EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that insurance sector has the maximum
growth and potential as compared to the other sectors. Insurance has the maximum growth rate
of 70-80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential
attracts me to enter in this sector and RELIANCE LIFE INSURANCE has given me the
opportunity to work and get experience in highly competitive and enhancing sector.

 The success story of good market share of different market organizations depends upon
the availability of the product and services near to the customer, which can be distributed
through a distribution channel. In Insurance sector, distribution channel includes only
agents or agency holders of the company. If a company like RELIANCE LIFE
INSURANCE, TATA AIG, MAX etc have adequate agents in the market they can
capture big market as compared to the other companies.

Agents are the only way for a company of Insurance sector through which policies and benefits
of the company can be explained to the customer.

1
 CHAPTER I

INDIAN INSURANCE

INDUSTRY

“AN OVERVIEW”

2
 CHAPTER 1

THE INSURANCE INDUSTRY IN INDIA

AN OVERVIEW

With the largest number of life insurance policies in force in the world, Insurance happens to be
a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and
presently is of the order of Rs 1560.41 billion (for the financial year 2006 – 2007). Together
with banking services, it adds about 7% to the country’s Gross Domestic Product (GDP). The
gross premium collection is nearly 2% of GDP and funds available with LIC for investments are
8% of the GDP.

Even so nearly 65% of the Indian population is without life insurance cover while health
insurance and non-life insurance continues to be below international standards. A large part of
our population is also subject to weak social security and pension systems with hardly any old
age income security

A well-developed and evolved insurance sector is needed for economic development as it

provides long term funds for infrastructure development and strengthens the risk taking ability
of individuals. It is estimated that over the next ten years India would require investments of the
order of one trillion US dollars.

HISTORICAL PERSPECTIVE

The history of life insurance in India dates back to 1818 when it was conceived as a means to
provide for English Widows. Interestingly in those days a higher premium was charged for
Indian lives than the non - Indian lives, as Indian lives were considered more risky to cover. The
Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to
charge the same premium for both Indian and non-Indian lives.

3
The Oriental Assurance Company was established in 1880. The General insurance business in
India, on the other hand, can trace its roots to Triton Insurance Company Limited, the first
general insurance company established in the year 1850 in Calcutta by the British. Till the end
of the nineteenth century insurance business was almost entirely in the hands of overseas
companies.

Insurance regulation formally began in India with the passing of the Life Insurance Companies
Act of 1912 and the Provident Fund Act of 1912. Several frauds during the 1920's and 1930's
sullied insurance business in India. By 1938 there were 176 insurance companies.

The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided
strict State Control over the insurance business. The insurance business grew at a faster pace
after independence. Indian companies strengthened their hold on this business but despite the
growth that was witnessed, insurance remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life insurers and provident
societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC)
was born. Nationalization was justified on the grounds that it would create the much needed
funds for rapid industrialization. This was in conformity with the Government's chosen path of
State led planning and development.

The non-life insurance business continued to thrive with the private sector till 1972. Their
operations were restricted to organized trade and industry in large cities. The general insurance
industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and
grouped into four companies- National Insurance Company, New India Assurance Company,
Oriental Insurance Company and United India Insurance Company. These were subsidiaries of
the General Insurance Company (GIC).

4
 KEY MILESTONES

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended by the Insurance Act with the objective of
protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers along with provident societies were taken over by the
central government and nationalized. LIC was formed by an Act of Parliament- LIC Act 1956-
with a capital contribution of Rs. 5 crore from the Government of India.

INDUSTRY REFORMS

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament
in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has
fastidiously stuck to its schedule of framing regulations and registering the private sector
insurance companies. Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations.

The other decision taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies was the launch of the IRDA online service
for issue and renewal of licenses to agents. The approval of institutions for imparting training to
agents has also ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products.

5
PRINCIPLES OF LIFE INSURANCE

BASIC PRINCIPLES

Principle of Co-Operation: The insurance company collects premium from insured persons
and puts the premium in pool. The insured are cooperating by paying premium in advance to
strengthen the pool.

Principle of probability: The occurrence of risk in each type of insurance can be estimated
with the help of theory of probability, which can be use as a basis for fixing premium.

LEGAL PRINCIPLES

Principle of utmost good faith : Contracts of insurance are based on mutual trust and faith.

Principle of Low Penetration : Per Capita insurance premium in India, in 2000 was $8 only
against $4,800 in Japan. The life insurance premium was only 1.4% 0f GDP. The penetration of
non-life business is still lower at 0.56 percent of GDP. LIC and GIC have able to tap only 10%
of the market 90% is still untapped.

Principle of Indemnity : (Applicable in non-life insurance only): It is a promise to compensate

the loss. However, insured is not entitled to make a profit on his loss.

6
REGULATORY BODY OF INSURANCE

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)

The Insurance Regulatory and Development Authority (IRDA) was constituted as an

autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as
a statutory body in April, 2000. The key objectives of the IRDA include promotion of
competition so as to enhance customer satisfaction through increased consumer choice and
lower premiums, while ensuring the financial security of the insurance market.

The IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the
power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000
onwards framed various regulations ranging from registration of companies for carrying on
insurance business to protection of policyholders’ interests.

In December, 2000, the subsidiaries of the General Insurance Corporation of India were
restructured as independent companies and at the same time GIC was converted into a national
re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002.

Today there are 14 general insurance companies including the ECGC and Agriculture Insurance
Corporation of India and 14 life insurance companies operating in the country.

