TRAINING REPORT

ON

ANALYSIS OF PRODUCT

In Partial fulfillment of the requirements for the award of

B.Com (Banking & Insurance)

SUBMITTED TO SUBMITTED BY
Ms. Shavinder Kaur Minakshi
(Lect. in Commerce Deptt. 20131170069
B.Com (B&I)

D.A.V. COLLEGE FOR GIRLS

YAMUNA NAGAR

0
 DECLARATION

I Minakshi, hereby declare that this project report entitle “ANALYSIS OF

PRODUCT RELIANCE LIFE INSURANCE ” has not been presented as a per
of any other academic except to get my B.Com (B&I) from D.A.V. College for Girls,
Yamuna Nagar

Minakshi
B.Com (B&I)
Roll No: 20131170006

1
 ACKNOWLEDGEMENTS

In this present world of competition there is a race of existence in which those who
are having will to come forward will succeed. Project is a bridge between practical
and theoretical working, with this will I have joined the project. I really wish to
express my gratitude towards all those people who have helped me.

My project guide Dr. Sushma Arya (Principal) who provided me her expert
advise, inspiration & moral support in spite of her busy schedule & assignments, has
mainly provided my understanding of this project. I am very grateful to her
kindhearted approach & encouragement, which helped me immensely in completion
of this project report.

I take this opportunity to express my gratitude to Mrs. Surinder Kaur (HOD) &
Ms. Shavinder Kaur (Lecturer), for his invaluable help & guidance throughout
the course.

Last, but not the least, I say only this much that all are not to be mentioned but none is
forgotten and I will like to extend my special thanks and gratitude to all my
classmates who always encourage me in pursuit of excellence.

(Minakshi )

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 PREFACE

Insurance is one of the fastest growing sectors in country. For year after Liberalization
the insurance industry still holds vast opportunities for Young and Experienced
professionals. On the life insurance side public sector life insurance Corporation of
India is, Of course, the largest player with a history of over 50 years. After
privatization, the PSU has been making efforts to improve efficiency and customer
service. Among the private life insurance Player Reliance life is a Key player.
My study about Life Insurance, giving special reference to RELIANCE Life Is an
attempt to get a inner look about the working of this private player in the Country,
there mode of recruiting advisor and customer satisfaction with the company in
ETAH.
As the company operating in 96 cities with over 350 branches, Etah is selected as a
sample unit of study, the will consist of studying Product basket of Reliance life with
the help of secondary data and the market survey with the help of Questionnaires to
collect primary data and there after the result will be generalized of Universe (INDIA)
to get clear picture about the preference of Reliance life in India.

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 CONTENTS

S. No. Page No.

1 INDUSTRY PROFILE

2 COMPANY PROFILE

3 INTRODUCTION TO THE TOPIC

4 OBJECTIVES OF THE STUDY

5 RESEARCH METHODOLOGY

6 DATA ANALYSIS AND INTERPRETATION

7. FINDINGS

8. LIMITATIONS

9 SUGGESTIONS

10 CONCLUSION

11 BIBLIOGRAPHY

12 ANNEXURE

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 INDUSTRY PROFILE

Insurance is mechanism that ensures an individual thrive on adverse consequences by

compensating the individual for loss financially. The meaning of insurance can be
made from two points:

 Function meaning of insurance

 Contractual meaning of insurance

Functional Meaning:
Insurance is a co-operative device to spread the loss caused by a particular risk over a
number of people, who are exposed to it and who agree to ensure themselves against
the insurance is:

a) A co-operative devise to spread the risk

b) The system to spread the risk over a number of people who are
insured against the risk.
c) The principal to share the loss of each member of the society on the
basis of probability of loss to their risk and
d) The method to provide security against losses to the insured.

Contractual Meaning:
The insurance is a contract where by:
Certain sum called premium, is charged in consideration.
Against the said consideration a large sum is guaranteed to be paid by the insurer who
received the premium.
The payment will be made in certain definite sum that is the loss or the policy amount
whichever may be, and
The payment is made only upon a contingency.

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Kinds of insurance
The Insurance can be divided from two angels:
From the business point of view.
 From the risk point of view.

Business point of view:

The insurance can be classified in to categories from business point of
view
Life insurance
Life insurance is different from other insurance in the since that, here, the
subject matter of insurance is life of human being. Life is the most
important property of the society or an individual. This insurance
provides protection to the family at the premature death or gives adequate
amount at the old age when earning capacities are reduced.

General insurance
The general insurance includes property insurance, liability insurance and
other forms of insurance. Fire and marine insurance are strictly called
property insurance; Motor, Theft, Fidelity and Machine insurances
includes the extent of liability Insurance to a certain extant.

Property Insurance
Under the property insurance property of a person insured against certain
specified risk. The risk may be fire or marine perils, Theft of property or
goods damage to property at accident.

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Marine Insurance
Marine insurance provides protection against loss or marine perils. These
perils cause damage, destruction of disappearance of the ship and cargo
and nonpayment of freight.

Miscellaneous Insurance
The property good machine, furniture, automobiles, valuable articles etc.
can be insured against the damage due to accident or due to Theft these
are different forms of insurance for each type of said property where by
not only property insurance exist but liability insurance and personal
injuries are also insured.

Liability Insurance
The general insurance also include liability insurance where by the
insured is liable to pay the damage of property or compensate the loss of
personal injury or death. This insurance is seen in the form of Fidelity
insurance, Automobile insurance and Machine insurance etc.

Other form
Besides the property and liability insurance there are certain insurances,
which are include under general insurance, state employees insurance etc.
where by the Insurer guarantees to certain amount at the certain event.

Social Insurance

The social insurance is to provide protection to the weaker section of the

society who is unable to pay the premium of adequate insurance. Pension
Plan, Disability Benefit, Unemployment Benefit, Sickness insurance and

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 industrial insurance are the various form of social insurance with the
increase of socialistic ideas, the social Insurance is an obligatory duty of
the nation.

List of Private Insurance Companies

Insurance Industry in the year 2000-2001 had 21 new entrants, (Foreign
players entering the Indian insurance sector with their Indian partners)

Life Insurance List:

Life Insurers

NAME OF
NAME OF
NAME OF THE APPOINTED TELEPHONE NO./FAX No./E-
S.No PRINCIPAL
COMPANY ACTUARY MAIL & WEB ADDRESS
OFFICER

Bajaj Allianz Life Insurance

Company Limited .
Tel : 020-4026666
GE Plaza, Airport Road , Mr.Kamesh Mr. Anil Kumar
1. Fax : 020-4026789
YerawadaPune 411 006 Goyal Singh
.

Birla Sun Life Insurance Co.

