vishal reliance project table part
TRANSCRIPT
-
8/7/2019 vishal reliance project table part
1/107
1ROLLNO: 0912370113
Table of Contents
No Topic Page No
01 Introduction
02 The history of Indian Insurance industry
03 Major Players in the Insurance Industry in India
04 Company Profile: Reliance
05 Product offered by Reliance Life
06 Recruitment of Advisor
07 Sales Process which I used in Reliance Life
08 Research Methodology
09 Data Analysis & Interpretation
08 SWOT Analysis
09 Limitation& Findings
10 Conclusions & Recommendations
11 Bibliography & Appendix
-
8/7/2019 vishal reliance project table part
2/107
2ROLLNO: 0912370113
INTRODUCTION
-
8/7/2019 vishal reliance project table part
3/107
3ROLLNO: 0912370113
Introduction
Insurance is nothing but a system of spreading the risk of one onto the shoulders of many. While
it becomes somewhat impossible for a man to bear by himself 100% loss to his own property or
interest arising out of an unforeseen contingency, insurance is a method or process which
distributes the burden of the loss on a number of persons within the group formed for this
particular purpose.
Basic Human trait is to be averse to the idea of risk taking. Insurance, whether life or non-life,
provides people with a reasonable degree of security and assurance that they will be protected in
the event of a calamity or failure of any sort.
Insurance may be described as a social device to reduce or eliminate risk of loss to life and
property. Under the plan of insurance, a large number of people associate themselves by sharing
risks attached to individuals. The risks, which can be insured against, include fire, the perils of
sea, death and accidents and burglary. Any risk contingent upon these, may be insured against at
a premium commensurate with the risk involved. Thus collective bearing of risk is insurance.
Insurance Indemnifies Assets & Income
Every Asset has a value and generates Income to its Owner. There is a normally expected Life-
time for the Asset during which time it is expected to perform. If the Asset gets lost earlier,
being destroyed or made Non-functional through an Accident or other unfortunate event the
Owner is Prejudiced. Insurance helps to reduce CONSEQUENCES of such Adverse
Circumstances which are called Risks.
Insurance is the science of spreading of the risk
It is the system of spreading the losses of an Individual over a group of Individuals
-
8/7/2019 vishal reliance project table part
4/107
4ROLLNO: 0912370113
Insurance is a Method of sharing of financial losses
Of a few from a common fund formed out of Contribution of the many who are equally exposed
to the same loss.
What is uncertainty for an Individual becomes a certainty for a Group. This is the basis of All
Insurance Operations. Thus insurance convert uncertainties to certainty
-
8/7/2019 vishal reliance project table part
5/107
5ROLLNO: 0912370113
THEHISTORYOFINDIANINSURANCE
INDUSTRY
-
8/7/2019 vishal reliance project table part
6/107
6ROLLNO: 0912370113
THE HISTORY OF INDIAN INSURANCE INDUSTRY
Life Insurance
In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life
Insurance Company. First attempts at regulation of the industry were made with the introduction
of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were
made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the
power given to the Government to collect statistical information about the insured and the high
level of protection the Act gave to the public through regulation and control. When the Act was
changed in 1950, this meant far reaching changes in the industry. The extra requirements
included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in
such companies to prevent dominant control (to protect the public from any adversarial policies
from one single party), stricter control on investments and, generally, much tighter control. In
1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was
heavily concentrated in urban areas and targeted the higher echelons of society. Unethical
practices adopted by some of the players against the interests of the consumers then led the
Indian government to nationalize the industry. In September 1956, nationalization was
completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It
was felt that nationalization has lent the industry fairness, solidity, growth and reach.
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.
-
8/7/2019 vishal reliance project table part
7/107
7ROLLNO: 0912370113
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of
protecting the interests of the insuring public.
1956: The market contained 154 Indian and 16 foreign life insurance companies.
General Insurance
The General Insurance industry in India dates back to the Industrial Revolution and the
subsequent increase in trade across the oceans in the 17th century. As for Life Insurance, the
British brought General Insurance to India, and a similar path was followed in the development
of this industry. A number of private companies were in existence for years and years until, in
1971, the Indian Government decided that the public interest would be served by nationalizing
the industry, merging all the 107 companies into four companies, depending on the sort of
business transacted (Marine, Fire, Miscellaneous). These were the National Insurance Company
Ltd., the Oriental Insurance Company Ltd., the New India Assurance Company Ltd., and the
United India Insurance Company Ltd. located in Calcutta, New Delhi, Bombay and Madras
respectively. The General Insurance Corporation (GIC) was set up in 1972 as a holding
company, having these four companies as its subsidiaries.
Some of the important milestones in the general insurance business in India are:
1907: TheIndian Mercantile Insurance Ltd. set up, the first company to transact all classes of
general insurance business.
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 set minimum solvency marginsand the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general
insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and
grouped into four companies viz. the National Insurance Company Ltd., the New India
-
8/7/2019 vishal reliance project table part
8/107
8ROLLNO: 0912370113
Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India
Insurance Company Ltd. GIC incorporated as a company.
-
8/7/2019 vishal reliance project table part
9/107
9ROLLNO: 0912370113
MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN
INDIA
-
8/7/2019 vishal reliance project table part
10/107
10ROLLNO: 0912370113
Major Players in The Insurance Industry In India
y Life Insurance Corporation ofIndia (LIC)
Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the
message of life insurance in the country and mobilise peoples savings for nation-building
activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta,
Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in
important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the
country.
The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United
Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-
India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited,
Kuala Lumpur; and Life Insurance Corporation (International), E.C. Bahrain. It has also entered
into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension
policies in U.K.
In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC
recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income grew at a healthy
average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia (3.4 per
cent in Europe, 1.4 per cent in the US).
LIC has even provided insurance cover to five million people living below the poverty line, with50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's
at 74 per cent are higher than that of global average of 40 per cent. Compounded annual growth
rate for Life insurance business has been 19.22 per cent per annum
-
8/7/2019 vishal reliance project table part
11/107
11ROLLNO: 0912370113
y General Insurance Corporation ofIndia (GIC)
The general insurance industry in India was nationalized and a government company known as
General Insurance Corporation of India (GIC) was formed by the Central Government in
November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers
which were operating in the country prior to nationalization, were grouped into four operating
companies, namely, (i) National Insurance Company Limited; (ii) New India Assurance
Company Limited; (iii) Oriental Insurance Company Limited; and (iv) United India Insurance
Company Limited. (However, with effect from Dec'2000, these subsidiaries have been de-linked
from the parent company and made as independent insurance companies). All the above four
subsidiaries of GIC operate all over the country competing with one another and underwriting
various classes of general insurance business except for aviation insurance of national airlines
and crop insurance which is handled by the GIC.
Besides the domestic market, the industry is presently operating in 17 countries directly through
branches or agencies and in 14 countries through subsidiary and associate companies.
IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN
PERMITTED TO ENTERINTO INSURANCE BUSINESS: -
The introduction of private players in the industry has added to the colors in the dull industry.
The initiatives taken by the private players are very competitive and have given immense
competition to the on time monopoly of the market LIC. Since the advent of the private players
in the market the industry has seen new and innovative steps taken by the players in this sector.
The new players have improved the service quality of the insurance. As a result LIC down the
years have seen the declining phase in its career. The market share was distributed among the
private players. Though LIC still holds the 75% of the insurance sector but the upcoming natures
of these private players are enough to give more competition to LIC in the near future. LIC
market share has decreased from 95% (2002-03) to 82 %( 2004-05).
-
8/7/2019 vishal reliance project table part
12/107
12ROLLNO: 0912370113
1. HDFC Standard Life Insurance Company Ltd.
HDFC Standard Life Insurance Company Ltd. is one of Indias leading private life insurance
companies, which offers a range of individual and group insurance solutions. It is a joint venture
between Housing Development Finance Corporation Limited (HDFC Ltd.), Indias leading
housing finance institution and The Standard Life Assurance Company, a leading provider of
financial services from the United Kingdom. Their cumulative premium income, including the
first year premiums and renewal premiums is Rs. 672.3 for the financial year, Apr-Nov 2005.
They have managed to cover over 11, 00,000 individuals out of which over 3, 40,000 live havebeen covered through our group business tie-ups.