The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together with
banking services, insurance services add about 7% to the country’s GDP. A well-developed and
evolved insurance sector is a boon for economic development as it provides long- term funds for
infrastructure development at the same time strengthening the risk taking ability of the country.

7
 PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA

The life insurance industry in India grew by an impressive 47.38%, with premium income at Rs.
1560.41 billion during the fiscal year 2006-2007. Though the total volume of LIC's business
increased in the last fiscal year (2006-2007) compared to the previous one, its market share
came down from 85.75% to 81.91%.

The 17 private insurers increased their market share from about 15% to about 19% in a year's
time. The figures for the first two months of the fiscal year 2007-08 also speak of the growing
share of the private insurers. The share of LIC for this period has further come down to 75
percent, while the private players have grabbed over 24 percent.

With the opening up of the insurance industry in India many foreign players have entered the
market. The restriction on these companies is that they are not allowed to have more than a 26%
stake in a company’s ownership.

Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have
poured into the Indian market and 19 private life insurance companies have been granted
licenses.

Innovative products, smart marketing, and aggressive distribution have enabled fledgling private
insurance companies to sign up Indian customers faster than anyone expected. Indians, who had
always seen life insurance as a tax saving device, are now suddenly turning to the private sector
and snapping up the new innovative products on offer. Some of these products include
investment plans with insurance and good returns (unit linked plans), multi – purpose insurance
plans, pension plans, child plans and money back plans. (www.wikipedia.com)

8
 CHAPTER 2

REVIEW OF LITERATURE

A study conducted by Rajesham, Ch. and Rajender, K. (2006)84 article “Changing Scenario
of Insurance Sector” Indian Journal of marketing revealed that insurance companies of India
are required to come up with multi-benefit policies including tax benefits with quality based
timely customer services and need to focus on health insurance which is one of the untapped
areas of insurance including services through innovative products, smart marketing and
aggressive distribution with internet facility with much individual attention transparency and
flexibility to increase the quality and volume of insurance business. Today, the focus is on
selling more products to existing customers to improve profitability, therefore customer –
focused strategies require an effective CRM ensuring insurance firms monitor the ebb and
flow of customer behaviour, giving them a holistic 360-degree view for their customers.

A study conducted by Raman, N. and Gayathri, C. (2006) article “A Study on Customer’s

Awareness towards New Insurance Companies”, Indian journal of Marketing revealed that
customers are now looking at insurance as complete financial solutions offering stable
returns coupled with total protection. Companies will need to constantly innovate in terms of
product development to meet over changing consumer needs. Understanding the customer
better will enable insurance companies to design appropriate products, determine price
correctly and increase profitability. In the present scenario a key differentiated would be
professional customer service in terms of quality of advice on enhancing the customer
convenience.

A study conducted by Nagajothi, R.S. and Hasanbanu, S. (2007)article “A Study of the

Insurance Perspective in Uthamapalayam Taluk” Indian journal of marketing revealed that
in India, the insurance has not been on the main agenda of either individuals or corporate.
Hence, reforms encompass not merely regulatory intervention but also promotional effort to
develop the market. The steady growth of the industry, as also the consolidation of private
players progressively bears a silent testimony to the proactive regulatory regime in place in
India.

A study conducted by Bodla, B.S. and Sushma Rani Verma (2007) article “Life Insurance
Policies in Rural Area and Understanding Buyer Behaviour”, ICFAI University revealed that
insurance sector plays a very important role in the development of any economy and it

9
provides long-term funds for infrastructure development and at the same time strengthens
the risk taking ability.

Shivanand H. Lengti (2009)94 in his article “Insurance Disputes in India” revealed that the
insurance consumers have the option to select the appropriate authority and forum. It may be
the insurance ombudsman or the consumer councils, to settle their disputes.

Praveen Sanu, Gaurav Jaiswal and Vijay Kumar Panday (2009) in their article, “A Study of
Buying Behaviour of Consumers towards Life Insurance Company”, Prestige institute of
Management and Research, Gwalior, revealed that in present Indian market, the investment
habits of Indian consumers are changing very frequently. The individuals have their own
perception towards various types of investment plans.

Selvavinayagam, K. and Mathivanan, R. (2010) article has revealed that the competitive
climate in the Indian insurance market has changed dramatically over the last few years. At
the same time, changes have been taking place in the government regulations and
technology. The expectations of policyholders are also changing. The existing insurance
companies have to introduce many new products in the market, which have competitive
advantage over the products of life insurance companies.

Ramanathan, K.V. (2011)research has resulted in the development of a reliable and valid
instrument for assessing customer perceived service quality, awareness level, and
satisfaction level of customers towards life insurance industry. Here, service quality needs to
be measured using a six dimensional hierarchal structure consisting of assurance,
competence, personalized financial planning, corporate image, tangibles and technology
dimensions. This would help the service managers to efficiently allocate resources, by
focusing on important dimensions first. There is no right and wrong in this. The success of
marketing insurance depends on understanding the social and cultural needs of the target
population, and matching the market segment with the suitable intermediary segment.

10
 CHAPTER3

RESEARCH METHODOLOGY

Title:

To determine customer-buying behavior with a focus on market segmentation for Reliance Life
Insurance.

 TITLE JUSTIFICATION:

The above title is self explanatory. The study deals mainly with studying the buying pattern
in the insurance industry with a special focus on Reliance life Insurance. The various segments
of the markets divided in terms of Insurance Needs, Age groups , Satisfaction levels etc will also
studied.

