance "rotection co!er.

Relia !e C&il% Pla

$an for your chi$d today so that they can reap the benefits tomorro9

)4

-ey Features .is- "rotection for you during the term of the Policy Accumulated bonus at the end of the Policy 2erm 2)D of +um Assured "ayable e!ery year as lum" sum Benefit during the last four Policy Anni!ersaries

All future "remiums are wai!ed in the e!ent of unfortunate loss of life Huaranteed Fi%ed Benefits continue e!en after loss of life of the Policy holder 0ore !alue for your money by way of 3igh +um Assured .ebate 'hoose to add the Benefit of two .iders < 'ritical Illness and Accidental 8eath Benefit and 2otal and Permanent 8isablement .ider

Policy "artici"ates in "rofit e!en after the loss of life of the life Assured As a "arent( it is only natural to dream of a smooth and blissful life for your child. @hich is e%actly why you need to secure your child>s tomorrow( todayX .eliance 'hild Plan hel"s you sa!e systematically so that you can gi!e your child the much<needed financial security in the future. +im"ly "ut( .eliance 'hild Plan gi!es you the freedom to en=oy e!ery moment with your child today( without worrying about hisIher tomorrow.

5*

Relia !e Se!u$e C&il% Pla 4e 9ants to be you. 8ou 9ant him to reach hi+her.

51

UNDER THIS PLAN THE IN/ESTMENT RISK IN THE IN/ESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

8o you see your child becoming a trailbla erX @ill they create the ultimate sym"hony or gi!e s"orts a new dimensionX

&ur children may =ust be the ones to end the arms race and wi"e out "o!erty from the face of the $arth. But for them to be able to aim for the s-ies( #&, 1$$8 2& A'2 1&@Z Introducing .eliance +ecure 'hild Plan < a unique life insurance cum sa!ings "lan. +tart sa!ing from now and secure the future of your child.

52

-ey Features F Reliance Secure C%il. Plan, Insurance co!er on the life of child 0oney at critical milestones in your childQs career "ath < college education( higher education( marriage #our child is com"letely "rotected < we will continue to "ay the "remiums e!en if you are not ali!e Life time income to child in the e!ent of disability .eturn +hield o"tion to "rotect your in!estment returns Liquidity in the form of "artial withdrawals 'a"ital guarantee a!ailable on maturity and on death of the child under .egular Premium basic "olicy &"tion to "ac-age with .eliance Accidental 8eath and 2otal and Permanent 8isablement .ider( .eliance 'ritical 'onditions .ider and .eliance 2erm Life Insurance Benefit .ider. Loyalty addition of 1D of the "remiums "aid under basic "lan and to" u"s

53

Relia !e S'e!ial E %o*(e t Pla -ecure your dreams today...

5:

.eliance +"ecial $ndowment Plan is the -ey to all your financial needs. #ou get a desired lum" sum after a s"ecified "eriod. 3owe!er( your life insurance "rotection continues for an e%tended "eriod. If anything were to ha""en to you( your beneficiary will get another +um Assured along with the bonuses. 2he Policy comes with an added feature of a limited Premium 2erm( which is always fi!e years less than the Policy 2erm.

5)

55

-ey Features 2win Benefit of "rotection and sa!ings +um Assured is "aid on sur!i!al( at the end of the Premium Paying 2erm

Life 'o!er for full +um Assured continues beyond Premium Paying 2erm $%tended Life 'o!er for fi!e years after Premium Paying 2erm @ealth creation through bonus additions 0ore !alue for your money by way of 3igh +um Assured .ebate 'hoose to add the Benefit of two .iders < 'ritical Illness and Accidental 8eath Benefit and 2otal and Permanent 8isablement .ider

'hoose to a!ail of a Policy Loan a!ailable after three full years of "remium "ayment Policy "artici"ates in "rofits e!en after Premium Paying 2erm

5A

5C

RESEARC* MET*ODOLO3) RESEARC* O&'ECTI(ES 2o find out the "eo"le>s "erce"tion about life insurance. 2o find out whether "eo"le were really aware of life insurance.

2o find out what res"ondents e%"ect from life insurance "olicies.

