A SUMMER TRAINING PROJECT REPORT BHU ON WORKING METHODOLOGY OF RELIANCE LIFE INSURANCE COMPANY LTD.

MASTER OF FINANCIAL MANAGEMENT (RISK & INSURANCE) (2010-2012) UNDER GUIDENCEMr. Prabhakar Rai Sr. Territory Manager RELIANCE LIFE INSURANCE CO. LTD. Yusufpur, Mohammadabad GHAZIPUR-233227 (U.P.)

SUBMITTED BYRITESH KUMAR GUPTA MFM-RI (3rd Sem) ROLL NO. 14 ENROLL. NO. 326133

FACULTY OF COMMERCE BANARAS HINDU UNIVERSITY VARANASI-221005

DECLARATIONI, RITESH KUMAR GUPTA hereby declare that this project report is the record of authentic work carried out by me during the academic year 2010 2011 and has not been submitted to any other University or Institute towards the award of any degree.

RITESH KUMAR GUPTA

PREFACEI had undergone a practical training in RELIANCE LIFE INSURANCE CO. LTD., VARANASI REGION (V1). It was a good exposure for me to undergo training in such a company to get the knowledge and experience regarding life insurance and recruitment of capable insurance advisors. Summer training is one of the major experiencing components of the knowledge, gain of relevant information with respect to marketing and dealing with situations in a professional course like MFM-RI where a professional person faces a problem in a field. I was able to get familiarized with the customer relationship and got to know how a company measures to resolve their grievances and service them to the maximum for future prospect and success. Field component like survey, generation of questionnaire with respect to marketing helped me a lot and would be a great support in future. It is good to have enthusiasm but it is essential to have training. Training can be in all way of life. Thus I would say that this training was beneficial and educative for me, which will certainly help in my near future. This project was designed with respect to this company. The project made me to get the enhanced knowledge regarding life insurance concept and the process of recruiting of financial consultant.

ACKNOWLEDGEMENTI would like to express my sincere gratitude to my company guide Mr. PRABHAKAR RAI, Sr. TERRITORY MANAGER RELIANCE LIFE INSURANCE COMPANY LTD. Varanasi for guiding me throughout my summer internship and research project. His encouragement, time and effort are greatly appreciated. I would then like to thank my faculty guide, Prof. O. P. Rai for all his valuable inputs and constant support towards me throughout my project and providing me an opportunity to learn outside the class room. It was a truly wonderful learning experience. I would like to dedicate this project to my parents. Without their help and constant support this project would not have been possible. I would like to thank all my friends who did their SIP from RELIANCE LIFE INSURANCE COMPANY LTD. for their valuable suggestions and support. Last but not the least I would like to thank all the respondents who offered their opinions and suggestions and sometimes critical views throughout the survey which made me constantly update myself come out with a successful project.

CONTENTS COMPANY PROFILE y Vision & mission y About R.L.I.C. y Our Founder y Achievements y Management y Products y Competitors ABOUT LIFE INSURANCE y Brief History of Insurance y Why Insurance is Necessary? y Purpose & Need of Insurance y Introduction About life Insurance y Role of Life Insurance y Advantages of Life Insurance INDIAN INSURANCE INDUSTRY RESEARCH METHODOLOGY CONCLUSION SUGGESTION AND RECOMMENDATIONS ANNEXURE y Questionnaire y Bibliography

COMPANY PROFILE

Vision Empowering everyone live their dreams. Mission Create unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plans. Our Goal Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:y y y

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

About Reliance Life Insurance CompanyReliance 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 Indias leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activities in financial services. Reliance - Anil Dhirubhai Ambani Group also has presence in Communications, Energy, Natural Resources, Media, Entertainment, Healthcare and Infrastructure.

Our FounderFew men in history have made as dramatic a contribution to their countrys 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 Indias capital markets, the champion of shareholder interest. But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth creator. In one lifetime, he built, starting from the proverbial scratch, Indias largest private sector enterprise. When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he converted this fledgling enterprise into a Rs 60,000 crore colossusan achievement which earned Reliance a place on the global Fortune 500 list, the first ever Indian private company to do so. Dhirubhai is widely regarded as the father of Indias capital markets. In 1977, when Reliance Textile Industries Limited first went public, the Indian stock market was a place patronised by a small club of elite investors which dabbled in a handful of stocks. Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to participate in the unfolding Reliance story and put their hardearned 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 Dhirubhais extraordinary vision and leadership, Reliance scripted one of the greatest growth stories in corporate history anywhere in the world, and went on to become Indias largest private sector enterprise. Throughout this amazing journey, Dhirubhai always kept the interests of the ordinary shareholder uppermost in mind, in the process making millionaires out of many of the initial investors in the Reliance stock, and creating one of the worlds largest shareholder families.