OBJECTIVE

Objective One

 To determine reasons behind opting for an insurance.

 To provide the company with information of customer's Insurance policy if they

have any and reasons for opting for that particular policies.

 To determine customers perception towards private insurance companies and their

expectation form private insurance companies.

 To study the types of benefits provided by insurance services.

 To determine the use of Internet for valuable information and decision-making

process.

SCOPE OF THE STUDY

A big boom has been witnessed in Insurance Industry in recent times. A large number of new
players have entered the market and are vying to gain market share in this rapidly improving
market. The study deals with Reliance in focus and the various segments that it caters to. The
study then goes on to evaluate and analyse the findings so as to present a clear picture of trends
in the Insurance sector.

11
SIGNIFICANCE OF THE STUDY

SIGNIFICANCE TO THE INDUSTRY :

This is a limited study which takes into consideration the responses of 100 people. This data can
be explorated to take in the trends across the industry. The significance for the industry lies in
studying these trends that emerge from the study. It is a rapiddly changing and evolving sector.
People are only beginning to wake up to it’s vast possibilities. A study like this can attempt to
guide the future of the industry based on current trends.

SIGNIFICANE FOR THE RESEARCHER :

To facilitate and provide all the useful informtaion of the studt, the company, the insurance
industry and also provide marketing ways, methods of reliance life insurance.

RESEARCH DESIGN

 NON-PROBABILITY

 EXPLORATORY & DISCRIPTIVE EXPERIMENTAL RESEARCH

The research is primarily both exploratory as well as descriptive in nature. The sources of
information are both primary & secondary.

A well-structured questionnaire was prepared and personal interviews were conducted to collect
the customer’s perception and buying behavior, through this questionnaire.

SAMPLING METHODOLOGY

SamplingTechnique:

Initially, a rough draft was prepared keeping in mind the objective of the research. A pilot study
was done in order to know the accuracy of the Questionnaire. The final Questionnaire was
arrived only after certain important changes were done. Thus my sampling came out to be
judemental and convinent

12
Sampling Unit:

The respondants who were asked to fill out questionnaires are the sampling units. These
comprise of employees of MNCs, Govt. Employees, Self Employeds etc.

Sample size:

The sample size was restricted to only 100, which comprised of mainly peoples from different
regions of Delhi due to time constraints.

Sampling Area :

The area of the research was MUMBAI , India.

LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of Delhi and does not necessarily shows a pattern
applicable to all of Country.

2. Some respondents were reluctant to divulge personal information which can affect the
validity of all responses.

3. In a rapidly changing industry, analysis on one day or in one segment can change very
quickly. The environmental changes are vital to be considered in order to assimilate the findings.

13
Marketing Stratregies OF THE COMPANY

 Some of the STRATEGIES ADOPTED BY RELIANCE LIFE INSURANCE

COMPANY.

Reliance Life Insurance plans to tap Reliance Communications' 2.5-crore telephony subscriber
base to market its products.

The company is considering a series of options to leverage its relationship with Reliance
Communications.

However, a joint product or a co-branded solution would require approval from the Insurance
Regulatory and Development Authority

Customers of R World, the information and entertainment portal of Reliance Communications,

would also be able to pay premiums through a bank account, provided the bank is listed on the
network.

Reliance Life Insurance officials, however, offered no comment when asked whether there
would be an arrangement for payment of commission to Reliance Communications.

As an alternative channel for distribution, insurance companies usually tie up with banks. In the
case of banc assurance, where there is a corporate agency tie-up, the commission could range
from 5 per cent to 40 per cent of first-year premium depending on the commission loaded on to
the product at the time of registration with IRDA.

14
 CHAPTER IV

RESEARCH METHODOLOGY

15
 CHAPTER4

INTRODUCTION TO THE COMPANY

COMPANY PROFILE OF RELIANCE LIFE INSURANCE

FOUNDER

Few men in history have made as dramatic a contribution to their country’s economic fortunes
as did the founder of Reliance, Sh. Dhirubhai H Ambani. Fewer still have left behind a legacy
that is more enduring and timeless.

 As with all great pioneers, there is more than one unique way of describing the true genius
of Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader
of men, the architect of India’s capital markets, the champion of shareholder interest.

 But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth creator. In
one lifetime, he built, starting from the proverbial scratch, India’s largest private sector
enterprise.

 When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$
300 (around Rs 14,000). Over the next three and a half decades, he converted this fledgling
enterprise into a Rs 60,000 crore colossus—an achievement which earned Reliance a place
on the global Fortune 500 list, the first ever Indian private company to do so.

 Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when
Reliance Textile Industries Limited first went public, the Indian stock market was a place
patronised by a small club of elite investors which dabbled in a handful of stocks.

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

participate in the unfolding Reliance story and put their hard-earned money in the Reliance
Textile IPO, promising them, in exchange for their trust, substantial return on their
investments. It was to be the start of one of great stories of mutual respect and reciprocal
gain in the Indian markets.

16
 Under Dhirubhai’s extraordinary vision and leadership, Reliance scripted one of the greatest
growth stories in corporate history anywhere in the world, and went on to become India’s
largest private sector enterprise.

 Through out this amazing journey, Dhirubhai always kept the interests of the ordinary
shareholder uppermost in mind, in the process making millionaires out of many of the initial
investors in the Reliance stock, and creating one of the world’s largest shareholder families.

