Reliance Life Insurance: Project Report

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A PROJECT REPORT
ON
RELIANCE LIFE INSURANCE

IN CONTEXT WITH RELIANCE LIFE INSURANCE BHILAI
Bhilai (C.G)
Submitted in the partial fulfillment for the award of degree of
BACHELOR OF BUSSINESS ADMINISTRATION
Of
Pt.Ravishankar Shukla University, Raipur (C.G)
Session 2009-2010
SUBMITTED BY:-
GUIDED BY:-
ABHISHEK KUMAR BBA 6TH SEM HOD (MANAGEMENT)
Mr. SANDEEP JASHWANT
DEPARTMENT OF MANAGEMENT SHRI SHANKARACHARYA MAHAVIDYALAYA SECTOR-6 BHILAI (C.G)
Certificate
To whom may ever it may concern
This is to certify that ABHISHEKKKUMAR student of B.B.A 6th sem of shri shankaracharya mahavidyalaya , bhiai has carried a research project on the topic Reliance life insuranc to hero Honda under my supervision . This report is original and data collected by the researchers himself are true authentic up to my knowledge. We wish success in his professional career .
Declaration
I ABHISHEK KUMAR student of sixth semester at shri shankaracharya mahavidyalaya here by declare that these research report under the title RELIANCE LIFE INSURANCE is the record of my original work under the guidance of Mr. Sandeep Jashwant (H.O.D ) B.B.A . These report has never been submitted any where for award of any degree or diploma.
Place: Date:
ABHISHEK KUMAR BBA 6TH SEM
Certificate
This is to certify that ABHISHEK KUMAR a student of B.B.A sixth semester at our institute under my guidance and supervision he had carried out the research project under title
RELIANCE LIFE INSURANCE

This research report is the original one.
Project guide
( H.O.D management)
PRINCIPAL
Place:
4
Date :
Acknowledgement
Perhaps the most awaited moment of any endeavor in its successful competition of their project report cases study having worked on the project for the whole academic session. I would like to express my sincere gratitude to all those who made it possible. Firstly I am heartily thankful to my guide Mr. Sandeep Jaswant (H.O.D) of the B.B.A department under whose able guidance. I had the privilege to work and who guided at every stage. I take this opportunity to express my sincere gratitude to our principle for being guide of philosopher throughout B.B.A program. I shall be failing in my duty if I dont express my deep sense of gratitude to all my friends and the relatives who have share their valuable time and helped me directly or indirectly in the preparation of the project . At the end last but not the least, I would like to thanks the other staff and non staff member of this college.
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ABHISHEK KUMAR BBA 6TH SEM
index
Page no:
Chapter -1 Chapter-2
Introduction Company profile Reliance capital Capital holdings Reliance ADA group Product of the company Reliance mutual fund Reliance general insurance Reliance communication Reliance life insurance Insurance plan IRDA Recruitment process Market analysis
8-12 14-19 20 21 22 25-40 26 27-31 32 33-14 42-51 53-54 55-62 64-68

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Chapter-3
Chapter-4 Chapter-5 Chapter- 6 Chapter-7
Chapter-8 Chapter -9 Chapter-10
Questionnaire Recommendation Bibliography
70-75 77 78
Introduction to the Industry

THE HISTORY OF INDIAN INSURANCE INDUSTRY
ORIGIN OF LIFE INSURANCE

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the caravan trade by giving loans that had to be later repaid with interest when the goods arrived safely. In 2100 BC, the Code of Hammurabi granted legal status to the practice. That, perhaps, was how insurance made its beginning. Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would meet the funeral expenses of its members as well as help survivors by making some payments. As European civilization progressed, its social institutions and welfare practices also got more and more refined. With the discovery of new lands, sea routes and the consequent growth in trade, medieval guilds took it upon themselves to protect their member traders from loss on account of fire, shipwrecks and the like. Since most of the trade took place by sea, there was also the fear of pirates. So these guilds even offered ransom for members held captive by pirates. Burial expenses and support in times of sickness and poverty were other services offered. Essentially, all these revolved around the concept of insurance or risk coverage. That's how old these concepts are, really.
In 1347, in Genoa, European maritime nations entered into the earliest known insurance contract and decided to accept marine insurance as a practice.
The First Step

Insurance as we know it today owes its existence to 17th century England.
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In fact, it began taking shape in 1688 at a rather interesting place called Lloyd's Coffee House in London, where merchants, ship-owners and underwriters met to discuss and transact business. By the end of the 18th century, Lloyd's had brewed enough business to become one of the first modern insurance companies.
Insurance and Myth...