Ltd
Tel : 022 40393333/66783333
6th Floor, Vaman Centre,
Mr. Ajay Mr. Fabien Fax: 022 40961373/66783232
2. Makhwana Road,
Srinivasan Jeudy Email
off Andheri-Kurla Road
:customerservice@birlasunlife.com
, Andheri(E), MUMBAI-400
059.
HDFC Standard Life
Insurance Co. Ltd
2nd Floor, Trade Star
Tel : 022-67516666
Kondivita Junction Mr Paresh Mr. William
3. Fax: 022-2822 8844
Andheri Kurla Road Parasnis John Martin
Andheri East
Mumbai 400059
.

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 COMPANY PROFILE

THE COMPANY

About Reliance Life Insurance

Reliance Life Insurance offers you products that fulfill your savings and
protection needs. Our aim is to emerge as a transnational Life Insurer of
global scale and standard.

Reliance Life Insurance is an associate company of Reliance Capital Ltd., a part of

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 - Anil Dhirubhai Ambani Group also has presence in

Communications, Energy, Natural Resources, Media, Entertainment,
Healthcare and Infrastructure.

Our Founder
Few men in history have made as dramatic a contribution to their
country’s economic fortunes as did the founder of Reliance, Shri.
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.

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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.

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

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of many of the initial investors in the Reliance stock, and creating one of
the world’s largest shareholder families.

Vision & Mission

Vision

Empowering everyone live its 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

AWARDS & ACCOLADES

Achievements

 The Company has been the fastest company to reach the 3 million
policy mark RLIC closed the last financial year with a New
Business Premium of Rs 3513 Crores.

 For 3 successive years, since inception, the Company has been

amongst the fastest growing Companies in the Life Insurance

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 Industry achieving a growth rate of 28% in the last financial year
against a market growth of -6%. In the Individual Business
segment, the company achieved a growth rate of 59% in terms of
WRP against the private industry growth of 1%.
 Reliance Life has been one of the fastest gainers in market share
growing from 1.9% amongst private players in Mar'06 to 10.3% as
of Mar'09. This has resulted in the Company growing to becoming
the 4th largest private player in just two years starting at
position of 11.
 and was the 3rd largest private insurer in terms of Policy count
in 2008-09
 Reliance Life has accomplished a large distribution ramp-up in the
Industry in a short span of time by opening 1145 branches in just
over 2 year.
 RLIC continues to be amongst the foremost 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).
 The Company has also won the DL Shah Quality Council of
India Commendation Award in the services category in feb 2008
for its work on promoting 'self help channels for service'

Leadership Team

BOARD OF DIRECTORS

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Gautam Doshi, Director

Gautam is the Group Managing Director of Reliance Anil Dhirubhai

Ambani Group and Director of Reliance Life Insurance Company
Limited.

In his long and illustrious career spanning 30 years, Gautam has held key
positions in various organisations such as M/s. Bansi S. Mehta, RSM &
Co. and Ambit Corporate Finance Pvt. Ltd. Presently, as a Board member
of various reputed public limited companies, Gautam continues to power
the industry with his profound knowledge and expertise.

Gautam, a qualified Chartered Accountant, has served as the Chairman of

the Institute of Chartered Accountants of India for the year 1982–83. He
was also elected to the Council of the Institute of Chartered Accountants
of India for two consecutive terms spanning over 1992 to 1998

Satya Pal Talwar,Director

Satya Pal is the Director of Reliance Life Insurance Company Limited.

He holds an experience of more than 35 years in operations and policy
formulation.

Through his distinguished service in the financial industry, Satya Pal has
served as the ‘Chairman and Managing Director’ of renowned
organizations such as Bank of Baroda, Union Bank of India and Oriental
Bank of Commerce. His in-depth knowledge of the sector has seen him
rise quickly into pivotal positions at advisory and board levels in Indian
and as well global organizations such as SEBI, IDBI and MasterCard

13
International. He has also held the coveted position of Deputy Governor
of RBI from 1994 to 2001.

Satya Pal holds a degree in Law. He is a Certified Associate of the Indian

Institute of Bankers and a member of the Indian Council of Arbitration.

Saumen Ghosh, Group President

Saumen is currently the Group President of Reliance Capital Limited.

Saumen has worked in the UK for one of the leading Chartered

Accountancy firms and then moved to Australia to join a subsidiary of the
Allianz Group where he held various senior positions in the finance and
international division. In his immediate past assignment, before joining
Reliance Capital Limited, Saumen was responsible for the overall Allianz
operations in India and Middle East.

Saumen is a qualified Chartered Accountant and is a member of the

Institute of Chartered Accountant in England & Wales and Australia.

Malay Ghosh – President

Malay leads all activities at Reliance Life Insurance Company Limited

Life and his key focus is on rapid expansion of all channels and
accelerating the company’s growth trajectory.

Malay has over 24 years of work experience in the insurance industry. He

has worked for 17 years with LIC across various functions and for 7 years
with Bajaj Allianz Life Insurance where he was last designated Head of
Sales.

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Malay holds a Masters degree in statistics.

Maneesha Thakur, Chief Human Resources Officer

Maneesha in her role as the Chief Human Resource Officer at Reliance

Life Insurance Company Limited has developed a performance driven
and employee centric culture. She has been at the forefront of the
organization growth by facilitating talent acquisition and management.

Maneesha in her career span of 15 years has worked with companies like
SHCIL, ALLTEL, Transamerica, ICICI Bank and VSNL.

In addition to an MA in English Literature, Maneesha holds a Post

Graduate Diploma in Personnel Management & Industrial Relations from
XLRI, Jamshedpur.

Pournima Gupte, Appointed Actuary

Pournima is the Appointed Actuary at Reliance Life Insurance Company

Limited where she has the overall responsibility for statutory reporting,
risk appetite, pricing, valuation, reinsurance, etc.

Prior to joining Reliance, Pournima served at Life Insurance Corporation

of India for 20 long and rewarding years. Her stint with LIC included a
four-year deputation at the London branch, as Manager. She then moved
on to be the Chief Manager – Actuarial, at Kotak Mahindra Life
Insurance Company and Associate Vice President – Actuarial at Bajaj
Allianz Life Insurance Company.

Pournima is a graduate in Statistics and a Fellow of the Actuarial Society

of India (FASI).

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C Mohan, Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life

Insurance Company Limited and he is responsible for Information
Technology Strategy Formulation and Deployment.Mohan is an
Engineering Graduate and holds many International IT Certifications.

Mohan has over 12+ years of IT Experience of which he spend more than
7+ years Executive Management Experience in overseas. He worked with
Cathay Pacific Airways and Computer Sciences Corporation in Asia
Pacific Role at Singapore before he joined Reliance Life.

