reliance life insurance vs competitors

7/31/2019 Reliance Life Insurance vs Competitors

1/74

A REPORT ON

{En estimation of potential market of different policies

of reliance life insurance vis--vis competitors}

BATCH OF 2008

BY

ASHUTOSH PATHAK6ND12669

CONTRACT:


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A REPORT ON

{En estimation of potential market of different policies of

reliance life insurance vis--vis competitors}

By

ASHUTSOH PATHAK

Enroll. No. - 6ND12669

Course- M.B.A.

INC Center- KOTASummer Internship Program

A report submitted is the partial fulfillment of requirement

of the M.B.A. program (class of 2006-2008)

ICFAI NATIONAL COLLEGE

Copies Marked List:-

Company Guide Ms. Vivek sharma

Faculty Guide Dr. Ritu singh

Regional sip coordinator Mr. Abhishek coobchandani

ACKNOWLEDGEMENT

At the outset , I would like to thank RELIANCE LIFE

INSURANCE for giving me the approval to do this project in the

organization ,I am grateful to Ms.GEETA GUPTA (Head of


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KOTA branch ) for the moral support, encouragement and

generous assistance .

No good work is complete unless and until it is guided by

versed teacher. I wish my deep gratitude to my faculty guide Dr.RITU SINGH whose able guidance helped me in all respects in

presenting the report as best as can be. I am thankful to her for

timely advices towards completions of this project.

I would like to express my deepest gratitude to CDC guide

.for giving me an opportunity to work under

such a prestigious company & also helping in completing my

project.

I shall be failing in my duty if I not express my thanks to thecompany guide Mr.VIVEK SHARMA (Sip Trainer) who undoubtedlyhelped me and without whose help the project would not have beencompleted. I would like to give my deep gratitude to various

personalities in the company Mr. Mahendra Singh Chauhan.

Needless to mention again that I could complete myseminar report only because of the spirited guidance of the above

persons who did not leave a single stone unturned in inspiring

me during my project work .

ASHUTOSH PATHAK

(6ND12669)

SUMMERY


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En estimation of potential market of different policies of

reliance life insurance vis--vis competitors

As the project title itself indicates the En estimationof potential market of different policies of reliance life

insurance vis--vis competitors w.r.t. KOTA city it

includes all the aspect of life insurance advisory services of

RELIANCE LIFE INSURANCE (Kota). The project

contains all the detail information about the Life Insurance

Industry and also other facility off its competitor company.

The project is carried out the competitive study ofother Life Insurance Companies.

Dividing it in the phases carried out the study, firstly

the data was collected from the net & various sources. Next

phase was to meet people to create business & to recruit

advisors. The last phases to find out people who interested

to open Reliance life insurance franchise in Baran city.

It was recommended to Reliance life insurance that,

they should open branches in other cities, beside they

should also target small city people and they invest more

for product awareness activities.

Introduction


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The purpose of the project is to know about the market for

Reliance Life Insurance Company. Today overall market

for insurance industry is consider as 100% than only 30%

market has covered by insurance companies so there is

70% market is remaining for insurance companies.

Reliance Life Insurance Company is growing very fast. In

March month Reliance Life Insurance Company has

maximum business from its competitors.

In future life insurance sector going to give thousands

of vacancies to the students so there is lots of

opportunities for MANAGEMENT students. Becausecapture to remaining 70% market they require lots of

men over. Students have to give their full efforts or

100% target in their summer internship program for

getting good placements in life insurance sector.

(1.2) Objectives

The prime objective of the study was to understand the

market and analysis the competitors.


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The survey was used to

Understand the type of Life Insurance Policies desiredby the customer.

To find out the degree of awareness of life Insurance.

To study the consumer behavior.

To find out the market potential for life Insurance

Policies in Kota.

To learn professionalism in market of financial

product and services.

To find prospects for the institution.

To conduct the survey to know how many personshave Life Insurance Policies or how many dont have.

(1.3) SCOPE OF THE STUDY


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I am undergoing the summer internship project in

RELIANCE LIFE INSURANCE CO. I had joined the

company on 19th March, 2007 and assigned task of doing

the market survey work for Reliance Market Return Plan. Ihave done my project on En estimation of potential market

of different policies of reliance life insurance vis--vis

competitors like ICICI Prudential life Insurance & Birla

Sun Life etc. In this report I also had to present the details

of other financial instruments in which the customers invest

their money like mutual funds. It is very interesting project

and very learning experience for me. My thinking has been

changed for the life insurance sector by this project.

(1.4) LIMITATIONS

Though I had completed my project on time but I still faced

certain problems while doing the market survey work and


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collecting information for my project report they are listed

below:

o

Searching for the prospective client for the insurancepolicy is very time consuming.

o Some clients have already taken the policies of our

competitors and they are not interested in giving

information about it.

o Limited data availability.

o The unit linked products are very new for me and I

had consumed a lot of time for understanding about

those.

Irregular consumer behavior regarding taking the Life

insurance policies.

(1.5) SOURCES AND METHODS

The data was from companies and it is first handinformation .The Company various contents and the soft

copies of the same proved to an important source of the

information in caring out the project. The other necessary


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information is collected from the various other sources out

side the company i.e. from newspapers, websites, etc.

To sum up the resources

PRIMARY SOURCES

Company Records

Informal talks with the personnel

SECONDARY SOURCES

Websites

Newspaper

Magazines

Textbook

{2.1} why we take life insurance policies?

As we all know that now days life Insurance is not

only to secure the life. It is also an investment phase.

The benefits of life insurance policies now days-:


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To secure the life

To investment

To get the benefits in the future

{2.2}

MAJOR COMPETITORS OF LIFE INSURANCE

COMPANIES IN INVESTMENT INSTRUMENT


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MUTUAL FUNDS

(2.3) MUTUAL FUNDS

A security that gives small investors access to a well-

diversified portfolio of equities, bonds and other securities.

Each shareholder participates in the gain or loss of the


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fund. Shares are issued and can be redeemed as needed.

The fund's net asset value (NAV) is determined each day.Each mutual fund portfolio is invested to match the

objective stated in the prospectus.

It has been shown in study after study that a majority of

mutual funds fail to beat the market. Also, picking mutual

funds purely on the basis of past performance usually does

not work.

As you probably know, mutual funds have become

extremely popular over the last 20 years. What was once

just another obscure financial instrument is now a part of

our daily lives. More than 80 million people, or one half of

the households in America, invest in mutual funds. That

means that, in the United States alone, trillions (yes, with a

"T") of dollars are invested in mutual funds.