54

 2o study the o"inion of the "olicy holders related to their satisfaction. L&'A2I&1G << $tah 'ity

T)PES OF RESEARC*

2his is descri"ti!e research as this research includes sur!eys and fact finding inquires of different -inds. +o descri"ti!e research hel" in -nowing about "articular item or grou" of items in other words it describes the state as it e%ist at "resent. 2y"e of .esearch ,sed <<<<< 8escri"ti!e .esearch

DATA COLLECTED
2he data collected in this research is first hand so if "rimary data. It is collected directly from the res"ondent through questionnaire and through !isuali ation. 8ata 'ollectedG a9 b9 Primary +econdary DATA COLLECTION MET*OD
2he data is collected for research questionnaire method and through

A questionnaire is framed then data collected by ma-ing it fill by different res"ondent" DATA COLLECTION INSTR+MENT

A*

It is closed ended and o"en ended both ty"es of questionnaire. If questionnaire is closed ended then questions are in the form of R#es> or R1o> and if questionnaire is &"en ended then questions are in the form of any numerical form and e%"lanation. SAMPLE SIKE 2he si e of sam"le is 1**. P$o!e## o" Re#ea$!& For conducting research "ersonal contacts for necessary actions for which a number of rele!ant questions in res"ect of the same can also not dis"ensed with in order to obtain a clear "icture of the to"ic( following questions were formulated for obtaining concrete !iews of the indi!iduals of different -inds. Personal contracts with 1** "ersons belonging to the age grou" of 1C<5) out of which 2* were ladies C* were gents. In this 3* were Ho!ernment +er!ants( )* were Businessmen( 2* were Professionals. 2he questionnaire( which I had "re"ared before conducting the sur!ey( is gi!en on the ne%t "age.

SAMPLE TEC*NID+ES +am"ling techniques used in =udgment sam"ling. As the selection of sam"le was done according to the researcher con!enience"

A1

+am"le 8esign ,sedG c9 d9 'luster sam"ling .andom +am"ling

SAMPLE +NIT From the customers of $tah 'luster. DATA ANAL)SIS TEC*NID+ES Analysis of data is done through quantitati!e method that is numerical figure" DATA ANAL)SIS INSTR+MENT Instrument used for data analysis is tabulation of data( gra"h and tables.

D+ESTIONNAIRE

D8 1 8o you -now about the ad!antages of life insuranceX #$+ 1&

A2

D8 2 8o you need a life insurance "rotectionX #$+ 1& D8 5 8o you -now about .eliance Life InsuranceX #$+ 1& D8 ? Are you using any "roduct of .eliance LifeX #$+ 1& D8 ; If yes( then what is the "ur"ose of itX A< B< '< 8< $< 2a% sa!ing "ur"ose +hort term in!estment "ur"ose Business "ur"ose 3igh in!estment returns "ur"ose Life insurance "ur"ose

D8 H If no( then would you li-e to ta-e any "olicy from .eliance Life in futureX
821O

D8C 8o you thin- that your life insurance "olicy co!ers you and your liabilitiesX #$+ 1& D8 < 8o you thin- that .eliance Life has been successful in ca"turing the mar-et in !ery short "eriodX #$+ 1& D8> @hat are the Mcritical success factorsN of .eliance Life( according to you( for achie!ing its goal in !ery short "eriodX A< B< '< 8< $< 'ustomer satisfaction Product benefit 3igh in!estment returns Brand name of I'I'I Long e%tensi!e channel of distribution

A3

D81A @hich life insurance com"any you belie!e mostX 1< Ho!ernment 2< Pri!ate

D811 @hich "lan you want mostX A< +u"er Automatic In!estment Plan '< +u"er In!est Assure Plan

B< +u"er Holden #ear Plan 8< +ecure 'hild Plan

D812 3ow many insurance com"anies are you aware aboutX I'I'I Prudential Ba=a= Allian Birla +un Life LI' A!i!a &thers 2A2A AIH 38F' +tandard life .

D8 15 @ould you li-e to gi!e your !aluable suggestions to M.eliance LifeN for any s"ecific im"ro!ement or further de!elo"mentX Na e,8 Age,8

Occu!ation,8 # Salarie.6 Professional6 &usiness an $ 'ontact 1o.G

T*AN- )O+

DATA ANAL)SIS

A:

8uring "ersonal contacts the aforesaid questions were "ut by me "ersonally to each and e!ery indi!iduals and as "er their !iews the "ercentage of "ersons for and against each and e!ery question is as followsG< D 18 Do you Bno0 t%e a./antages of Life Insurance? Ans< After conducting the sur!ey of 1AA "eo"les what I come to -now does that e!erybody -now the ad!antages of Life Insurance.

