A

WINTER PROJECT REPORT

COMPARATIVE ANALYSIS OF INSURANCE PRODUCT
SAHARA LIFE INSURANCE V/S RELIANCE LIFE
INSURANCE
SUBMITTED TO

KANPUR INSTITUTE OF MANAGEMENT STUDIES

(AFFILIATED TO Dr. A.P.J ABDUL KALAM TECHNICAL

UNIVERSITY, LUCKNOW)
&
IN PARTIAL FULLFILMENT OF THE REQUIREMENTS
FOR THE AWARD OF THE DEGREE OF

MASTER OF BUSINESS ADMINISTRATION

(2015-2017)

UNDER THE GUIDANCE OF

Mr. SUJEET GUPTA

SUBMITTED BY:

SONALI BATHAM
ROLL. NO-1571470093
(2015-2017)

CERTIFICATE
1
This is to certify that SONALI BATHAM Roll number 1571470093 a student of MBA in
Kanpur Institute of Management Studies, has carried out the research work presented in
this research report titled Comparative Analysis Of Insurance Product Sahara Life
Insurance V/S RELIANCE LIFE INSURANCEL for the award of master of business
administration from KANPUR INSTITUTE OF MANAGEMENT STUDIES for the
academic batch 2015-2017, under my guidance.

Name of the Project Guide

Mr. SUJEET GUPTA

DEAN
ALTAF QUAIYUM

DECLARATION

I, SONALI BATHAM, hereby declare that the project work entitled Comparative
Analysis Of Insurance product Sahara life insurance V/S RELIANCE LIFE
INSURANCELife Insurance submitted towards MBA this project is my original work
and the dissertation has not formed the basis for award of any degree, associate ship,
fellowship or any similar title to the best of my knowledge.

2
Place:
Date: (SONALI BATHAM)

ACKNOWEDLGEMENT

This project has greatly been a collaborative effort. I take this opportunity to thank all who have helped in the
preparation and successful completion of this project work . I express my deep reverences and sincere
thanks to Mr. SUJEET GUPTA who provided me such type of opportunities for getting
interacted to all the practical aspects of the marketing in such type of big Organization to
get the project in Comparative Analysis of insurance product Sahara life insurance V/S
RELIANCE LIFE INSURANCE.

I express my sincere thanks and deep sense of gratitude to faculties and to the management of
KIMS ,Unnao for their kind cooperation and encouragement. Last but not least I would like to thank my
friends for their support to complete my research report.

3
 (SONALI BATHAM)

INDEX

ORDER OF THE REPORT

1. Cover page followed by the project title
2. Certificate
3. Declaration certificate
4. Acknowledgement
5. Preface

PART 1
1. Introduction of the project/Insurance
2. Overview of Sahara

4
 3. Overview of RELIANCE LIFE INSURANCE

PART II
1. Research methodology
2. Objective of the project
3. Data Analysis and interpretation
4. Limitations of the study
5. Recommendations
6. Conclusion
7. References

PREFACE
The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The

policy makers where in the catch 22 situation wherein for one they wanted competition, development and

growth of this insurance sector which is extremely essential for channeling the investments in to the infrastructure

sector. At the other end the policy makers had the fears that the insurance premium, which are substantial , would

seep out of the country; and wanted to have a cautious approach of opening for foreign participation in the

sector .As one of the rare occurrences the entire debate was put on the back burner and the IRDA saw the day of

the Light thanks to the maturing polity emerging consensus among factions of different political parties. Though

some changes and some restrictive clauses as regards to the foreign participation were included the IRDA has

opened the doors for the private entry into insurance. Whether the insurer is old or new, private or public,

expanding the market will present multitude of challenges and opportunities. But the key issues, possible trends ,

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

speculation .What is the likely impact of opening up Indias insurance sector? he large scale of operations, public
5
sector bureaucracies and cumbersome procedures hampers nationalized insurers. Therefore, potential private

entrants expect to score in the areas of customer service, speed and flexibility . They point out that their entry will

mean better products and choice for the consumer. The critics counter that the benefit will be slim, because new

players will concentrate on affluent, urban customers as foreign banks did until recently. This seems to be a

logical strategy. Start-up costs-such as those of setting up aconventional distribution network-are large and high-

end niches offer better returns. However, the middle-market segment too has great potential. Since insurance is a

volumes game. Therefore, private insurers would be best served by a middle-market approach, targeting

customer segments that are currently untapped

PART I

INTRODUCTION TO INSURANCE

6
 INTRODUCTION

"Insurance is a contract between two parties whereby one party called insurer

undertakes in exchange for a fixed sum called premiums, to pay the other party

called insured a fixed amount of money on the happening of a certain event."

Insurance may be described as a social device to reduce or eliminate risk of life

and property. Under the plan of insurance, a large number of people associate

themselves by sharing risk, attached to individual. With the help of Insurance,

large number of people exposed to a similar risk makes contributions to a

common fund out of which the losses suffered by the unfortunate few, due to

accidental events, are made good. Insurance is a tool by which fatalities of a

small number are compensated out of funds collected from plenteous. Gradually

as competition increased benefits given by industry to its customers increased

by leaps and bounds. Insurance is a basic form of risk management which

provides protection against possible loss to life or physical assets. Person who

seeks protection against such loss is termed as insured, and company

that promises to honor claim, in case such loss is actually incurred by insured,

is termed as Insurer. In order to get insurance, insured is required to pay to

insurance company a certain amount called premium. Premium is collected by

insurance companies which acts as trustee to pool created through contributions

made by persons seeking to protect themselves from common risk. Any loss to

the insured in case of happening of an uncertain event is paid out of this pool.

Insurance business is divided into four classes:-

7
Life Insurance

Fire

Marine

Miscellaneous Insurance.

Insurance provides:

Protection to investor.

Accumulation of savings.

Channeling these savings into sectors needing huge long term investment.

FUNCTION OF INSURANCE

:Provide protection:-The primary function of insurance is to provide protection against future risk,

accidentsand uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the

losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others.

Collective bearing of risk:-Insurance is an instrument to share the financial loss of few among many

others .Insurance is a mean by which few losses are shared among larger number of people. All the insured

contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid.

Assessment of risk:-Insurance determines the probable volume of risk by evaluating various factors that

give rise to risk. Risk is the basis for determining the premium rate also.

8
Provide certainty:-Insurance is a device, which helps to change from uncertainty to certainty. Insurance is

device whereby the uncertain risks may be made more certain.

Small capital to cover larger risk: Insurance relieves the businessmen from security investments, by paying

small amount of premium against larger risks and uncertainty.

Contributes towards the development of industries-Insurance provides development opportunity to

those larger industries having more risks in their setting up. Even the financial institutions may be prepared to

give credit to sick industrial units which have insured their assets including plant and machinery.

Means of savings and investment:-Insurance serves as savings and investment, insurance is a compulsory

way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing

income-tax exemptions also, people invest in insurance.

Source of earning foreign exchange:-Insurance is an international business. The country can earn foreign

exchange by way of issue of marine insurance policies and various other ways.

Risk free trade:-Insurance promotes exports insurance, which makes the foreign trade risk free with the

help of different types of policies under marine insurance cover.

9
 LIFE INSURANCE

Life insurance is a contract under which the insurer (Insurance Company) in Consideration of a premium

paid undertakes to pay a fixed sum of money on The death of the insured or on the expiry of a specified

period of time Whichever is earlier. In case of life insurance, the payment for life insurance policy is certain.

The Even tinsured against is sure to happen only the time of its happening is not known. So life insurance is

known as Life Assurance

The subject matter of insurance is life of human being. Life insurance provides risk coverage to the

life of a person. On death of the person insurance offers protection against loss of income and

compensate the titleholders of the policy.

10
 ROLES OF THE LIFE INSURANCE:

Life insurance as an investment: -Insurance products yield more than any other investment instruments

and it also provides added incentives or bonus offered by insurance companies.

Life insurance as risk cover: -Insurance is all about risk cover and protection of life. Insurance provides a

unique sense of security that nother form of invest can provide.

Life insurance as tax planning: -Insurance serves as an excellent tax saving mechanism

11
 THE INSURANCE IN INDIA

The Confederation of Indian Industry states that the insurance sector of the country has

been witnessing a consistent growth rate of late and its present worth is 41 billion US

dollars.