In fact, too many people, investing means buying mutual

funds. After all, its common knowledge that investing in

mutual funds is (or at least should be) better than simply

letting your cash waste away in a saving account, but, for

most people, that's where the understanding of funds ends.

It doesn't help that mutual fund salespeople speak a strange


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language that, sounding sort of like English, is interspersed

with jargon like MER, NAVPS, load/no-load, etc.

Originally mutual funds were heralded as a way for thelittle guy to get a piece of the market. Instead of spending

all your free time buried in the financial pages of the Wall

Street Journal, all you have to do is buy a mutual fund and

you'd be set on your way to financial freedom. As you

might have guessed, it's not that easy. Mutual funds are an

excellent idea in theory, but, in reality, they haven't always

delivered. Not all mutual funds are created equal, and

investing in mutual isn't as easy as throwing your money atthe first salesperson who solicits your business.

(2.4) certain mutual funds termsNet assets value (NAV).

Tactical assets allocations

Portfolio

Portfolio turnover


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No- load fund

NAV per share

Non-taxable dividends

Open-end fund

Strategic assets allocation

Tracker funds

Trailer fee

Trust deed

Vulture fund

Weighted average credit rating

Value at risk

(III)


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INDUSTRY

PROFILE

{3.1} Introduction of Life Insurance

Indian Insurance Industry: First Learn about Insurance may be

described as a social device to reduce or eliminate risk of life andproperty. Under the plan of insurance, a large number of people

associate themselves by sharing risk, attached to individual.

The risk, which can be insured against include fire, the peril of sea,

death, incident, & burglary. Any risk contingent upon these may be


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insured against at a premium commensurate with the risk involved.

Insurance is actually a contract between 2 parties whereby one party

called insurer undertakes in exchange for a fixed sum called

premium to pay the other party happening of a certain event.

Insurance is a contract whereby, in return for the payment of

premium by the insured, the insurers pay the financial losses

suffered by the insured as a result of the occurrence of unforeseen

events.

With the help of Insurance, large number of people exposed to a

similar risk makes contributions to a common fund out of which thelosses suffered by the unfortunate few, due to accidental events, are

made good.

{3.2} Brief history of Life Insurance Sector

The insurance sector in India has come a full circle from being an

open competitive market to nationalization and back to a liberalized

market again. Tracing the developments in the Indian insurance

sector reveals the 360-degree turn witnessed over a period of almost

190 years. The business of life insurance in India in its existing form

started in India in the year 1818 with the establishment of the

Oriental Life Insurance Company in Calcutta.


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Some of the important milestones in the life insurance business in

India are:

1912 - The Indian Life Assurance Companies Act enacted as the

first statute to regulate the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the

government to collect statistical information about both life and

non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the

Insurance Act with the objective of protecting the interests of the

insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken

over by the central government and nationalized. LIC formed by an

Act of Parliament, viz. LIC Act, 1956, with a capital contribution of

Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can

trace its roots to the Triton Insurance Company Ltd., the first

general insurance company established in the year 1850 in Calcutta

by the British.

Some of the important milestones in the general insurance businessin India are:

1907 - The Indian Mercantile Insurance Ltd. set up, the first

company to transact all classes of general insurance business.


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1957 - General Insurance Council, a wing of the Insurance

Association of India, frames a code of conduct for ensuring fair

conduct and sound business practices.

1968 - The Insurance Act amended to regulate investments and setminimum solvency margins and the Tariff Advisory Committee set

up.

1972 - The General Insurance Business (Nationalization) Act, 1972

nationalized the general insurance business in India with effect from

1st January 1973.

107 insurers amalgamated and grouped into four companies viz. theNational Insurance Company Ltd., the New India Assurance

Company Ltd., the Oriental Insurance Company Ltd. and the United

India Insurance Company Ltd. GIC incorporated as a company.

{3.3} Overview of Life InsuranceInsurance Overview will try to do a serious attempt of describing the

meaning of insurance and the terms associated with it. Many peopledo have heard about the term Insurance but don't have a clear ideaabout it. Again many might not be conversant with the differententities of this huge market of insurance.

Insurance Overview would try to give a bird's eye view on the

different sectors of the insurance industry such as insurance company,insurance broker, etc. Insurance also has certain concepts attachedwith it like insurance premium, insurance rates, etc. before buying ainsurance a customer must be conversant with the benefits and risksassociated with it. They must be aware of the extent of the regular

payment of the premium to the insurance company.


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Insurance Overview also tries to give the best insurances available inthe market. The selection of the best insurance is based on certain

parameters and becomes a bit difficult and cumbersome for a

particular individual to choose from the whole array of availableinsurance offers. But now-a-days the insurances are available online

just like the credit cards and mutual funds where one could select,compare and apply for the same.

Terms and conditions of specific insurances are written in theapplication forms where all the particulars including rules, feesstructure, etc are written with minute details. Hence a insurance

customer must go through all these before applying for the same.Policies of insurance companies differ from each other. Thats whyreading the terms of the insurance companies become so muchimportant.

Insurance Overview thus has tried to point out the important pointswhich a insurance customer should know.

Tried to point out the important points which a insurance customershould know.

Meaning Insurance

Insurance Company

Insurance Broker

Insurance Policy

Term Insurance

Insurance Claim
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Mortgage Insurance

Insurance Coverage

On line Insurance

Affordable Insurance

Best Insurance

Insurance Premium

Insurance Risk

Insurance Information

Insurance Benefits

{3.4} List of Life Insurance Companies in IndiaBajaj Allianz Life

2. ICICI Prudential Life Insurance

3. HDFC Standard Life

4. Birla Sun life

5. SBI Life Insurance

6. Kotak Old Mutual Life Insurance

7. Aviva Life Insurance

8. Reliance Life Insurance - Formerly known as AMP Sanmar LIC9. Tata AIG Life

10. MetLife India Life Insurance

11. ING Vysya Life Insurance

12. Max Network Life Insurance
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13. Sahara Life Insurance - Now they are not into business

14. Shriram Life Insurance

{3.5} Present Status of Life Insurance

Now life insurance is not only..

To risk cover of life

To secure our future

To get tax benefits

But also

Today you can get return on your invested money in

the plan with the risk cover.


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Reliance Life Insurance Company Limited is a part ofReliance 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 investment,

private equity and other activities in financial services.

