market surveyof reliance life insurance

7/30/2019 MARKET SURVEYOF RELIANCE LIFE INSURANCE

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SUBMITTED BY:

NAME-MAULIK N PATEL

EN.NO-107390592018

A

PRESENTATION

ONMARKET SURVEY

OF

RELIANCE LIFE INSURANCE

SUBMITTED TO:

DR.JAYASHISH SETHI

(DIRECTOR I/C)N.S.V.K.M.S MBA COLLEGE

VISANAGAR

1NSVKMS MBA COLLEGE,VISNAGAR


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COMPANY OVERVIEW PRODUCT OVEVIEW

MARKET SHARE

RESEARCH METHODOLOGY

PRIMARY ANALYSIS

FINDINGS

SUGGESTION

CONCLUSION BIBILOGRAPHY



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Reliance Life Insurance Company Limited is a part of RelianceCapital 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, stockbroking, life and general insurance, proprietary investments, private

equity and other activities in financial services.

Reliance Capital Limited announced the launch of its life insurance

business on February 1, 2006. This was after obtaining the requiredregulatory approvals from the Registrar Of Companies and the

Insurance Regulatory and Development Authority



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Life insurance products are designed to suit therequirements of customers. Fundamentally the product provide

for:

Risk cover

Investment Health cover

In every product, to a certain degree, risk cover is imperative

for it to fall under the category of insurance. Based on the

coverage of the product, the premiums are calculated and the

customer pays accordingly. In order to suggest the right product, itis essential for an agent to understand the requirements of the

customer well. There are various traditional plan offered by relince

life insurance ltd

1) TRADITIONAL PLAN



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A unit-linked policy is a life assurance policy in which the benefits

depend on the performance of a portfolio of shares.

Each premium paid by the insured person is split: a part is used to

provide life assurance cover, while the balance (after the deduction

of costs, expenses, etc.) is used to buy units in a unit trust.

In this way, a small investor can benefit from investment in a

managed fund without making a large financial commitment. As they

are linked to the value of shares, unit linked policies can go up or

down in value. Policyholders can surrender the policy at any time

and the surrender value is the selling price of the units purchased bythe date of cancellation (less expense). A small part of the

contribution is used for providing life cover and the balance is

invested in unit. Legal heirs are entitled to the amount of insurance

cover and entitled units in case of death of the insured



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SR.

NO

INSURER MARKET

SHARE %

1 LIC 71.44

2 BAJAJ ALLIANZ 7.56

3 ICICI PRUDENTIAL 7.35

4 HDFC STANDARD 2.87

5 SBI LIFE 2.31

6 BIRLA SUN LIFE 1.89

7 TATA AIG 1.29

8 MAX NEW YORK 1.23

9 AVIVA 1.14

10 KOTAK MAHINDRA 1.11

11 ING VYSYA 0.7912 RELINCE LIFE 0.54

13 MET LIFE 0.40

14 SAHARA LIFE 0.06

15 SHRIRAM LIFE 0.03



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RESEARCH METHODOLOGY

RESEARCH OBJECTIVE

1. To get some information about the market share of Reliance Life

Insurance as compared to the giants like LIC and to know the

standing of the company in the market.

2. To know the perception of the consumer about life insurance.

3. To get a deep knowledge of the financial product like insurance.

4. To know the what percentage of people are secure their future

with insurance company.



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The data would be collected from both primary as well as secondarydata. Customers would be asked to fill questionnaires to arrive at

the information. Various secondary sources of data as magazines,

journal internet etc., would also be explored.

SAMPLING AREA:

I am choosing different areas of unjha city for the research to be

carried out



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I am choosing the sample on the basis of convenience samplingmethod.

SAMPLE SIZE

I am choosing 110 Respondent from different area of unjha city.

Because the population is too large so it is difficult to survey

RESEARCH INSTRUMENT

I am choosing questionnaire as a research instrument as this can helpme knowing the perception of the people about the life insurance at the

least possible cost.