In Year 2008 he has been awarded as Pioneer CIO by CIOL-Data Quest

and Bold 100 CIO by IDG-CIO Forum. He also received the Early SOA
Adopter Award from IBM.

He has recently been selected as a honoree in Global CIO 100 2009 Award Summit
to be held in Colorado, USA.

R Rangarajan, Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance

Company Limited. He alongwith his team, strives to give the best
possible returns on investments to shareholders and policyholders,
keeping in mind their appetite for risk. Rangarajan draws on his in-depth
knowledge of investment and experience of 25 years to ensure that the
goals of the organization are met—without any compromise on the
benefits of the investors.

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Prior to being a part of Reliance Life Insurance, Rangarajan worked with
AMP Sanmar Life Insurance as Head – Investments for three years. His
earlier assignment was with a large Mutual Fund organization.

Rangarajan is a qualified Chartered Accountant.

S V Sunder Krishnan, Chief Risk Officer

Sunder is the Chief Risk officer for Reliance Life Insurance and is
responsible for overseeing Risk Management, Internal Audit and
Compliance functions at Reliance Life Insurance.

Sunder came with 23 years of experience and knowledge in Internal

Audits, Compliance, Assurance Consulting and Risk Management. He
has worked for various leading organizations such as DSP Merrill Lynch,
ING Vysya, Credit Lyonnais, Standard Chartered, Bank International
Indonesia, Ernst & Young and Delloitte at senior and middle management
positions with exposure to businesses and operations in more than 12
countries.

Sunder is a qualified FCA, CISA, and CCSA. He is also the President of

Information Systems Audit Control Association (ISACA-USA), Mumbai
Chapter for the year 2007-08 and was a member of the Board of Advisors
to Bombay Chartered Accountants Society (BCA’S) for Internal Audit
studies for the year 2005-06.

Saroj K Panigrahi, Head Legal Compliance & Company

Secretary

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'Saroj K Panigrahi heads the Legal, Compliance and Company Secretarial
function of Reliance Life Insurance'. He is armed with twelve years of
valuable experience in the Corporate Legal, Commercial, and Regulatory
Compliance and Corporate Governance domains.

Prior to joining Reliance, he headed the Legal & IP department at

Accentor’s India Outsourcing Business. During his fulfilling tenure, he
skillfully managed the Legal, Intellectual Property, Regulatory Risk &
Compliance aspects of several Fortune 500 companies. Prior to his
assignment with Accentor, Saroj was Associate Legal Counsel &
Company Secretary at ING Vysya Life Insurance and was also associated
with ICRA, an associate of Moody’s Investors Inc.

Saroj holds a degree in Law. He is also a Fellow Company Secretary, a

Chartered Secretary (UK) and a Chartered Financial Analyst (CFA).

DEFINATIONS OF MARKETING AND SALES

MARKETING

Marketing means movements of goods through distribution channel.

Through marketing consumers are made to understand the quality and
usefulness of the products. Marketing g is a comprehensive activity, as
quantum of sales depends largely upon marketing.

SALES
Sales mean supplying goods to the products. Sales take place in the minds
of the buyer after the products are made known to them through
marketing. Hence, Marketing and selling are interrelated.

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In my opinion, marketing is more important than sales because without
marketing first sales cannot take place.

CHANNEL MARKETING SUPPORT TO TIED AGENTS

a. Certificates

These are awarded to top performing advisors for their

contribution to sales of Pension Plans, Unit Linked Plans and
sales to High Net worth Individuals.
It is a source of instant gratification to the sales team for their
performance.

b. Banners

The corporate banner was designed for the launch of the Church
gate Branch. It can be used to provide corporate brand visibility
for similar occasions.

c. Backdrop for Exhibition Stall

This backdrop was designed to provide corporate brand visibility

for the exhibition stall at Sakal in Pune. It can be used for
forthcoming personal finance exhibitions that we participate in.

MARKETING STRATEGY

Reliance Life Insurance Company Ltd is upbeat on the emerging

opportunities in the areas of health insurance and pension products.

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The private insurance major proposes to take advantage of its vast
network of 1145 branches with 96 regions, advisor strength of 5lac,

Reliance said the company was also planning to aggressively expand its
network. However, Reliance refused to divulge details pertaining to
number of new branches and advisors being planned.

Reliance also declined to quantify the size of opportunities in the health

insurance and pension products that the company is looking at. “Reliance
can only say that we are very upbeat on the opportunities emerging in
health insurance and pension segments. We have major plans for network
expansion to exploit the opportunities.

According to Reliance, though the contribution of health insurance,

thrown open to life insurers just recently, is currently insignificant, the
company expects a significant contribution in the next couple of years.

“Reliance is confident of growing at over 60 per cent this year and retain
our market leadership position," Reliance said. Capital infusion stating
that the company requires significant capital infusion to implement its
ambitious growth plans,

Reliance, however, said the company was yet estimates its exact capital
requirements now. "Both the partners are ready to pump the capital as and
when required."

Sharing the details on some of interesting trends observed by Reliance

Life in the falling stock markets, Reliance said the investors were still

20
demonstrating their faith in equities under the unit-linked insurance
policies (ULIPs).

BRAND AWARENESS

Brand value reveals that the values people operations, the associate with
Reliance Life are indeed those the company hopes to project, lifelong
protection and value for money. The core value is protecting your loved
ones, through life’s ups and downs.

Brand building in a complex category like life insurance is an uphill and

multi-faceted task. At the time of relaunching operations, the
communication task was to build credibility, so as to give the customer
the confidence that it was a company that could be trusted to invest funds
with’. The aim was to encourage people to view insurance as a
compulsory tax saving instrument, but as a means to lead a worry-free
secure life and in the process. The brand proposition for all the campaigns
was reflected in the line: ‘Suraksha Zindgi ke Har Kadam Par’.

The campaign featured a significant competitive advantage, the sound

financial backing and credentials of Reliance Life, and showcased
products from different segments. The advertising idea was encapsulated
in the market symbol campaign contributed extensively to raising brand
awareness and creating a distinctive identity for the company.

It is a powerful proposition; one, which Reliance Life, is taking into the

marketplace.

DISTRIBUTION CHANNELS

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Tied Agency Channel
Agents of the company, as the name suggests, drive the tied agency
channel. For insurance distribution, this is the most popular channel. This
channel sourced 75% of Reliance life business in FY 2009.

C.D.A (CHANNEL DEVLOPMENT ASSOCIATE

C.D.A.’S are those entities who can recruit their own team and source
business through them as well as own sources also.

Corporate Agents
Corporate Agents are corporate entities that source policies for the
Insurance Company with whom they have a tie up. They are authorized to
the source policies for one insurance company only.