Reliance Capital Limited (RCL) is a Non-Banking

Financial Company (NBFC) registered with the Reserve


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Bank of India under section 45-IA of the Reserve Bank of

India Act, 1934.

Reliance Capital sees immense potential in the rapidly

growing financial services sector in India and aims tobecome 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.

Few men in history have made as dramatic a contribution to

their countrys economic fortunes as did the founder of

Reliance, Sh. Dhirubhai H Ambani. Fewer still have left

behind a legacy that is more enduring and timeless.

Reliance Life Insurance Company LimitedReliance 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 andgeneral insurance, proprietary investments, private

equity and other activities in financial services.


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Reliance Life Insurance is an associate company ofReliance Life Insurance is an associate company of

Reliance Capital Ltd., which along with its associatesReliance Capital Ltd., which along with its associates

has acquired 100% shares in AMP Sanmar Lifehas acquired 100% shares in AMP Sanmar Life

Insurance Co Ltd.Insurance Co Ltd.Reliance Life Insurance would strive hard to achieve

the following goals:-

Emerge as transnational Life Insurer of global scale

and standard

Achieve impeccable reputation and credentials

through best business practices Mission: Create unmatched value for everyone

through dependable, effective, transparent and

profitable life insurance and pension plans

Anil Ambani's Reliance Life Insurance Company Limited,

a subsidiary of Reliance Capital Limited, has concluded a

much-awaited deal in the life insurance sector.

Even before selling a single life insurance policy, Reliance

Life, a part of the Anil Dhirubhai Ambani Enterprises, has

snapped the Chennai-based private life insurer AMP

Sanmar Life Insurance Company Limited. AMP Sanmar isa 26:74 joint venture between AMP, Australia and Sanmar

group. Interestingly, only recently, the Reliance Life had

approached the Insurance Regulatory and Development

Authority (IRDA) to revive its business license that had


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been cancelled by the regulator for non-commencement of

business

MARKET SHARE&MARKET STRUCTURE

According to IRDA 2007 YTD (YEAR TILL DATE) FEB Market share of

Reliance is 4.21%.

According to IRDA 2007 MTD (MONTH TILL DATE) FEB Market share ofReliance is 6.18%


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6.18

7.21

15.07

22.35

27.65 I.PRO

BAJAJ ALLIANZ

SBI

HDFC

RELIANCE LIFE

MARKET SHARE OF DIFFERENT PRIVATE INSURANCE COMPANY FOR

FEB 2007

PRODUCTS OF RELIACNE LIFE INSURANCE IN

INDIVIDUAL PHASE

{4.1}Key Features Reliance Automatic Investment Plan


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Two plan options to choose from Ready-made and

Tailor-made

Life Stage asset allocation to ensure automatic change in

investment patterns, under the Ready-made Plan optionFreedom to decide your own fund mix based on your

risk profile under the Tailor-made Plan

Regular, limited, single premium paying options

Unmatched flexibility through our Exchange Option

Liquidity in the form of partial withdrawal

Option to avail of Accidental Death Benefit, Accidental

Total, Premium Disability and Term Insurance riders

Reliance Automatic Investment Plan at a glance

Basic Plan Minimum Maximum

Age at Entry 30 days 65 years last birthday

Age at Maturity 18 years last birthday 80 years last birthday

Premium

Paying Term

5 years 30 years

Min Sum

Assured

Regular / Limited Premium: Annualized Premium for 5 years or

Annualized Premium for half of the policy term, whichever higher

Single Premium 125% of the single premium amount

Max Sum

Assured

No Limit

Benefit Illustration

To enable a better understanding on how the plan works, please

refer to the below table for Regular Premium.


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Age of the customer 30 35 40 45

Annual Premium Paid 25,000 25,000 25,000 25,000

Policy Term 15 15 15 15

Premium Paying Term 15 15 15 15

Sum Assured 1,87,500 1,87,500 1,87,500 1,87,500

Maturity Values:

at 6% investment return

at 10% investment return4,95,104

6,94,534

4,94,413

6,93,530

4,93,017

6,91,444

4,90,506

6,87,755

Minimum Premium

Yearly Half Yearly Quarterly Monthly

Regular Premium option Rs 10,000 Rs 5,000 Rs 2,500 Rs 1,000

Limited Premium Rs 20,000 Rs 10,000 Rs 5,000 Rs 2,000

Single Premium Rs 25,000

Min Top Up amount Rs 2,500

{4.2}For the select few like you, the Reliance Money Guarantee

Plan is a Unit Linked product addressing comprehensive

need to strike that perfect balance of Protection and Savings

that you deserve as you grow successfully. The RelianceMoney Guarantee Plan is a Regular Premium Unit Linked

Policy which guarantees the entire premium (including

premiums for top- ups) paid by you.

Key Features


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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

Unmatched flexibility through our Exchange Option to move

between the Reliance Money Guarantee suite of 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

Benefits in Details

Capital Guarantee: The plan offers Capital Guarantee provided

the Policy is kept in full force by payment of due premiums on

time.

Capital Guarantee under the Basic Plan: Premiums paid under

the Basic Plan are guaranteed on the maturity of the Policy or

on death during the Policy Term.

Capital Guarantee under the Top-Up premiums: Each top-uppremium paid is guaranteed on death during the Policy Term

provided there are no partial withdrawals from that top-up.

Each top-up premium paid is guaranteed on maturity of the

Policy provided the Policy Term is greater than ten years,


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there are no partial withdrawals from that top-up and the top-

up was paid ten years before the maturity date.

Life Cover Benefit: The amount of Death Benefit depends on

the age of the Life Assured at the time of death

Type ofFund

Investment Objectives Asset CategoryAsset

Allocation

Range (%)

Target (%)

Fund D The investment objective of Fund

D is to provide investment returnsthat exceed the rate of inflation in

the long term while maintaining

moderate probability of negativereturns in the short term. The risk

appetite is defined as 'moderate'.

Money Market

Instruments

0 - 20 0

Debt Securitiessuch as Gilts,

Corporate Debt

excludingMoney Market

Instruments

0 - 100 60

Equities 0 - 40 40

Fund E The investment objective of FundE is to provide, in the long term,

Money MarketInstruments

0 - 20 0


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returns which are significantly

higher than the inflation rate,

through high exposure to equityinvestments, while recognizing

that there is some probability of

negative returns in the short term.The risk appetite is 'moderate to

high'.