Achievements RLIC closed the last financial year with 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 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. The Company has been the fastest company to reach the 3 million policy mark 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 TeamBOARD OF DIRECTORS

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 198283. 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 organisations 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 organisations such as SEBI, IDBI and MasterCard 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 companys 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. 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).

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-Dataquest 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 along with 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 organisation are metwithout any compromise on the benefits of the investors. 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 (BCAS) for Internal Audit studies for the year 2005-06.

DIFFERENT PLANS OFFERED BY RELIANCE LIFE INSURANCE

Reliance Special Endowment Plan Reliance Cash Flow Plan Reliance Child Plan Reliance EDLI Scheme Reliance Group Term Assurance Policy Reliance Market Return Plan Reliance Simple Term Plan Reliance Special Credit Guardian Plan Reliance whole life plan Reliance golden year plan Reliance term plan Reliance special Term plan Reliance credit guardian plan Reliance Money Guarantee plan HIGHEST NAV GURANTEE PLAN

PRODUCT DETAILSReliance life insurance launches maiden insurance product:Mumbai, august 17: Anil Dhirubhai Ambani group company Reliance Life Insurance today announced the life launch of Reliance connect 2 life plan, its first product since acquiring the life insurance business of AMP Sanmar in October last. Reliance connect 2 life is a 15-year insurance - cum savings Plan for individuals in the age group of 18 to 45 years with a minimum sum assured of Rs.1 lakh. The insurance cover can be upgraded in the second and third year up to a sum of Rs. 10 lakh. Reliance connect aims to provide products that makes life insurance hasslefree and the policy can be upgraded to keep place with individual lifestyle, said Reliance life insurances chief Executive offices P. Nandagopal. Reliance life insurance has 30,000 insurance advisors spread over 158 branches across 143 locations & a call center to service its customer. HDFC and UT bank would act as a collection network. The company is in the final stages of negotiation with banks for selling its products through the banc assurance channel. The company plans to add another 10,000 to 12,000 advisors, who are under training, said Nandagopal. Reliance capital has infused Rs.166crore in Reliance life insurance, which has a capital base of Rs.383 crore and employee strength of 3,654 including 822 employee of AMP Sanmar.

RELIANCE ENDOWMENT PLAN:It takes a lot for a dream to become a reality. And money is surely one of them. 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 FEATURE:1. On maturity receive sum assured plus bonuses. 2. Wealth creation through bonus addition. 3. More value for your money by way of high sum Assured Rebate. 4. Increase, your insurance protection by adding term cover. 5. Choose to pay regular or single premium.

How does this plan work?You pay premium every year for the entire term & get sum assured plus accumulated bonuses. On death, your beneficiary will get the sum Assured plus accumulated bonuses.

BENEFITS: Maturity Benefit: On maturity you get sum Assured plus accumulatedBonuses till that date.

Life Cover Benefit: In the unfortunate event of loss of life, youre yourfamily 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 tocustomize the policy as per your needs for the regular premium plan. a. Term life insurance benefit rider. b. Accidental death benefit & total & permanent disablement rider. c. Critical illness Rider.

RELIANCE SPECIAL ENDOWMENT PLAN:Reliance special endowment plan is 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 5 years less than the policy term.

KEY FEATURES:1. Twin benefit of protection & savings. 2. 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. 3. Wealth creation through bonus additions. 4. More value for your money by way of high sum Assured Rebate. 5. Choose to add the benefit of two riders-critical illness riders and Accidental death benefit & total & permanent disablement rider. 6. Choose to avail of a policy loan available after 3 full years of premium payment. 7. Policy participates in profits even after premium paying term.

How does this plan work?You pay premium every year. This premium paying term is always 5 years less than the policy term. On survival to the end of the premium paying term you get the sum Assured. On survival, at maturity (i.e. at the end of the policy term) accumulated compounded bonuses are paid.