Back to the 17th century. In 1693, astronomer Edmond Halley constructed the first mortality table to provide a link between the life insurance premium and the average life spans based on statistical laws of mortality and compound interest. In 1756, Joseph Dodson reworked the table, linking premium rate to age.
Enter companies...
The first stock companies to get into the business of insurance were chartered in England in 1720. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston, SC. In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in America for the benefit of ministers and their dependents. However, it was after 1840 that life insurance really took off in a big way. The trigger: reducing opposition from religious groups.
The growing years...

The 19th century saw huge developments in the field of insurance, with newer products being devised to meet the growing needs of urbanization and industrialization.
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In 1835, the infamous New York fire drew people's attention to the need to provide for sudden and large losses. Two years later, Massachusetts became the first state to require companies by law to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires can cause huge losses in densely populated modern cities. The practice of reinsurance, wherein the risks are spread among several companies, was devised specifically for such situations. There were more offshoots of the process of industrialization. In 1897, the British government passed the Workmen's Compensation Act, which made it mandatory for a company to insure its employees against industrial accidents. With the advent of the automobile, public liability insurance, which first made its appearance in the 1880s, gained importance and acceptance? In the 19th century, many societies were founded to insure the life and health of their members, while fraternal orders provided low-cost, members-only insurance. Even today, such fraternal orders continue to provide insurance coverage to members as do most labor organizations. Many employers sponsor group insurance policies for their employees, providing not just life insurance, but sickness and accident benefits and old-age pensions. Employees contribute a certain percentage of the premium for these policies.
In India...
Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of Life Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The term suggests that a form of "community insurance" was prevalent 10
This document was created by Unregistered Version of Word to PDF Converter around 1000 BC and practiced by the Aryans. Burial societies of the kind found in ancient Rome were formed in the Buddhist period to help families build houses, protect widows and children. Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870. Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s. It was during the swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up. As these companies grew, the government began to exercise control on them. The Insurance Act was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into investments, expenditure and management of these companies' funds. By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the country's life insurance scene. However, in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these companies. As a result, the government decided nationalizes the life assurance business in India. The Life Insurance Corporation of India was set up in 1956 to take over around 250 life companies. For years thereafter, insurance remained a monopoly of the public sector. It was only after seven years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the first serious document calling for the re-opening up of the insurance sector to private players -- that the sector was finally opened up to private players in 2001.
The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured
Life insurance
Life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner (or policy payer) agrees to pay a stipulated amount called a premium at regular intervals or in lump
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sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise. As with most insurance policies, life insurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion. Life based contracts tend to fall into two major categories: Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance. Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.
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Company profile
Founder
Few 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 13
This document was created by Unregistered Version of Word to PDF Converter 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 hard-earned money in the Reliance Textile IPO, promising them, in exchange for their trust, substantial return on their investments. It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian markets. Under 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. Though the company's oil-related operations form the core of its business, it has diversified its operations in recent years. After severe differences between the founder's two sons, Mukesh and Anil Ambani, the group was divided between them in 2006. Reliance Capital (RCAP), a non banking financial company, is the financial service arm of the Anil Dhirubhai Ambani Group (ADAG) which has varied interests in areas like telecom, energy, entertainment. Reliance Capital is one of India's leading and fastest growing private sector financial services companies and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Through the companys subsidiaries, it offers products and services like mutual fund, life insurance and general insurance. It has sizable private equity and proprietary investments and is pursuing new ventures like stock broking, consumer financing and the asset recovery business as well. Reliance Capital, initially focused on the asset management business, has recently expanded its presence in life insurance, general insurance space and ebroking business as well. Reliance Capital launched Reliance Money, a retail broking and distributor of a range of financial service products. It has a network of over 2,200 outlets (Indias largest retail network by a non banking financial services company). Reliance Capital has 100% economic interest in all the business
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We will create the next generation communication network and information technology infrastructure that will bring immense value to every Indian, and leapfrog India into the center stage of global Infocomm space
We were small then - an infant in industry we are small now - at the doorsteps of opportunity. - Dhirubhai Ambani
Elected in India as Businessman of the Millennium