Debt Securities

such as Gilts,

Corporate Debtexcluding

Money Market

Instruments

0 - 100 50

Equities 0 - 50 50

Fund F The investment objective of Funds

is to provide, in the long term,returns which are significantly

higher than the inflation rate,

through high exposure to equityinvestments, while recognizing

that there is some probability of

negative returns in the short term.

The risk appetite is 'moderate tohigh'.

Money Market

Instruments

0 - 20 0

Debt Securities

such as Gilts,

Corporate Debt

excludingMoney Market

Instruments

0 - 100 40

Equities 0 - 60 60

{4.3}

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.

Key Features

On maturity receive Sum Assured plus bonusesWealth creation through bonus additions

More value for your money by way of High Sum Assured

Rebate

Increase your insurance protection by adding Term Cover

Choose to pay regular or single premium


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Choose to add the benefit of two riders - Critical Illness Rider

and Accidental Death Benefit & Total and Permanent

Disablement Rider

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

premium payment

How does this Plan work?

You pay premium every year for the entire term and get Sum

Assured plus accumulated bonuses at maturity. On death, your

Beneficiary will get the Sum Assured plus accumulated bonuses.

Benefits

Maturity Benefit: On maturity you get Sum Assured plus

accumulated bonuses (if any) till that date.

Life Cover Benefit: In the unfortunate event of loss of life,

your family will receive the Sum Assured plus accumulated

bonuses (if any) till that date.

Rider Benefit: You also have the option to add three additional

benefits to customize the Policy as per

Your needs for the regular premium plan

1. Term Life Insurance Benefit Rider


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2. Accidental Death Benefit & Total and Permanent Disablement

Rider

3. Critical Illness Rider

Critical Illness

Age at entry 18 yrs 55 yrs

Age at expiry 23 yrs 64 yrs

Sum AssuredRs

1,00,000

Rs 10,00,000 (subject to a maximum of

basic policy sum assured)

Minimum policy

term5

Exclusion with Critical IllnessCancer: any CIN stage (cervical intraepithelial neoplasia); any pre-

malignant tumour; any non-invasive cancer (cancer in situ); prostate

cancer stage 1 (T1a, 1b, 1c); all skin cancers including malignant

melanoma stage IA (T1a N0 M0); any malignant tumour in the

presence of any Human Immunodeficiency Virus.

Heart Attack: Non-ST-segment elevation myocardial infarction

(NSTEMI) with elevation of Troponin I or T; other acute Coronary

Syndromes.

Stroke: Transient ischemic attacks (TIA); neurological symptoms

due to migraine.


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Coronary Artery (Bypass) Surgery: Angioplasty and/or any other

intra-arterial procedures; key-hole surgery.

Paralysis: Paralysis due to Guillain-Barr-Syndrome.

The tables below show the indicative annual premiums for

individual Life Assured across different Sum Assured and ages for a

Policy Term of 20, 25 and 30 years.

Sum Assured: 1

Lakh

Sum Assured: 3

Lakh

Sum Assured: 5

Lakh

Age\Term 20 25 30 20 25 30 20 25 30

30 4814 3733 3052 14142 10899 8856 23070 17665 14260

35 4897 3842 3192 14391 11226 9276 23485 18210 14960

40 5039 4022 3421 14817 11766 9963 24195 19110 16105

45 5273 4318 3799 15519 12654 11097 25365 20590 17995

{4.4}

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 specifiedintervals.

Key Features


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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 receive accumulated bonuses along with final

lump sum payout

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

Option to add two riders Critical Illness Rider and

Accidental Death Benefit & Total and Permanent Disablement

Rider

BenefitsSurvival Benefit: Get a percentage of the Sum Assured on the

fourth anniversary and on every third Policy Anniversary till

maturity.

Maturity Benefit: On maturity you get the remaining

percentage of the Sum Assured plus accumulated bonuses.

Life Cover Benefit: In the unfortunate event of loss of life,

your Beneficiary will receive the full Sum Assured plus

accumulated bonuses till that date.

Rider Benefit: You also have the option to add two additional

benefits to customize the Policy as per your needs:

Accidental Death Benefit & Total and Permanent DisablementRider

1. Critical Illness Ride

2. When & how much of Fixed Benefits paid?


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25% of Sum Assured payable every year as lump sum benefitduring 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 thePolicyholder

More value for your money by way of High Sum Assured Rebate

Choose to add the benefit of two riders Critical Illness Rider

and Accidental Death Benefit & Accidental Death Benefit &

Total and Permanent Disablement Rider

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

Assured

Sample IllustrationThe tables below show the indicative premiums for an individual Life

Assured across different Sum Assured for a Policy Term of 15, 18 and 20

years.

Sum Assured: 1 Lakh Sum Assured: 3 Lakh Sum Assured: 5 Lakh

Age\Term 15 18 20 15 18 20 15 18 20

30 7665 6230 5520 22695 18390 16260 37325 30150 26600

35 7830 6415 5720 23190 18945 16860 38150 31075 27600

40 8115 6720 6045 24045 19860 17835 39575 32600 29225

45 8655 7290 6630 25665 21570 19590 42275 35450 32150

What is the Policy Term?

Minimum Policy term: 5 years


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Maximum Policy term: 20 years

Who can buy this product?

Minimum age at entry: 20 yearsMaximum age at entry: 60 years

Minimum age at

maturity:25 years

Maximum age at

maturity:70 years

What is the Sum Assured?

Minimum Sum Assured: Rs 25,000

Maximum Sum Assured: No Limit

{4.6}

What are the different fund options?Reliance Life Insurance understands the value of your hard earnedmoney and in our Endeavour to help you grow your wealth, we offeryou 4 different tailor-made investment funds. You have the option to

allocate your premium in these funds as you wish.

The four different funds offered are

1. Capital Secure Fund: The investment objective of this fund is tomaintain the value of all contributions (net of charges) and all interest

additions. This Fund offers steady return for very little risk. The riskprofile of this fund is low. Your funds are invested 100% in BankDeposits, Government Bonds and debt instruments that offer financialsecurity.


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Further, allocation in Capital Secure Funds for a policy is a subject toa maximum limit of 20% at any time.

2. Balanced Fund: The investment objective of this Fund is to

provide you with investment returns which exceed the rate of inflationin the long term while maintaining a low probability of negative

investment returns. In this fund, a major portion of your funds areinvested in fixed securities while a small percentage is invested in theequity market, which is exposed to market movements. The risk

profile of this fund is low to medium.Investment would be at least 80% in fixed interest securities andmaximum 20% in equities.