BENEFITS: Survival Benefit: On survival at the end of the premium paying term youget the sum Assured.

Maturity Benefit: On survival to maturity you get accumulated bonuses Life Cover Benefit: Your beneficiary will get sum Assured plusaccumulated bonuses in case of your unfortunate death at any time during the policy term. This life cover benefit continues even after premium paying term.

Rider Benefit: you also have the option to add 2 additional benefits tocustomize the policy as per your needs. a. Accidental death benefit & total & permanent disablement rider. b. Critical illness Rider.

RELIANCE CASH FLOW PLAN:While most insurance plans block your money for a certain period of time, Reliance cash flow plan gives you the double benefit of life insurance along with easy liquidity through lump sum cash. It provides money periodically when you need it. It lets you live life to the fullest today and at the same time, helps you stay protected for tomorrow by giving you the flexibility of receiving a specified percentage of the sum assured at specified intervals.

KEY FEATURES:1. Easy liquidity- gets periodic cash flows at the end of the fourth year and thereafter at the end of every three years. 2. Wealth creation through bonus additions. 3. On maturity receive accumulated bonuses along with final lump sum payout. 4. More value for your money by way of high sum assured rebate. 5. 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 and total permanent disablement rider.

How does this plan work?You pay premium every year for the entire term to get survivals benefit at periodical intervals as mentioned below. On death, your beneficiary will get the full sum assured, plus accumulated bonuses, over and above the survival benefits already paid to you.

BENEFITS: Survival Benefits: Get a percentage of the sum assured on the fourthanniversary and on every third policy anniversary till maturity.

Maturity Benefits: On maturity you get the remaining percentage of thesum assured plus accumulated bonuses.

Rider Benefits: You also have the option to add two additional benefits tocustomize the policy as per your needs.

a. Accidental Death Benefit and total and permanent disablement rider. b. Critical illness ride.

RELIANCE CHILD PLAN: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 tomorrow, today? Reliance child plan helps you save systematically so that you can give your child 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.

KEY FEATURES:1. Risk protection for you during the term of the Policy. 2. Accumulated bonus at the end of the policy term. 3. 25% of sum assured payable every year sum benefit during the last four policy anniversaries. 4. All future premiums are waived in the event of unfortunate loss of life. 5. Guaranteed fixed benefits continue even after loss of life of the policyholder. 6. More value for your money by way of high sum Assured Rebate. 7. Choose to add the benefit of two riders-critical illness Rider and Accidental death benefit & accidental death benefit & total and permanent Disablement Rider. 8. Policy participates in profit even after the loss of Life of the life assured.

How does this plan work?You pay premium every year for the entire term & get guaranteed fixed deposit every year during the Last four Years of the policy term. On death, your beneficiary will get the sum assured, Guaranteed fixed benefits on specified dates and all Future premiums will be waived. All

attached bonuses are payable at the end of the Policy term and will remain attached to your policy Even after payment of life cover benefit.

BENEFITS: Life Cover Benefits: In the unfortunate event of Loss Ofwill be waived. life, your beneficiary will receive the sum assured immediately and all future premiums

Guaranteed Fixed Benefits: Get 25% of sum assured every year on thelast four policy anniversaries irrespective of the survival of the life assured.

For example if you have taken a policy of Rs.1lakh for 20 years, then fixedbenefits payable will be Rs.25, 000 each at the end of 17th, 18th, 19th and 20th year.

Maturity Benefits: On maturity you get accumulated bonuses irrespectiveof the survival of the life assured.

Rider Benefits: You also have the option to add two additional benefits tocustomize the policy as per your needs. a. Accidental death benefit and total and permanent disablement rider. b. Critical illness rider.

RELIANCE EDLI SCHEME: What is employees deposit linked insurance scheme (EDLI), 1976? Is reliance EDLI scheme approved for offer as an alternative to EDLI? What are the benefits of reliance EDLI scheme as against EDLI?

What is employees deposit linked insurance scheme (EDLI), 1976?All establishments with at least 10 full-time permanent employees and to whom the employees provident fund and miscellaneous provisions Act, 1952 applies, have a statutory liability to subscribe to employees 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 approved reliance life insurance employee benefit life assurance policies to be offered as an alternative to the employees deposit linked insurance scheme, 1976 (EDLI).