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The method of contact would be personal as this would help toqualify the customer issues while filling up the questionnaires andalso help them if they do not have the knowledge about anyinsurance plan of the company



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Q.1 Do you have Life Insurance Policy ?

Yes 100

No 10

Total 110

Yes

91%

No

9%

Yes

No



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Q-2 How do you decide about investing in life insurance?

58%

14%

0%

28%On my own

Family decision

Employer decides

As per the guidance



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50%

16%

2%

10%

2%2%

2%2%

6%2%

6%LIC

Reliance Life Insurance

HDFC

ICICI Prudential

Tata AIG

Max New York Life

OM Kotak

Met Life insurance

Birla sun lifeAlliance Bajaj

Aviva Life insurance



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0

10

20

30

Death Benefit

Childrens Education

Retirement Benefit

Tax Planning

Financial PlanningDeath Benefit 12 28 18 12 30

Childrens

Education

18 16 20 26 20

Retirement Benefit 30 20 22 14 14

Tax Plannin 30 14 28 20 8

1 2 3 4 5



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18%

18%

14%

38%

12%Term Ass urance

Whole Life

Endowment

Combination of Whole Life

and Endowment

Unit Linked



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26%

74%

Unit Linked

Traditional



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22%

78%

Yes

No



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70%

30%

Yes

No



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14

10

6

0

2

4

6

8

10

12

14

High Premium Low Return Poor Service

Series1



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70%

30%

Yes

No



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17%

13%

0%

13%

19%

10%

28%T.V.

News Paper

Radio

Hoardings

Internet

Magazine

Sales Representative



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The market share of reliance life insurance is only 0.54% and itstands in 12th position.

LIC is the market leader and it commands the major part of the totallife insurance market.

Among private players Bajaj Allianz stands first. It has the marketshare of approximately 7.56% in the total market and it constitutes

40% of the market share among private players.

There are most of the customer have make their own decision aboutto invest their money in life insurance

As guide is best for invest there are 28% people make decision asper guide

As LIC is the market leader the 50% of the people have make investin LIC policy because it has a high benefit with lowest premium.



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Most of the people have to prefer death benefit then second

retirement benefit and tax saving.

74% of the customers have the insurance policy with the traditional

and rest of the people have unit plan.

There are 70% of people are satisfied with there investment in lifeinsurance.

There are 70% of people are aware about reliance life insurance.



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The depth of the company in terms of the area is not so impressive.

The company needs to enter and create some awareness in rural

and semi urban areas where LIC of India is already having a stronghold.

There is a requirement of a Requirement of skilled & effective sales

force.

The company must reduce the minimum limit on the premium so

that the middle class and lower middle class people can also afford

investing in any product of Reliance Life Insurance.

The company should avoid displaying the charges and in the

brouchers or reduce the administrative charges

Companies try to increase its market share by more advertisement

and more and different different scheme. 24NSVKMS MBA COLLEGE,VISNAGAR


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At last here I have concluded that the Reliance Life Insurance isgrowing company in very short period Reliance Life Insurance has

done very good business as the Reliance Life Insurance has a good

brand name.

But the market share of reliance life insurance is very poor which is0.54 it is the 12th position in over all market of life insurance. The

market awareness is also less.

The LIC is market leader in the life insurance sector. The Bajaj

Allianz, Icici prudential, Hdfc std life, Tata aig, Sbi life, Birla sun life ,

Aviva have a more market share than reliance life insurance.



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Marketing Management: analysis Planning, Implementation &

control Philip Kotler.

C.R.Kothari (2006), Research methodology: Methods &

Techniques, New Delhi: New Age International Publishers.

1. www.reliancelifeinsurance.co.in

2. www.bimaonline.com

3. www.indiainfoline.com

4. Life First Magazine by Reliance



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27NSVKMS MBA COLLEGE VISNAGAR

market surveyof reliance life insurance

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