The industry has of late achieved a yearly growth rate within 32 and 34 percent and this

makes it the 5th best among emerging economies around the world. The various entities of

the industry are also bringing out newer products on a regular basis to attract their

customers.

As per rules, the upper limit of foreign direct investment permitted in this sector is 26

percent. However, this has to be done through the automatic route and the investor needs

a license from Insurance Regulatory and Development Authority (IRDA).

At present there are 22 life insurers in India. The IRDA has recently taken away the

tariffs of the interest rates and this has provided insurers greater independence when it

comes to deciding the price of their insurance policies. The insurance industry has also

become more competitive as result .Yet another important factor affecting this sector has

been the recent financial meltdown.

12
India insurance industry growth in last few years

The life insurance companies have performed the best when it comes to growth with an

increase of almost 70% in new premium that has been collected in the initial 5 months of

2012.

As per IRDA data, in April-August 2010 the insurance companies earned $11.73 billion

in new premium - in the corresponding period in the previous year the amount stood at

6.9 billion dollars.

LIC, a state held insurer, had been the biggest profit maker at that time with an addition

of 88% to their existing business. The privately owned insurers together had seen a leap

of 34% to their policy sales.

ICICI Prudential earned 576.60 million dollars at that time. During April-August 2009

SBI Life had earned $379.20 million in sales of new policies and that figure went up to

13
$531.87 million in the corresponding period in 2010 making it an increase of 40%.

HDFC Standard Life also experienced a good growth of 54% in new sales.

IRDA data shows that between April and October 2010 the general insurance industry

experienced a year-on-year growth of 22.76% with regards to underwritten gross

premium.

The total value of that premium was 5.29 billion dollars while the same figure stood at

$4.31 billion in April-October 2010. For the public sector companies the year-on-year

growth rate was 21.09 percent between April-October 2011 and April-October 2012.

In the same period the privately held insurers saw an increase of 25.19 percent in terms of

premium collected. Among the publicly owned entities, New India Insurance was one of

the better performers with a premium income of 916.77 million dollars in April-

October 2012.

At the same period in 2009 they had earned 770.25 million dollars which implies a

growth rate of 19.04%. The IRDA Summary Report of Motor Data of Public and Private

Sector Insurers 2011-12 states that in the same period almost 28.4 million policies were

sold and the aggregate worth of premium collected was $2.31 billion.

The health insurance sector, according to the RNCOS' research report named "Booming

Health Insurance in India" posted unprecedented growth rates in 2010-11 and 2011-12.

The report also estimates that between the 2009-10 and 2013-14 the sector would see a

compound annual growth rate (CAGR) oatleast25%.

14
India insurance industry - market share of leading companies

The following table shows the market share of top insurers in India in the period till

march 2013:

Company Approximate market share

LIC 50%

ICICI 10%

SBI 5%

SAHARA 7%

Reliance 5%

HDFC 6%

Birla 4%

Max New York 3%

Tata 5%

Met Life 1%

Kotak 2%

Others 8%

In terms of policies sold following are the top insurers in India:

15
Company Policies sold till March 2013 (approximate figure)

LIC 20404281

Future Generali Life 100143

ICICI Prudential 785938

Met Life 98904

Reliance Life 698109

Star Union Dai-ichi 82037

Bajaj Allianz 640483

Shriram Life 73490

Birla Sunlife 589855

Bharti AXA Life 69151

SBI Life 491927

Aegon Religare 47332

Max New York 405662

IDBI Federal 45833

HDFC Standard 397408

Canara HSBC OBC Life 44899

RELIANCE LIFE INSURANCE 139275

DLF Pramerica 43299

Kotak Life Insurance 199614

IndiaFirst 38498

Aviva 100216

Sahara Life 196228

16
 Edelweiss Tokio 1968

India insurance industry - some key findings

As such Following are some important findings from World Bank regarding The

condition of insurance industry in India:Between 2005 and 2010 the yearly GDP growth

was approximately 8.56%

The condition of insurance industry in India:Between 2005 and 2010 the yearly GDP

growth was approximately 8.56% At the same time, the ratio of gross savings to GDP

was 33% Middle class saw the quickest growth . The life expectancy rate of people went

up and urban development happened at almost 54%. In 2011 rate of premium growth

came down to 4.2% and compared to global standards the premium share was pretty low

Major operational issues for insurers were expenditure control, claims settlement

procedures, improving investment yields, and capital requirements In the 2010-11 fiscal

17
the life insurance industry grew by 4.20% while the general insurance industry increased

by 8.10%.

During that time the paid-up capital (private total) for the life insurance sector was INR

236.57 billion while the paid-up capital (industry total) was INR 236.63 billion.

In 2011-12 the paid-up capital (private total) for the general insurance sector was INR

39.56 billion while the paid-up capital (industry total) was INR 67.06 billion.

In 2011-12 the operating costs of privately owned life insurers was INR 159.62 billion

while the total life insurance industry expense was INR 329.42 billion.

In the same time the privately owned general insurers spent INR 39.32 billion from an

industry total of INR 106.20 billion.

In 2011-12 the privately held life insurers paid benefits and claims worth INR 312.51

billion while the industry aggregate was INR 1425.24 billion.

At the same time the private general insurers paid benefits and claims worth INR 99.37

billion while the industry total was INR 295.36 billion.

Life insurance:-

Product Percentage

Non linked life individual 21.70

Non linked gen annuity group 4.33

Non linked gen annuity individual 0.85

Non linked pension group 4.22

Non linked pension individual 0.25

18
 Non linked health 0.09

Linked insurance 55.01

Riders 0.01

Linked life group 13.54

TOP INSURANCE POLICIES IN INDIA

Following are the featured insurance policies of various insurers in India:

Company Product

LIC Jeevan Vaibhav

ICICI Prudential ICICI Pru iCare

Reliance General Insurance Reliance Private Car Insurance Reliance Travel

Care for Students

Bajaj Allianz CashRich

Family Floater Health Guard Plan

Car Insurance

HDFC Life Click2Protect

HDFC LIFE SMART WOMAN PLAN

RELIANCE LIFE RELIANCE LIFE INSURANCEMotor Insurance

INSURANCEInsurance RELIANCE LIFE INSURANCETravel Insurance

RELIANCE LIFE INSURANCEWellsurance

Family

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Kotak Life Insurance Kotak Assured Protection Plan

Kotak Assured Income Plan

Kotak Assured Investment Plan

Aviva Aviva Health Secure

Aviva i-Life

Future Generali Future Generali Smart Life

Future Generali Health Suraksha

MetLife Retirement Plans

Met Monthly Income Plan

Star Union Dai-ichi Life Insurance Suraksha Kavach

Shriram Life Insurance ShriLife

Wealth Plus

Money Back

Shriram Ujjwal Life SP

Bharti AXA Bharti AXA Life eProtect

Aegon Religare ITerm

IDBI Federal Termsurance

Wealthsurance

Childsurance

Lifesurance

Healthsurance

Incomesurance

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 Loansurance

Homesurance

Bondsurance

Microsurance

Canara HSBC OBC Life Insurance Dream Smart Plan

Grow Smart Plan

Future Smart Plan

Secure Smart Plan

Smart Sanchay Plan

DLF Pramerica Life Insurance Income Rakshak

DLF Pramerica Family Income

DLF Pramerica Family First

DLF Pramerica U-Protect

IndiaFirst Life Insurance IndiaFirst Maha Jeevan Plan

Sahara Life Insurance Sahara Vatsalya-Jeevan Bima

Apollo Munich Health Insurance OptimaRESTORE

Star Health Insurance Family Health Optima

Star Unique Health

Senior Citizen Health Insurance

IFFCO TOKIO General Insurance Auto Protector Policy

Individual Medishield Policy

New India Assurance Householder's Policy

Motor Insurance Policy

21
 Overseas Mediclaim Policy

Fire & Machinery Policy

Industrial All Risk Policy

Shopkeeper's Policy

Oriental Insurance Oriental's Motor Insurance Policy

Happy Family Floater Scheme

National Insurance Car Insurance

Cholamandalam MS General Chola MS Private Car

Insurance Chola MS Student Travel

Chola MS Family Healthline

HDFC Ergo Travel Insurance

HDFC Ergo Health Suraksha

Universal Sompo General Insurance Householder's Insurance Policy

Shopkeeper's Insurance Policy

Motor Insurance Policy

Individual Health Bills

L&T Insurance My :health Medisure Prime Insurance

22
 Sahara India Pariwar

Type Private

23
Industry Conglomerate
Founded Gorakhpur, India (1978)
Founder(s) Subrata Roy
Headquarters Lucknow, India
Key people Subrata Roy (Chairman)
Products Finance,Power,Sports, Real Estate,
Media & Entertainment,
Tourism & Hospitality
Services & Trading
Website www.Sahara.in

COMPANY OVERVIEW

Sahara India Pariwar is a major entity on the corporate scene having diversified
business interests that include Finance, Infrastructure & Housing, Media &
Entertainment, Consumer Products, Manufacturing, and Services & Trading.