What are the benefits of reliance EDLI scheme as against EDLI? Several benefits of replacing EDLI by reliance EDLI scheme policy are: Possible reduction in contributions payable by the employer.The premium payable by the employer under the reliance EDLI scheme could be lower than the total contribution paid by the employer under the EDLI scheme depending on the average age and risk profile of the industry.

Simple structure of the life insurance cover.Life cover provided by EDLI is proportional to the balances in the PF account 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 employees deposit linked insurance scheme, 1976 (EDLI).

Stress- free administration.Experienced and professional administration resulting in hassle free services for member employee data management and claims payments apart from others.

RELIANCE GROUP TERM ASSURANCE POLICY:What is reliance group term assurance policy? Who is reliance group term assurance policy designed for? What are the benefits provided? What options are available? What is the benefit from experiences in the policy? Why take this policy? What do your employees get?

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.

COMPETITORSMAJOR COMPETITORS OF RELIANCE LIFE INSURANCE COMPANY LIMITED

1. LIC 2. BIRLA SUN LIFE INSURANCE COMPANY LIMITED 3. BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED 4. HDFC STANDARD LIFE INSURANCE COMPANY LIMITED 5. TATA AIG LIFE INSURANCE COMPANY LIMITED 6. MAX NEW YORK LIFE INSURANCE COMPANY LIMITED 7. OM KOTAK MAHINDRA LIFE INSURANCE COMPANYLIMITED 8. AVIVA LIFE INSURANCE COMPANY LIMITED 9. ING VASYA LIFE INSURANCE COMPANY LIMITED 10. SBI LIFE INSURANCE COMPANY LIMITED 11. METLIFE INDIA LIFE INSURANCE COMPANYLIMITED 12. INDIA FIRST LIFE INSURANCE COMPANY LIMITED 13. BHARTI AXA LIFE INSURANCE COMPANY LIMITED 14. ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED 15. KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE COMPANY LIMITED 16. IDBI LIFE INSURANCE COMPANY LIMITED 17. S HARA LIFE INSURANCE COMPANY LIMITED 18. SRIRAM LIFE INSURANCE COMPANY LIMITED 19. FUTURE GENERALI LIFE INSURANCE COMPANY LIMITED 20. CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED 21. DLF PRAMERICA LIFE INSURANCE COMPANY LIMITED 22. STAR UNION DAI-ICHI LIFE INSURANCE COMPANY LIMITED

ABOUT INSURANCEINSURANCE Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

DEFINITIONSInsurance is a contract in which a sum of money is paid by the assured in consideration of insurers incurring the risk of paying a large sum upon a given contingency. Justice Tindal Insurance is a cooperative form of distributing a certain risk over a group of persons who are exposed to it. Ghosh and Aggarwal The collective bearing of risk is insurance. Sir William Beveridge Insurance has been defined as a plan by which large numbers of people associate themselves and transfer to shoulder ball risks attached to individuals. On the basis of above definitions, it can be said that: Insurance is a contract in which one party agrees to pay the other party a certain sum of money in exchange for certain considerations.

HISTORY OF INSURANCEIn some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbor, the other neighbors must help. Otherwise, neighbors will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread (for example countries in the territory of the former Soviet Union). Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants traveling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen. Achaemenian monarchs were the first to insure their people and made it official by registering the insuring process in governmental notary offices. The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices. The purpose of registering was that whenever the person who presented the gift registered by the court was in trouble, the monarch and the court would help him. Jahez, a historian and writer, writes in one of his books on ancient Iran: "Whenever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would

check the registration. If the registered amount exceeded 10,000 Derrick, he or she would receive an amount of twice as much." A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sink age. The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" which cared for the families and paid funeral expenses of members upon death. Guilds in the middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed. Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, Mr. Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is not an insurance company) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance. Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England's first fire insurance company, "The Fire Office," to insure brick and frame homes. The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he founded the Philadelphia Contribution ship for the Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden

houses. In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual state insurance departments. Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through a national insurance commissioners' organization. In recent years, some have called for a dual state and federal regulatory system (commonly referred to as the Optional Federal Charter (OFC)) for insurance similar to that which oversees state banks and national banks.