2. Max New York Life Insurance Co. Ltd.
Max New York Life Insurance Company Limited is a joint venture that brings together two large
forces - Max India Limited, a multi-business corporate, together with New York Life
International, a global expert in life insurance. With their various Products and Riders, there are
more than 400 product combinations to choose from. They have a national presence with a
network of 57 offices in 37 cities across India.
3. ICICI Prudential Life Insurance Company Ltd.
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 Prudential was amongst the first private sector
insurance companies to begin operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA). The company has a network of about
56,000 advisors; as well as 7 bancassurance and 150 corporate agent tie-ups.
4. Om Kotak Mahindra Life Insurance Co. Ltd.
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra
Bank Ltd. (KMBL), and Old Mutual plc.
-
8/7/2019 vishal reliance project table part
13/107
-
8/7/2019 vishal reliance project table part
14/107
-
8/7/2019 vishal reliance project table part
15/107
15ROLLNO: 0912370113
COMPANYPROFILEOFRELIANCELIFE
INSURANCE
-
8/7/2019 vishal reliance project table part
16/107
16ROLLNO: 0912370113
COMPANY PROFILE OF RELIANCE LIFE INSURANCE
Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance -
Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sector financial
services companies, and ranks among the top 3 private sector financial services and banking
companies, in terms of net worth. Reliance Capital has interests in asset management and mutual
funds, stock broking, life and general insurance, proprietary investments, private equity and other
activities in financial services.
y Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered
with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934.
y Reliance Capital sees immense potential in the rapidly growing financial services sector in
India and aims to become a dominant player in this industry and offer fully integrated
financial services.
y Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need
based Life Insurance solutions to individuals and Corporates.
FOUNDER
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.
y 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, and the champion of shareholder interest.
y 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.
-
8/7/2019 vishal reliance project table part
17/107
17ROLLNO: 0912370113
y 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 Rs 60,000 crore colossusan achievements which earned Reliance a place on
the global Fortune 500 list, the first ever Indian private company to do so.
y 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 patronized
by a small club of elite investors which dabbled in a handful of stocks.
y Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to
participate in the unfolding Reliance story and put their hard-earned money in the Reliance
Textile IPO, promising them, in exchange for their trust, substantial return on their
investments. It was to be the start of one of great stories of mutual respect and reciprocal gain
in the Indian markets.
y 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.
y 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 initialinvestors in the Reliance stock, and creating one of the worlds largest shareholder families.
-
8/7/2019 vishal reliance project table part
18/107
18ROLLNO: 0912370113
BUSINESSUNIT VALUATION
Ratios highlighting profitability of the RGIC
Year 2007-08 Ratios
Gross Profit Ratio -15%
Net Profit Ratio -17%
Operating Expenses Ratio 29%
ROI 11.27%
ROE -34%
EPS -15.92
Dividend Per Share* -
-
8/7/2019 vishal reliance project table part
19/107
19ROLLNO: 0912370113
ADA Reliance Group
CORPORATE OBJECTIVE
At Reliance Life Insurance, we strongly believe that as life is different at every stage, life
insurance must offer flexibility and choice to go with that stage. We are fully prepared and
committed to guide you on insurance products and services through our well-trained advisors,
backed by competent marketing and customer services, in the best possible way.
It is our aim to become one of the top private life insurance companies in India and to
become a cornerstone of RLI integrated financial services business in India
CORPORATE MISSION
To set the standard in helping our customers manage their financial future.
-
8/7/2019 vishal reliance project table part
20/107
20ROLLNO: 0912370113
Our Goal
Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:
Emerge as transnational Life Insurer of global scale and standard
Create best value for Customers, Shareholders and all Stake holders
Achieve impeccable reputation and credentials through best business practices
Achievements
y RLIC has been one of the fast gainers in market share in new business premium
amongst the private players with an incremental market share of4.1% in the Financial
Year 2007-08 from 3.9% in April 07 to 8% in Feb 08. ( Source: IRDA)
y Also continues to beamongst the fast growing Private Life Insurance Companies
with a YOY growthof195% in new business premiumas ofMar08.
y A Company that has crossed 1.7 Million policies in just 2 years of operation, post take
over of AMP Sanmar business.
y Initiated Express Life an Unique Over the Counter sales process for Unit Linked
Insurance Policies in the Industry.
y Accomplished a large distribution ramp-up in the Industry in a short span of time by
opening 600 branches in 10months taking the overall branch network above 740.
y RLIC continues to be one of the two Life Insurance companies in India to be certified
ISO 9001:2000 for all the processes.
y Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- CertificateofMerit in
the Financial Services category by Council for Fair Business Practices (CFBP).
-
8/7/2019 vishal reliance project table part
21/107
21ROLLNO: 0912370113
PRODUCTSOFFEREDBYRELIANCELIFE
-
8/7/2019 vishal reliance project table part
22/107
22ROLLNO: 0912370113
PRODUCTS OFFERED BY RELIANCE LIFE
Reliance has number of insurance products in its Portfolio. It offers different products for
different customer profile.It target its product according to the needs of people which make them
its customer.
ProtectionPlansIn todays uncertain world, there could be calamity at every step of the life. It is up to you to
ensure that your family stays protected always.
Reliance Protection Plans helps you do exactly the same. You have a wide range of options to
choose a plan from. Right from limited period plans to lifetime protection plans, you can opt for
the one that suits your lifestyle.
While we understand that nothing can compensate for the loss of a life, we intend to provide you
the peace of mind. Investing in Reliance Protection Plans would mean your familys future is insafe hands.
1.Reliance Term Plan
Invest in the Reliance Term Plan, a pure life insurance plan that offers you comprehensive and
affordable coverage for a limited period of time to suit your needs.
2. Reliance Simple Term Plan
Make a smart investment move by investing in the cost-effective Reliance Simple Term Plan,
which offers you comprehensive coverage for a specified period of time to suit your need.
3. Reliance Special Term Plan
Imagine a life insurance policy, which on maturity returns to you all the premiums you had paid
for your basic policy. The Reliance Special Term Plan offers that and much more.
-
8/7/2019 vishal reliance project table part
23/107
23ROLLNO: 0912370113
4. Reliance Credit Guardian Plan
The Reliance Credit Guardian Plan secures your family from any loan liabilities you have
incurred in case of your untimely demise. On survival at maturity, you will be returned all the
premiums paid for the basic policy.
5. Reliance Special Credit Guardian Plan
Invest in the Reliance Special Credit Guardian Plan and protect your family from any loan
liabilities you have incurred. On survival at maturity, all premiums paid for the basic policy will
be returned to you.
6. Reliance Endowment Plan
The Reliance Endowment Plan gives you financial independence by allowing you to decide the
amount of Sum Assured based on your current financial position and expected future expenses
Dream!!..
7. Reliance Special Endowment Plan
Imagine an endowment plan that protects you for a certain period even after you have received
your lump sumthat is exactly what the Reliance Special Endowment Plan offers you with other
added benefits.
8. Reliance Connect 2 Life
The Reliance Connect 2 Life Plan gives you the option to upgrade your life cover to keep pace
with your changing lifestyle. As your income grows, your family will have sufficient cover.
9. Reliance Whole Life Plan
Give your family a lifetime of timely financial support by investing in the Reliance Whole Life
Plan. This will help you enjoy your life to the fullest.
-
8/7/2019 vishal reliance project table part
24/107
24ROLLNO: 0912370113
10. Reliance Wealth + Health Plan
Invest in the Reliance Wealth Health Plan and balance your health needs and wealth needs,
without compromising on either health or wealth.
11. Reliance Cash Flow Plan
Invest in the Reliance Cash Flow Plan and reap the dual benefits of a life insurance plan and easy
liquidity through lump sum cash, which means you can get a percentage of the Sum Assured at
periodic intervals.
Savings & InvestmentPlans
In life, you have always given your family whatever they have wanted. Yet, there are some
promises you have to fulfil, such as taking your family for a vacation, or buying that dream
house.
Set aside some money to achieve these specific goals with the help of Reliance Savings &
Investment Plans. The plan allows you to experience the joys of life and provide for your
familys needs.
Enjoy life without worrying about the promises you have madewe are here to fulfil them.
1. Reliance Super Invest Assure Plan
Reliance Super Invest Assure is a complete plan which addresses your vital needs like
Flexibility, Security, Investment Return and Financial Planning. With all its key benefits, it is
here to ensure that there will always be more than you can ask for!