1 23 Do 0ou ee% a li"e i #u$a !e '$ote!tio 4

"ns : Life Insurance is very necessary because there is no certainty of $ife any mishap can occur at any time. In this situation if the +uardian of the fami$y 9ho supports the fami$y dies untime$y remainin+ members of the fami$y may be compe$$ed to face $ot of prob$ems. 3o compensate them $ife insurance po$icy may prove fruitfu$ to that fami$y in order to maintain stabi$ity in the fami$y. -ome peop$e revea$ed that there is no need of $ife insurance protection because if 9e born it is ;od 9ho 9i$$ $oo* after them.

A)

278

YES NO

678

2he sur!ey of 1**"eo"le ensures that C*D "eo"le want the life insurance "rotection. It means C* "eo"le while 2*D "eo"le did not want the life insurance "rotection. It means 2* "eo"le.

1 53 Do 0ou - o* about Relia !e Li"e I #u$a !e4 Ans< After the sur!ey was conducted was conducted the result which used to come out is that in 1** "eo"le A*D "eo"le said that they -now .eliance Life A*D means A* while 3*D said that they don>t -now it 3*D means3* "eo"le. It means that "eo"le is !ery much aware about .eliance Life.

A5

D ?8 Are you using any !ro.uct of Reliance Life? Ans< In the sur!ey of1**"eo"le :*D "eo"le said that they are using the "roduct of .eliance Life i.e. :* while 5*D said that they are not using any "roduct of life insurance i.e. 5*.

AA

1 93 I" 0e#) t&e *&at i# t&e 'u$'o#e o" it4

"ns< 3his =uestion is direct$y re$ated to the above one> 4!? peop$e are usin+ the product of #e$iance Life the purpose is +iven be$o9 accordin+ to the percenta+e and number of the peop$e.

-. 1o. 1. 2. 3. 4. 5.

urpose 3a@ -avin+ urpose -hort 3erm Investment urpose &usiness urpose 4i+h Investment #eturn urpose Life Insurance urpose

?a+e of peop$e 5 1, , 35 32

1o. of peop$e 2 7 4 14 13

59 57 29 27 :9 :7 9 7 8a;e o" 'eo'le

Ta. Sa,i ; Pu$'o#e

S&o$t Te$( I ,e#t(e t Pu$'o#e Bu#i e## Pu$'o#e

Hi;& I ,e#t(e t Retu$ Pu$'o#e Li"e I #u$a !e Pu$'o#e

AC

1 < = I" o) t&e *oul% 0ou li-e to ta-e a 0 'oli!0 "$o( Relia !e Li"e i "utu$e4 "ns< 3his =uestion is a$so direct$y re$ated to 0<4 %!? peop$e said that they are not usin+ any product of #e$iance Life i.e. %! peop$e. In this %! peop$e 57? said that they 9i$$ use this product in future i.e. 34 peop$e 9hi$e 43? said they donAt have any interest in #e$iance Life i.e. 2% peop$e. .

90 80 70 60 50 40 30 20 10 0

East West North

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

A4

1 >3 Do 0ou t&i - t&at 0ou$ li"e i #u$a !e 'oli!0 !o,e$# 0ou a % 0ou$ liabilitie# 4 "ns< In this =uestion 7!? i.e.5% peop$e said their $ife insurance po$icy covers them and their $iabi$ities> because in case of any un to do happenin+ in their fami$y in their absence insurance po$icy 9i$$ support their fami$y 9hi$e> 3!? peop$e i.e.24 said that they donAt need any $ife insurance po$icy because they have sufficient money and property for them and their fami$y.