Quality is our essence and we, at Sahara India Pariwar , have always stressed on the
Qualitative aspect. Consequently in this run for quality, quantity has always pursued us.
We look forward to reaching the zenith and reaffirm our commitment to the process of
sound nation-building.
CORE COMMITMENTS - OUR STRENGTH

24
 Emotion
Discipline
Duty
No discrimination
Quality
Give respect
Self-respect
Truth
Collective Materialism
Religion
Absolute Honesty

WHAT
A commitment of Sahara India Pariwar to the genuine needs and rights of anybody &
everybody - Be it to a depositor, newspaper reader, consumer .... all business associates
and Sahara India Family Members.

NEED
India needs effective consumer protection and protection of workers' genuine rights.
There are various agencies, promising protection & action. But no external body can

25
provide justice unless the company becomes 'QUALITY CONSCIOUS' WITH
STRICTLY NO DISCRIMINATION POLICY AND JUSTICE CONSCIOUSNESS as its
very dominating nature.

MOTTO
We not only believe but practice NO DISCRIMINATION, JUSTICE & HIGH QUALITY
- means enthusiastic, productive performance of duty "KARTAVYA' towards the
consumer', workers' genuine satisfaction.

AIM
To provide justice - be it a matter of the tiniest imperfection or injustice in our
COMMITMENT - products or services. direct or indirect, short term or long term.

WHERE
Kindly rush your grievances/suggestions or any queries releated to Sahara India Pariwar
to the nearest Sahara establishment and/or to

Sahara India Pariwar is a major entity on the corporate scene having diversified
business interests that include Finance, Infrastructure & Housing, Media &
Entertainment, Consumer Products, Manufacturing, and Services & Trading.

QUALITY
Quality is our essence and we, at Sahara India Pariwar, have always stressed on the
Qualitative aspect. Consequently in this run for quality, quantity has always pursued us.
We look forward to reaching the zenith and reaffirm our commitment to the process of
sound nation-building .

26
COMMITMENT

We chase quality, quantity chase us

EMOTION

Emotion is in Performance of genuine duties towards the loved ones primarily in their
benefit, from their point of view. EMOTION is THE KEY that generates the required
energy and enthusiasm for desired quality performance.

DISCIPLINE

The enthusiastic obedience of laws and orders, which are given by the rightful authority.

DUTY

The enthusiastic obedience of laws and orders , which are given by our conscience.

NO DISCRIMINATION

Never should we discriminate in any of our actions, reactions, attitudes, decisions,

conclusions, in any of our expressions while caring for the six healths of other human
beings, namely physical, material, mental, emotional, social and professional health.

GIVE RESPECT

27
To definitely make others feel important and respected by giving sincere regard to others'
feelings, reasonable wishes & thoughts with an open and receptive mind and warmth.

SELF-RESPECT

To develop a sense of respect for oneself in others' mind, i.e. to generate genuine and
warm feelings for oneself among others on a continuous basis.

28
TRUTH

Means total transparency in action, reaction, attitude and all other expressions and the
conviction to follow the right course.

COLLECTIVE MATERIALISM

Means to progress and prosper together for collective sharing and caring and not
individually or for a select group.

RELIGION

There is a religion higher than religion itself - it is NATIONALITY. We may practice our
religions in the confines of our homes, but outside, we should be Indians and
only Indians. "Bharatiyata" or Nationalism thus becomes our supreme religion.

ABSOLUTE HONESTY

People generally manipulate and deceive for achieving their unreasonable desires and
greed if others do not or can not see, hear or understand. But we firmly believe
that our mind inside knows the truth and we should be absolutely honest to our
mind inside and accordingly our actions, reactions, directions, decisions and all
our expressions should be present in all human dealings.

29
 BOARD OF DIRECTORS

1. Shri Subrata Roy Sahara, Managing Worker &

Investment and Loan
Chairman
Committee
2. Shri O.P. Srivastava, Director

3. Shri Pallav K. Agarwal,Executive Director

4. Shri Prabhat Verma, General Manager

Business Reviewal 1. Shri O.P. Srivastava, Director
Committee
2. Shri D. K. Srivastava,Executive Director

3. Smt. Vandana Bharrgava,Executive Director

4. Shri R. S. Dubey, Executive Directo

Audit Committee 1. Shri T. N. Manoharan Chairman

2. Shri O.P. Srivastava, Member

3. Shri H.N. SinorMember

30
 1. Shri O.P. Srivastava, Chairman
Asset Liability Management
Committee 2. Shri D. K. Srivastava, Executive Director

3. Shri Pallav K. Agarwal, Executive Director

4. Smt. Vandana Bharrgava, Executive Director

5. Shri R.S. Dubey, Executive Director

6. Shri Prabhat Verma, General Manager

7 Shri Shiv Kumar Pandey, Company Secretary &

General Manager

8. Shri Pramod Kumar Arora. General Manager

1. Shri O.P. Srivastava, Director

2. Shri Pallav K. Agarwal, Executive Director

Capital Market Supervisory 3. Shri R.S. Dubey, Executive Director

Committee
4. Shri R.C. Mehta, CEO CMSD

5. Shri Prabhat Verma, General Manager

6. Shri Shiv Kumar Pandey, Company Secretary &

General Manager
Nomination Committee 1. Shri Subrata Roy Sahara, Managing Worker &
Chairman

2. Shri O.P. Srivastava, Director

1. Shri Subrata Roy Sahara, Managing Director &
Risk Management
Chairman.
Committee

31
2. Shri O. P. Srivastava,Director

3. Shri Pallav K. Agarwal,Executive Director

(Investments)

4. Smt. Vandana Bharrgava, Executive Director

(Controlling & IT)

5. Shri R. S. Dubey ,Executive Director (Finance &

Accounts)

6. Shri Shiv Kumar Pandey, Company Secretary

7. Shri Pramod Kumar Arora,Dy. General Manager

(Finance & Accounts)

8. Shri Shantanu Mukherjee,Asstt. General Manager

(Development)

9. Shri Deepu Awasthi,Chief Manager (Investments)

10. Shri Manish Raj , Chief Manager (Finance &

Accounts)

32
 CORPORATE FACTS

Sahara Next is a professionally managed Indian Multinational, committed to complete

customer satisfaction (Customer Delight) and enhancing shareholder value.

Sahara Next is an entrepreneurial and empowered team working towards

attaining Global benchmarks.

We shall foster a culture of caring, trust and continuous learning process while meeting
expectations of employees, stakeholders and society.

MILESTONES

2008 Value Chain & Customer Delight Initiatives

2007 Project Management, Process Improvement & SI

2006 Smart Card Technology, Solution Consultancy

2005 BPO, Applications Development & Data Centre

2004 Mobility, ISP & Content Development

2003 Web Technologies & Hosted Services

2002 Communication Solution & Intranet Technologies

2001 Network Deployment & Management

33
 BUSINESS AREAS

BFSI
TRAVEL & HOSPITALITY
GOVERNMENT & EDUCATION
RETAIL, TELECOM & UTILITIES
OIL & GAS & MANUFACTURING
MEDIA & ENTERTAINMENT
REMOTE INFRASTRUCTURE MANAGEMENT (RIM)
MOBILITY
INFRASTRUCTURE & HOUSING

COMPETENCY AREAS

34
 IT & IT Services - (Software Development Services - System and Network Solutions -
Business Solutions & Services)
BPO / KPO
Mobility (Mobile Interactivity & Application Solution)
Web Media (SEO, SEM, Web Application & Portal Management)
ERP Practice
Quality & Process
Telecommunication
Creative & Design

It has always been in the ideology of Sahara Next to have fruitful business integration
with partners, associates and clients

Quality

Sahara Next is committed to consistently meet or exceed its customers expectations in

product performance, service & delivery. We promote continuous improvement
for customer satisfaction
Be responsive to customers needs.
Provide effective engineering, maintenance & business solutions.
Provide reliable consultation and support.
Ensure effective and efficient use of resources.
Meet customer requirements.
Enhance customer satisfaction through a feedback process.
Continually improve its products, services and Quality Management System (QMS).
Optimize productivity through adherence of all the abov

35
 LEADERSHIP

My Biggest Achievement in Life Im very proud to be the Guardian of The worlds

Largest Family.