WHY IS INSURANCE NECESSARY?Why insurance is necessary? The question contains the answer within itself. After all, life is fraught with tensions and apprehensions regarding the future and what it holds for the individual. Despite all the planning and preparation one might make no one can accurately guarantee or predict how or when death might result and the circumstances that might ensue in its aftermath. We are not saying that life and existence are constantly fraught with danger and uncertainty. But then it is essential that you plan for the future. The changes for a fatality or an injury to occur to the average individual may not be particularly high but then no one can really afford to completely disregard his or her future and what it holds. People generally regard insurance as a scheme when and where you have to lose a lot to gain a little. Nevertheless, insurance is still the most reliable tool an individual can use to plan for his future

PURPOSE & NEED OF INSURANCEAssets are insured, because they are likely to be destroyed, through accidental occurrences. Such possible occurrences are called perils. Fire, flood, breakdown, lightening, earthquake, etc. are perils. If such perils can cause damage to the assets, we say that the asset is exposed to that risk. Perils are the events. Risks are the consequential losses or damages. The risk to an owner of a building, because of the peril of earthquake, may be a few crores of rupees, depending on the cost of the building and the contents in it. The risk only means that there is a possibility of loss or damage. The damage may or may not happen. Insurance is done against the contingency that it may happen. There has to be an uncertainty about the risk. Insurance is relevant only if there are uncertainties. If there is no uncertainty about occurrence of an event, it cannot be insured against. In case of human being death is certain, but the time of death is uncertain. In case of a person who is terminally ill, the time of death is not uncertain, though not exactly known. He cannot be insured. Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. The peril can sometimes be avoided, through better safety and damage control management. Insurance only tries to reduce the impact of risk on the owner of the asset and those who depend on that asset. It only compensates the losses- and that too, not fully. Only economic consequences can be insured. If the loss is not financial, insurance may not be possible. Examples of non- economic losses are love and affection of parents, leadership of managers, sentimental attachments to family heirlooms, innovative and creative abilities, etc.

INTRODUCTION ABOUT LIFE INSURANCEMany may not be aware that the life insurance industry of India is as old as it is in any other part of the world. The first Indian life insurance company was the Oriental Life Insurance Company, which was started in India in 1818 at Kolkata. A number of players (over 250 in life and about 100 in non-life) mainly with regional focus flourished all across the country. However the government of India, concerned by the unethical standard adopted by some player against the consumers, nationalized the industry in two phases in 1956(life) and in 1972(nonlife). The insurance business of the country was then brought under two public sector companies, Life Insurance Corporation of India (LIC) and General insurance Corporation of India (GIC). In line with the economic reforms that were ushered in India in early nineties, the Government set up a committee on reforms (popularly called the Malhotra committee) in April 1993 to suggest reforms in the insurance sector. The Committee recommended throwing open the sector to private player to usher in competition and bring more choice of the consumers. The objective of the insurance to penetration of insurance as a percentage of GDP, which remains low in India even compared to Insurance Regulatory and Development Authority (IRDA) Bill in 1999. IRDA was set up as an independent regulatory, which has put in place regulations in line with global norms. So far in the private.

ROLE OF LIFE INSURANCELife insurance as Investment y Insurance is an attractive option for investment. Which most people recognize the risk hedging and tax saving potential of insurance, many are not aware of its advantages as an investment option as well. Insurance products yield more compared to regular investment options. y You cannot compare an insurance product with other investment schemes for the simple reason that it offers financial protection from risks, something that is missing in non-insurance products. In fact, the premium you pay for an insurance policy is an investment against risk. Thus before comparing with other schemes, you must accept that a part of the total amount invested in life insurance goes towards providing for the risk cover, while the rest is used for savings. Life insurance as Risk Cover y First and foremost, insurance is about risk cover and protection financial protection, to be more precise to help outlast lifes unpredictable losses. By buying life insurance, you buy peace of mind and are prepared to face any financial demand that would hit the family in case of an untimely demise.

y To provide such protection, insurance firms collect contributions from many people who face the same risk. A loss claim is paid out of the total premium collect the insurance companies, who act a s trustees to the money. y Insurance also provides a safeguard in the case of accidents or a drop in income after retirement.