3. Growth Fund: The investment objective of this Fund is to provideyou with investment returns which exceed the rate of inflation in thelong term while maintaining a moderate probability of negativeinvestment returns. This fund offers a greater portion

of your funds are invested in fixed securities while a small percentageis invested in the equity market, which is exposed to market

movements. The risk profile of this fund is medium to high.

Investment would be at least 60% in fixed interest securities and

maximum 40% in equities.

4. Equity Fund: The investment objective of this fund is to provide

Policyholders with high exposure to equities and the possibility of

investment returns which generate a high real rate of return in the long

term while recognizing that there is a significant probability of negativeinvestment returns in the short term. This fund offers a totally equity

based investment option. Your returns depend entirely upon the

performance of the equity market. The risk profile of this fund is high.

The higher risk of this portfolio means that expected returns would alsobe higher. Investments would not exceed 30% in Bank Deposits and

may be 100% in equities.


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What is the Policy term?

Minimum Policy term 5 years

Maximum Policy term 40 years

Flexible Premium Payment Modes?

You have a choice of five premium payment modes

Annual Rs. 10,000

Half-yearly Rs. 5,000

Quarterly Rs. 2,500

Monthly Rs. 1,000

Single premium Minimum Premium is Rs.25,000

{4.7}

Retirement means different things to different people, while somewant 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 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.

UNDER THIS PLAN THE INVESTMENT RISK IN THE

INVESTMENT PORTFOLIO IS BORNE BY THE

POLICYHOLDER.

Key Features


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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 and 70 years

Four 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

What are the benefits available with Reliance Golden Years Plan?

At Vesting:

On vesting, you can purchase annuity plan for the full FundValue

You may commute up to one third of Fund Value as tax free

lump sum and the balance can be used for the purchase of annuity

Open Market Option: you can purchase an annuity either fromReliance Life Insurance Company Limited or from any other

registered life insurance company.

At Death: In the unfortunate event of your death during the Policy

term, the Beneficiary will get the Fund Value. This amount can betaken as a lump sum or an annuity can be purchased for the entire lump

sum or portion of it. The Beneficiary will have the option to purchasean annuity either from Reliance Life Insurance Company Limited or

from any other registered life insurance company.


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. Premium Allocation Charge:

Year 1 10%

Subsequent years 5%

Single premium 5%

Top-Up premiums 5%

2. Fund Management Charges:

Unit Linked Funds Annual Rate*

Capital Secure 1.50%

Balanced 1.50%

Growth 1.75%Equity 1.75%

PRODUCTS OF RELIACNE LIFE INSURANCE IN

INDIVIDUAL PHASE

{4.8}

What is Reliance Group Term Assurance Policy?

Reliance Group Term Assurance Policy is a one year Renewable

Term Assurance contract. The benefit is payable on the happening

of the contingency during one year. At the end of the year, the

contract may be renewed.

Who is Reliance Group Term Assurance Policy designed for?Employers looking for a comprehensive professionally administered

term assurance cover for their employees. Subject to approval by the

Provident Fund Commissioner, this Policy can be used as a

replacement for the Employees Deposit Linked Insurance Scheme

under the Provident Fund Act.


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What are the benefits provided?

A payment is made on the death of an employee. Cover can be:

Fixed multiple of salary

% of salary for each year of future service to normalretirement date

Fixed Rupee amount

Fixed Age-related scale

Formula based on designation / rank of employees in the

group

If an employee becomes disabled, as defined by us, then the benefit

above is accelerated and paid out in 5 equal annual installments.

No further benefit is payable subsequently.

No benefits are payable on survival to the end of the year.

What options are available?

You can choose:

Whether or not to provide the benefit on disablement

Whether or not you wish to benefit from experience in your

policy

Whether or not to give your employees the choice of

continuing their cover with us under an individual policy

No. of LivesNo. of Life

yearsX Y


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500 1500 50% 60%

1000 3000 50% 60%

2500 7500 60% 61%

5000 15000 75% 63%7500 22500 75% 65%

10000 30000 75% 67%

15000 45000 75% 70%

20000 60000 75% 70%

50000 150000 85% 70%

100000 300000 85% 70%

{4.9}

What is Employee's Deposit Linked Insurance Scheme, 1976?All establishments with at least 10 full-time permanent employees and

to whom the Employee's Provident Fund and MiscellaneousProvisions Act, 1952 applies, have a statutory liability to subscribe toEmployee's Deposit Linked Insurance Scheme (EDLI), to provide for

life insurance for all their employees.

Is Reliance EDLI Scheme approved for offer as an alternative to

EDLI?YES, The Central Provident Fund Commissioner has approvedReliance Life Insurance Employee Benefit Life Assurance policies to

be offered as an alternative to the Employee's Deposit LinkedInsurance Scheme, 1976 (EDLI).

What are the benefits of Reliance EDLI Scheme as against

EDLI?


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Several benefits of replacing EDLI by Reliance EDLI Scheme policyare:

Possible reduction in contributions payable by the employer.

The premium payable by the employer under the Reliance EDLIScheme could be lower than the total contribution paid by the

employer under the EDLI Scheme depending on the average age andrisk profile of the industry.

Simple structure of the life insurance coverLife cover provided by EDLI is proportional to the balances in the PFaccount of the employee subject to certain maximum limits.

Life cover provided by Reliance EDLI Scheme is a simple flat cover

equal to Rs 62,000, the maximum amount specified by the EmployeesDeposit Linked Insurance Scheme, 1976 (EDLI).

Stress - free administration

Experienced and professional administration resulting in hassel free

services for member employee data management and claimspayments apart from others

Risk profile of the funds

Fund

type

Time

Horizon

Risk

Level

Level of

returns

Asset Allocation

Fixed interest

securities not

less than

Equities

not more

than

Capital

SecureShort Low Low 100% 0%

Balanced MediumLow-

MediumMedium 80% 20%

Growth Long Medium- Medium 60% 40%


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High

Net Asset Value (NAV) calculation:The Unit Price of each fund will be calculated on a daily basis.

Unit

Value =

Total Market Value of assets plus/less expenses

incurred in the purchase/sale of assets plus Current

Assets plus any accrued income net of Fund

Management Charges less Current Liabilities less

Provision

Total Number of units on issue (before any new

units are allocated/redeemed)

{4.10}

Why should you consider the Reliance Group Superannuation

Policy?As an employer you currently contribute 12% of each employee's

salary into the Employees Provident Fund Scheme. However, is this

sufficient to provide for an adequate retirement income for your

employees?