2. Total Investment Plan I - Insurance
Reliance TIPS -Series I- Insurance is a Unit Linked Investment + Insurance Plan that helps you
meet all your financial needs, without the complexity of managing multiple products.
-
8/7/2019 vishal reliance project table part
25/107
25ROLLNO: 0912370113
3. Reliance Wealth + Health Plan
Invest in the Reliance Wealth Health Plan and balance your health needs and wealth needs,
without compromising on either health or wealth.
4. Reliance Automatic Investment Plan
The Reliance Automatic Investment Plan is an enhanced unit linked plan that allows you to
choose the right investment mix to reap maximum benefits. It also provides you with enhanced
Life Cover.
5. Reliance Money Guarantee Plan
To reap the benefits of a rising market and to protect yourself from any market decline, invest in
the unit linked Reliance Money Guarantee plan that gives you the perfect balance between
Protection and Savings.
6. Reliance Cash Flow Plan
Invest in the Reliance Cash Flow Plan and reap the dual benefits of a life insurance plan and easy
liquidity through lump sum cash, which means you can get a percentage of the Sum Assured at
periodic intervals.
7. Reliance Market Return Plan
The Reliance Market Return Plan gives you insurance protection and allows you to benefit from
investment growth. It works through your life and meets the changing requirements you may
have from time to time.
8. Reliance Endowment Plan
The Reliance Endowment Plan gives you financial independence by allowing you to decide the
amount of Sum Assured based on your current financial position and expected future expenses.
-
8/7/2019 vishal reliance project table part
26/107
26ROLLNO: 0912370113
9. Reliance Special Endowment Plan
Imagine an endowment plan that protects you for a certain period even after you have received
your lump sumthat is exactly what the Reliance Special Endowment Plan offers you with other
added benefits.
10. Reliance Whole Life Plan
Give your family a lifetime of timely financial support by investing in the Reliance Whole Life
Plan. This will help you enjoy your life to the fullest.
11. Reliance Golden Years Plan
The Reliance Golden Years Plan helps you save systematically and generate the much-needed
corpus to help you enjoy life after retirement.
12. Reliance Golden Years Plan Value
Realise all your dreams of playing golf, or going for a world tour after retirement by investing in
the Reliance Golden Years Plan Value, which helps you generate the amount you will need for
the future.
13. Reliance GoldenYears Plan Plus
Invest in the special Reliance Golden Years Plan Plus that not only helps you build the corpus
you need after, but also collects a basic minimum amount in case something were to happen
before you realise your dreams.
14. Reliance Connect 2 Life Plan
The Reliance Connect 2 Life Plan gives you the option to upgrade your life cover to keep pace
with your changing lifestyle. As your income grows, your family will have sufficient cover.
-
8/7/2019 vishal reliance project table part
27/107
27ROLLNO: 0912370113
RetirementPlans
You are a young and earning individual. The income you earn allows you to enjoy life, your only
worry being whether you will be able to continue the same lifestyle after retirement.
A Reliance Retirement Plan will help you save money for your retirement. It ensures that you
continue to get some income after retirement thereby ensuring that you do not have to depend on
any other person or make any compromises to maintain the same lifestyle.
Invest in a Reliance Retirement Plan today and enjoy life after retirement on your own terms.
1. Total Investment Plan II - Pension
When you invest in the Reliance Total Investment Plan, you give yourself the assurance that you
will make each one of your dreams come true!.
2. Reliance Golden Years Plan
The Reliance Golden Years Plan helps you save systematically and generate the much-needed
corpus to help you enjoy life after retirement.
3. Reliance Money Guarantee Plan
To reap the benefits of a rising market and to protect yourself from any market decline, invest in
the unit linked Reliance Money Guarantee plan that gives you the perfect balance between
Protection and Savings...
-
8/7/2019 vishal reliance project table part
28/107
28ROLLNO: 0912370113
ChildPlans
Being a parent is one of the joys of life. Your child looks up to you and depends on you for love,
protection and support. You want to provide your child with the best in life.
The Reliance Child Plan helps you save systematically so that you can secure your childs future
needs. Be it higher education, his or her first home or any other requirement, you will always be
there for your child when he or she needs you.
So, invest in a Reliance Child Plan right awayit is the best gift you could ever give your child.
1. Reliance Super InvestAssure Plan
Reliance Super InvestAssure is a complete plan which addresses your vital needs like Flexibility,
Security, Investment Return and Financial Planning. With all its key benefits, it is here to ensure
that there will always be more than you can ask for!
2. Reliance Child Plan
Save systematically and secure the financial future of your child by investing in the Reliance
Child Plan and let your child enjoy today without worrying about tomorrow.
3. Reliance Secure Child Plan
Reliance Life Insurance presents a unit linked insurance plan that secures your childs financial
future, leaving you free from worry.
4. Reliance Wealth + Health Plan
Invest in the Reliance Wealth Health Plan and balance your health needs and wealth needs,
without compromising on either health or wealth.
-
8/7/2019 vishal reliance project table part
29/107
29ROLLNO: 0912370113
SOME LUCRATIVES PLANS WHICH RELIANCE OFFERS
RELIANCEENDOWMENT PLANIt takes a lot for a dream to become a reality. And money is surely an important part of it.
Reliance Endowment Plan gives you just the financial independence to realise your dreams in the
future. It lets you decide how much you would like to set as your Sum Assured based on your
current financial position and your expected future expenses.
So, go ahead... dream!!.
Key Features
1 .On maturity receive Sum Assured plus bonuses
2. Wealth creation through bonus additions
3. More Value for your money by way of High Sum Assured Rebate
4. Choose to add the Benefit of three Riders-Reliance Term Life Insurance Benefit Rider, 5.
Reliance Critical Conditions Rider and Reliance Accidental Death and Total and 6.Permanent
Disablement Rider
7. Choose to avail of Policy Loan after three years
CASH FLOW PLAN
While most insurance plans block your money for a certain period of time, Reliance Cash Flow
Plan gives you the double benefit of life insurance along with easy liquidity through lump sum
cash. It provides money periodically when you need it.
It lets you live life to the fullest today and at the same time, helps you stay protected for
tomorrow by giving you the flexibility of receiving a specified percentage of the Sum Assured at
specified intervals
Key Features
Easy Liquidity - Get periodic cash flows at the end of the fourth year and thereafter at the end of
every three years
Wealth creation through bonus additions
On maturity, accumulated bonuses along lump sum payout receive with final
-
8/7/2019 vishal reliance project table part
30/107
30ROLLNO: 0912370113
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 & Accidental Death Benefit and Total and
Permanent Diablement Rider.
RELIANCEHEALTH + WEALTH PLAN
UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS
BORNE BY THE POLICYHOLDER.
There are times when late working hours take precedence over your health check-ups. And there
are times when a visit to the doctor seems more important than dividends on your shares. In the
rat race to make money, we often forget to take care of ourselves.
We understand this predicament. Here is a plan that will ensure that your wealth keeps increasing
constantly and yet your health does not take a backseat. The Reliance Wealth+Health Plan. A
plan that gives you the benefits of wealth bhi. health bhi.
Life changes. And as it does, so do your priorities. After all, the circumstances of your life can
determine the type of health coverage you need.
India has made rapid strides in the health sector. Since Independence, life expectancy has gone
up markedly and survival rates have also increased, still critical health issues remain. Infectious
diseases continue to claim a large number of lives.
Perhaps you're a freshly minted graduate, a joyful newlywed, retiring early or between jobs.
Maybe you're running your own business or raising a family or both. In any of the situations,
GOOD or BAD, health cannot be taken for granted. All are affected by the rising costs of
medical expenses. Thats why it is important to plan early and in advance.
Reliance Wealth + Health Plan, a health insurance plan underwritten by Reliance Life Insurance
Company Limited, is designed to work in conjunction with contributions towards savings. Theuniqueness of this plan is that it not only provides benefits for covered injuries but also for other
injuries by encashment from the unit fund. This plan from Reliance Life offers the
Hospitalization and Surgical Benefits and also covers Critical Illnesses. In short this plan
provides you with a personalised quality health cover that fits your lifestyle.