17
 ABOUT RELIANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance -
Anil Dhirubhai Ambani Group. Reliance Capital is one of India’s leading private sector
financial services companies, and ranks among the top 3 private sector financial services and
banking companies, in terms of net worth. Reliance Capital has interests in asset management
and mutual funds, stock broking, life and general insurance, proprietary investments, private
equity and other activities in financial services.

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

with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934.

 Reliance Capital sees immense potential in the rapidly growing financial services sector in
India and aims to become a dominant player in this industry and offer fully integrated
financial services.

 Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need
based Life Insurance solutions to individuals and Corporates.

CORPORATE OBJECTIVE

At Reliance Life Insurance, we strongly believe that as life is different at every stage, life
insurance must offer flexibility and choice to go with that stage. We are fully prepared and
committed to guide you on insurance products and services through our well-trained advisors,
backed by competent marketing and customer services, in the best possible way.

 It is our aim to become one of the top private life insurance companies in India and to
become a cornerstone of RLI integrated financial services business in India.

18
 CORPORATE MISSION

 “To set the standard in helping our customers manage their financial future”.

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY RELIANCE LIFE
INSURANCE

INSURANCE PLANS AVAILABLE

1. Products (Individual Plans)

Savings (Endowment)

2. Reliance Endowment Plan

(formerly Divya Shree)

3. Reliance Special Endowment Plan

(formerly Subha Shree)

4. Reliance Cash Flow Plan

(formerly Dhana Shree)

5. Reliance Child Plan

(formerly Yuva Shree)

6. Reliance Whole Life Plan

(formerly Nithya Shree)

Pensions

7. Reliance Golden Years Plan

(formerly Bhagya Shree)

Investments

8. Reliance Market Return Plan

(formerly Kanaka Shree)

9. Risk / Protection

10. Reliance Term Plan

(formerly Raksha Shree)

19
Products (Group / Corporate Plans)

11. Risk (Protection)

Reliance Group Term Assurance Policy

(formerly Group Term Assurance Policy)

Reliance EDLI Scheme

(formerly EDLI Scheme)

12. Pensions

a. Reliance Group Gratuity Policy

(formerly Group Gratuity Policy)

b. Reliance Group Superannuation Policy

(formerly Group Superannuation Policy)

13. Reliance Money Guarantee Plan

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 Tax Benefits

INCOME TAX GROSS ANNUAL HOW MUCH HDFC STANDARD

SECTION SALARY TAX CAN YOU LIFE PLANS
SAVE?

Sec. 80C Across All income Upto Rs. 33,990 All the life insurance
Slabs saved on plans.
investment of
Rs. 1,00,000.

Sec. 80 CCC Across all income Upto Rs. 33,990 All the pension plans.
slabs. saved on
Investment of
Rs.1,00,000.

Sec. 80 D Across all income Upto Rs. 3,399 All the health insurance
slabs saved on riders available with the
Investment of conventional plans.
Rs. 10,000.

TOTAL SAVINGS
Rs37,389
POSSIBLE

Rs. 33,990 under Sec. 80C and under Sec. 80 CCC , Rs.3,399 under
Sec. 80 D, calculated for a male with gross annual income
exceeding Rs. 10,00,000.

Sec. 10 (10)D Under Sec. 10(10D), the benefits you receive are completely tax-free,
subject to the conditions laid down therein.

21
 MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA

 Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the
message of life insurance in the country and mobilise people’s savings for nation-building
activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta,
Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in
important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the
country.

The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United
Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-
India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited,
Kuala Lumpur; and Life Insurance Corporation (International), E.C. Bahrain. It has also entered
into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension
policies in U.K.

In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC
recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income grew at a
healthy average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia
(3.4 per cent in Europe, 1.4 per cent in the US).

LIC has even provided insurance cover to five million people living below the poverty line, with
50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's
at 74 per cent are higher than that of global average of 40 per cent. Compounded annual growth
rate for Life insurance business has been 19.22 per cent per annum

 General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a government company known as
General Insurance Corporation of India (GIC) was formed by the Central Government in
November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers
which were operating in the country prior to nationalization, were grouped into four operating
companies, namely, (i) National Insurance Company Limited; (ii) New India Assurance
Company Limited; (iii) Oriental Insurance Company Limited; and (iv) United India Insurance

22
Company Limited. (However, with effect from Dec'2000, these subsidiaries have been de-
linked from the parent company and made as independent insurance companies). All the above
four subsidiaries of GIC operate all over the country competing with one another and
underwriting various classes of general insurance business except for aviation insurance of
national airlines and crop insurance which is handled by the GIC.

Besides the domestic market, the industry is presently operating in 17 countries directly through
branches or agencies and in 14 countries through subsidiary and associate companies.

23
IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN
PERMITTED TO ENTER INTO INSURANCE BUSINESS: -

The introduction of private players in the industry has added to the colors in the dull industry.
The initiatives taken by the private players are very competitive and have given immense
competition to the on time monopoly of the market LIC. Since the advent of the private players
in the market the industry has seen new and innovative steps taken by the players in this sector.
The new players have improved the service quality of the insurance. As a result LIC down the
years have seen the declining phase in its career. The market share was distributed among the
private players. Though LIC still holds the 75% of the insurance sector but the upcoming
natures of these private players are enough to give more competition to LIC in the near future.
LIC market share has decreased from 95% (2002-03) to 82 %( 2004-05).

1. HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life insurance
companies, which offers a range of individual and group insurance solutions. It is a joint venture
between Housing Development Finance Corporation Limited (HDFC Ltd.), India’s leading
housing finance institution and The Standard Life Assurance Company, a leading provider of
financial services from the United Kingdom. Their cumulative premium income, including the
first year premiums and renewal premiums is Rs. 672.3 for the financial year, Apr-Nov 2005.
They have managed to cover over 11,00,000 individuals out of which over 3,40,000 lives have
been covered through our group business tie-ups.

2. Max New York Life Insurance Co. Ltd.

Max New York Life Insurance Company Limited is a joint venture that brings together two large
forces - Max India Limited, a multi-business corporate, together with New York Life
International, a global expert in life insurance. With their various Products and Riders, there are
more than 400 product combinations to choose from. They have a national presence with a
network of 57 offices in 37 cities across India.

3. ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse and Prudential plc, a leading international financial services group

24
headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector
insurance companies to begin operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA). The company has a network of about
56,000 advisors; as well as 7 banc assurance and 150 corporate agent tie-ups.

4. Om Kotak Mahindra Life Insurance Co. Ltd.

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra
Bank Ltd. (KMBL), and Old Mutual plc.

5.Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life
financial Services of Canada.

 Tata AIG Life Insurance Company Ltd.

 SBI Life Insurance Company Limited

 ING Vysya Life Insurance Company Private Limited

 Allianz Bajaj Life Insurance Company Ltd.

 Metlife India Insurance Company Pvt. Ltd.

 AMP SANMAR Assurance Company Ltd.

 Dabur CGU Life Insurance Company Pvt. Ltd.

1. Royal Sundaram Alliance Insurance Company

The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance
Limited started its operations from March 2001. The company is Head Quartered at Chennai,
and has two Regional Offices, one at Mumbai and another one at MUMBAI .

2. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto
Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority
(IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance
business (including Health Insurance business) in India. The Company has an authorized and
25
paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by
Allianz, AG, Germany.

3. ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank
Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is
India's second largest bank, while Fairfax Financial Holdings is a diversified financial corporate
engaged in general insurance, reinsurance, insurance claims management and investment
management.

Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of
Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company
received regulatory approvals to commence general insurance business in August 2001.

4. Cholamandalam General Insurance Company Ltd.

Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint venture of the

Murugappa Group & Mitsui Sumitomo.

Chola-MS commenced operations in October 2002 and has issued more than 1.4 lakh policies in
its first calendar year of operations. The company has a pan-Indian presence with offices in
Chennai, Hyderabad, Bangalore, Kochi, Coimbatore, Mumbai, Pune, Indore, Ahmedabad,
Delhi, Chandigarh, Kolkata and Vizag.

5. TATA AIG General Insurance Company Ltd.

Tata AIG General Insurance Company Ltd. is a joint venture company, formed from the Tata
Group and American International Group, Inc. (AIG). Tata AIG combines the strength and
integrity of the Tata Group with AIG's international expertise and financial strength. The Tata
Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per
cent stake.

26
Tata AIG General Insurance Company, which started its operations in India on January 22,
2001, offers the complete range of insurance for automobile, home, personal accident, travel,
energy, marine, property and casualty, as well as several specialized financial lines.

27
2.3 Reliance Policies

(1) 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 Reliance Secure Child Plan, a
unit-linked Insurance Plan, that gives you the freedom to enjoy today with your child, because
his tomorrow is in safe hands.

 Do you see your child becoming a trailblazer?

 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 poverty from 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 savings plan. secure the
future of your child.

Key Features
Insurance cover on the life of child
Your child is completely protected - we will continue to pay the premiums
even if you are not alive
Life time income to child in the event of disability
Return Shield option to protect your investment returns
Liquidity in the form of partial withdrawals
Capital guarantee available on maturity and on death of the child for basic
and top-up premiums
Option to package with Accidental Death and Total and Permanent
Disablement Rider, Critical Conditions Rider and Term Life Insurance
Benefit Rider.

28
2)Reliance Health + Wealth Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS

BORNE BY THE POLICYHOLDER.

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

We understand this predicament. Here is a plan that will ensure that your wealth keeps
increasing constantly and yet your health does not take a backseat. The Reliance Wealth Health
Plan. A plan that gives you the benefits of wealth bhi. health bhi.

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

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

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

Key Feature
A Unit Linked plan with Unique Savings Component
Twin benefit of market linked return and health protection
Choose from two different plan options
Flexibility to take care of your family’s health
Flexibility to switch between funds / plan options
Option to pay Top-ups

(3) Reliance Pension Policy

29
UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS
BORNE BY THE POLICYHOLDER.

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

Key Features – Reliance Pension Policy :

Invest systematically and secure your golden years
A flexible unit-linked pension product that is different from traditional life
insurance products with Vesting Age between 45 & 70 years
Eight different investment funds to choose from
Flexibility to switch between funds
Option to pay Regular, Single as well as Top-up premiums
Flexibility to advance / extend your Vesting Age
Tax free commutation up to one third of Fund Value at Vesting Age

(4) Reliance Whole life insurance policy

You’ve always loved your family. As a loving person you want to be rest assured that they will
be happy, even if something were to happen to you. With Reliance Whole Life Plan you can be
sure that your family will receive that timely financial support they need.