" Saharasri" Subrata Roy Sahara

Managing Worker & Chairman
Sahara India Pariwar
In business profit earnings and overall growth of business get the highest
priority and are certainly creditable, but ultimate credibility of business enterprise,
particularly of larger ones is in the utilization of profit, be it for best possible enlistment
of its workforce and for espousing Social, National Development causes or for rendering
services to mankind as a whole. Fulfilling the Qualitative aspect of utilization of profit,
the world's largest family Sahara India Pariwar' is proud to have reached today new
horizons of growth and development.
On the basis of our philosophy of Collective Materialism we have always
given importance to the fact that profit earning is the Quantitative aspect whereas the
proper utilization of profit is the Qualitative aspect. Ironically, we only recognize and get
recognized by the Quantitative aspect.
I, therefore earnestly appeal to one and all in Politics, Media, Business etc. that every
action, reaction, selection, appreciation or criticism should be oriented strictly towards
the Qualitative aspect. I appeal to anybody and everybody to accord top priority to
Qualitative aspect in anything and everything for peaceful, prosperous and progressive
co-existence of mankind anywhere and everywhere.
Today, I feel proud of the fact that I am the Guardian of the World's largest
family. Perhaps, I am the world's only person whose family is so vast, so disciplined, so
dedicated and so committed. Such a vast family as Sahara India Pariwar has a grand and
infinite future and I am sure that we will sustain our duty, consciousness, discipline and
dutifulness with a sense of dedication, as we have always done in the past, so that
together we could build an India full of energy and radiance.

36
Sahara India Life Insurance Company Ltd.

The first wholly Indian Owned Private Life Insurance Company with presence in most
parts of the country. It has a team of well-trained and committed professional advisors
with special focus on rural areas and the less affluent segments of the Indian society. The
company offers an exhaustive range of competitive products that caters to individuals of
all ages and segments along with prompt and quality customer services and support.

Sahara India Life Insurance Company Ltd. (SILICL) is today the first wholly Indian-
owned Life Insurance Company in the private sector. We launched our operations on 30
October 2004 after being granted license to operate as a life insurer in India by Insurance
Regulatory and Development Authority on 6 February 2004.

37
 COMPANY PROFILE OF SAHARA

Sahara India Headquarters Address

Sahara India Bhawan 1, Kapurthala Complex, Aliganj
Lucknow, UP 226024
India
Phone: Toll Free: 1800 180 5222
Secondary Phone: SMS: 91 09839125222
Fax: 91-522-2303818
Headquarters Lucknow Area, India

Industry Financial Services

Type Privately Held

Status Operating

Company Size 900,001 employees

Founded 1978

Common Job Titles Manager 23%

Executive Senior 6%
Officer 5%
Dy Manager 3%
Unknown 39%
Median Age 33 years

Median Tenure 2.5 years

Gender Male 83%

Female 17%

38
 8th Financial Year Report
Balance Sheet
As of September 30, 2009In thousands of Yen
Assets
Current Assets 16,882
Fixed Assets 12,583
Deferred Assets 1,
Total79
30,544

Liabilities and Owners Equity

Short-term Liabilities
iabilities
Total
8,039
Capital Stock 5,0
Retain0 d Earnings
17,505
Total Equity 22,505
Total 30,544
NoteEarnings for the fiscal year 2011, 2,367

Branch Offices
Singapore Branch Office:
Sahara Systems Pte., Ltd. Singapore
Penthouse Level, Suntec Tower Three 8 Temasek Boulevard
Singapore 038988
Tel:(65) 6866-3686 Fax:(65) 6866-3687

Philippines (CEBU) Branch Office:

39
Sahara Systems Phils Corp.
Don Alfredo D. Gothong Centre 2F, Serging Osmena Blvd. cor. Road East
North Reclamation Area, Cebu City, Philippines
Tel:(63-32) 415-7055 Fax:(63-32) 415-7056

Sahara India is a major Indian corporate group with diverse business interests that include:
Finance, Infrastructure & Housing, Media & Entertainment, Tourism & Hospitality,
Consumables, Manufacturing and Services & Trading. The group was founded in 1978 by
Subroto Roy, with a capital of Rs. 2000, and today Sahara India has an asset base of over Rs.
50,000 corores.

Structure of Sahara India Business:-

40
 SAHARAINDIA
PARIWAR

Business

Infrastructure Media & Consumer Manufactur- Service &

Finance & Housing Entertainment ing
Product Trading

Entertain Consumer
Para Jute Sahara
Hill City ment Product &
banking Retail Chain Project Next
Channel

Life Mega Quality Movie Handicraft Care

Insurance Townships Channel Promotion House

Mutual Travel &

Hotels World
Fund Tourism

Cinema
Hosing
Hospitals Productio
Finance
n

Residential &
Commercial
Cinema
Project Halls

News

Finance: In the field of finance, Sahara Group has interests in Para banking, life Insurance,

mutual funds, and housing finance.

41
Para banking: Sahara India Financial Corporation Limited is India's largest mobilization
company in the private sector with the highest yearly deposit. It is the first RNBC to be granted a
certificate of registration by the RBI.

Life Insurance: Sahara India Life Insurance Company Ltd is the first wholly Indian- owned
Company Ltd is the first wholly Indian- owned Life Insurance Company in the private setor.

Mutual Fund:
with a view to offering its investors, a mutual fund that
is truly mutual, Sahara Mutual Fund has established
itself as a transparent and professional Fund House.
The Fund House endeavors to provide professional
expertise to its investors in managing

their mutual fund investments, diversify their portfolios and reduce their investment risks by
focusing on superior Risk Adjusted returns.

Sahara Mutual Fund offers products in the equity and debt segments to its investors namely

42
 Sahara Tax Gain Fund, Sahara Growth Fund, Sahara Mid cap Fund, Sahara Wealth Plus Fund,
Sahara Infrastructure Fund, Sahara Power & Natural Resources Fund, Sahara Banking &
Financial Services Fund, Sahara Super 20 Fund, Sahara Star Value Fund, Sahara Liquid Fund,
Sahara Gilt Fund, Sahara Income Fund, Sahara Short Term Bond Fund, Sahara Interval Fund
and Sahara Classic Fund.

All the schemes have shown consistent superior performances over various time periods.

PLANS OF SAHARA LIFE INSURANCE

Sahara Nivesh Jeevan Bima

(Single Premium Endowment Insurance Plan)

Sahara Nivesh-Jeevan Bima is a without profit single premium endowment plan with added
advantage of life cover upto maturity by having to pay premium only once. It suits those who
have dreams and aspirations at specified times like buying a house and giving ones children
the best education. These can be fulfilled only by planning our finances for various financial
obligations well in advance. The only step in financial planning is investing in Wealth Creation
Plans. This plan of Sahara Life offers more liquidity and are ideal for customers who are
investment savvy and also want the protection of life as it offers you a life cover for the policy
term and that too without burdening you to pay premium for the entire term i. e. invest today
and reap the benefit at maturity.

Sahara Dhanvrishti Jeevan Bima

(Single Premium Money Back Endowment Assurance without Profits Plan )

Sahara Dhanvrishti-Jeevan Bima is a without profit single premium money back

endowment plan with added advantage of life cover upto maturity by having to pay premium
only once. This plan not only provides financial security against unforeseen events but also
returns specified percentages of sum assured at regular intervals along with the return of
43
premium at maturity coupled with guaranteed additions depending upon term and sum
assured chosen. This plan aims at protecting your capital and providing regular payments and
therefore suits those who have recurring financial obligations for funding their needs or
meeting expenses pertaining to their childs education. These can be fulfilled only by
planning finances for various financial obligations well in advance. The only step in financial
planning is investing in Wealth Creation and Capital Protection Plans. This plan of Sahara
Life offers more liquidity and are ideal for customers who are risk savvy, want the protection
of life and also want to accumulate funds for future investment opportunities. This plan offers
all the benefits in a single package without burdening you to pay premium for the entire term
i. e. invest today and reap the benefit at regular intervals as well as at maturity.