The answer to this question is unfortunately, NO.

Why? There are two main reasons.

Firstly, your employees have the option to withdraw assets from the

Provident Fund on a regular basis to meet ongoing lifestyle

expenses. Most of your employees will reach retirement age with an

inadequate balance to purchase an income stream to provide them a

reasonable income on retirement.


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The second reason is that employees are now retiring younger but

are living longer. Therefore the capital they need to buy an income

stream is much greater than ever before, and this increase in life

expectancy will continue to grow making this gap even greater.

What does our Reliance Group Superannuation Policy offer?

Superannuation is a tax effective way for employers to reward and

recognize employee performance. The Reliance Group

Superannuation Policy provides you with the flexibility to enable

you to tailor your Superannuation Scheme to suit various groups of

employees.

Employers can receive a full tax deduction for contributions up to

15% of an employee's salary into the Reliance Group

Superannuation Policy arrangement.

What are the investment options and what is the flexibility?Investment choice allows you to choose any combination of our

three investment funds to maximize your investment return.

Risk profile of the funds

Fund

type

Time

Horizon

Risk

Level

Level of

returns

Asset Allocation

Fixed interest

securities not less

than

Equities not

more than

Capital

SecureShort Low Low 100% 0%

Balanced MediumLow-

MediumMedium 80% 20%

Growth Long Medium- Medium 60% 40%


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High

Net Asset Value (NAV) calculation:

The Unit Price of each fund will be calculated on a daily basis.

Unit Value =

Total Market Value of assets plus/less expenses incurred in the

purchase/sale of assets plus Current Assets plus any accrued

income net of Fund Management Charges less Current Liabilities

less Provision

Total Number of units on issue (before any new units are

allocated/redeemed)

{4.11}

The Indian Government introduced the Payment of Gratuity Act in

1972. Generally gratuity accrues at a rate of 15 days last drawn

salary per year of service for each employee or as defined by the

trust deeds. Gratuity is payable immediately on cessation ofemployment, provided the employee has continuous service of at

least five years. The five year provision does not apply on death or

disablement of the employee. Gratuity by nature is a medium- to

long-term liability of the employer and accordingly an appropriate

medium- to long-term investment strategy should be adopted by

trustees to match assets and liabilities

Liability for your employees gratuity is often the trickiest thing toforecast accurately and manage well. While doing so you may come

across some pertinent questions: What is my true liability for

employees gratuity? How do I manage this liability? Am I

maximizing my potential tax benefit? Am I rewarding my most

valuable employees adequately? Am I matching long-term liabilities


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under Gratuity with my investment strategy? Are my Gratuity assets

professionally managed?

We at Reliance Life Insurance Company Limited can be of help to

find answers to most of these very relevant questions. We can assistyou to meet your obligations under the Payment of Gratuity Act

while providing innovative solutions and delivering long-term

results for your investment through our Reliance Group Gratuity

Plan. You can also transfer your existing gratuity liability managed

under some other funds to Reliance Life Insurance Company

Limited.

Reliance Group Gratuity Plan

This is a unit linked group Gratuity product with three different fund

options, namely Capital Secure, Growth and Balanced Funds. It

enables employers / trustees with more than 20 employees to

outsource the management of their employees Gratuity funds andthe related administration to Reliance Life Insurance Company

Limited.

Policy Conditions

Minimum/Maximum annual past service gratuity contribution

Rs.200000/no limit

Minimum/Maximum Entry Age - 18 years last birthday/64years last birthday

Maximum Maturity Age - 65 years last birthday

Minimum Policy Term - 1 year

Minimum/maximum Insured death benefit sum assured

Rs.1000 per member/no limits


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The Plan

The Reliance Group Gratuity Plan is a unit linked Plan where the

employer can choose for each member past service gratuity to be

paid out to the employee and a level of insured death benefit, subject

to a minimum insured death benefit of Rs.1000 per member. Thisinsurance premium will be quoted by us and will be payable over

and above the past service gratuity liability contributions. Each past

service gratuity liability contribution received will be utilized to

purchase units in the unit-linked funds chosen by the employer /

trustees. The fund options have different time horizons, risk profiles

and return levels.

(V)

COMPETITORS

OF


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{5.1} About Birla Sun Life Insurance Company Limited

Birla Sun Life Insurance pioneered the unique Unit Linked Life

Insurance Solutions in India

Within 4 years of its launch, BSLI has cemented its position as

a leading player in the Private Life Insurance Industry There has been focus on Investment Linked Insurance

Products, supported with protection products to maintain

leadership in product innovation.

Multi Distribution Channels- Direct Sales Force, Alternate

Channels and Group offering convenient channels of purchase

to customers.

Web-enabled IT systems for superior customer services.

First to have issued policies over the Internet.

Corporate governance and a high degree of transparency in all

business practices and procedures.

First to have an operational Business Continuity Plan.

VISION


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To be a world class provider of financial security to individuals and

corporatist and to be amongst the top three private sectors life

insurance companies in India.

MISSION

To be the first preference of our customers by providing innovative,

need based life insurance and retirement solutions to individuals as

well as corporatist. These solutions will be made available by well-

trained professionals through a multi channel distribution network

and superior technology.

Our Endeavour will be to provide constant value addition to

customers throughout their relationship with us, within the

regulatory framework. We will provide career development

opportunities to our employees and the highest possible returns to

our shareholders.

VALUES Integrity

Commitment

Passion

Seamlessness

Speed

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDERWith Bajaj Allianz Unit Gain Plus Gold we have formulated a

unique combination of protection and prospects of attractive returns

with investment in various mixes of securities to make a perfect plan

to last you a lifetime of prosperity and happiness.


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Some of the key features of this plan are:

Guaranteed life cover, with a flexibility to choose insurance cover

according to your changing needs.

Presenting a unique investment Asset Allocation Fund whereinyou have not to worry to switch funds in case market condition

changes rather our experienced Fund Managers will monitor the mix

of assets in the fund and will manage the mix in such situations to

maximize your returns.

If you want to manage the mix of assets for your policy on your

own, you have the choice of 5 other investment funds with complete

flexibility to switch money from one fund to other to manage your

investments better.

Your policy continues to participate in investment performance of

the fund(s) even if you are not able to pay 3 full years premium.