-
8/7/2019 vishal reliance project table part
31/107
31ROLLNO: 0912370113
Key Feature
A Unit Linked plan with Unique Savings Component
Twin benefit of market linked return and health protection
Choose from two different plan options
Flexibility to take care of your familys health
Flexibility to switch between funds / plan options
Option to pay Top-ups
Option to package with multiple riders
Liquidity through partial withdrawals
RELIANCESUPERINVESTASSUREPLAN
UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS
BORNE BY THE POLICYHOLDER.
You have always aspired for the best in life. And we help you achieve that.
Heres a unique plan which combines protection and savings. It also offers complete flexibility
to gain control over your investments vis--vis your financial needs and risk appetite.
We value your regular investments and thus reward you with guaranteed additions thus
promising unmatched benefits. This plan also offers you a unique option of moving from a
conservative fund to an aggressive fund systematically, to take advantage of the Rupee cost
averaging model.
A plan that promises you, what you ought to deserve as you reach greater heights in life. What
more can you ask for except gifting yourself with Reliance Super InvestAssure Plan
Key features Reliance Super InvestAssure Plan
-
8/7/2019 vishal reliance project table part
32/107
32ROLLNO: 0912370113
Twin benefit of market linked return and insurance protection.
Guaranteed additions at the rate of 50% of your first years basic premium at interval of every 5
years from 10th year till policy is in force.
Investment opportunity with flexibility -Choose from 8 pure investment fund options.
Option to pay Top-up premium(s).
Liquidity in the form of partial withdrawals.
A host of optional rider benefits to enhance protection cover.
RELAINCEAUTOMATIC INVESTMENT PLAN
UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PROTFOLIO IS
BORNE BY THE POLICYHOLDER
Life is indeed delightful if you have the freedom to make choices. The Reliance Automatic
Investment Plan gives you just that ample freedom! And we make this freedom more enjoyable
by giving you a sense of security. Whether its your insurance or investments, we let you make
the choice and leave the rest to us.
So allow us to take over and you can be rest assured, because for usyourLIFE comes FIRST
always.
This plan promise enhanced Life Cover, with complete flexibility to gain control over your
investments in tune with your financial needs and your risk appetite.
A plan that promises you what you deserve as you reach greater heights in life.
For a select few like you, the Reliance Automatic Investment Plan is an enhanced Unit Linked
plan addressing comprehensive needs to strike that perfect balance of protection and Savings
with full flexibility as you grow in your career. The Reliance Automatic Investment Plan gives
you full flexibility to choose just the right investment mix to reap higher benefits.
Key Features
Two plan option to choose from Ready-made and Tailor-made
Life Stage asset allocation to ensure automatic change in investment patterns, under the Ready-
made Plan option
-
8/7/2019 vishal reliance project table part
33/107
33ROLLNO: 0912370113
Freedom to decide your own fund mix based on your risk profile under the Tailor-made Plan
Allows Systematic Transfer Plan to average out the cost of unit purchased in equality
Regular, limited, single premium paying options
Unmatched flexibility through out Exchange Option
Liquidity in the form of partial withdrawal
Option to avail of Accidental Death and Total & Permanent Disability and Term Insurance riders
RELAINCETOTAL INVESTMENT PLAN SERIES -1
The journey of life, even though it may seem simple, comes with its own twists and turns, some
good, some unfortunate. And along with these moments come new dreams. With every little
twist, our dreams change and so do our ambitions. And most of all we desire a security that will
help us follow our dreams, both financial and emotional. It is this security that Reliance Life
Insurance Company Limited promises to bring to you with its Total Investment Plan Series I
Insurance.
To know more, read further
We value your dreams in this journey of life. Reliance Total Investment Plan Series I -Insurance
(TIPS-I -Insurance) helps you bring them to reality. Your need for investment, protection and
financial liquidity keeps changing at different stages of life. The birth of a child will require you
to increase your insurance cover; a marriage in the family will require additional money. We
provide you that kind of flexibility which suits you best at your convenience. Similarly on a
promotion you may want to increase your investments to create a large kitty for future expenses.
As you progress on this ladder of life we provide you the platform to increase your investment.
Usually you would require multiple financial products to meet all your needs and would have to
actively manage them. However with the Reliance TIPS-I -Insurance, Unit Linked Investment +
Insurance Plan you can meet all your financial needs, without the complexity of managing
multiple products
Key Features
-
8/7/2019 vishal reliance project table part
34/107
34ROLLNO: 0912370113
This is a Single Premium unit linked savings life insurance plan with options to purchase the
same plan with reduced allocation charges in subsequent policy years. Since more Premium is
allocated towards investment due to lower allocation charges on subsequent purchases, greater
would be the returns. Purchasing the same plan in the subsequent years is an option.
1st purchase would be called as Classic
2nd purchase would be called as Silver
3rd purchase would be called as Gold
4th purchase would be called as Diamond
5th purchase would be called as Platinum
Once you purchase the first policy there will full flexibility, as to when second and subsequent
purchase can be made and how much Premium should be paid for each purchase subject to the
following:
The minimum Premium on each purchase should be at least Rs. 25000 for life assured aged up to
40 and Rs. 50000 for life assured aged 41 to 64.
The maturity date on each purchase cannot exceed 70 years.
All the polices should mature on maturity date of the first purchase.
The term of the polices purchased during second, third, fourth and fifth policy years will be 9, 8,
7 and 6 respectively.
New policy can be purchased only if all the previous polices are in force on the date of purchase
of new policy.
Plan Objective :
The pace setter plan with protection to life which gives
Tax benefit under Sec. 80C and Sec. 10(10D)* of Income Tax Act 1961
Investment opportunity with flexibility
Life protection
Control over your investments
-
8/7/2019 vishal reliance project table part
35/107
35ROLLNO: 0912370113
Reliance Life Insurance launches Express Life, India's First retail policyinitiative
First-of-its-kind initiative in the sector offering life insurance cover almost instantly to customers
Customers will be offered policy document Over the counter on completion of
documentation, first Express Life Policy issued today
Express Life service will be available pan India across all Reliance Life Branch Offices
Chandigarh, November 9, 2007: Reliance Life Insurance, one of the leading Life Insurance
player in India, today launched Express Life an innovative and customer friendly service that
assures fastest way of getting a life insurance cover.
With this, Reliance Life Insurance becomes the first Life Insurance player in the country to offer
this novel life insurance process to its customers for a cover of upto Rs 10 lakh..
This is the first of its kind initiative in the sector that would offer life insurance cover almost
instantly to customers, without the hassles of long waiting period, follow-ups and medical
checkups.
Speaking on the launch of Express Life, Mr. P. Nandagopal, CEO, Reliance Life Insurance
Company Limited, said, This unique process will redefine the way insurance is bought and sold
in India. Express Life is a testimony of our constant endeavor to delight our customers withinnovative and need based solutions promptly.
Customers who fall between the age group of 18 to 45 years and fulfill the qualification criteria,
can avail the benefits of, Express Life service. It is customer friendly service wherein on
submission of the duly filled application form, mandatory documents and the requisite premium
cheque, customers are assured commencement of life insurance cover in 3 working days. The
letter & the policy kit are handed to the customer over the counter.
The company also issued its first policy under the Express Life initiative to its first customer in
Chandigarh today. The Express Life service is available under the Reliance Life Insurance
Automatic Investment Plan, Money Guarantee Plan, Market Return Plan and Golden Years Plan.
-
8/7/2019 vishal reliance project table part
36/107
36ROLLNO: 0912370113
RECRUITMENTOFADVISORS
-
8/7/2019 vishal reliance project table part
37/107
37ROLLNO: 0912370113
RECRUITMENT OF ADVISORS
Advisors are the backbone of any life insurance company. They play the most important and key
role for company to cashing the revenue through selling the insurance policies.
Some years ago Advisors were known as Agents but Reliance introduced them as Advisors
which seems to be more appropriately.
As aReliance Life Insurance Advisor, the sky is not the limityou can go beyond.
In India, ever since the insurance industry has opened up, opportunities for insurance companies
have become limitless. To tap this opportunity, they require insurance agents because agents are
one of the most significant modes of bringing in much-needed business to the company.
At Reliance Life Insurance, you will not merely be an insurance agentyou will be a Financial
Advisor. You will have an important role to play because you have to give valuable advice to
prospective customers about their financial planning.
Opportunities for Reliance Advisors
Make a good profit without a heavy investment.