Brokers (T.P.D)
A variant of CAs, Brokers are not tied to a [particular company and are
allowed to source business for more than one insurance company.

AFFNITY (Direct Marketing)

Direct Marketing, as a channel of distribution, is relatively a new one. It

basically encompasses all unconventional channel of distribution. Inter
alia, it includes call center, internet and other mass media channels.

INTRODUCTION TO THE TOPIC

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PRODUCT SEGMENTS

Linked Products

As the name suggests, the premium received on these products post

mortality charges is invested in funds. These products are directly
linked to of underlying fund e.g. Life Time Super.

Pension Products

A pension product is one which provides for retirement benefits e.g.

Pension, Annuities.

Protection Plans

Protect your family even when you’re not around by investing in

Reliance protection Plans. Choose a limited period plan or a lifetime
protection plan depending on your needs.

Group Products

A Group Policy as the name suggests is a policy which covers a group

people e.g. a policy taken by the organization which covers all the
employees.

Savings& Investment Plans

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 family’s needs.

23
Enjoy life without worrying about the promises you have made—we
are here to fulfill them.

Rural Products

Rural products are customized to the requirements of the rural sector.

It’s a regulatory obligation on every insurance company to source a
certain percentage of the business from the rural sector.

OTHER POLICY RELATED TERMS

Jet Cases

For every insurance case there are certain medical tests required to
warrant the fitness of the assured person. But the assured already
fulfills certain set criteria, then an insurance policy can be issued to
him even without a medical test. These tests are called Jet Cases.

Non Jet Cases

All the cases which do not fall within the set criteria can be defined as
the Jet Cases are called Non Jet Cases.

Life cover

Life Cover is the part on which the cost insurance is charged, the
cost of insurance here is the mortality cost.
Life Cover at any point of time during the tenure of the policy is;
Life Cover = Sum Assured at the point of time – Value of units at
that
Point of time

24
Extended life Cover
After the maturity of the plan of the policy holder is provided free
cover for 50%of the basic sum assured that he had taken for next 5
years.

Death Benefits
Benefits paid in a Life Insurance Policy in life cover in the event of
the life assured passing away during the term.

Life Assured
Person who is assured under the plan.

Guaranteed Additions

Guaranteed Additions are the ones that the insurer adds to the Sum
Assured.

Prospects

Individual that has the potential to purchase a life policy.

Proposer

The person who buys the policy i.e. proposer and the life assured
can be the same person or may be different.

Nominee

The custodian to the claim – may or may not be the right owner to
the claim money.

Beneficiary

The right successor to the claim.

25
Rider
Riders are the features attachable with a main policy which
provides added protection against specific risks at little extra cost.
Underwriting
Underwriting is a process of estimation of the risk assumed under a
policy. It forms the basics of the premium charge for a given sum
assured.

Mortality Charges

Mortality charges are the risk charges that are levied on the life
cover part to provide the protection benefit to the policyholder.

Products

PRODUCTS
OFFERED

SAVING PENSION PROTECTION

PLANS PLANS PLANS

26
 SAVING PLANS

ENDOWMENT ASSURANCE
PLAN

MONEY BACK PLAN

CHILDREN’S PLAN

UNIT LINKED ENDOWMENT

PLAN

UNIT LINKED ENDOWMENT

PLUS

UNIT LINKED YOUNG STAR

PLAN

UNIT LINKED YOUNG STAR

PLUS

PENSION PLANS

PERSONAL UNIT LINKED

UNIT LINKED
PENSION PENSION
PENSION
PLAN PLUS

27
 PROTECTION
PLANS

LOAN COVER SINGLE

TERM
TERM PREMIUM
ASSURANCE
ASSURANCE WHOLE OF LIFE
PLAN
PLAN PLAN

PRODUCTS
Insurance Solutions for Individuals Reliance Life Insurance offers a range
of innovative, customer-centric products that meet the needs of customers
at every life stage. Its products can be enhanced with up to 5 riders, to
create a customized solution for each policyholder.

Savings Solutions

 Secure Plus is a transparent and feature-packed savings plan that

offers 3 levels of protection.
 Cash Plus is a transparent, feature-packed savings plan that offers
3 levels of protection as well as liquidity options.
 Save’n’Protect is a traditional endowment savings plan that offers
life protection along with adequate returns.

28
  CashBak is an anticipated endowment policy ideal for meeting
milestone expenses like a child’s marriage, expenses for a child’s
higher education or purchase of an asset.
 Lifetime & Lifetime offer customers the flexibility and control to
customize the policy to meet the changing needs at different life
stages. Each offer 4 fund options? Preserver, Protector, Balancer
and Maximizer.
 Lifeline II is a single premium Market Linked Insurance Plan
which combines life insurance cover with the opportunity to stay
invested in the stock market.
 Premier Life is a limited premium paying plan that offers
customers life insurance cover till the age of 75.
 Invest Shield Life is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus interest.
 Invest Shield Cash is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus interest
along with flexible liquidity options.
 Invest Shield Gold is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus interest
along with limited premium payment terms.

Protection Solutions
 Life Guard is a protection plan, which offers life covers at very
low cost. It is available in 3 options? Level term assurance, level
term assurance with return of premium and single premium.
 Home Assure is a mortgage reducing term assurance plan designed
specifically to help customers cover their home loans in a simple
and cost-effective manner.

29
Child Plan
 Smart Kid education plans provide guaranteed educational
benefits to a child along with life insurance cover for the parent
who purchases the policy. The policy is designed to provide money
at important milestones in
 The child’s life. Smart Kid plans are also available in unit-linked
form? Both single premium and regular premium.

Retirement Solutions

 Forever Life is a retirement product targeted at individuals in their

thirties.
 Secure plus Pension is a flexible pension plan that allows one to
select between 3 levels of cover.

Solutions for Groups

As an employer, you believe in providing the best opportunities for your

employees while keeping the interests of the company in mind. How will
you strike a balance between the two?

Reliance Life Insurance offers you a win-win solution with Solutions for
Groups. Not only are your employees covered for life from accidents and
disablements, you can also efficiently manage their future with gratuity
and pension plans.

So invest in Reliance Solutions for Groups to give your employees a

sense of belonging and feel at peace knowing that you have fulfilled your
obligation towards your corporate family.

30
As an employer, you believe in providing the best opportunities for your
employees while keeping the interests of the company in mind. How will
you strike a balance between the two?

Reliance Life Insurance offers you a win-win solution with Solutions for
Groups. Not only are your employees covered for life from accidents and
disablements, you can also efficiently manage their future with gratuity
and pension plans.

So invest in Reliance Solutions for Groups to give your employees a

sense of belonging and feel at peace knowing that you have fulfilled your
obligation towards your corporate family.