30
Go ahead, live your today to the fullest, without a worry about tomorrow.

Key Features
Insurance protection till age 85
Choice of extending your insurance coverage till age 99
Convenient Premium Payment Term
Wealth creation through bonus additions
More value for your money by way of High Sum Assured Rebate Get Sum
Assured plus Bonuses in case of your unfortunate death
Option to add two Riders – Critical Illness and Accidental Death Benefit and
Total and Permanent Disablement Rider
Policy Loan available after three full years premium payment

The main of the present study of is accomplish the following objective.

 Proper understanding and analysis of life insurance industry.

 To know about brand awareness of Kotak Life Insurance and customer’s
preference about Kotak Life Insurance.
 According the market survey come know about how much potential of insurance
market in our city.
 And base on analysis of the result thus obtained make a report on that research.

31
 Training aims at recruiting maximum number of Life Advisors and to Sell the
maximum policies for the company and bring the business for the company
which ever is going at the particular point of time.

 As the Kotak Life Insurance well reputed company in India it’s great chance for
me to observed different products launch by other competitor companies like
ICICI prudential, Bajaj alliance ,LIC, Max New York life etc. In all, it is to
understand the overall working of the Life insurance sector.

 The objective behind the project is as follows:

 To find the right candidate.

 To about their family background, occupation, social relation, Qualification, Age.

32
 CHAPTER V

RESULT ANALYSIS &

INTERPRETATION

33
 DATA ANALYSIS & INTERPRETATION

 DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

NO.OF
COMPANY’S NAME SHARE (%)
RESPONDENT
L.I.C. 78 78
RELIANCE LIFE
3 3
INSURANCE
ICICI PRUDENTIAL 10 10
SBI LIFE 7 7
HDFC 2 2
TOTAL 100 100

INTERPRETATION

 78% of the people contacted prefer LIC policy to any other and therefore it is ranked
no.1 by that percent of respondents.

34
 DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Cover Future Uncertainty 55 55

Tax Deductions 20 20
Future Investment 25 25
TOTAL 100 100

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.

 DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED

RESPONDENTS

35
 FEATURE NO.OF SHARE (%)
RESPONDENTS
Money Back Guarantee 15 15
Larger Risk Coverance 37 37
Easy Access to Agents 7 7
Low Premium 30 30
Company’s Reputation 11 11
TOTAL 100 100

FEATURES OF INSURANCE POLICY

MONEY BACK
GUAARENTEE
11% 15% LARGER RISK
COVERANCE

EASY ACCESS TO
AGENTS
30%
LOW PREMIUM
37%
7%
REPUTATION OF
COMPANY

INTERPRETATION

 Majority of the respondent (37%) found Larger risk coverance as the most attracted
feature of the all.

 DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS

POLICY TYPE NO. OF SHARE (%)

RESPONDENTS

LIFE POLICY 75 75

NON LIFE POLICY 25 25

36
 BOTH 45 45

NATURE OF POLICY

45

LIFE
POLICY
NON LIFE
75
POLICY
BOTH

25

INTERPRETATION

 75% of the respondents have Life Insurance Policy while 45% have both. (The % is
calculated out of 280 positive response)

37
 DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS

A saving tool 81 81%

A tax saving device 74 74%

A tool to protect your family 100 100%

INTERPRETATION

 81% of the respondents have perception of Insurance being a saving tool.

 And 74% of the respondents have perception of Insurance being a tax saving device.

 But 100% of the respondents are with the view that Insurance is a tool to protect your
family.

 DATA SHOWS PEOPLES HAVING INSURANCE

38
 30%

70%

Yes
No

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Yes 70 70%

No 30 30%

Total 100 100%

INTERPRETATION

 Of the sample size of 400 surveyed respondents 70% of the respondents are having
Insurance policy.

 30% of the respondents are either not having any Insurance policy at present or their policy
is already matured.

 And at present 100% of the respondents are with the view that Insurance is a tool to protect
your family.

39
 DATA SHOWS BUYING PROCESS OF THE PEOPLE

BUYING PROCESS NO. OF SHARE (%)

RESPONDENTS

Customer approached Insurance 45 45%

company/Agent

Company/agent approached 55 555

customer

Total 100 100%

55%
45%

Customer approached Insurance company/Agent

Company/agent approached customer

INTERPRETATION

 44.5% of the respondents approached the Insurance Company / Agent.

 Whereas, 55.5% of the respondents were approached by the Company /Agent.

40
 DATA SHOWS REASONS BEHIND FOR INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Tax saving 80 80%

Saving / Investment 80 80.%

Family protection 100 100%

80

100

80
Slice 1 Slice 2 Slice 3

INTERPRETATION

 80.71% of the Respondents opted for Insurance for tax saving benefits.

 80.71% of the Respondents opted for saving / Investments.

 But all of them, i.e. 100% of the respondents have opted for insurance for their family
protection.

41
 DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Satisfied 60 60%

Not satisfied 40 40%

Not Responded 0 0.0%

Total 100 100%

0%

40%

60%

Satisfied Not satisfied Not Responded

INTERPRETATION

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

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

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

42
 DATA SHOWS SATISFACTION OF +RESPONDENTS WITH RESPECT TO
SERVICE AGENT

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Satisfied 45 45%

Not satisfied 55 55%

Not Responded 0 0.0%

Total 100 100%

45.00%
55.00%

Satisfied Not satisfied

INTERPRETATION

 45% of the respondents are satisfied with their existing service agent.

 55% of the respondents are not satisfied with their existing insurance agent.

 All of those who have taken a policy have responded.