Enjoy the benefit of residual income.
Maintain flexible work hours.
Earn attractive commissions.
-
8/7/2019 vishal reliance project table part
38/107
38ROLLNO: 0912370113
Participate in exciting recognition programs.
Associate with Reliance - One of the strongest brands of the country.
Capitalize on the growing Insurance market.
Become a full time sales manager.
Benefits AvailableforAdvisors
Apart from being remunerated well, Advisors get a lot of recognition and can win awards by
participating in the monthly, quarterly, half yearly, yearly business competition. These business
reviews can fetch foreign tours and travel free of cost. Easy way to globe trot is to become an
advisors with RLIC.
Become an Advisor to really see the benefits. It is told that "seeing is believing '. We are ahead
and we say "experiencing is believing" are you ready to experiment.
NumberofAgents
CompanyNameNumberofAgents
Dec 09 (Nos)
Aviva Life 31,390
Bajaj Allianz Life 273138
Bharti Axa 10016
Birla Sunlife 86264
Future Generali 0
HDFC Std Life 132662
ICICI Prudential 162893
ING Vysya 48428Kotak 34714
Max New York 29,876
MetLife 32389
Reliance Life 157052
Sahara Life 12244
SBI Life 33969
-
8/7/2019 vishal reliance project table part
39/107
39ROLLNO: 0912370113
Shriram Life 16521
TATA AIG 32528
LIC 1159586
* The Figuresare provisionalandunaudited
-
8/7/2019 vishal reliance project table part
40/107
40ROLLNO: 0912370113
SALESPROCESSWHICHIUSEDIN
RELIANCELIFE:
-
8/7/2019 vishal reliance project table part
41/107
41ROLLNO: 0912370113
SALES PROCESS WHICH I USED IN RELIANCE LIFE:
Our sales process involved Personal selling. Our product being an intangible one, it
needs the company personnel to go and persuade the customer via addressing to his doubts and
concerns. We need to undergo requisite interaction with the prospective customers to gauge their
mood with respect to different price levels. As the sales personnel are also aware of the
competitors price and, based on the market reaction and customers sentiments, they can advise
a more prudent price policy to the management.
The sales person actually stimulates and generates enough interest in the customer and helps
him make the final decision to buy the product.
Steps in personal selling
Personal selling involves six important steps
Prospecting
Prospecting is the process of identifying the prospective buyers of the product. The
prospects are those who have the need or will to buy and the power to pay. A prospect is
qualified if he has the authority, need, ability and eligibility to buy. In our context prospects used
to be the owners in case of a small company and Promotions & Advertising head in that of a big
organization.
ApproachPreapproachProspecting
ClosingFollow-up
Presentation
-
8/7/2019 vishal reliance project table part
42/107
42ROLLNO: 0912370113
Ways of identifying a prospect
Acquaintance Reference: A satisfied customer can be a good source of information about the
names, addresses and phone numbers of the prospects who may be among his acquaintances,
relatives or family members. In addition we used to give reference of our other satisfied
customer to motivate the prospect to buy, thus obtaining further references.
Cold Calling: In this method we used to randomly call a customer without any reference, with
an anticipation of converting the call into sale. This method is also called random prospecting.
Centre ofInfluence Method: Using this approach, we obtained the references for prospects
from eminent people of society. Using such references, the prospects are influenced to make a
buying decision since the recommendations of eminent personalities are taken seriously.
Direct Mail or Telephone Method: This was the most frequently used method by us. We used
to contact the prospective buyer on the telephone and inform him about our product, price range,
benefits etc. We also used to send mail/letters to our existing customers informing them about
modifications made in the existing range.
Companys Record: We were provided contacts of the prospective customers from companys
own records. We need to follow up with them and get appointments and make sales therefore.
Pre Approach
Pre Approach is the second step in the selling process which emphasizes that salesmanshould know, after identifying the prospects in the prospecting stage, the prospects likes and
dislikes, his needs, preferences, habits, nature, behavior, economic and social status etc. Based
on all this information, the salesman has the necessary tools to plan his visit/interview with the
prospect and can give an effective sales presentation. This kind of preparation to meet the
prospect is called the pre approach.
-
8/7/2019 vishal reliance project table part
43/107
43ROLLNO: 0912370113
Because of pre-approach we gained ample knowledge about the prospect. This helped us in
giving the presentation more efficiently, effectively and with confidence.
Approaching
In this stage the prospect and the salesman come in contact with each other face to face.
Here the salesman has the opportunity to understand and interact with the prospect in a better
way. Hence, the salesman should put forward his best efforts to make the best use of this
opportunity in getting the attention of the prospect and to convince him to buy the product.
Hence, getting the attention of the prospect and persuading him to buy are the two main
objectives of a salesman. The importance of the approach cannot be overemphasized since it is
only after the salesman starts interacting directly with the prospect that the latter decides within
the first few minutes whether he needs to purchase or not. Similarly, the salesman has the
opportunity to judge whether the prospect is in the mood to buy or not.
We generally found it very difficult to approach the prospects owing to their busy schedule.
Also sometimes they are not interested in proposal. Despite this major hurdle we kept on trying
to obtain an appointment with the prospect. We need to be a little diplomatic and polite in our
approach.
Different ways in which we gained access to the prospects:
Direct approach: We used to directly approach the prospect without any introduction
whatsoever and conduct an interview. We stated the benefits of our product and tried to arouse
interest of the prospect.
Advance Mailer: Another manner in which we used to seek an appointment with a prospect was
by sending an advance mailer explaining our product and its benefits vis - a - vis our
competitors. Such mailers were designed and written in a simple but attractive manner so as to
arouse the interest of the prospect.
-
8/7/2019 vishal reliance project table part
44/107
44ROLLNO: 0912370113
Reference: This is the best method of securing an appointment with the prospect. References
could be obtained from friend, relative, or business associate of the prospect. This not only
facilitated the interview but also made the task of selling the product easier.
Sale letters: These proved to be another kind of a door opener. Such letters provide ample detail
about the product, benefits and schemes available with the product. Such letters signed by senior
executives, when sent in advance, facilitated our entry.
A successful approach enhances the sale and it is thus important for running of a business.
A failed approach on the other hand gives an opportunity to the rival company. So a good
approach goes a long way in building good relations with the prospect, while a bad one causes to
lose the business & facilitates competitors entry.
Presentation
A good presentation is as important as a good product. The significance of a good
presentation of the product can be gauged from the fact that many a time an attractively packed
presentation is sufficient to sell the product.
Requirements of a good presentation:
We were required to explain the product with its features and price advantage to the customer in
simple and easy terms. We ought to have thorough knowledge about our product and also other
competitive products available in the market. This helps in satisfying all the queries of the
customers and answers them satisfactorily.
It is very important that customer be shown the kind of product he is looking for. This way not
only his time is saved but also he tends to make a quick decision.
-
8/7/2019 vishal reliance project table part
45/107
45ROLLNO: 0912370113
The Close
This is the last stage of any sales presentation. The whole exercise becomes useless if the
sale does not take place. Therefore its most crucial stage for any salesman. The main aim of the
close is to convince the prospect to sign the contract form immediately rather than in future.
For successfully closing the sale we needed to be attentive and open mind throughout so as
to be able to listen patiently to the prospect, face objections and confidently answer any queries
of them.
-
8/7/2019 vishal reliance project table part
46/107
46ROLLNO: 0912370113
CUSTOMER FOCUS
Competitive environment with the entry of private players
o Spread of customer centricity
o Availability of more product lines ULIP in particular
o Spread of term insurance culture
o Increased use of local language in transactions
o Focus on reaching out to customers in their neighbourhood
Product innovation
o Increasing importance of OTC products
o Customised solutions to cater to lifestage needs
o Flexible payment options
o Riders - critical illness, hospital cash etc
o Health products covering specific illnesses
Spread of equity culture
o Education of Asset allocation concept
o Large scale participation in equity share in India growth story
o Use of Alternative Channels like Banks and Corporate agents
o Increased accessibility
o Use of technology
o Web-based customer service tools
o Faster turn around times for complaint resolution
o Enablement of real time fund switching options
o ULIP the game changer
o Complete insurance package with insurance, wealth management, asset
allocation, saving for specific need
o Competitive investment product for the long-term
o Flexibility and transparency packed in
-
8/7/2019 vishal reliance project table part
47/107
47ROLLNO: 0912370113
RESEARCHMETHODOLOGY
-
8/7/2019 vishal reliance project table part
48/107
48ROLLNO: 0912370113
RESEARCH METHODOLOGY
Research: - is a process of collecting, analyzing, interpreting and summarizing in a
significant manner for the purpose of framing out necessary conclusion and findings of
data perceived and formulated for deriving out the meaningful information. To carry
our research necessary telephonic calls needed to be done, suitable appointments were
to be fixed and therefore market survey is to be followed.