Health Solution

 Health Assure: Is a regular premium plan which provides l ong

term cover against 6 critical illnesses by providing policyholder
with financial assistance, irrespective of the actual medical
expenses.
 Health Assure Plus: Is a regular premium plan which provides
long term cover against 6 critical illnesses by providing financial
assistance, irrespective of actual medical expenses, as well as an
equivalent life insurance cover

31
 UNIT LINKED PRODUCTS
UNIT LINK INSURANCE PLANS(ULIP)

The higher the insurance cover would be, the lesser the portion that goes
into the investment corpus. In a ULIP the investor can switch from equity
to debt-and vice versa-depending on his life stage. Investors can also
respond to the changes in the market scenario. An investor can switch
from the equity fund to the debt ULIP is life insurance solution that
provides for the benefits of protection and flexibility in investment. The
investment is denoted as units and is represented by the value that it has
attained called as Net Asset Value (NAV).ULIP came into play in the
1960s and became very popular in Western Europe and Americas. ULIPS
also offer a great degree of transparency and flexibility to the investors.
As times progressed the plans were also successfully mapped along with
life insurance need to retirement planning. In today’s times, ULIP
provides solution for insurance planning, financial needs, financial
planning for children’s future and retirement planning.

ULIPS combine the benefits of insurance and mutual funds. A

portion of the investor goes into buying insurance cover and the rest is
invested in the fund of his choice-equity, balanced or debt. The cover is
ordinarily five, 10 or 20 times the premium paid.

Funds if he feels that the stock market is overheated and due for a
correction. But these are long-term investments and daily fluctuations in
the NAV should not impact an investor’s decision. Investors can also top
up their

32
 ULIPS by investing more than the premium payable in a year.
Through there is no upper limit for tops-ups; they are not eligible for tax
deductions

According to the IRDA, a company offering unit-linked plans must

give the investor an option to choose among debt, balanced and equity
funds. If they opt for a unit-linked endowment policy, they can choose to
invest their premiums in debt, balanced or equity plans.If they choose a
debt plan, the majority of their premiums will get invested in debt
securities like gilts and bonds. If they choose equity, then a major portion
of their premiums will be invested in the equity market. The plan they
choose would depend on their risk profile and their investment need.

Since ULIP is an insurance policy, incomes or profits arising from

the investment are tax-free. It has the double benefit of providing a RISK
cover and investing in stock markets. Unlike traditional plans ULIPS are
subject to the risk factors where the risk is borne by the policyholders, the
investment risk is related with the stock markets and accordingly the
NAVs of the units go up and down depending upon the fund’s
performance and the factors affecting the capital market.

ULIPs have been doing in the recent past, it can be seen that
‘Demands are always increasing and the main thing is that they are
keeping pace with global trends’ with ULIPs performing well across the
board.

Description of the current state

Why ULIPs?

Firstly, ULIP is a bundled product of investments and insurance

proceeds. So if you have a ULIP invested in equities, you are exposing

33
your life insurance monies as well as your investable surplus to the
vagaries of equity markets. While it is fine and even sensible to let your
investable assets get an equity flavor, the same cannot be said about your
life insurance monies, which to a large extent should be sacred. The
volatility in equity markets can disturb the calmest of minds and the last
thing you want to see is your nest egg being eroded by the latest slide in
equity markets. A ULIP policyholder has the option to invest in a variety
of funds, depending on his risk profile. If one does not have the appetite
to invest in equity, they can choose a debt or balanced fund.

The structure of a ULIP takes care of quite a bit of the uncertainty in the
markets. Insurance companies understand the need to give insurance-
seekers the flexibility to rethink their investment strategy in view of
market histrionics. There is an option for the insurance-seeker to switch
to another plan with a lower or zero equity component to stem the loss in
a falling equity market. The switch option allows customers to switch
between fund options, thereby making adjustments to any perceived risks.
However, for investors to make the right switch they need to track
markets actively and be well-informed, which is actually the job of the
investment advisor/consultant.

ULIPs are also suitable for individuals who are already

adequately insured and are reasonably well-informed and savvy to take
active investment decisions by using the `switch option' that is provided
to a ULIP policyholder. Also policyholders with regular endowment plans
who are not satisfied with the 4-6% returns can consider taking a ULIP
with a lower equity component. It is best if insurance-seekers tread the
middle path and choose balanced plans (with about 50-60% equity
component). Ideally they need to avoid taking the aggressive 100%

34
equity ULIP, which could needlessly expose their assets to market
volatility.

ULIP provides multiple benefits to the consumer

 Life Protection
 Investment and Savings
 Flexibility
 Adjustable Life Cover
 Investment Options
 Transparency
 Options to take additional cover against
 Death due to accident
 Disability
 Critical Illness
 Liquidity
 Tax Planning

REASONS FOR POPULARITY OF ULIP

 ULIPs offer a twin benefit

ULIPs serve the purpose of providing life insurance combined with

savings at market-linked returns. This is more beneficial to the investor as
compared to his investment in a mutual fund which does not offer a life
cover. Moreover, they offer transparent disclosure, monthly portfolios and
daily NAVs (net asset values).

 ULIPs have multiple investment options

35
 The individuals have an option of investing based on his market
analysis and his risk profile. Generally there are three categories of
ULIPs.

• Aggressive ULIPs (which can typically invest 80%-100% in

equities, balance in debt).

• Balanced ULIPs (can typically invest around 40%-60% in equities)

• Conservative ULIPs (can typically invest up to 20% in equities)

 ULIPS are Flexible

The individuals are allowed to switch between the ULIP variants

outlined above to capitalize on investment opportunities across the equity
and debt markets. Free switches are an important feature that allows the
informed individual/investor to benefit from the vagaries of stock/debt
markets. For instance, when stock markets were on the brink of 7,000
points (Sensex), the prudent investor would prefer to shift his assets from
an Aggressive ULIP to a low-risk Conservative ULIP

 ULIPs are designed to feature Systematic Investment Plan (SIP)

As generally advocated by the mutual fund industry, ULIPs also

facilitate SIP to the investors. With an SIP, individuals invest their funds
regularly over time intervals of a month/quarter and don't have to worry
about `timing' the stock markets. An added benefit with ULIPs is that
individuals can also invest a one-time amount in the ULIP either to
benefit from opportunities in the stock markets or if they have an
investible surplus in a particular year that they wish to put aside for the
future.

36
 Ulips vs. Mutual Funds

“MFs and ULIPs essentially can’t be compared as ULIPs are

long term products, with a typical commitment of 10 years or
more, while mutual funds are medium-term products with a
period of three years or so.”