43
 DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Paying tax 100 100%

Not paying tax - 0%

Total 100 100%

0%

100%

Paying tax Not paying tax

INTERPRETATION

 Of the sample size of 400 respondents, all the respondents are paying tax.

44
 DATA SHOWS RESPONDENT’S INVESTMENTS FOR TAX SAVING

INVESTMENTS NO. OF SHARE (%)

RESPONDENTS
LIC 51 51%
NSC 33 33%
Bonds 32 32%
PPF 25 25%
PF 21 21%
EPF 11 11%
11

21
51

25

33
32
LIC NSC BOND PPF PF EPF

INTERPRETATION

 51% of the respondents save their tax by investing in LIC, which is the highest among all
Investment. This shows that most people for getting taxes benefits invest in LIC.

 33.25% of the respondents do their tax saving by investing in NSC.

 32.25% of the respondents to their tax saving by investing in bonds.

 DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM OF

INVESTMENT FOR SECURING THEIR FUTURE

45
 NO. OF SHARE (%)
RESPONDENTS
Fixed Assets 75 75%

Bank deposits 11 11%

Jewellery 25 25%
Securities i.e. bonds, MFs 40. 40%
Shares 10 10%
Insurance 70 70%

Fixed Assets
70
75 Bank deposits

Cash &
Jewellery
Securities i.e.
10 bonds, MFs
11 Shares
40 25 Insurance

INTERPRETATION

 75.25% of the respondents as with the view that Fixed Assets is the best form of investment
for securing their future.

 70.5% of the respondents are with the perception that Insurance is the best form of
investment for securing their future, which is one of the highest and this shows that
insurance is an important key for securing your future.

 DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Saving & Returns 100 100%

46
 Security 90 90%
Tax benefits 71. 71.%

71
100

90

Saving & Returns Security Tax benefits

INTERPRETATION

 100% of the respondents intent to gain saving and returns from their investment.

 90% of the respondent’s intent to gain security from their investments.

 Whereas, 71.75% of the respondent’s intent to gain tax benefits from their investments.

 DATA GIVES PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING

INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS
After 25 years 29 29%
After 35 years 10 10%
After 45 years 0 0%

47
 Anytime 60 60%

29%

60.61% 10.10%
0%

After 25 years After 35 years After 45 years Anytime

INTERPRETATION

 29% of the respondents are with the view that insurance should be bought after the age of
25 years.

 10.5% of the respondents are with the view that insurance should be buyed after the age of
35 years.

 Whereas, 60.5% of the respondents are with the view that buying of insurance do not have
any thing to do with age i.e. there is no age limitations. It can be purchased any time
according to the need.

48
  DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Rigid plans 67 67%
Non user friendly 29 29%
Unsatisfactory services 26 26%
Non Aggressive 35 35%
Satisfactory 24 24%
Good 10 10%
Very good 0 0%

67

10 0
24

33

26 29

Inflexible plans Non user friendly

Unsatisfactory services Non Aggressive
Satisfactory Good
Very good

INTERPRETATION

49
 67% of the respondents have the opinion that Indian Insurance Companies have Rigid
plans.

 29.5% feel that Indian Insurance companies are Non-user friendly.

 26.5% feel that services of Indian Insurance companies are Unsatisfactory.

 35.75% of the respondents are with the view that Indian Insurance companies are Non-
aggressive.

 24% of the respondents feel that products and services of Indian Insurance companies is
Satisfactory.

 Whereas only 10.25% feel that it is Good enough.

 And according to the data, no single person has felt that it is very good.

50
 DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE
COMPANY

RESPONSE NO. OF SHARE (%)

RESPONDENT
S
A trusted name 82 82%
Friendly service & 71 71%
responsiveness
Good plans 81 81%
Accessibility 49 49%

49

82

81

71
A trusted name
Friendly service & responsiveness
Good plans
Accessibility

INTERPRETATION

 82% customers look for a Trusted name in a company for insurance.

 81.5% customers look for a good plan in a company for insurance.

 Friendly service & responsiveness and Accessibility are also important factors looked by
customers in a company.

 DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS

51
 RESPONSE NO. OF SHARE (%)
RESPONDENTS

Planning 87 87%

Not planning 13 13%

Total 100 100%

13.0%

87.0%

Planning Not planning

INTERPRETATION

 Only 12.5% of the customers contacted are not planning for new investments presently.

 Whereas, 87.5% of the customers are still planning for new investments this can be a great
potential for Reliance Life Insurance to take them on their favor.

52
 DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE IF A
SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE &
PRODUCTS

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Yes 43 43%
No 44 44%
Uncertain 13 13%
Total 100 100%

13%

43%

44%

Yes No Uncertain

INTERPRETATION

The interested customers i.e. 43% are ready to go for insurance even away from a city if
services and products are worthwhile, which again is a good prospect (potential) for Reliance
Life Insurance to take them on their favor.

53
 CHAPTER VI

CONCLUSION & SUGGESTION

54
 CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting trends which
can be seen in the above analysis. A general impression that we gathered during Data collection
was the immense awareness and knowledge among people about various companies and their
insurance products. People are beginning to look beyond LIC for their insurance needs and are
willing to trust private players with their hard earned money.

People in general have been impression by the marketing and advertising campaigns of
insurance companies. A high penetration of print , radio and Television ad campaigns over the
years is beginning to have it’s impact now.