Life insurance as Tax Planning y Insurance serves as an excellent tax saving mechanism too. The government of India has offered tax incentives to life insurance products in order to facilitate the flow of funds into productive assets. Under section 80 C of Income Tax Act 1961 an individual is entitled to a rebate of Rs.1 Lakh on the adult children. The rebate is deductible from tax payable by the individual or a Hindu Undivided Family (HUF), the rebate is deductible from the tax liability of an individual or a Hindu Undivided Family.

ADVANTAGES OF LIFE INSURANCELife insurance has no competition from any other business. Many people think that life insurance is an investment or a means of saving. This is not a correct view. When a person saves, the amount of funds available at any time is equal to the amount of money set aside in the past, plus interest. If the money is invested in buying shares and stocks, there is the risk of the money being lost in fluctuation of the stock market even if there is no loss, the available money at any time is the amount invested plus appreciation. In life insurance However the fund available is not the total of the savings already made premium paid, but the amount one wished to have at the end of the savings period ( which is the next 20 or 30 years ) the final fund is secure from the very beginning. One has to pay for it only as long as one life or for a lesser period if so chosen. There is no other scheme which provides this kind of benefit therefore life insurance has no substitute. Even so, a comparison with other form of saving will show that life insurance has the following advantages:y In the event of death, the settlement is easy; the heirs can collect the money quicker, because of the facility of nomination and assignment. y The facility of nomination is now available for some bank account. y There is a certain amount of compulsion to go through the plan of savings. y In other forms, if one changes the original plan of savings, there is no loss. y Creditor cannot claim life insurances moneys. They can be protected against attachment by courts. y There are text benefits, both in income tax and capital gains. Marketability and liquidity are better. A life insurance policy is property and can be transferred or mortgaged. Loan can be raised against the policy.

The following tenets help agent to believe in benefit of life insurance. Such Faith will enhance their determination to sell and their perseverance. y Life insurance is not only the best possible way for family protection. There is no other way. y Insurance is the only way to safeguard against the unpredictable risks of the future. It is unavoidable. y The value of human life is far greater than the value of property only insurance can preserve it. y Life insurance is not surpassed by many other savings or investment instruments, in terms of security, marketability, stability of value or liquidity. Insurance, including life insurance, is essential for the conservation of many businesses, just as it is in the preservation of homes. y Life insurance enhances the existing standards of living. y Life insurances help people live financially solvent lives. y Life insurance perpetuates life, liberty and the pursuit of happiness

INSURANCE REGULATORY & DEVELOPMENT AUTHORITY

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies The other decision taken simultaneously to provide the supporting systems to the insurance sector and in particular the insurance companies was the launch of the IRDAs online services for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto."

ExpectationsThe law of India has following expectations from IRDA1. To protect the interest of and secure fair treatment to policyholders. 2. To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy. 3. To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates. 4. To ensure that insurance customers receive precise, clear and correct information about products and services and make them aware of their responsibilities and duties in this regard. 5. To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressed machinery. 6. To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players. 7. To take action where such standards are inadequate or ineffectively enforced. 8. To bring about optimum amount of self-regulation in day to day working of the industry consistent with the requirements of prudential regulation.

Duties, Powers and Functions of IRDASection 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA 1. Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. 2. Without prejudice to the generality of the provisions contained in subsection (1), the powers and functions of the Authority shall include, a. issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; 1. protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance; b. specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents; c. specifying the code of conduct for surveyors and loss assessors; d. promoting efficiency in the conduct of insurance business; e. promoting and regulating professional organizations connected with the insurance and re-insurance business; f. levying fees and other charges for carrying out the purposes of this Act; g. calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business; h. control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938); i. specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; j. regulating investment of funds by insurance companies;

k. regulating maintenance of margin of solvency; l. adjudication of disputes between insurers and intermediaries or insurance intermediaries; m. supervising the functioning of the Tariff Advisory Committee; n. specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f); o. specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and p. exercising such other powers as may be prescribed