For life's many ups and downs, for education and

marriages of beloved children, providing for a family house, we bring you financial
security against unfortunate death & living too long by creating an immediate asset- Our
Money Back Policy Sahara Sampann. This policy returns your money at regular intervals
for your recurring financial requirements and also provides enhanced risk cover after
every 5 years to take care of your increasing responsibilities. This policy is available for
terms 15 and 20 years only. This plan is suitable for "Safe" investors who get safety,
returns & tax benefits
in one package here. It is also suitable for those who want to accumulate funds for future
investment opportunities

RELIANCE LIFE INSURANCE CO. LTD.

44
Few men in history have made as dramatic a contribution to their countrys economic
fortunes as did the founder of Reliance, Shri. DHIRUBHAI AMBANI. Fewer still have
left behind a legacy that is more enduring and timeless.

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

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

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

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

45
 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.

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

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

RELIANCE CAPITAL

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the
Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading
private sector financial services companies, and ranks among the top 3 private 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.

46
 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 Corporate.

Reliance capital entered into the life insurance business by acquiring AMP Sanmar in
October 2005. The business was thereafter renamed Reliance Life Insurance. Today RLIC
has over 20 products - 16 individual plans and 4 employee benefit plans - including the
two new innovative products Connect to Life and Reliance Money Guarantee Plan -
that were launched recently.

Reliance Life Insurance Company (RLIC) has been accorded the ISO 9001-2000
certificate for its best-in-class management systems in Quality, Customer & Process
orientation.
With this, RLIC is one of the only two life insurance companies in India to get ISO
9001:2000 certifications covering all functional areas.
The scope of the certification covers the entire gamut of business processes ranging from
product design, sales - front-end and back-end operations, customer care and investment,
to all business support functions. The certification has been awarded by internationally
acclaimed Bureau VERITAS and is valid till 2010 subject to continued satisfactory
operation of RLIC's Quality Management System.
"This certification is a significant milestone in our continuous quest to offer innovative
products, outstanding services and improved customer satisfaction. It indicates that we
have been able to install systems, processes & performance measures that are in line with
the best in the industry and will form the basis of our business growth in future", said P
Nandagopal, CEO, Reliance Life Insurance Company.
Reliance Life Insurance is the fastest growing life insurance company in India and has an
incremental market share of 4 per cent amongst private insurers. The company has third
largest distribution network in terms of number of agents operating out of 143 locations
across the country.

47
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.

CORPORATE VISION AND MISSION

Vision
Empowering everyone live their dreams
Mission
Create unmatched value for everyone through dependable, effective, transparent and
profitable life insurance and pension plans.

Our Goal
Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:
Emerge as transnational Life Insurer of global scale and standard
Create best value for Customers, Shareholders and all Stake holders
Achieve impeccable reputation and credentials through best business practices

Achievements
RLIC has been one of the fast gainers in market share in new business premium
amongst the private players with an incremental market share of 4.1% in the
Financial Year 2007-08 from 3.9% in April 07 to 8% in Feb 08. ( Source:
IRDA)

48
 Also continues to be amongst the fast growing Private Life Insurance
Companies with a YOY growth of 195% in new business premium as of
Mar08.
A Company that has crossed 1.7 Million policies in just 2 years of operation,
post takes over of AMP Sanmar business.
Initiated Express Life an Unique Over the Counter sales process for Unit
Linked Insurance Policies in the Industry.
Accomplished a large distribution ramp-up in the Industry in a short span of time
by opening 600 branches in 10 months taking the overall branch network above
740.
RLIC continues to be one of the two Life Insurance companies in India to be
certified ISO 9001:2000 for all the processes.
Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of
Merit in the Financial Services category by Council for Fair Business Practices
(CFBP).

PRODUCTS OFFERED BY RELIANCE LIFE

Reliance has number of insurance products in its Portfolio. It offers different products for
different customer profile. It targets its product according to the needs of people which
make them its customer.

Protection Plans

In todays uncertain world, there could be calamity at every step of the life. It is up to you
to ensure that your family stays protected always.
Reliance Protection Plans helps you do exactly the same. You have a wide range of
options to choose a plan from. Right from limited period plans to lifetime protection
plans, you can opt for the one that suits your lifestyle.

49
While we understand that nothing can compensate for the loss of a life, we intend to
provide you the peace of mind. Investing in Reliance Protection Plans would mean your
familys future is in safe hands.

1.Reliance Term Plan

Invest in the Reliance Term Plan, a pure life insurance plan that offers you comprehensive
and affordable coverage for a limited period of time to suit your needs.

2. Reliance Simple Term Plan

Make a smart investment move by investing in the cost-effective Reliance Simple Term
Plan, which offers you comprehensive coverage for a specified period of time to suit your
need.

3. Reliance Special Term Plan

Imagine a life insurance policy, which on maturity returns to you all the premiums you
had paid for your basic policy. The Reliance Special Term Plan offers that and much
more.

4. Reliance Credit Guardian Plan

The Reliance Credit Guardian Plan secures your family from any loan liabilities you have
incurred in case of your untimely demise. On survival at maturity, you will be returned all
the premiums paid for the basic policy.

5. Reliance Special Credit Guardian Plan

Invest in the Reliance Special Credit Guardian Plan and protect your family from any
loan liabilities you have incurred. On survival at maturity, all premiums paid for the basic
policy will be returned to you.

6. Reliance Endowment Plan

The Reliance Endowment Plan gives you financial independence by allowing you to
50
decide the amount of Sum Assured based on your current financial position and expected
future expenses Dream!!..

7. Reliance Special Endowment Plan

Imagine an endowment plan that protects you for a certain period even after you have
received your lump sumthat is exactly what the Reliance Special Endowment Plan
offers you with other added benefits.

8. Reliance Connect 2 Life

The Reliance Connect 2 Life Plan gives you the option to upgrade your life cover to keep
pace with your changing lifestyle. As your income grows, your family will have sufficient
cover.

9.Reliance Whole Life Plan

Give your family a lifetime of timely financial support by investing in the Reliance
Whole Life Plan. This will help you enjoy your life to the fullest.

10. Reliance Wealth + Health Plan

Invest in the Reliance Wealth Health Plan and balance your health needs and wealth
needs, without compromising on either health or wealth.

11. Reliance Cash Flow Plan

Invest in the Reliance Cash Flow Plan and reap the dual benefits of a life insurance plan
and easy liquidity through lump sum cash, which means you can get a percentage of the
Sum Assured at periodic intervals.

Savings & Investment Plans

51
In life, you have always given your family whatever they have wanted. Yet, there are
some promises you have to fulfill, such as taking your family for a vacation, or buying
that dream house.
Set aside some money to achieve these specific goals with the help of Reliance Savings &
Investment Plans. The plan allows you to experience the joys of life and provide for your
familys needs.
Enjoy life without worrying about the promises you have madewe are here to fulfill
them.

1. Reliance Super Invest Assure Plan

Reliance Super Invest Assure is a complete plan which addresses your vital needs like
Flexibility, Security, Investment Return and Financial Planning. With all its key benefits,
it is here to ensure that there will always be more than you can ask for!

2. Total Investment Plan I - Insurance

Reliance TIPS -Series I- Insurance is a Unit Linked Investment + Insurance Plan that
helps you meet all your financial needs, without the complexity of managing multiple
products.

3. Reliance Wealth + Health Plan

Invest in the Reliance Wealth Health Plan and balance your health needs and wealth
needs, without compromising on either health or wealth.

4. Reliance Automatic Investment Plan

The Reliance Automatic Investment Plan is an enhanced unit linked plan that allows you
to choose the right investment mix to reap maximum benefits. It also provides you with
enhanced Life Cover.

5. Reliance Money Guarantee Plan

To reap the benefits of a rising market and to protect yourself from any market decline,
52
invest in the unit linked Reliance Money Guarantee plan that gives you the perfect
balance between Protection and Savings.

6. Reliance Cash Flow Plan

Invest in the Reliance Cash Flow Plan and reap the dual benefits of a life insurance plan
and easy liquidity through lump sum cash, which means you can get a percentage of the
Sum Assured at periodic intervals.