D <8 Do you t%inB t%at Reliance Life %as 4een successful in ca!turing t%e /ery s%ort !erio.?

arBet in

C*

"ns< "fter conductin+ the survey 9hat is revea$ed that ,!? i.e. 5% peop$e said that yes #e$iance Life has been successfu$ in capturin+ the mar*et in very short period 9hi$e 2!? i.e. 14 peop$e said no. eop$e said yes> their opinion 9as that previous$y ;overnment po$icies $i*e L.I.C. 9as dominatin+ in the society but today some private companies in this fie$d are doin+ better in comparison to ;overnment po$icies because their return are better one. #ed tapism $a@ity does not prevai$ in this $ife insurance companies. In this 9ay #e$iance Life has been successfu$ in capturin+ the mar*et in very short period. eop$e 9ho said no are mini minded they faith in ;overnment sector because there is no chance of $osin+ their money. -o thatAs 9hy they donAt 9ant to adopt #e$iance Life po$icies.

1 ?3 W&at a$e t&e@!$iti!al #u!!e## "a!to$#@ o" Relia !e Li"e) a!!o$%i ; to 0ou "o$ a!&ie,i ; it# ;oal i ,e$0 #&o$t 'e$io%4 "ns< "ns9er of this =uestion is accordin+ to the percenta+e of peop$e. S.No. 1. 2. 3. 4. 5. Su!!e## Fa!to$# Customer -atisfaction roduct &enefit 4i+h Investment #eturn &rand 1ame of ICICI Lon+ Channe$ of 'istribution 8a;e o" 'eo'le 2. 21 1. 25 % No. o" 'eo'le 2! 15 13 1, 4

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13:7 W&i!& Li"e I #u$a !e Co('a 0 0ou belie,e (o#t4 "ns< In this =uestion the options for the peop$e are ;overnment or ans9er is +iven in tab$e +iven be$o9B< rivate company. 3he

S.No. 1. 2.

Se!to$ ;overnment rivate

8 o" 'eo'le 7! 3!

No. o" 'eo'le 7! 3!

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13:: *&i!& 'la 0ou *a t (o#t4 "ns< "fter conductin+ the survey I had found that peop$e 9ant to invest the money 9ith Life Insurance p$an in order to +et hi+h return "fter +ettin+ the fina$ resu$t 9hat I come to *no9 peop$e 9ant to invest their money in Life 3ime po$icy because in this po$icy the rate of interest is very +ood. . S.No. 1. 2. 3. 4. T0'e# o" Pla /LI #etirement $an Chi$d $an 4ea$th $an 8 o" 'eo'le 53 1. 1% 12 No. o" 'eo'le 21 , % 5

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<7
95

97 A7 57 27 :7 7 ULIP C&il% Pla

:? :< :2

8o" Peo'le

13:2 Ho* (a 0 i #u$a !e !o('a ie# a$e 0ou a*a$e about4 "ns< -urvey revea$s that it is on$y and on$y L.I.C. about 9hich 1!!? peop$e are a9are about the reason is that L.I.C. is e@istin+ from so many years. ercenta+e of other companies is +iven in the tab$e be$o9B< S.No. 1. 2. 3. 4. 5. %. 7. I #u$a !e Co('a ie# #e$iance Life L.I.C. ICICI rudentia$ &ajaj "$$ianC "5I5" 4'7C -tandard Life &ir$a -un Life 8 o" 'eo'le ,5 1!! .! ,4 32 72 25 No. o" 'eo'le ,5 1!! .! ,4 32 72 25

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SWOT ANALYSIS

STRENGTH Co('a 0 Re'utatio B 3 Company reputation is one of the best in Indian Insurance industry. #e$iance Life is amon+ the top three companies. Ma$-et S&a$eB 3 the mar*et share of the company is more than 1!?. Cu#to(e$ Sati#"a!tio B 3 It is one of the main aims of the company. It is the mission of the company. Se$,i!e 1ualit0B 3 3he service of the comp Dany is transparent. Sale# Fo$!e E""e!ti,e e##B 3 -a$es department of the company is very effective and enthusiastic re+ardin+ their job. P$o%u!t 1ualit0B 3 0ua$ity of the products is very +ood> 9hich suits everybodyAs need. Di#t$ibutio E""e!ti,e e##B < 'istribution channe$ of the company is ve3ry effective. Cu#to(e$# Rete tio B 3 #etention of the customers is very satisfyin+ for the company.