Advisory committeeIRDA consists of a Chairman and some permanent as well as part time members. The regulations, however, are enacted under the guidance of a statutory advisory committee. The advisory committee consists of following individuals and ex-officio authorities: * Chairman: Hari Narayana is the current Chairman of IRDA. * Full-time Members: Currently, they are Mr. K. K. Srinivasan (Nonlife Member), Sri G. Prabhakara (Life Member), Dr. R. Kannan (Member, Actuary) and Sri R.K. Nair (Member, F & I). There is provision for a panel of other members and part time members. IRDA formed a high powered Insurance Law Reforms Committee known as KPN Committee with important insurance advisors like Mr. N Govardhan and Dr. K.C. Mishra as its members. There were also a few non-advisory committee members like Mr. Liaquat Khan and Mr. T. Viswanathan etc. Full force and utility of various institutions like Advisory Committee and selfregulatory organizations are not yet realized as the regulator seems to be in a long learning mode. Due to over delegations, Individual incumbents decide the pace and extent of utilization of prudential and statutory bodies. Research is limited to opinion seeking through legacy channels. Market waits for revision of insurance act and establishment meaningfully functioning regulatory organs

devoid of excess delegation and subjective localization of development agencies.

Chairman selection process:Government of India has circulated to broad base IRDA chairman selection process. It is felt in the market that placing of retired civil servants as IRDA Chairman has served the purpose of administrative fiefdom of the regulator. Mostly, the regulator has become passive to market realities and most of the original public policy intentions have been systematically replaced by personal preferences. There seems to be no oversight of public policy erosions. Taking advantage of the completion of term of current incumbent, there seem to be an attempt to correct the future course but people do not perceive any outcome to result as the market does not seem to throw up candidates of the stature of Howard Davies for Indian market. But a right leadership is the solution to the requirement of this booming market.

ORGANISATIONAL STRUCTURE (HIERARCHY)

BRANCH MANAGER

ASST. BRANCH MANAGER

SALES MANAGER

SALES MANAGER

SALES MANAGER

25-30 ADVISORS UNDER EACH SALES MANAGER

INDIAN INSURANCE SECTOR

PRESENT SCENARIO OF INSURANCE INDUSTRY: India with about 200 million middle class household shows a huge untapped

potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. The insurance sector in India has come to a position of very high potential and competitiveness in the market. Indians, have always seen life insurance as a tax saving device, are now suddenly turning to the private sector that are providing them new products and variety for their choice. Consumers remain the most important centre of the insurance sector. After the entry of the foreign players the industry is seeing a lot of competition and thus improvement of the customer service in the industry. Computerization of operations and updating of technology has become imperative in the current scenario. Foreign players are bringing in international best practices in service through use of latest technologies The insurance agents still remain the main source through which insurance products are sold. The concept is very well established in the country like India but still the increasing use of other sources is imperative. At present the distribution channels that are available in the market are listed below. Direct sellingy Corporate agentsy Group sellingy Brokers and cooperative societiesy Bancassurancey Customers have tremendous choice from a large variety of products from pure term (risk) insurance to unit-linked investment products. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional money back policies, which is not considered very appropriate for long-term protection and savings. There is lots of saving and investment plans in the market. However, there are still some key new products yet to be introduced - e.g. health products.

The rural consumer is now exhibiting an increasing propensity for insurance products. A research conducted exhibited that the rural consumers are willing to dole out anything between Rs 3,500 and Rs 2,900 as premium each year. In the insurance the awareness level for life insurance is the highest in rural India, but the consumers are also aware about motor, accidents and cattle insurance. In a study conducted by MART the results showed that nearly one third said that they had purchased some kind of insurance with the maximum penetration skewed in favor of life insurance. The study also pointed out the private companies have huge task to play in creating awareness and credibility among the rural populace. The perceived benefits of buying a life policy range from security of income bulk return in future, daughter's marriage, children's education and good return on savings, in that order, the study adds.

RESEARCH METHODOLOGY: NEED & SIGNIFICANCE (a) To know the awareness of different distribution channels of Insurance Industry in India among the people. (b) To see the interest of people in investing in insurance through different new channels.

RESEARCH DESIGN Survey research is used as a research design. TOOLS OF RESEARCH USED Questionnaire is used as a tool for this survey OBJECTIVE OF STUDY (a) To know the future of new distribution channels in INDIA (b) To know the different attitudes of people regarding speed, convenience trust and affordability

(c) To know the reliable and cost effective distribution after conducting the survey. COLLECTION OF DATA The research of solely based on primary research done by means of questionnaires targeted to responders who primarily belong to the business and service sector. The sample size is 100. (a) Sampling Methods: Survey method is used for sampling (b) The sampling size put under 2 categories Probability sampling and Non-probability sampling. LIMITATION OF STREAMLINING RESULTS Every work has its own limitations are extent to which the process should not exceed. The following limitations for the project are: (a) Duration of project was not enough to make our conclusion on such a vast subject. Time constraints have also becomes a major limitation. (b) The sample size taken for drawing the conclusion was not sizeable.