Get maturity value equal to the Fund Value at maturity date or inperiodic installments spread over a maximum period of five years.

A host of optional additional rider benefits which includes

assurance to your family with family income benefit and waiver of

premium benefit.

How does the plan work?

Premiums paid by you, net of premium allocation charge, areinvested in fund(s) of your choice and units are allocated depending

on the unit price of the fund(s). The value of your policy is the total

value of units that you hold in the fund(s). The insurance cover

charges, policy administration charges and the additional rider


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benefit charges (if any) are deducted through monthly cancellation

of units. Fund Management Charge is priced in the unit value.

{5.2} ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank, a premier financial powerhouse and prudential plc, a

leading international financial services group headquartered in the

United Kingdom. ICICI was established in 1955 to lend money for

industrial development. Today, it has diversified into retail banking

and is the largest private bank in the country. Prudential plc was

established in 1848 and is presently the largest life insurance

company in the UK.

For the financial year ended March 31, 2005, the company garnered

Rs 1584 crore of new business premium for a total sum assured of

Rs 13,780 crore and wrote nearly 615,000 policies.

ICICI Prudential Life Insurance Company is a joint venture betweenICICI Bank, a premier financial powerhouse, and prudential plc, aleading international financial services group headquartered in the

United Kingdom. ICICI Prudential was amongst the first private sectorinsurance companies to begin operations in December 2000 afterreceiving approval from Insurance Regulatory Development Authority(IRDA).

ICICI Prudential's equity base stands at Rs. 925 crore with ICICI Bank


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and Prudential plc holding 74% and 26% stake respectively. In thefinancial year ended March 31, 2005, the company garnered Rs 1584crore of new business premium for a total sum assured of Rs 13,780crore and wrote nearly 615,000 policies. For the past four years, ICICI

Prudential has retained its position as the No. 1 private life insurer inthe country, with a wide range of flexible products that meet the needs

of the Indian customer at every step in life. To know more about thecompany, please visit www.iciciprulife.com.

DISTRIBUTION

ICICI Prudential has one of the largest distribution networks

amongst private life insurers in India, having commenced operations

in 74 cities and towns in India.

The company has seven banc assurance tie-ups, having agreements

with ICICI Bank, Federal Bank, South Indian Bank, Bank of India,

Lord Krishna Bank and some co-operative banks, as well as over

150 corporate agents and brokers. It has also tied up with NGOs,

MFIs and corporatist for the distribution of rural policies and

organizations like Dhan for distribution of Salaam Zindagi, a policy

for the socially and economically underprivileged sections of

society.

ICICI Prudential has recruited and trained about 56,000 insurance

advisors to interface with and advise customers. Further, it leverages

its state-of-the-art IT infrastructure to provide superior quality ofservice to customers.

NEW DELHI: ICICI Prudential Life Insurance launched a platform

for senior citizens in partnership with Dignity Foundation, providing

them a forum to engage in productive activities.


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"While financial independence is a key determinant for a satisfying

life post retirement, it is not the only factor that promises quality life

at that stage... Through Active Age, we will enable senior citizens to

lead a more active, wholesome life and age productively," ICICIPrudential managing director Shikha Sharma said in a statement.

{4.3} Bajaj allianz life insurance

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between twoleading conglomerates- Allianz AG, one of the world's largest

insurance companies, and Bajaj Auto, one of the biggest 2 and 3

wheeler manufacturers in the world.

Bajaj Allianz Life Insurance

Over 40,00,000 satisfied customers

A countrywide network of 876 officesAssets under management Rs. 5,500 cr.

Shareholder capital base of Rs. 700 cr.

VisionBajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj

group is the largest manufacturer of two-wheelers and three-

wheelers in India and one of the largest in the world.

(Additional protection for you and your family):

Bajaj Allianz Life Insurance offers you the flexibility to enhance

your basic insurance policy by attaching additional benefits that give

more protection to you and your family. You can choose to take all
http://www.allianzbajaj.co.in/lifeinsurance/products/add_benefit_new.pdfhttp://www.allianzbajaj.co.in/lifeinsurance/products/add_benefit_new.pdfhttp://www.allianzbajaj.co.in/lifeinsurance/products/add_benefit_new.pdfhttp://www.allianzbajaj.co.in/lifeinsurance/products/add_benefit_new.pdf


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or some of the additional benefits. Bajaj Allianz Life Insurance

allows you to redesign your life insurance coverage to suit your

needs, providing total protection against these uncertainties.

Growing at a breakneck pace with a strong pan Indian presence

Bajaj Allianz Life Insurance has emerged as a strong player in

India...

Bajaj Allianz Life Insurance Company Limited is a joint venture

between two leading conglomerates Allianz AG and Bajaj Auto

Limited.

Characterized by global presence with a local focus and driven by

customer orientation to establish high earnings potential and

financial strength, Bajaj Allianz Life Insurance Co. Ltd. was

incorporated on 12th March 2001. The company received theInsurance Regulatory and Development Authority (IRDA)

certificate of Registration (R3) No 116 on 3rd August 2001 to

conduct Life Insurance business in India.

Bajaj Allianz Life Insurance

Product tailored to suit your needs

Decentralized organization structure for faster responseWide reach to serve you better a nationwide network of 876

branches

Specialized departments for Banc assurance, Corporate

Agency and Group Business


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Well networked Customer Care Centers (CCCs) with state of

art IT systems

Highest standard of customer service & simplified claims

process in the industry

ANALYSIS of PREMIUM

PLAN PREMIUM SUM ASSURED

Min. Max. Min. Max.Reliance

Automatic

Investment Plan

10,000 20,000 Annualized

premium for

5years or

annualized

premium for

half of the

policy term,

whichever

higher

No limit

Bajaj allianz unit

gain plus gold

plan

12,000 No

limit

50% of your

total premium

50% of total

premium

Birla Sun Life

Insurance Gold-

Plus

10,000 No

limit

5 x annual

premium

Will be

decide on

the basis of


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maturity

years

HDFC Standard

life insurance term

plan

10,000 No

limit

10,00,000 basis of

maturity

years

ANALYSIS of POLICY TERM

PLAN MINIUM MAXIMUM

Reliance Automatic

Investment Plan

5 years 30 years

Bajaj allianz unit gain plusgold plan

10 years Up to maximummaturity age

(70years)