WEAKNESS

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 Geo;$a'&i!al Co,e$a;eB 3 3he Company is not in every part of the country. Te!& i!al S-ill#B 3 3o understand the po$icies of the company is very difficu$t for those 9ho do not understand 2n+$ish. P$o%u!t P$oble(B 3 -ome po$icies has no maturity benefits> such po$icies covers on$y the ris*s.

OPPURTINITY Re!$uit(e tB < Company has +iven a $ot of job opportunities to the fresher. T$ai i ; P$o;$a((eB 3 companies trainin+ pro+ramme is very effective and va$uab$e. Ma$-et De,elo'(e t St$ate;0B 3 3here are $ots of opportunities to deve$op the mar*etin+ strate+y.

THREATS 5arious threats are fromB < CompetitorsB < 4i+her Costs ;overnment o$icies I#'" #u$es and #e+u$ations

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CONCLUSION &n the basis of data collected and analysis of those data( we ha!e find some of "oint the .eliance life insurance com"any is the successes following are the conclusion that I ha!e drownG 1. Peo"le in $tah are aware of insurance and it>s im"ortant. 2. 2hey are aware of "ri!ate "layers in insurance and generally -now the name of .$LIA1'$ LIF$ I1+,.$1'$. 3. +er!ices of .eliance are !ery trans"arent. It is a!ailable throughout the country. :. 'ustomer satisfaction is the ma=or intention from .eliance Life. ). .eliance Life is made for all class of society. 5. It is able to ca"turing the mar-et because its ha!e brand image. A. :*D of the "eo"le ta-e the "olicies of .eliance Life Insurance. C. 2he main "ur"ose of in!estment of the money is high return.

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LIMITATIONS @hile wor-ing on the to"ic assigned to me for research wor-( I ha!e chosen the way of random sam"ling. But while carrying out the wor- I ha!e faced the following "roblems i.e. limitations to my studies? 1. In the month of Eune to Euly in $2A3 when the tem"erature was high ; due to frequent "ower cut in city some "eo"le were not ready to tal- o!er the to"ic co!ered under 6uestionnaire. 2. 8ue to une!en social en!ironment of different "lace( the area is not fully co!ered as "lanned. 3. I ha!e also faced the "roblem at the time of training that an indi!idual who is already a financial consultant of a com"any at the same time heIshe can>t be the financial consultant of other com"any. :. 2he researcher found lac- of time and done a "recise in<de"th study and bring out the a!ailable data and information ). $arlier there was not that much research had been conduct on this to"ic( so the researcher fined it difficult to grou" the information and get the best out"ut. 5. As the researcher had only used the "rimary ; secondary data the lac- or im"ro"riety in the secondary data will also "resent in the research "ro=ect.

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s RECOMMENDATION

@hile studying the insurance mar-et in $tah city gi!ing s"ecial reference to .$LIA1'$ LIF$ I1+,.A1'$. I ha!e gone through number of statements of "eo"le about "olicies they ha!e ta-en from the mar-et leader but were not satisfied with after sale ser!ice they are recei!ing. &n the basis of that I recommend the mar-et challenger thatG

1. 2here should be "ost "urchase interaction with the "olicy holder. 2. 0ore customer oriented educated sales force should be em"loyed unit<lin-ed "lans. 3. &"en some more branches in semi urban and rural area. :. Pro!ide more ser!ices to customer. ). Bring some unit lin-ed life insurance "lans in the mar-et. 5. 2rained the financial ad!isors more efficiently. to educate the "eo"le about

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&I&LIO3RAP*)
&) T*E *ELP OF &ooBs 1. Business $n!ironment by MFrancis 'herunilamN 2. 3uman .esources ; Personnel 0anagement M/. Ashwatha""aN 3. 2heory And Practice &n +ocial .esearch M3ansra=N :. .esearch 0ethodology M'. .. /othariN ). 0ar-eting 0anagement MPhilli" -otlarN &) T*E *ELP OF Manuals #2LI"1C2 LI72 I1-/#"1C2 "nnua$ #eport 2!!% E 2!!7 E intranet. &) T*E *ELP OF OT*ER SO+RSE &y the headAs and the consu$tant of the #2LI"1C2 LI72 I1-/#21C2. &) T*E *ELP OF :e4sites
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WWW.$elia !eli"e.!o.i .
WWW.IRDAINDIA.ORG WWW.INSURE2BSECURE.COM WWW.GOOGLE.COM

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