ULIPs Mutual Funds

Determined by the Minimum investment

Investment investor and can be amounts are determined by
amounts modified as well the fund house

No upper limits, expenses Upper limits for expenses

determined by the chargeable to investors have
Expenses insurance company been set by the regulator

Portfolio Quarterly disclosures are

disclosure Not mandatory mandatory

Modifying asset Generally permitted for Entry/exit loads have to be

allocation free or at a nominal cost borne by the investor

Section 80C benefits are Section 80C benefits are

available on all ULIP available only on investments
Tax benefits investments in tax-saving funds

37
SWOT Analysis Of ULIP As a Product

STRENGTHS WEAKNESSES

 Investment plus  Lack of Awareness.

Insurance  High administrative
 High Returns charges
 Transparent  High mortality
 Flexibility charges.
 High fixed annual
charges.

38
 OPPORTUNITIES THREATS
 Presence of very strong
 Large Untapped
competitors.
Market
 Aggressive marketing by
 Products for every
competitors.
age group and income
 Not considered reliable.
level
 Mutual funds and Fixed
 Benefits of both an
Deposits..
investment and
insurance product

Reliance Endowment Plan

Welcome to Reliance Life

It takes a lot for a dream to become a reality. And money is surely an
important part of it.

39
Reliance Endowment Plan gives you just the financial independence to
realise 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!!.

Reliance Wealth + Health Plan

Wealth bhi. Health bhi.
Key Features

On maturity receive Sum Assured plus bonuses

Wealth creation through bonus additions

More Value for your money by way of High Sum Assured

Reb

Choose to add the Benefit of three Riders-Reliance Term

Life Insurance Bene

fit Rider, Reliance Critical Conditions Rider and Reliance

Accidental Death and Total and Permanent Disablement
Rider

Choose to avail of Policy Loan after three years

40
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. That’s why it is
important to plan early and in advance.

Reliance Cash Flow Plan

41
 Life is full of demands...

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.

Reliance Super Automatic Investment Plan

A plan that does all the work, while I relax

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.

Reliance Super Automatic Investment Plan gives you just that ample
freedom! And we make this freedom more enjoyable by giving you a
sense of security. Whether it’s your insurance or investments, we let you
make the choice and leave the rest to us.

So allow us to take over and rest assured, because for us your LIFE
comes FIRST… always. This plan promises Life cover, with a complete
flexibility to gain control over your investments in tune with your
financials needs and your risk appetite. We present a plan that promises
what you deserve as you reach greater heights in life.

42
 For the select few like you, Reliance Super 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. Reliance Super Automatic Investment Plan gives you
full flexibility to choose just the right investment mix to reap higher
benefits.

Key Features – Reliance Super Automatic Invest Plan

Two plan options to choose from – Ready-made & Tailor-

made.

Life Stage asset allocation to ensure automatic change in

investment patterns - under Ready-made Plan option.

Freedom to decide your own fund mix based on your risk

profile under Tailor-made Plan

Allows Systematic transfer plan to average out the cost of

unit purchases in equity.

Regular, limited, single premium paying options

Unmatched flexibility through our ‘Exchange Option‘ to

move between Reliance suite of unit linked products

Liquidity in the form of partial withdrawal.

Option to package policy with Reliance Major Surgical
Benefit Rider, Reliance Critical Conditions (25) Rider,
Reliance Term Life Insurance Benefit Rider, Reliance
Accidental Death and Total and Permanent Disablement Rider

Reliance Money Guarantee Plan

Unbeatable protection For your investments

43
UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT
PORTFOLIO IS BORNE BY THE POLICYHOLDER.

Yes, it’s a trio the pace setter plan which promises Life Protection, an
opportunity to gain control over your investments along with protection
of downside risk!

For the select few like you, the Reliance Money Guarantee Plan is Unit
Linked product addressing comprehensive need to strike that perfect
balance of Protection and Savings that you deserve as you grow
successfully. The Reliance Money Guarantee Plan is a Regular Premium
Unit Linked Policy which guarantees the entire premium (including
premiums for top-ups) paid by you. This is a plan which helps you reap
all the benefits of a rising market simultaneously protecting you from the
downside risk of the market.

Key Features

Capital Guarantee: The sum of all premiums paid is guaranteed on

maturity or on death before the maturity.

Capital Guarantee is available on both the basic premiums as well as

on top-up premiums

Unique Return Shield feature to protect your returns

Choice to invest from 3 pre-packaged investment fund options

44
 Unmatched flexibility through our ‘Exchange Option’ to move
between the Reliance Life Insurance Unit Linked products offered, as
you grow up the ladder

Liquidity in the form of partial withdrawals from top-up fund

Option to package with Accidental Death & Disability and Term

Insurance riders

Reliance Super Golden Years Plan

Age need not slow you down...
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.

45
Key Features – Reliance Super Golden Years Plan:

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

Reliance Super Invest Assure Plan

Get more than you can ask for.

46
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.

Here’s a unique plan which combines protection and savings. It also

offers complete flexibility to gain control over your investments vis-à-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.

Reliance Child Plan

Plan for your child today so that they can reap the benefits tomorrow

As a parent, it is only natural to dream of a smooth and blissful life for

your child. Which is exactly why you need to secure your child’s
tomorrow, today?
Reliance Child Plan helps you save systematically so that you can give
your child the much-needed financial security in the future. Simply put,
Reliance Child Plan gives you the freedom to enjoy every moment with
your child today, without worrying about his/her tomorrow.

47
Key Features

Risk protection for you during the term of the Policy

Accumulated bonus at the end of the Policy Term

25% of Sum Assured payable every year as lump sum

Benefit during the last four Policy Anniversaries

All future premiums are waived in the event of unfortunate

loss of life

Guaranteed Fixed Benefits continue even after loss of life of

the Policy holder

More value for your money by way of High Sum Assured

Rebate

Choose to add the Benefit of two Riders - Critical Illness and

Accidental Death Benefit and Total and Permanent
Disablement Rider

Policy participates in profit even after the loss of life of the

life Assured
Reliance Secure Child Plan
He wants to be you. You want him to reach higher.

48
UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT
PORTFOLIO IS BORNE BY THE POLICYHOLDER.

 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. Start saving from now and secure the future of your child.

49
Key Features – Reliance Secure Child Plan:

Insurance cover on the life of child

Money at critical milestones in your child's career path - college

education, higher education, marriage

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

under Regular Premium basic policy

Option to package with Reliance Accidental Death and Total and

Permanent Disablement Rider, Reliance Critical Conditions
Rider and Reliance Term Life Insurance Benefit Rider.

Loyalty addition of 1% of the premiums paid under basic plan

and top ups
Reliance Special Endowment Plan
Secure your dreams today...