The general satisfaction levels among public with regards to policy and agents still requires
improvement. But therein lays the opportunity for a relative new comer like ING. LIC has never
been known for prompt service or customer oriented methods and Reliance can build on these
factors.

55
 Suggestion

 According the survey only 42% people are insured in Alwar so reaming other
part is potential for insurance sector.
 Among that 42% people who having insurance, they have insurance 40% for self
28%for spouse 21% for children and 18% for their parents and 11% for all family
member, also its very help full for insurance sector so they should take necessary
step for capture this potential.

 Only 42% people having insurance in Alwar in that 42% there are 82 % people
are under insured and other 18% people are fully insured according to their
income so that is also plus point for insurance sector to capture the market

56
 CHAPTER VII

QUESTIONNAIRE

57
 QUESTIONNAIRE

1. ARE YOU EMPLOYED?

YES NO

If YES, only then proceed

2. DO YOU HAVE ANY INSURANCE POLICY?

YES NO

3. WHICH INSURANCE POLICY DO YOU HAVE?

LIFE NON-LIFE BOTH

4. WHICH CO’S INSURANCE POLICY YOU PREFER THE MOST?

(RANK THEM)

a) LIC

b) ICICIPRUDENTIAL

c) SBI LIFE INSURANCE

d) ING VYSYA LIFE

e) RELIANCE LIFE INSURANCE

f) TATA AIG LIFE

g) ANY OTHER ________( Specify)

5. FOR HOW MANY YEARS DO YOU HAVE INSURANCE POLICY?

(Please Tick)

a) <5Yrs b) 5-10 Yrs c) 10-15 Yrs d) Any Other______

(Specify)

6. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE COVER?

(RANK THEM)

a) COVER FUTURE UNCERTAINITY

b) TAX DEDUCTIONS

c) FUTURE INVESTMENT

d) ANY OTHER _________ (Specify)

58
7. 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

f) ANY OTHER _________ (Specify)

8. YOUR MONTHLY INCOME?

a)<4k b)4k-8k c)8k-12k d)12k-16k e)Other_____(Specify)

9. DO YOU REALLY THINK INSURANCE POLICY COVER IN TODAY’S

SCENARIO IS NOT ESSENTIAL?

_____________________________________________________

10. WHAT’S YOUR PERCEPTION ABOUT INSURANCE?

(RANK THEM)

a) A SAVING TOOL

b) A TAX SAVING DEVICE

c) A TOOL TO PROTECT FUTURE

11. HOW HAS/WOULD YOU BOUGHT/BUY AN INSURANCE?

a) CUSTOMER APPROCHED INSURANCE COs

b) INSURANCE COs APPROCHED CUSTOMER

12. ARE YOU SATISFIED WITH THE POLICY?

a) SATISFIED SAVING TOOL

b) NOT SATISFIED

59
 c) NOT RESPONDING

13. ARE YOU SATISFIED WITH THE SERVICE AGENT?

a) SATISFIED SAVING TOOL

b) NOT SATISFIED

c) NOT RESPONDING

14 DO YOU PAY TAXES?

YES NO

15. WHERE HAVE YOU INVESTED FOR TAX SAVING?

(RANK THEM)

a) LIC

b) NSC

c) BONDS

d) PPF

e) PF

f) EPF

16.WHICH IS THE BEST FORM OF INVESTMENTS?

(RANK THEM)

a) FIXED ASSETS

b) BANK DEPOSITS

c) JEWELLERY

d) SECURITIES, i.e. Bonds, MFs

e) SHARES

f) INSURANCE

17. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?

a) SAVING & RETURNS

60
 b) SECURITY

c) TAX BENIFITS

18. WHAT’S THE RIGHT AGE TO BUY INSURANCE?

a) AFTER 25 Yrs

b) AFTER 35 Yrs

c) AFTER 45 Yrs

d) ANYTIME

19.HOW WOULD YOU RATE INDIAN INSURANCE COs?

a) RIGID PLANS

b) NON-USER FRIENDLY

c) UNSATISFATORY SREVICES

d) NON-AGGRESSIVE

e) SATISFACTORY

f) GOOD

g) VERY GOOD

20. ARE YOU PLANNING FOR NEW INVESTMENTS?

PLANNING NOT PLANING

21. WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM

THE CITY OFFERS BETTER SERVICE & PRODUCTS?

a) YES

b) NO

c) UNCERTAIN
61
 THANK YOU

NAME:_________________________
ADDRESS:______________________
______________________________
OCCUPATION:___________________

62
CHAPTER VIII

BIBLIOGRAPHY

63
 BIBLIOGRAPHY

1. BOOKS/MAGAZINES REFFERED:

 STUDY GUIDE- PRINCILES & PRACTICES OF LIFE /

GENERALINSURANCE, by AIMA.

 Books published by INSURANCE INSTITUTE OF INDIA

 LIFE-INSURANCE, by Mc GILL

 INSURANCEWATCH.

 MONEYOUTLOOK.

2. WEBSITES REFFERED:

 WWW.RELIANCELIFE.CO.IN

 WWW.CIFAINSURANCE.COM

 WWW.MONEYOUTLOOK.COM

 WWW.INSURANCE.IND.COM

3. REPORTS/ARTICLES REFFERED:

REPORT: ISSUES & CHALLENGES FACING THE INSURANCE INDUSTRY….

Dec2005.

BRIEF PROFILE OF LIC, INDIA…Dec 2006.

REPORT: COPING WITH COMPETITION…Jan2007

64