7. Reliance Market Return Plan

The Reliance Market Return Plan gives you insurance protection and allows you to
benefit from investment growth. It works through your life and meets the changing
requirements you may have from time to time.

8. Reliance Endowment Plan

The Reliance Endowment Plan gives you financial independence by allowing you to
decide the amount of Sum Assured based on your current financial position and expected
future expenses.

9. Reliance Special Endowment Plan

Imagine an endowment plan that protects you for a certain period even after you have
received your lump sumthat is exactly what the Reliance Special Endowment Plan
offers you with other added benefits.

10. Reliance Whole Life Plan

Give your family a lifetime of timely financial support by investing in the Reliance
Whole Life Plan. This will help you enjoy your life to the fullest.

11. Reliance Golden Years Plan

The Reliance Golden Years Plan helps you save systematically and generate the much-
needed corpus to help you enjoy life after retirement.

53
12. Reliance Golden Years Plan Value
Realize all your dreams of playing golf, or going for a world tour after retirement by
investing in the Reliance Golden Years Plan Value, which helps you generate the amount
you will need for the future.

13. Reliance Golden Years Plan Plus

Invest in the special Reliance Golden Years Plan Plus that not only helps you build the
corpus you need after, but also collects a basic minimum amount in case something were
to happen before you realize your dreams.

14. Reliance Connect 2 Life Plan

The Reliance Connect 2 Life Plan gives you the option to upgrade your life cover to keep
pace with your changing lifestyle. As your income grows, your family will have sufficient
cover.

Retirement Plans

You are a young and earning individual. The income you earn allows you to enjoy life,
your only worry being whether you will be able to continue the same lifestyle after
retirement.
A Reliance Retirement Plan will help you save money for your retirement. It ensures that
you continue to get some income after retirement thereby ensuring that you do not have
to depend on any other person or make any compromises to maintain the same lifestyle.
Invest in a Reliance Retirement Plan today and enjoy life after retirement on your own
terms.

54
1. Total Investment Plan II - Pension
When you invest in the Reliance Total Investment Plan, you give yourself the assurance
that you will make each one of your dreams come true!.

2. Reliance Golden Years Plan

The Reliance Golden Years Plan helps you save systematically and generate the much-
needed corpus to help you enjoy life after retirement.

3. Reliance Money Guarantee Plan

To reap the benefits of a rising market and to protect yourself from any market decline,
invest in the unit linked Reliance Money Guarantee plan that gives you the perfect
balance between Protection and Savings...

Child Plans

Being a parent is one of the joys of life. Your child looks up to you and depends on you
for love, protection and support. You want to provide your child with the best in life.
The Reliance Child Plan helps you save systematically so that you can secure your childs
future needs. Be it higher education, his or her first home or any other requirement, you
will always be there for your child when he or she needs you.
So, invest in a Reliance Child Plan right awayit is the best gift you could ever give
your child.

1. Reliance Super Invest Assure Plan

Reliance Super Invest Assure is a complete plan which addresses your vital needs like

55
Flexibility, Security, Investment Return and Financial Planning. With all its key benefits,
it is here to ensure that there will always be more than you can ask for!

2. Reliance Child Plan

Save systematically and secure the financial future of your child by investing in the
Reliance Child Plan and let your child enjoy today without worrying about tomorrow.

3. Reliance Secure Child Plan

Reliance Life Insurance presents a unit linked insurance plan that secures your childs
financial future, leaving you free from worry.

4.Reliance Wealth + Health Plan

Invest in the Reliance Wealth Health Plan and balance your health needs and wealth
needs, without compromising on either health or wealth.

SOME LUCRATIVES PLANS WHICH RELIANCE OFFERS

56
RELIANCE ENDOWMENT PLAN
It takes a lot for a dream to become a reality. And money is surely an important part of it.
Reliance Endowment Plan gives you just the financial independence to realize your
dreams in the future. It lets you decide how much you would like to set as your Sum
Assured based on your current financial position and your expected future expenses.
So, go ahead... dream!!.
Key Features

1 .On maturity receive Sum Assured plus bonuses

2. Wealth creation through bonus additions
3. More Value for your money by way of High Sum Assured Rebate
4. Choose to add the Benefit of three Riders-Reliance Term Life Insurance Benefit Rider,
5. Reliance Critical Conditions Rider and Reliance Accidental Death and Total and
6.Permanent Disablement Rider
7. Choose to avail of Policy Loan after three years

CASH FLOW PLAN

While most insurance plans block your money for a certain period of time, Reliance Cash
Flow Plan gives you the double benefit of life insurance along with easy liquidity through
lump sum cash. It provides money periodically when you need it.
It lets you live life to the fullest today and at the same time, helps you stay protected for
tomorrow by giving you the flexibility of receiving a specified percentage of the Sum
Assured at specified intervals
Key Features

Easy Liquidity - Get periodic cash flows at the end of the fourth year and thereafter at the
end of every three years
Wealth creation through bonus additions
On maturity, accumulated bonuses along lump sum payout receive with final
More value for your money by way of High Sum Assured Rebate
Full Sum Assured plus bonuses in case of your unfortunate death, this is
over and above the Survival Benefits already paid

57
Option to add two Riders - Critical Illness Rider & Accidental Death Benefit and Total
and Permanent Disablement Rider

RELIANCE HEALTH + WEALTH PLAN

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO

IS BORNE BY THE POLICYHOLDER.
There are times when late working hours take precedence over your health check-ups.
And there are times when a visit to the doctor seems more important than dividends on
your shares. In the rat race to make money, we often forget to take care of ourselves.
We understand this predicament. Here is a plan that will ensure that your wealth keeps
increasing constantly and yet your health does not take a backseat. The Reliance
Wealth+Health Plan. A plan that gives you the benefits of wealth bhi. health bhi
Life changes. And as it does, so do your priorities. After all, the circumstances of your
life can determine the type of health coverage you need.
India has made rapid strides in the health sector. Since Independence, life expectancy has
gone up markedly and survival rates have also increased, still critical health issues
remain. Infectious diseases continue to claim a large number of lives.
Perhaps you're a freshly minted graduate, a joyful newlywed, retiring early or between
jobs. Maybe you're running your own business or raising a family or both. In any of
the situations, GOOD or BAD, health cannot be taken for granted. All are affected by the
rising costs of medical expenses. Thats why it is important to plan early and in advance.
Reliance Wealth + Health Plan, a health insurance plan underwritten by Reliance Life
Insurance Company Limited, is designed to work in conjunction with contributions
towards savings. The uniqueness of this plan is that it not only provides benefits for
covered injuries but also for other injuries by encashment from the unit fund. This plan
from Reliance Life offers the Hospitalization and Surgical Benefits and also covers
Critical Illnesses. In short this plan provides you with a personalized quality health cover
that fits your lifestyle.
Key Feature

A Unit Linked plan with Unique Savings Component

58
Twin benefit of market linked return and health protection
Choose from two different plan options
Flexibility to take care of your familys health
Flexibility to switch between funds / plan options
Option to pay Top-ups
Option to package with multiple riders
Liquidity through partial withdrawals

RELIANCE SUPERINVESTASSURE PLAN

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO

IS BORNE BY THE POLICYHOLDER.
You have always aspired for the best in life. And we help you achieve that.
Heres a unique plan which combines protection and savings. It also offers complete
flexibility to gain control over your investments vis--vis your financial needs and risk
appetite.
We value your regular investments and thus reward you with guaranteed additions thus
promising unmatched benefits. This plan also offers you a unique option of moving from
a conservative fund to an aggressive fund systematically, to take advantage of the Rupee
cost averaging model.
A plan that promises you, what you ought to deserve as you reach greater heights in life.
What more can you ask for except gifting yourself with Reliance Super Invest Assure
Plan
Key features Reliance Super InvestAssure Plan

Twin benefit of market linked return and insurance protection.

Guaranteed additions at the rate of 50% of your first years basic premium at interval of
every 5 years from 10th year till policy is in force
Investment opportunity with flexibility -Choose from 8 pure investment fund options.
Option to pay Top-up premium(s)
Liquidity in the form of partial withdrawals
A host of optional rider benefits to enhance protection cover.