CONCLUSIONReliance Life Insurance Company is the No. 1 all private life insurance company in India with a market share of 42.2%. ICICI prudential stands second in private life insurance company with a market share of 18.5%. Looking in private sector Reliance Life Insurance Company has been the dominant player because the amount of gap between the market shares is huge.

But if we analyze in all sectors of life insurance then LIC has been the most dominant player since 1956. The impact of LIC has been so much in both rural and urban areas that people use the term LIC instead of life insurance.

Reliance Life Insurance faces a big challenge in front of them to stay in the race with Life Insurance Corporation (LIC) because with the entrance of other companies like Max New York, Tata-AIG and Aviva the competition has become tougher. But Insurance is also growing day-by-day, India has a population of 1.25 billion and only 33.30% population is insured. This means insurance is an upcoming industry, But Reliance Life Insurance has to work a lot on their strategies to overcome LIC.

Suggestions and Recommendations Given all the above development, we have found a big gap between Customers. Expectations and companys offering (Explained Earlier). So it is imperative for existing insurance firms and new entrance to understand customers changing expectations to develop strategies for the future. For this we have identified Eight broad areas where improvement must be sought. Resolution of Customers Anxiety Simplification of Documents Improve Post-Sale Service Courtesy Shown Minimize Effective Cost of Service Customer Dissatisfaction in the Personal Line of Insurance Pre-sale Service Quality of Documentation

Basic Understanding: There are some very basic understandings in this industry, insurance industry, that I have always kept in mind throughout my recommendations and which I feel is utmost essential to keep in mind before formulating any kind of strategies by the company. These understandings are: An insurance company is a place where the employer needs lot of politeness as well as knowledge about the products for convincing the people before the policy can be sold because what I analyzed in this internship that there are very few people who have a basic knowledge about life insurance especially the lower middle class society. While selling these policies there are many different kinds of customers that an advisor/agent faces inside the branch of insurance company.

ANNEXURE

QUESTIONNAIREI am a student of MASTER OF FINANCIAL MANAGEMENT (RISK & INSURANCE). As a part of my end term of project I am conducting a survey. Kindly spare some of your precious time to fill this.

1. What do you think an insurance policy stands for? Good return option Tax saving device Risk coverage device Investment Any other

2. Are you aware of the other investment avenues present in the Market? Bonds Mutual funds Stocks Bullions Deposits Insurance

3. Which of the following Reliance life policies are you aware of: Whole life policy Endowment policy Term assurance Money back

4. Which of the following policy have you taken? Whole life policy Endowment policy Term assurance Money back

5. What all features do you look in for in any insurance policy that you consider while talking a policy? Scheme type Agency name Maturity period Premium

Denominations Eligibility Insurance cover Availability Benefits holder Benefits nominee Tax benefits Max Amount tax benefits Mode of payments Cash flows Termination Late pay penalty

6. Please give major four parameters that influence you the most? 7. Please rank the following if your decision is influence by non-scheme related factors: Claim settlement record Agency providing the policy Reference group

8. If you are to take an insurance policy where are you likely to take it from: Reliance Life Insurance LIC ICICI Prudential Any other Why

9. Where do you think policies under same scheme but different agencies (companies) can differ? Eligibility Denominations Renewal Loan facility Any other

BIBLIOGRAPHY Willam, Smith and young 1998 Risk Management & Insurance; Edition VII; Mc graw hill publication Vaugham & vaugham, (1999), Insurance & Risk Management; Edition I Vaugham, Emmett. J; (1999) Risk Management; Jhon Wiley & Sons Jha (1999); Service Marketing IBH publication Harrington, Scott. E & Niehaus, Gregorgy R.; (1999); Risk Management and Insurance; Irwin/Mc graw hill Gustavson, Sandra G., Trieschmann, James S., Hoyt, Robert E., (2001); Edition XI; Risk Management and Insurance; South Western College Publishing.

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