Objective of training: - To understand life insurance and recruitment of capable life
insurance advisors for growth prospects.
Process: Methodology or process involving in the Research followed during the course
of summer training is as follows: -
a) Collection of data: - This is an important aspect in formulating the objective of
research process where the data is collected via two process: - i) Primary Sources
and ii) Secondary sources
i) Primary sources: - Where the data is collected primarily by interviewing and
personal observation and is original in nature and accurate to the considerable
extent.
-
8/7/2019 vishal reliance project table part
49/107
49ROLLNO: 0912370113
ii) Secondary sources: -Where the data is obtained from some published and
printed sources such as newspaper, magazines, websites and so on.
b) Analyzing of collected data: - The data collected through market survey and
published sources is then processed to obtained necessary inferences and findings
for the purpose of achieving the objective as well as to derive necessary conclusion.
A considerable skill and knowledge is involved in analyzing the data for the purpose
of interpreting thereof.
c) Interpreting of data: - it is the significant step where the data collected and analyzed
is interpreted in the forms of graphs and figures is depicted in the report called
Project report.
d) Summarizing of data: - Thereby necessary summary is prepared which is essential
in the project report of the summer training being done under an organization.
-
8/7/2019 vishal reliance project table part
50/107
50ROLLNO: 0912370113
Helpful Arms of Research Methodology: -
Questionnaire: - Questionnaire is a set or group of questions being framed for the
purpose of obtaining market perspective about a particular aspect or topic.
There are two types questionnaire bing carried necessary for the market survey of the
summer training being undertaken and put for the by the trainee to the sample people
taken as a base for entire population:
a) Open ended Questionnaire: - where the people (also called respondents) are
required freedom to present their views and suggestions for the benefits and success
of the organization.
b) Close ended questionnaire: - where the respondents is limited to the choice of
answer being delivered by the interviewer itself so that quick and fast means of
responses be derived out without wasting much time. Here close ended
questionnaire being followed by me during the course of the summer training
market survey.
Sampling: - Sampling is a process of obtaining a number of individuals taken a base for
the entire population since entire population can not be asked about the necessary
objective upon which a questionnaire is put forth needed for the responses to be derived
for the purpose of generation of facts and customer view point regarding their
perception of particular product or services.
There are two type of sampling i) Random Sampling and ii) Systematic sampling.
-
8/7/2019 vishal reliance project table part
51/107
51ROLLNO: 0912370113
i) Random sampling: - Random sampling is a process of selecting the sample size
randomly and no choice or preference to be made about the selection of
respondents for the market survey and questionnaire to be put forth against him.
Here, Random sampling being adopted by me.
ii) S ystematic sampling: - it is a sampling where the limited number of selected
respondents is figured out based on some criteria so that only those respondents
can be asked for the purpose of filing questionnaire.
Sample Size: - 105 respondents.
-
8/7/2019 vishal reliance project table part
52/107
-
8/7/2019 vishal reliance project table part
53/107
53ROLLNO: 0912370113
DATA ANALYSIS & INTERPRETATION
From the survey it was drawn that life insurance is more a protection of human asset
value against uncertainty (conferred by 51 respondents) where it is a tax saving option
(being accepted by 38 respondents). Life insurance is a service involving both these
prerequisites as depicted by remaining 16 respondents. The following depicted this:
Protection of human asset value against uncertainty 51
Tax benefit device 38
Both 16
I I SU IS
S
S
S
-
8/7/2019 vishal reliance project table part
54/107
54ROLLNO: 0912370113
It has been observed and applied as a Life insurance is an essential service and should
be applicable to every one, as favored by considerable 78 respondents where it is not
essential to an extent by 27 respondents from the summer training project survey by
putting forth the set questionnaire.
?
-
8/7/2019 vishal reliance project table part
55/107
55ROLLNO: 0912370113
When further enquired about the qualification of respondents, it was found that 57% of
the respondents were graduates, 33% were post graduates and remaining 10% were of
higher secondary out of total 105 respondents. Further depicted in the following tabular
representation : -
Post graduate 35
Graduate 59
Senior secondary 11
RESPONDENT'S QUALIFICATION
33%
10%
57%
Post graduate
Graduate
Senior secondary
-
8/7/2019 vishal reliance project table part
56/107
56ROLLNO: 0912370113
Further, the age qualification for agency recruitment, it was found that 39% respondents
were belonging to 18 25 age group, 35% were belonging to 25 35 age group where
as 20% to 35 -45 age group and remaining 6% to above 45 age group. Also depicted in
the following tale mentioned below: -
18-25 age group 41
25 35 age group 37
35 45 age group 21
Above 45 age group 6
IFICAITON:
%%
%
%
-
Above e oup
-
8/7/2019 vishal reliance project table part
57/107
57ROLLNO: 0912370113
Respondents had different views about the dissatisfaction from the present status of
working or occupation. Dissatisfaction has been depicted in a table below and
graphically above:
Low employment 24 Low earning 36 Huge capital investment 17
Low status 18 All of the above 10
CA E OF I ATI FACTION
17%
16%
10%%
%
owemployment
owearning / income
Low status
ugecapital investment
All of t eabove
-
8/7/2019 vishal reliance project table part
58/107
58ROLLNO: 0912370113
When asked about whether they would like to know about a glorified career in life
insurance agency where they can fulfill any and every desire of their life, 59
respondents agreed while 46 respondents said No and will see later sometime in future.
It has been depicted that life insurance sector should be promoted at the wide extent as
it contribute to the economy as a useful source beneficial for both nation as well as is
citizens.
-
8/7/2019 vishal reliance project table part
59/107
-
8/7/2019 vishal reliance project table part
60/107
60ROLLNO: 0912370113
From the 59 respondents who agreed to know about the life insurance as a career, 18 of
them agreed to join Reliance life insurance for agency and come to the company fore
more information whereas 41 still took time to think and postponed to some future date.
People are highly dissatisfied from the earning, status and living standard they are
sustaining at present and would definitely like to make some additional source of
earning and for this agency for life insurance would prove a boon.
-
8/7/2019 vishal reliance project table part
61/107
61ROLLNO: 0912370113
From all 105 respondents, 92 agreed that life insurance sector is a growing concern and
will grow at a rapid pace in future where as 13 took as a mere stagnant industry.
Financial services are growing at a tremendous pace as people are urging to make their
investment in lucrative opportunities and therefore life insurance sector is playing a
vital role in educating the people to make their investment which could secure their
future, needs and living despite some fatal calamity that might or might not occur.
-
8/7/2019 vishal reliance project table part
62/107
62ROLLNO: 0912370113
Among 74 respondents from 105 respondents favored the privatization of the life
insurance and perceive that the people of India will know be more aware and
knowledgeable with respect to life insurance than that in the past 50 years with the
working of LIC.
The myth of LIC since it is a Government concern is still continue to prevail even
though people have become more advanced and they can invest their hard earned
money after undertaking their pros nad cons and company position in the market.
-
8/7/2019 vishal reliance project table part
63/107
63ROLLNO: 0912370113
DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES
COMPANYS NAME
NO.OF
RESPONDENT SHARE (%)
L.I.C. 78 78
RELIANCE LIFEINSURANCE
3 3
ICICI PRUDENTIAL 10 10
SBI LIFE 7 7
HDFC 2 2
TOTAL 100 100
INTERPRETATION
78% of the people contacted prefer LIC policy to any other and therefore it is
ranked no.1 by that percent of respondents.
78
3
10
7
2
LIC
REL
ICICI
SBI
HDFC
-
8/7/2019 vishal reliance project table part
64/107
64ROLLNO: 0912370113
DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS
BENEFITSNO.OF
RESPONDENTSSHARE (%)
Cover Future Uncertainty 55 55
Tax Deductions 20 20
Future Investment 25 25
TOTAL 100 100
INTERPRETATION
55% of the respondents believe that covering future uncertainty is the biggest
benefit of an insurance policy.