Birla Sun Life Insurance Gold-

Plus

8 years 8 years

HDFC Standard life insurance

term plan

5 years 30 years


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ANALYSIS of AGE

PLAN AGE AT ENTRY AGE AT MATURITY

MIN. MAX. MIN. MAX.Reliance

Automatic

Investment

Plan

30 days 65 years 18 years 80 years

Bajaj allianz

unit gain plus

gold plan

0 years 60 years 18 years 70 years

Birla Sun

Life

Insurance

Gold-Plus


HDFC

Standard life

insuranceterm plan



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(VI)

ABBREVIATIONS


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OJT ON JOB TRAINING

NAV NET ASSET VALUE

MF MUTUAL FUNDS

EDLI EMPLOYEE'S DEPOSIT LINKED INSURANCE

SCHEME

MRP RELIANCE MARKET RETURN PLAN

GYP - RELIANCE GOLDEN YEARS PLAN

GSA - RELIANCE GROUP SUPERANNUATION PLAN

GG - RELIANCE GROUP GRATUITY PLAN

MGP - RELIANCE MONEY GUARANTEE PLAN

AIP - RELIANCE AUTOMATIC INVESTMENT PLAN


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(VII)

METHODOLOGY


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Preparing this report is not been a easy task for me .forpreparing it I had adopted the below methodology:

(a) Collection of the data:-

A survey was conducted of the People who want to

cover their risk of life.

The people working in many institutions were

interviewed and information was gathered.

Secondly the customers were interviewed randomly

about the income tax saving and their preferences.

For this purpose a questionnaire was prepared

(a)The survey was conducted in the market of:

Industrial Zones:

Government offices

Private Institutions

Kota citizensSamples under study:

General people were surveyed randomly.

Sample size:

300 PEOPLES

(b)Analyzing the collected information:-

This involved converting raw data into useful information.

(c) Report finding & suggesting recommendation:-This phase marked the accumulation of the data & analyzes

part of it. This report with the finding is a formal written

document. The analyzed data and personal experience were

used to propose the recommendations


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How many persons want to understand about the equitymarket ?

GRAPH NO. 2

Above graph is showing that how many persons want tounderstand the current life Insurance market which is

shown in % i.e.61% are interested and 39% are not

interested.

Persons interested in knowing

About current life insurance plant

Not

interested61%

Interested

39%

1

2


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How many takes current life Insurance Plans ?

GRAPH NO. 3

Above graph is showing that how many persons Howmany

takes current life Insurance Plans which is shown in % i.e.

32% takes current life insurance plans and 68% dont

current life insurance plans.

Dont take

68%

Takes

32%1

2

How many takes current life

Insurance Plans


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LIMITATION

The limitations that were faced in conducting the research

were as under.

1. Information That I gathered through filling up of a

Questionnaire took a bit of time and responds found itwastage of time so I convinced them sometimes.

2. Constraints of resources including time

3. Some of customers were unavailable at the time of the

survey.

4. Within these 4 month the service level has improved a

lot, so this data might show some errors.

5. Some responds show some bias towards some answers.

6. I had done my project on a sample size of 300 out of the

people in Hadoti. So this may show some errors in the

finding in the report.

7. All the company is providing different allocation

charges according to customers but we cant cut shot our


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allocation charges as compare to another life insurance

companies.

SUGGESTIONS

Based on the study of the market and interacting with lots

of people. I found that people are happy with the

RELIANCE LIFE INSURANCE .But there are some areas

of improvement so that RELIANCE LIFE INSURANCEcan get fast customer growth.

FOLLOWING ARE THE SUGGESTIONS

1. Proper communication is indeed to trade the various

sales promotion schemes.

2. There should be proper Team is required to open more

account.

3. Should open more DSA in small cities.

4. They should be more flexible for allocation concern, to

capture more market shares this is much required to they

can cut allocation for competitive market in Kota city.

5. One more thing is required for RELIANCE LIFE

INSRANCE they take much time activate policy. This

Reason makes negative effect on customers mind set up.


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REFERENCES

I given to thanks company guide Mr.vivek sharma is very

helpful person for given the brief information to me.

I also given to thanks faculty guide Dr. RITU SINGH for help

me to complete this project.

I collect more information from Reliance website in respect ofmy project.

Market is the big source for collecting information to this project.


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STRATEGY AND TASK DESIGN

First of all I make a task design, which I have to perform

Steps are as follows-

1. Identify the objective

2. Analyze the target customer3. Collection of data to identify target customers

4. Making a call

5. Evaluation

1.Identify the objective-firstly identify my objective, which is

recruitment of advisors & Selling of policy.

2.Analyze the target customer-persons those are interested toinvest their money or to get risk cover in bad conditions, I have a list

of large no. of plans. & who are unemployed, who wants to gain

experience along with their studies, persons who are interested in

insurance sector and others who want to earn extra money along

with their studies. Mainly my target customers are

Students of B.A, BSC, B.COM, 12

Marketing executive

Part time workers House wives

Socialized person

Educated but unemployed person

Students of professional courses.


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3.Collection of data to identify target customer-collect data

through colleges and school records, telephonic survey, door-to-

door survey, placement agencies, contacts, relatives who are

interested to do this work as a source of extra income.

1. Making a call -After identify my target market then I contact

the related person through telephone and through personal

meet. Then I give presentation in front of them, I tell them

about my company, what are the benefits to work as an

advisor, I attract the customers according to their needs like

for MBA students I tell them about experience & who want to

invest their money, Reliance have really beneficial plans of

reliance life insurance policies.

Evaluation- Sometimes my call doesnt successful like I make 5

calls and no single call convert into the warm call, then I evaluate

what was the shortcomings and what was the reason behind it, and if

there is something wrong I will try to rectify it.

1. Attracting the unemployed pool with the brand name

of reliance-persons who are not investing their money in

any company it is very beneficial for them that reliance has

been come in investment market. With the brand name of

Reliance there must not be fear for customers. First I

made the customer understand that our plans are verybeneficial for them, and then I give plans to them.

.

Preexperience-students who are doing professional courses like

MBA, ICAW, C.A, and C.S they can get preexperience of insurance

sector. When they go for the job it will help them to get good job.


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CONCLUSION1. Now days customer wants to get benefits early and Reliance Life

Insurance is giving the minimum term plan.

2. Now Days no one wants to invest lot of money for 5 years and

Reliance Life Insurance has maximum limit of Rs. 20,000 in

Term plan.

3. Reliance Life Insurance has very low age of entry in term plan

that is 30 days and very high age of entry that is 80 years.

reliance life insurance vs competitors

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