50
Reliance Special Endowment Plan is the key to all your financial needs.
You get a desired lump sum after a specified period. However, your life
insurance protection continues for an extended period. If anything were to
happen to you, your beneficiary will get another Sum Assured along with
the bonuses. The Policy comes with an added feature of a limited
Premium Term, which is always five years less than the Policy Term.

51
Key Features

Twin Benefit of protection and savings

Sum Assured is paid on survival, at the end of the Premium

Paying Term

Life Cover for full Sum Assured continues beyond Premium

Paying Term

Extended Life Cover for five years after Premium Paying Term

Wealth creation through bonus additions

More value for your money by way of High Sum Assured

Rebate

Choose to add the Benefit of two Riders - Critical Illness and

Accidental Death Benefit and Total and Permanent Disablement
Rider

Choose to avail of a Policy Loan available after three full years

of premium payment

Policy participates in profits even after Premium Paying Term

OBJECTIVE OF STUDY

52
In the short span since the insurance sector was opened up, Reliance Life has
literally dictated the market’s evolution. Catering to all age and income
segments, the company started out with the traditional insurance policies that
were easy to understand, the idea was to entice customers used to LIC’s style
of functioning.

Reliance Life began exploring new areas; it introduced modern products, like
Unit-Linked Product where return are linked to the market performance of the
underlying assets.

Reliance Life leads n virtually all parameters; size of agent force, number of
policies sold, total sum assured, premium income and productivity of agents
it has set exacting standards for its range of products, riders offered, quality of
information in promotional material and even in the insurance awareness
events organized.

What has been in favors of Reliance Life is the range of products in

each Segment of life insurance-traditional, unit- linked and single premium
option, be they for retirement plan or child plan. With such a comprehensive
bouquet, it caters to all financial goals of a customer.

So the objective of study is to see in that bouquet of product and

satisfaction of customers with the company through research work in Meerut.

RESEARCH METHODOLOGY

53
 RESEARCH OBJECTIVES

 To find out the people’s perception about life insurance.

 To find out whether people were really aware of life insurance.

 To find out what respondents expect from life insurance policies.

 To study the opinion of the policy holders related to their

satisfaction.

TYPES OF RESEARCH

This is descriptive research as this research includes surveys and

fact finding inquires of different kinds. So descriptive research
help in knowing about particular item or group of items in other
words it describes the state as it exist at present.

DATA COLLECTED

The data collected in this research is first hand so if primary data.

It is collected directly from the respondent through questionnaire
and through visualization.
Data Collected:

a) Primary
b) Secondary
DATA COLLECTION METHOD

54
The data is collected for research questionnaire method and through

A questionnaire is framed then data collected by making it fill by

different respondent.

DATA COLLECTION INSTRUMENT

It is closed ended and open ended both types of questionnaire. If
questionnaire is closed ended then questions are in the form of ‘Yes’ or
‘No’ and if questionnaire is Open ended then questions are in the form of
any numerical form and explanation.

SAMPLE SIZE

The size of sample is 100.

Sampling Area :

The area of the research was Yamuna Nagar, India.

Process of Research

For conducting research personal contacts for necessary actions for which
a number of relevant questions in respect of the same can also not
dispensed with in order to obtain a clear picture of the topic, following
questions were formulated for obtaining concrete views of the individuals
of different kinds.

Personal contracts with 100 persons belonging to the age group of 18-65
out of which 20 were ladies 80 were gents. In this 30 were Government
Servants, 50 were Businessmen, 20 were Professionals.
The questionnaire, which I had prepared before conducting the survey, is
given on the next page.

55
SAMPLE TECHNIQUES

Sampling techniques used in judgment sampling. As the selection of

sample was done according to the researcher convenience.

Sample Design Used:

c) Cluster sampling
d) Random Sampling

DATA ANALYSIS TECHNIQUES

Analysis of data is done through quantitative method that is numerical

figure.

DATA ANALYSIS INSTRUMENT

Instrument used for data analysis is tabulation of data, graph and tables.

56
 DATA ANALYSIS
During personal contacts the aforesaid questions were put by me
personally to each and every individuals and as per their views the
percentage of persons for and against each and every question is as
follows:-

Q 1- Do you know the advantages of Life Insurance?

Interpretation:-
After conducting the survey of 100 peoples what I come to know does
that everybody know the advantages of Life Insurance.

57
Q 2- Do you need a life insurance protection?

Interpretation:-
The survey of 100people ensures that 80% people want the life insurance
protection. It means 80 people while 20% people did not want the life
insurance protection. It means 20 people.

58
Q 3- Do you know about Reliance Life Insurance?

Interpretation:-
After the survey was conducted was conducted the result which used to
come out is that in 100 people 70% people said that they know Reliance
Life 70% means 70 while 30% said that they don’t know it 30% means30
people. It means that people is very much aware about Reliance Life.

59
Q 4- Are you using any product of Reliance Life?

Interpretation:-
In the survey of100people 40% people said that they are using the
product of Reliance Life i.e. 40 while 60% said that they are not using
any product of life insurance i.e. 60.

60
 Q 5- If yes, then what is the purpose of it?

S. No. Purpose %age of people No. of people

1. Tax Saving Purpose 5 2
2. Short Term Investment Purpose 18 7
3. Business Purpose 8 4
4. High Investment Return Purpose 35 14
5. Life Insurance Purpose 32 13

Interpretation:
This question is directly related to the above one, 40% people are using the product of
Reliance Life the purpose is given below according to the percentage and number of
the people.

61
Q 6 – If no, then would you like to take any policy from Reliance Life in future?

Interpretation:

This question is also directly related to Q-4 60% people said that they are not using
any product of Reliance Life i.e. 60 people. In this 60 people 57% said that they will
use this product in future i.e. 34 people while 43% said they don’t have any interest in
Reliance Life i.e. 26 people.

62
Q 7- Do you think that your life insurance policy covers you and your liabilities ?

Interpretation:
In this question 70% i.e.56 people said their life insurance policy covers them and
their liabilities, because in case of any un to do happening in their family in their
absence insurance policy will support their family while, 30% people i.e.24 said that
they don’t need any life insurance policy because they have sufficient money and
property for them and their family.

63
Q 8- Do you think that Reliance Life has been successful in capturing
the market in very short period?

Interpretation:
After conducting the survey what is revealed that 80% i.e. 56 people said that yes
Reliance Life has been successful in capturing the market in very short period while
20% i.e. 14 people said no.
People said yes, their opinion was that previously Government policies like L.I.C. was
dominating in the society but today some private companies in this field are doing
better in comparison to Government policies because their return are better one. Red
tapism laxity does not prevail in this life insurance companies. In this way Reliance
Life has been successful in capturing the market in very short period.
People who said no are mini minded they faith in Government sector because there is
no chance of losing their money. So that’s why they don’t want to adopt Reliance Life
policies.