55%20%
25%
Cover FutureUncertainty
Tax Deductions
Future Investment
-
8/7/2019 vishal reliance project table part
65/107
65ROLLNO: 0912370113
Whereas, 20% and 25% of them believe that the other benefits are Tax
deduction and future investments respectively.
DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED
RESPONDENTS
FEATURE NO.OFRESPONDENTS
SHARE (%)
Money Back Guarantee 15 15
Larger Risk Coverance 37 37
Easy Access to Agents 7 7
Low Premium 30 30
Companys Reputation 11 11
TOTAL 100 100
15%
37%
7%
30%
11%
FEATURESOF INSURANCE POLICY
MONEY BACK GUAARENTEE
LARGER RISK COVERANCE
EASY ACCESS TO AGENTS
LOW PREMIUM
REPUTATIONOF COMPANY
-
8/7/2019 vishal reliance project table part
66/107
66ROLLNO: 0912370113
INTERPRETATION
Majority of the respondent (37%) found Larger risk coverance as the most
attracted feature of the all.
-
8/7/2019 vishal reliance project table part
67/107
67ROLLNO: 0912370113
DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS
POLICY TYPE NO. OF
RESPONDENTS
SHARE (%)
LIFE POLICY 75 75
NON LIFE POLICY 25 25
BOTH 45 45
INTERPRETATION
75% of the respondents have Life Insurance Policy while 45% have both. (The % is
calculated out of 280 positive response)
75
25
45
NATUREOF POLICY
LIFE POLICY
NON LIFE POLICY
BOTH
-
8/7/2019 vishal reliance project table part
68/107
-
8/7/2019 vishal reliance project table part
69/107
-
8/7/2019 vishal reliance project table part
70/107
70ROLLNO: 0912370113
y 30% of the respondents are either not having any Insurance policy at present or
their policy is already matured.
y And at present 100% of the respondents are with the view that Insurance is a tool
to protect your family.
DATA SHOWS BUYING PROCESS OF THE PEOPLE
BUYING PROCESS NO. OF
RESPONDENTSSHARE (%)
Customer approached Insurancecompany/Agent
45 45%
Company/agent approachedcustomer
55 555
Total 100 100%
-
8/7/2019 vishal reliance project table part
71/107
71ROLLNO: 0912370113
INTERPRETATION
y 44.5% of the respondents approached the Insurance Company / Agent.
y Whereas, 55.5% of the respondents were approached by the Company /Agent.
44%
56%
CustomerapproachedInsurancecompany/Agent
Company/agentapproachedcustomer
-
8/7/2019 vishal reliance project table part
72/107
72ROLLNO: 0912370113
DATA SHOWS REASONS BEHIND FOR INSURANCE
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Tax saving 80 80%
Saving / Investment 80 80.%
Family protection 100 100%
INTERPRETATION
y 80.71% of the Respondents opted for Insurance for tax saving benefits.
y 80.71% of the Respondents opted for saving / Investments.
y But all of them, i.e. 100% of the respondents have opted for insurance for their
family protection.
80
80
100
-
8/7/2019 vishal reliance project table part
73/107
73ROLLNO: 0912370113
-
8/7/2019 vishal reliance project table part
74/107
74ROLLNO: 0912370113
DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TOPOLICY
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Satisfied 60 60%
Not satisfied 40 40%
Not Responded 0 0.0%
Total 100 100%
INTERPRETATION
y 60% of the respondents are more or less satisfied with their existing policy.
y 40% of the respondents are not satisfied with their existing policy.
y In this case all of those who have taken a policy have responded.
60%
40%0%
Satisfied Notsatisfied Not Responded
-
8/7/2019 vishal reliance project table part
75/107
-
8/7/2019 vishal reliance project table part
76/107
76ROLLNO: 0912370113
DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Paying tax 100 100%
Not paying tax - 0%
Total 100 100%
INTERPRETATION
y Of the sample size of 400 respondents, all the respondents are paying tax.
100%
0%
Payingtax Not payingtax
-
8/7/2019 vishal reliance project table part
77/107
77ROLLNO: 0912370113
DATA SHOWS RESPONDENTS INVESTMENTS FOR TAX SAVING
INVESTMENTS NO. OF
RESPONDENTSSHARE (%)
LIC 51 51%
NSC 33 33%
Bonds 32 32%
PPF 25 25%
PF 21 21%
EPF 11 11%
INTERPRETATION
y 51% of the respondents save their tax by investing in LIC, which is the highest
among all Investment. This shows that most people for getting taxes benefits invest
in LIC.
y 33.25% of the respondents do their tax saving by investing in NSC.
y 32.25% of the respondents to their tax saving by investing in bonds.
51
33
32
25
21
11
LIC NSC BOND PPF PF EPF
-
8/7/2019 vishal reliance project table part
78/107
78ROLLNO: 0912370113
DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM OF
INVESTMENT FOR SECURING THEIR FUTURE
NO. OFRESPONDENTS
SHARE (%)
Fixed Assets 75 75%
Bank deposits 11 11%
Jewellery 25 25%
Securities i.e. bonds, MFs 40. 40%
Shares 10 10%
Insurance 70 70%
INTERPRETATION
y 75.25% of the respondents as with the view that Fixed Assets is the best form of
investment for securing their future.
75
11
2540
10
70
Fixed Assets
Bankdeposits
Cash & Jewellery
Securitiesi.e.bonds, MFs
Shares
Insurance
-
8/7/2019 vishal reliance project table part
79/107
79ROLLNO: 0912370113
y 70.5% of the respondents are with the perception that Insurance is the best form
of investment for securing their future, which is one of the highest and this shows
that insurance is an important key for securing your future.
DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT
RESPONSE NO. OFRESPONDENTS
SHARE (%)
Saving & Returns 100 100%
Security 90 90%
Tax benefits 71. 71.%
100
90
71
Saving & Returns Security Tax benefits
-
8/7/2019 vishal reliance project table part
80/107
80ROLLNO: 0912370113
INTERPRETATION
y 100% of the respondents intent to gain saving and returns from their investment.
y 90% of the respondents intent to gain security from their investments.
y Whereas, 71.75% of the respondents intent to gain tax benefits from their
investments.
DATA GIVES PEOPLES PERCEPTION ON APPROPRIATE AGE FOR BUYING
INSURANCE
RESPONSE NO. OF RESPONDENTS SHARE (%)
After 25 years 29 29%
After 35 years 10 10%
After 45 years 0 0%
Anytime 60 60%
-
8/7/2019 vishal reliance project table part
81/107
81ROLLNO: 0912370113
INTERPRETATION
y 29% of the respondents are with the view that insurance should be bought after
the age of 25 years.
y 10.5% of the respondents are with the view that insurance should be buyed after
the age of 35 years.
y Whereas, 60.5% of the respondents are with the view that buying of insurance do
not have any thing to do with age i.e. there is no age limitations. It can be
purchased any time according to the need.
29%
10.10%
0%
60.61%
After25 years After35 years After45 years Anytime
-
8/7/2019 vishal reliance project table part
82/107
82ROLLNO: 0912370113
DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES
RESPONSE NO. OFRESPONDENTS
SHARE (%)
Rigid plans 67 67%
Non user friendly 29 29%
Unsatisfactory services 26 26%
Non Aggressive 35 35%
Satisfactory 24 24%
Good 10 10%
Very good 0 0%
67
2926
33
2410
0
Inflexible plans Nonuserfriendly Unsatisfactoryservices
Non Aggressive Satisfactory Good
Verygood
-
8/7/2019 vishal reliance project table part
83/107
83ROLLNO: 0912370113
INTERPRETATION
y 67% of the respondents have the opinion that Indian Insurance Companies have
Rigid plans.
y 29.5% feel that Indian Insurance companies are Non-user friendly.
y 26.5% feel that services of Indian Insurance companies are Unsatisfactory.
y 35.75% of the respondents are with the view that Indian Insurance companies are
Non-aggressive.
y 24% of the respondents feel that products and services of Indian Insurance
companies is Satisfactory.
y Whereas only 10.25% feel that it is Good enough.
y And according to the data, no single person has felt that it is very good.