59
RELAINCE AUTOMATIC INVESTMENT PLAN

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PROTFOLIO

IS BORNE BY THE POLICYHOLDER
Life is indeed delightful if you have the freedom to make choices. The Reliance
Automatic Investment Plan gives you just that ample freedom! And we make this
freedom more enjoyable by giving you a sense of security. Whether its your insurance or
investments, we let you make the choice and leave the rest to us.
So allow us to take over and you can be rest assured, because for us your LIFE comes
FIRST always.
This plan promise enhanced Life Cover, with complete flexibility to gain control over
your investments in tune with your financial needs and your risk appetite. A plan that
promises you what you deserve as you reach greater heights in life.
For a select few like you, the Reliance Automatic Investment Plan is an enhanced Unit
Linked plan addressing comprehensive needs to strike that perfect balance of protection
and Savings with full flexibility as you grow in your career. The Reliance Automatic
Investment Plan gives you full flexibility to choose just the right investment mix to reap
higher benefits.
Key Features

Two plan option to choose from Ready-made and Tailor-made

Life Stage asset allocation to ensure automatic change in investment patterns, under the
Ready-made Plan option
Freedom to decide your own fund mix based on your risk profile under the Tailor-made
Plan
Allows Systematic Transfer Plan to average out the cost of unit purchased in equality
Regular, limited, single premium paying options
Unmatched flexibility through out Exchange Option
Liquidity in the form of partial withdrawal
Option to avail of Accidental Death and Total & Permanent Disability and Term
Insurance riders

60
RELAINCE TOTAL INVESTMENT PLAN SERIES -1
The journey of life, even though it may seem simple, comes with its own twists and turns,
some good, some unfortunate. And along with these moments come new dreams. With
every little twist, our dreams change and so do our ambitions. And most of all we desire a
security that will help us follow our dreams, both financial and emotional. It is this
security that Reliance Life Insurance Company Limited promises to bring to you with its
Total Investment Plan Series I Insurance.
To know more, read further
We value your dreams in this journey of life. Reliance Total Investment Plan Series I
-Insurance (TIPS-I -Insurance) helps you bring them to reality. Your need for investment,
protection and financial liquidity keeps changing at different stages of life. The birth of a
child will require you to increase your insurance cover; a marriage in the family will
require additional money. We provide you that kind of flexibility which suits you best at
your convenience. Similarly on a promotion you may want to increase your investments
to create a large kitty for future expenses. As you progress on this ladder of life we
provide you the platform to increase your investment. Usually you would require multiple
financial products to meet all your needs and would have to actively manage them.
However with the Reliance TIPS-I -Insurance, Unit Linked Investment + Insurance Plan
you can meet all your financial needs, without the complexity of managing multiple
products
Key Features
This is a Single Premium unit linked savings life insurance plan with options to purchase
the same plan with reduced allocation charges in subsequent policy years. Since more
Premium is allocated towards investment due to lower allocation charges on subsequent
purchases, greater would be the returns. Purchasing the same plan in the subsequent years
is an option.
1st purchase would be called as Classic
2nd purchase would be called as Silver
3rd purchase would be called as Gold
4th purchase would be called as Diamond
5th purchase would be called as Platinum
61
Once you purchase the first policy there will full flexibility, as to when second and
subsequent purchase can be made and how much Premium should be paid for each
purchase subject to the following:
The minimum Premium on each purchase should be at least Rs. 25000 for life assured
aged up to 40 and Rs. 50000 for life assured aged 41 to 64.
The maturity date on each purchase cannot exceed 70 years.
All the polices should mature on maturity date of the first purchase.
The term of the polices purchased during second, third, fourth and fifth policy years will
be 9, 8, 7 and 6 respectively.
New policy can be purchased only if all the previous polices are in force on the date of
purchase of new policy.
Plan Objective :
The pace setter plan with protection to life which gives
Tax benefit under Sec. 80C and Sec. 10(10D)* of Income Tax Act 1961
Investment opportunity with flexibility
Life protection
Control over your investments

62
 PART II

RESEARCH

METHODOLOGY

63
 OBJECTIVE OF THE STUDY

The topic of the project is COMPARATIVE ANALYSIS OF INSURANCE

PRODUCT SAHARA Life insurance and RELIANCE LIFE INSURANC
industry Ltd.
To find out the market value of SAHARA and RELIANCE LIFE INSURANCE.
To find out the growth rate and revenue of SAHARA and RELIANCE LIFE
INSURANCE
Understanding the 4 Ps of marketing in relation to SAHARA.
The most effective media of promotion.
Market for SAHARA.
Expectations of consumer from insurance policies.
Response of the consumer regarding SAHARA.
Suggestion of consumers for a winning brand of insurance policies.
Ascertain the awareness level of SAHARA and its distinct image.
Ascertain growth opportunities as well as threats.

64
 Research Design

A research design is the overall plan on programme of research. It includes an outline of

what the investigator will do from writing the hypothesis and their operational implications to
the final analysis of data.

Various uses of having a research design are as follows:

It provides answers to various questions.
It acts as a standard guide post.
It helps in carrying out research validity, objectively, accurately and economically.

Market research projects are designed as either (exploratory research or conclusive

research) depending upon the objective of study.

The objective of the exploratory research is to seek new ideas and to discover new
relationship between different set factors in a way that will permit of specific hypothesis.

To find out there hypothesis, study of secondary sources of information, survey of

knowledge persons on case studies are conducted.
Conclusive research provides information which helps in decision making; such research
requires identifying cause and effecting relationships. This can be done by case study and
experimentation. The present marketing research is more less an exploratory research as its
objectives are aimed to find new ideas also the information required was obtained through
methods of exploratory research.
Overall the research which was used as a prototype for his market research analysis is:-
i. Define research problem.

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 ii. Review concepts and theories.
iii. Formulate hypothesis.
iv. Design research.
v. Collection of data.
vi. Analysis of data.
vii. Interpret and reports.

RESEARCH TYPE:- Exploratory and Descriptive research are used in the study.

PREPARING THE RESEARCH DESIGN

The research problem having been formulated in clear terms, the researcher will be
required to prepare a research design, i.e. he will have state the conceptual structure
within which research would be conducted. The preparation of such design facilitates
research to be as efficient as possible yielding maximum information. In other words, the
function of research design is to provide for the collection of evidence with minimal
expenditure of effort, time and money. But how all these can be achieved depends mainly
on the research purpose. Research purposes may be grouped into four categories, viz,
i. Exploration
ii. Description

A fixable research design, which provides opportunity for the purpose of the
research study, is that of exploration. But when the purpose happens to be an accurate
description of a situation or of an association between variables, the suitable design will

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be one that minimizes bias and maximizes the reliability of the data collected and
analyzed.
There are several research designs, such as, experimental and non-experimental
hypothesis testing. Experimental designs can be either informal designs (such as before-
and-after without control, after only with control, before-and-after with control) or formal
designs (such as completely randomized block design, Latin square design, simple and
complex factorial designs), one of which the researcher must select for his own project.
The preparation of the research design, appropriate for a particular research
problem, involves usually the consideration of the following:
The means of obtaining the information.
The availability and skills of the researcher and his staff (if any).
Explanation of the way in which selected means of obtaining information will
organize and the reasoning leading to the selection.
The time available for the research, and
The cost factor relating to research, i.e. the finance for the available for the
purpose.

DATA COLLECTION METHODS -

SECONDARY DATA- I have collected this data from books, internet, journals and
other resources.

DATA COLLECTION TECHNIQUE

SECONDARY DATA

All methods of data collection can supply quantitative data (numbers, statistics or
financial) or qualitative data (usually words or text). Quantitative data may often be

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presented in tabular or graphical form. Secondary data is data that has already been
collected by someone else for a different purpose to yours.

SAMPLE SIZE:50
SAMPLE TYPE: RANDOM SAMPLING

Need of using secondary data:-

1. Data is of use in the collection of primary data.
2. They are one of the cheapest and easiest means of access to information.
3. Secondary data may actually provided enough information to resolve the problem
being investigated.
4. Secondary data can be a valuable source of new ideas that can be explored later
through primary research.

Limitation of secondary data:-

1. May be outdated.
2. No control over data collection.
3. May not be reported in the required form.
4. May not be reported in the required form.
5. May not be very accurate.
6. Collection for some other purpose.

RESEARCH AIM
The aim of this study is to know about the A study on different aspects, which works as
motivational factor for advisor to sale Financial Bonds & Policy of Sahara India Financial
Corporation The project also aims to create awareness about financial Bonds.
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 THE MARKET RESEARCH PROCESS

The entire project was divided into five phases and each phase had its individual
significance and supplemented each other. The process had to be started from the grass root
level and it was very important to understand the market for this insurance policies, which is
very fast in production, distribution and consumption.