64
Q-9 Which Life Insurance Company you believe most?

S.No. Sector % of people No. of people

1. Government 70 70
2. Private 30 30

Interpretation:
In this question the options for the people are Government 70% or Private company
30%.

65
Q-10 which plan you want most?

.
S.No. Types of Plan % of people No. of people
1. ULIP 53 21
2. Retirement Plan 19 8
3. Child Plan 16 6
4. Health Plan 12 5

Interpretation
After conducting the survey I had found that people want to invest the money with
Life Insurance plan in order to get high return After getting the final result what I
come to know people want to invest their money in Life Time policy because in this
policy the rate of interest is very good.

66
Q-11 How many insurance companies are you aware about?

S.No. Insurance Companies % of people No. of people

1. Reliance Life 85 85
2. L.I.C. 100 100
3. ICICI Prudential 90 90
4. Bajaj Allianz 84 84
5. AVIVA 32 32
6. HDFC Standard Life 72 72
7. Birla Sun Life 25 25

SWOT ANALYSIS

Interpretation:
Survey reveals that it is only and only L.I.C. about which 100% people are aware
about the reason is that L.I.C. is existing from so many years.

67
STRENGTH

 Company Reputation: - Company reputation is one of the best in Indian

Insurance industry. Reliance Life is among the top three companies.

 Market Share: - the market share of the company is more than 10%.

 Customer Satisfaction: - It is one of the main aims of the company. It is the

mission of the company.

 Service Quality: - The service of the comp [any is transparent.

 Sales Force Effectiveness: - Sales department of the company is very

effective and enthusiastic regarding their job.

 Product Quality: - Quality of the products is very good, which suits

everybody’s need.

 Distribution Effectiveness: - Distribution channel of the company is ve3ry

effective.

 Customers Retention: - Retention of the customers is very satisfying for the

company.

WEAKNESS

 Geographical Coverage: - The Company is not in every part of the country.

 Technical Skills: - To understand the policies of the company is very difficult

for those who do not understand English.

 Product Problem: - Some policies has no maturity benefits, such policies

covers only the risks.

OPPURTINITY

 Recruitment: - Company has given a lot of job opportunities to the fresher.

 Training Programme: - companies training programme is very effective and

valuable.

 Market Development Strategy: - There are lots of opportunities to develop

the marketing strategy.

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THREATS

Various threats are from: -

 Competitors: -
 Higher Costs
 Government Policies
 IRDA Rules and Regulations

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 LIMITATIONS

While working on the topic assigned to me for research work, I have

chosen the way of random sampling. But while carrying out the work I
have faced the following problems i.e. limitations to my studies;

1. In the month of June to July in ETAH when the temperature was

high & due to frequent power cut in city some people were not
ready to talk over the topic covered under Questionnaire.
2. Due to uneven social environment of different place, the area is not
fully covered as planned.
3. I have also faced the problem at the time of training that an
individual who is already a financial consultant of a company at the
same time he/she can’t be the financial consultant of other
company.
4. The researcher found lack of time and done a precise in-depth
study and bring out the available data and information

5. Earlier there was not that much research had been conduct on this
topic, so the researcher fined it difficult to group the information
and get the best output.

6. As the researcher had only used the primary & secondary data the
lack or impropriety in the secondary data will also present in the
research project.

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 SUGGESTIONS & RECOMMENDATION

While studying the insurance market in Etah city giving special reference to
RELIANCE LIFE INSURANCE. I have gone through number of statements of
people about policies they have taken from the market leader but were not satisfied
with after sale service they are receiving. On the basis of that I recommend the market
challenger that:

1. There should be post purchase interaction with the policy holder.

2. More customer oriented educated sales force should be employed to educate
the people about unit-linked plans.
3. Open some more branches in semi urban and rural area.
4. Provide more services to customer.
5. Bring some unit linked life insurance plans in the market.
6. Trained the financial advisors more efficiently.

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 CONCLUSION

On the basis of data collected and analysis of those data, we have find
some of point the Reliance life insurance company is the successes
following are the conclusion that I have drown:
1. People in Etah are aware of insurance and it’s important.
2. They are aware of private players in insurance and generally know the
name of RELIANCE LIFE INSURENCE.
Chapter 1 Services of Reliance are
very transparent. It is available
throughout the country.
Chapter 2 Customer satisfaction is
the major intention from Reliance
Life.

Chapter 3 Reliance Life is made

for all class of society.

Chapter 4 It is able to capturing the

market because its have brand
image.

Chapter 5 40% of the people take

the policies of Reliance Life
Insurance.

Chapter 6 The main purpose of

investment of the money is high
return.

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73
 BIBLIOGRAPHY

BY THE HELP OF Books

1. Business Environment by
“Francis Cherunilam”

2. Human Resources & Personnel Management

“K. Ashwathappa”

3. Theory And Practice On Social Research

“Hansraj”

4. Research Methodology
“C. R. Kothari”

5. Marketing Management
“Phillip kotlar”

BY THE HELP OF Manuals

RELIANCE LIFE INSURANCE Annual Report 2006 & 2007 & intranet.

BY THE HELP OF OTHER SOURSE

By the head’s and the consultant of the RELIANCE LIFE INSURENCE.

BY THE HELP OF Websites

1. WWW.reliancelife.co.in.

2. WWW.IRDAINDIA.ORG

3. WWW.INSURE2BSECURE.COM

4. WWW.GOOGLE.COM

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 QUESTIONNAIRE

Q- 1 Do you know about the advantages of life insurance?

YES NO

Q- 2 Do you need a life insurance protection?

YES NO

Q- 3 Do you know about Reliance Life Insurance?

YES NO

Q- 4 Are you using any product of Reliance Life?

YES NO

Q- 5 If yes, then what is the purpose of it?

A- Tax saving purpose

B- Short term investment purpose
C- Business purpose
D- High investment returns purpose
E- Life insurance purpose

Q- 6 If no, then would you like to take any policy from Reliance Life in
future?
YES NO

Q-7 Do you think that your life insurance policy covers you and your
liabilities?
YES NO

Q- 8 Do you think that Reliance Life has been successful in capturing the
market in very short period?
YES NO

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Q-9 Which life insurance company you believe most?

1- Government 2- Private

Q-10 Which plan you want most?

A- Super Automatic Investment Plan B- Super Golden Year
Plan

C- Super Invest Assure Plan D- Secure Child Plan

Q-11 How many insurance companies are you aware about?

ICICI Prudential LIC TATA AIG

Bajaj Allianz Aviva HDFC

Standard life
Birla Sun Life Others .

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