-
8/7/2019 vishal reliance project table part
84/107
84ROLLNO: 0912370113
DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE
COMPANY
RESPONSE NO. OFRESPONDENTS
SHARE (%)
A trusted name 82 82%
Friendly service &responsiveness
71 71%
Good plans 81 81%
Accessibility 49 49%
INTERPRETATION
y 82% customers look for a Trusted name in a company for insurance.
y 81.5% customers look for a good plan in a company for insurance.
82
71
81
49
A trustedname
Friendlyservice & responsiveness
Good plans
Accessibility
-
8/7/2019 vishal reliance project table part
85/107
85ROLLNO: 0912370113
y Friendly service & responsiveness and Accessibility are also important factors looked
by customers in a company.
y DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS
RESPONSE NO. OFRESPONDENTS
SHARE (%)
Planning 87 87%
Not planning 13 13%
Total 100 100%
INTERPRETATION
y Only 12.5% of the customers contacted are not planning for new investments
presently.
y Whereas, 87.5% of the customers are still planning for new investments this can be
a great potential for Reliance Life Insurance to take them on their favor.
87.0%
13.0%
Planning Not planning
-
8/7/2019 vishal reliance project table part
86/107
86ROLLNO: 0912370113
-
8/7/2019 vishal reliance project table part
87/107
87ROLLNO: 0912370113
DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE IF A
SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE &
PRODUCTS
RESPONSE NO. OFRESPONDENTS
SHARE (%)
Yes 43 43%
No 44 44%
Uncertain 13 13%
Total 100 100%
INTERPRETATION
The interested customers i.e. 43% are ready to go for insurance even away from a city
if services and products are worthwhile, which again is a good prospect (potential) for
Reliance Life Insurance to take them on their favor.
43%
44%
13%
Yes No Uncertain
-
8/7/2019 vishal reliance project table part
88/107
88ROLLNO: 0912370113
-
8/7/2019 vishal reliance project table part
89/107
89ROLLNO: 0912370113
SWOTANALYSIS
*****
-
8/7/2019 vishal reliance project table part
90/107
90ROLLNO: 0912370113
SWOT ANALYSIS
STRENGTHS
1. Reliance life insurance offers a range of individual and group insurance
solutions.
2. Reliance Life has the financial expertise required to manage your long-term
investments safely and efficiently.
3. The company has covered over 19,78,000 lives year ending March 31, 2009
4. Rated AAA by CRISIL and ICRA for the 10th consecutive year for High
service standards
5. Life insurance industry is a rapid growing and a nobler service industry.
WEAKNESSES
1. LIC is prevalent and sustains even today a major source of population.
2. Low number of offices and network and number of life insurance agents.
3. Lack of knowledge and expertise.
-
8/7/2019 vishal reliance project table part
91/107
91ROLLNO: 0912370113
OPPORTUNTIIES
1. Life insurance has captured its mere15 20% growth therefore a wide open
untapped market is open to the company to develop, grow and measure its
success.
2. Still the number of companies are few and company has every capabilities to
grow and forward its performance areas to the widest
THREATS
1. People are hesitant to invest and put their hard earned money to the private life
insurance company with the fear of getting lost.
2. Belief towards LIC as it is a government corporation phobia is continue to
surmount the people of India despite lots of flaws and development and
liberalization of life insurance.
3. Alternative financial services such as mutual fund, banking services, share and
securities also pose problems and threats to the working of the life insurance
sector.
4. Illiteracy and unemployment also pose threat.
5. Rising real estate industry also pose threat as people are investing a bulk of their
money over to that industry.
-
8/7/2019 vishal reliance project table part
92/107
92ROLLNO: 0912370113
LIMITATION & FINDINGS
-
8/7/2019 vishal reliance project table part
93/107
93ROLLNO: 0912370113
LIMITATIONS OF THE RESEARCH
y The research is confined to a certain parts of Jhansi and does not necessarily shows a
pattern applicable to all of Country.
y Some respondents were reluctant to divulge personal information which can affect
the validity of all responses.
y Time limitations
y In a rapidly changing industry, analysis on one day or in one segment can change
very quickly
-
8/7/2019 vishal reliance project table part
94/107
94ROLLNO: 0912370113
FINDINGS
y The advisor have limited knowledge about key feature of product of RLIC
y The participation of employees in management and labor-management relationship is
quiet satisfactory.
y Well design and structural methods is follow to approach perspectives clients
y Less concentration on old clients
y Need skilled employees
-
8/7/2019 vishal reliance project table part
95/107
-
8/7/2019 vishal reliance project table part
96/107
96ROLLNO: 0912370113
CONCLUSION
Summer training is a best example for a trainee to learn about the company working,
corporate culture under which is operating the functions. Reliance life insurance is a life
insurance company under which I gained a significant knowledge with respect to life
insurance, its importance and applicability as well as undertook the task to recruit capable
life insurance advisors which is conducive for the company to grow with more prosperity.
What I taught in the management institute utilized them fruitfully leading to the best
advantage to the company and to the best experience for mine.
At far I can conclude that life insurance is a noble service which is very important for
every citizen to learn and realize its importance because this is the only source which
can remain the status where one is with the family bread earner and ever when he is not.
With the growing financial sector I would like to opt this industry for my future career
advancement and as an opportunity to service this industry.
-
8/7/2019 vishal reliance project table part
97/107
97ROLLNO: 0912370113
RECOMMENDATIONS
*****
-
8/7/2019 vishal reliance project table part
98/107
98ROLLNO: 0912370113
RECOMMENDATIONS
Following are suggestions made for the benefits and augmentation of
the sound working of the company Reliance life insurance:
1. Need to train and develop life insurance agents with more comprehensive
knowledge and skills to counter every queries of the customer.
2. It is suggested that company should not left any stone unturned towards sound
advertisement and promotional measures on every section whether it is printed,
media or or air via radio.
3. It is also suggested that skilled management graduates need to be places on sales
and marketing of financial service that can render their best ideas for the
accomplishment of the company goals and objectives to the best extent.
4. Also, care need to be taken that every customers grievance should be met with
delight whether before purchase or after sales.
5. There should be an expansion measure for more offices and
6. Location of more centers for offices of the company be established sop that
company may grow its network.
-
8/7/2019 vishal reliance project table part
99/107
99ROLLNO: 0912370113
7. there should more advanced measures are required to develop to capture the
needs of customer so that they can be inspire and motivated to invest in the life
insurance products being provided by the Reliance life insurance.
8. Life insurance Products should be made flexible so as to suit every section of
society.
-
8/7/2019 vishal reliance project table part
100/107
100ROLLNO: 0912370113
BIBLIOGRAPHY
-
8/7/2019 vishal reliance project table part
101/107
101ROLLNO: 0912370113
BIBLIOGRAPHY
1. BOOKS/MAGAZINES REFFERED:
STUDY GUIDE- PRINCILES & PRACTICES OF LIFE / GENERALINSURANCE,
by AIMA.
BOOKS PUBLISHED BY INSURANCE INSTITUTE OF INDIA
SALES MANEGEMENT BY S.L.GUPTA
LIFE-INSURANCE, by Mc GILL
INSURANCEWATCH.
MONEYOUTLOOK.
2. WEBSITES REFFERED:
WWW.RELIANCELIFE.CO.IN
WWW.CIFAINSURANCE.COM
WWW.MONEYOUTLOOK.COM
WWW.INSURANCE.IND.COM
WWW.IRDA.COM
-
8/7/2019 vishal reliance project table part
102/107
102ROLLNO: 0912370113
QUESTIONNAIRE
*****
-
8/7/2019 vishal reliance project table part
103/107
103ROLLNO: 0912370113
APPENDIX
QUESTIONNAIRE
Name: -
Age:-
Location: -
Occupation: -
Q.1. What do you mean by life insurance
a) Protection of human asset value against uncertainty
b) A sum received after death
c) Both
Q.2. Do you think life insurance is essential for every one
a) Yes
b) No
-
8/7/2019 vishal reliance project table part
104/107
104ROLLNO: 0912370113
Q.3. What is your qualification
a) Post graduate
b) Graduate
c) Senior secondary
Q.4. Do you come under:
a) 18-25 age group
b) 25 35 age group
c) 35 45 age group
d) Above 45 age group
Q.5. What dissatisfied you most in your occupation
a) Low employment
b)