The five phases into which the project was divided were:
A. Route Riding
B. Retail Tracking
C. Corporate Tracking
D. Analysis of finding and observations
E. Segregating KANPUR CITY for WAP and SAP

The entire process was more of a Descriptive Research type and incorporated a formal
study of the specific problems faced by most insurance companies an exploring the
opportunities in the untapped market. The survey was conducted on the basis of Sahara
Policies preference and evaluation of sales forecast in the new and underdeveloped market
including the evaluation of the advertising and promotional measures. The data collected had
to be systematically arranged, analyzed and reported in a form congenial to take on the spot
decisions.

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 DATA ANALYSIS

AND

INTERPRETATION

Market growth in last two year .

SAHARA 27.58 %
RELIANCE LIFE INSURANCE 19.26 %

Graphical Presentation

70
Analysis

Market growth of Sahara is 8.32 % more then the RELIANCE LIFE INSURANCE.

The growth of RELIANCE LIFE INSURANCEin 3rd half is more then Sahara.

No. of policies soled during the year 2012:

SAHARA 196228
RELIANCE LIFE INSURANCE 139225

Graphical Presentation

71
Analysis

The annual sale of polisies is more then in comparison of RELIANCE LIFE INSURANCE.

Sahara sold 196228 different policies durin the year2012.

Profit earned during the year :

Policies Profit( in crore)

SAHARA 35.46
RELIANCE LIFE INSURANCE 32.23

Graphical Presentation

72
Analysis

Sahara has placed in the fourth position in term of annual profit after LIC, ICICI prudential life

and Reliance life insurance .

The profit of sahara is 3.23 Crore more then to RELIANCE LIFE INSURANCE,

Profit earned through different policies:

SAHARA RELIANCE LIFE INSURANCE

Plan Profit( in crore) Profit( in crore)
Child Plan 12.31 9.51
Endownment plan 8.36 5.45
Term Plan 10.36 11.79
Ulip plan 4.43 5.51

Graphical Presentation

73
Analysis

Child plan and Endownment plan is more profitable for sahara

The Term plan and Ulip plan is profitable for RELIANCE LIFE INSURANCE.

Successful Product Ratio:

SAHARA 2
RELIANCE LIFE INSURANCE 1

Graphical Presentation

74
Analysis

Sahara have most successful product in comparison of RELIANCE LIFE INSURANCE.

The ratio of successfull product is 2;1 of Sahara.

There are 6 successful product of Sahara recently running in the market.

Role of advertisement channel in companies profitability:

SAHARA RELIANCE LIFE

INSURANCE
Electronic media 36 % 41 %
Print media 24 % 21 %
Customer 40 % 38 %

Graphical Presentation

75
 Analysis

Print media and a satisfied Customer has play a most important role in sahara s profitability.

RELIANCE LIFE INSURANCEhas focused on Electronic media for advertisement of there

products.

Types of plans the companies have

PLANS SAHARA RELIANCE LIFE

INSURANCE
Child Plan
Endownment plan
Term Plan
Riders
Ulip plan

Analysis

Tata have not term Riders plan for their customers.

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 The Rider plans refer extra benefits related with the policy on small charges.

Annual business turnover :

Companies Annul Business (in crore )

SAHARA 82.5
RELIANCE LIFE INSURANCE 73.3

Graphical Presentation

77
Analysis

Annual average business turnover of Sahara is 82.5 crore.

Annual average business turnover of RELIANCE LIFE INSURANCEis 73.3 crore.

Focused cover area :

FIELDS SAHARA RELIANCE LIFE

INSURANCE
URBAN 50 % 75 %
RUREL 50 % 25 %

Graphical Presentation

78
Analysis

Sahara produce their policies for Rurel and Urben both customers equally .

Tata focused mainly urben area for their business

FINDINGS

According to the my research noteworthy points are:

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 The customer knowledge about insurance of Sahara is high than RELIANCE LIFE
INSURANCE.
The customer preference about the Sahara is high than RELIANCE LIFE
INSURANCE.
The revenue of Sahara is US $1.15 Billion and the revenue of RELIANCE LIFE
INSURANCEis about 875 crore.
th
Sahara is the 15 largest insurance company of the world.Thus the market ranking of
Sahara is high than RELIANCE LIFE INSURANCE.
The market trends of Sahara is high than RELIANCE LIFE INSURANCE.
The advertising support of Sahara is high than RELIANCE LIFE INSURANCE.
A Majority of the people are satisfied by the riders associated with their policies offered in Future
Anand
The net present value of Sahara is 11,668 crore while the present earning of
RELIANCE LIFE INSURANCEis 1,200 crore.

LIMITATION OF THE STUDY

Time limitation

Research has been done only in KANPUR.

Companies did not disclose their secrets data and strategies.

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Possibility of Error in data collection.

Possibility of Error in analysis of data due to small sample size.

Limited resources.

RECOMMENDATIONS TO THE COMPANY:

Being the best product player in the private sector, but still survey RELIANCE LIFE

INSURANCEneeds to improvement regarding its premium charges and advertisement to its

target customers.

A) Premium charges

Owing to its high premium charges (RELIANCE LIFE INSURANCEApex Plan, Premium

RS. 90000/-) customers perception aboutthe companys product has become that its only for

the upper middle class people. Whereas Sahara do hassome policy with low premium but the

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charges of allocation are normal. So we would like to suggest slowingdown its premium

charges to some extend by reducing administration charges and other charges.

b) Advertisement:

During research we have found that due to lack of advertisements about the

products and agents selling the products in which they get high commissions customers

are somewhere mislead and they know about very few products though Sahara has wide range

of variety of the products. So we would recommend RELIANCE LIFE INSURANCEto invest

more in advertisement in form of TV commercials, pamphlets and hoardings.

c) Wrong perception

AIA is on the edge of filing bankruptcy. So RELIANCE LIFE INSURANCEis also going to

on the brink of filling bankruptcy. But insurance in India is a highly regulated industry. Any

company that wants to set up an insurance business has to follow very stringent norms

given by the Insurance Regulatory & Development Authority (IRDA). So

company should take positive measure to remove this wrong perception from the people.

d) Sample size:

For this research study only hundred sample size has been taken. The result will be more

appropriate if a large sample size is considered.

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 CONCLUSION

Indian insurance sector is likely to register unprecedented growth of 200% and attain a size of Rs. 2000

billion($51.2 billion) by 2009-10, in which a private sector insurance business will achieve a growth rate of 140%

as a result of aggressive marketing technique being adopted by them against 35-40% growth rate of state owned

insurance companies. The rural market offers tremendous growth opportunities for insurance companies and

insurers should develop viable and cost-effective distribution channels; build consumer awareness and

confidence. The state owned insurance companies such as LIC and GIC have limited number of policies to offer

to their subscribers while in case of private insurance companies, their policy numbers are many more and

the premium amount as well as the maturity period is much competitive as against those of government

insurance companies. The private sector insurance players have started exploring the rural markets in which until

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recently, the state owned companies had the monopoly .Here it can be concluded that the summer internship

program, done for partial fulfillment of the MBA course in KIMS College University, in RELIANCE LIFE

INSURANCELife Insurance Co. Ltd. has been completed successfully .Following are the achievements done

during the summer internship from 24 the may 2011 to 23 June 2012

.a) Survey done with interest of RELIANCE LIFE INSURANCEhas been conducted successfully and results

are discussed above.

b) Sales done during the time have done great business to the company

.c ) The experience gained during the internship has sharpen my skills and given a corporate exposure.

RFERENCES

For the references different books, journals, and newspapers have been used and different websites have

been used.

Name of websites:

www.tata-aig.com/lifeinsurance,

www.sahara.org.in

www.saharainsurance.com

www.tata-aiggeneral.com.

www.tata-aig-life.com

www.mouthshut.com/product-reviews/ Sahara Insurance.

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www.irdaindia.org/duties/html

www.economy watch.com/insurance-overview access on 10 oct 2012

www.marketresearch.com/product/disply.asp?productid=1475505access on 19 oct 2012

Name of book and journal:

insurance Industry

Sahara Life Insurance Company Ltd, India,

RELIANCE LIFE INSURANCELife Insurance Company Ltd, India,

Business Research Method

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