Founded by Shri. Dhirubhai Ambani in the year 1966. Reliance Group was started with a capital of Rs. 15000/-. He converted this fledgling enterprise into a Rs. 95,000 crore colossus. Over time, Reliance Group has diversified into a core specialization in petrochemicals with additional interests in telecommunications, information
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technology, energy, power, retail, textiles, infrastructure services, capital markets, & logistics
He is credited with having pioneered a number of path-breaking financial innovations in the Indian capital markets. He spearheaded the country's first forays into the overseas capital markets with international public offerings of global depositary receipts, convertibles and bonds. Starting in 1991, he directed Reliance Industries in its efforts to raise over US$ 2 billion. He also steered the 100-year Yankee bond issue for the company in January 1997.
Our Chairman
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Shri. Anil D. Ambani was born to Dhirubhai Ambani and Kokilaben Ambani on June 04, 1959 at Mumbai He did his schooling and graduation in Mumbai and thereafter pursued his Masters of Business Administration from Wharton Business School, USA Anil Dhirubhai Ambani is the Chairman of all listed Group companies, namely: Reliance Communications, Reliance Capital, Reliance Energy, Reliance Health, Reliance Entertainment and Reliance Natural Resources Limited. Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer Under his leadership, Reliance pioneered India's first forays into overseas capital markets with international public offerings of global depository receipts, convertibles and bond Wharton Board of Overseers, The Wharton School, USA Central Advisory Committee, Central Electricity Regulatory Commission Board of Governors, Indian Institute of Management, Ahmedabad Board of Governors Indian Institute of Technology, Kanpur In June 2004, he was elected for a six-year term as an independent member of the Rajya Sabha, Upper House of Indias Parliament a position he chose to resign voluntarily on March 25, 2006. Conferred the CEO of the Year 2004 in the Platts Global Energy Awards Rated as one of Indias Most Admired CEOs for the sixth consecutive year in the Business Barons TNS Mode opinion poll,2004 Conferred The Entrepreneur of the Decade Award by the Bombay Management Association, October 2002 Awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a global leader in many of its business areas, December 2001
Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer, and was centrally involved in every aspect of the company's management over the next 22 years.
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Awards & Achievements

Conferred the CEO of the Year 2004 in the Platts Global Energy Awards Rated as one of Indias Most Admired CEOs for the sixth consecutive year in the Business Barons TNS Mode opinion poll,2004 Conferred The Entrepreneur of the Decade Award by the Bombay Management Association, October 2002 Awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a global leader in many of its business areas, December 2001 Selected by Asia week magazine for its list of Leaders of the Millennium in Business and Finance and was introduced as the only new hero in Business and Finance from India, June 1999 Voted 'MTV Youth Icon of the Year', in September 2003 Voted as Indias Business Icon For The Youth in a poll conducted by India Today magazine.- August 2006
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Honorable members
Amitabh Jhunjhunwala, vice president Shri Amitabhabh Jhunjhunwala, 51, is a Fellow Chartered Accountant. He has vast experience in the areas of financial services and capital markets. Shri Jhunjhunwala was appointed to the Board on March 7, 2003 and was appointed Vice Chairman on March 20, 2006. He is a Director on the Board of Harmony Art Foundation and Reliance Anil Dhirubhai Ambani Group Pvt. Ltd.
Rajendra Chitale, Independent Director Shri Rajendra P. . Chitalale, 46, an eminent Chartered Accountant, is the Managing Partner of M/s M. P. Chitale & Associates. He is a Director on boards of the National Securities Clearing Corporation Limited, Asset Reconstruction Company (India) Ltd, Hinduja TMT Limited, HTMT Global Solutions Ltd, Ambuja Cement Limited, SME Rating Agency of India Limited, Ishan Real Estate PLC and Reliance General Insurance Company Ltd. He is also a member of the advisory board of the Insurance and Regulatory Authority of India (IRDA). He has also served on the boards of Life Insurance Corporation of India, Unit Trust of India, SBI Capital Markets Ltd., National Stock Exchange of India Ltd. and Small Industries Development Bank of India.
Shri C. P. Jain Shri C.P. Jain, 61, is the former Chairman and Managing Director of NTPC Ltd. (National Thermal Power Corporation). Shri Jain has an illustrious career spanning over four decades of contribution in the fields of financial management, general management, strategic management and business leadership. He is a fellow member of the Institute of Chartered Accountants of India with an advanced diploma in Management and is a law graduate. Shri C. P. Jain joined the Board of NTPC in 1993 as Director (Finance), was elevated as Chairman & Managing Director in September 2000 and superannuated in March 2006. He is Chairman of the Global Studies Committee of World Energy Council (WEC), world's largest energy NGO with nearly hundred member-nations. He has been on several important committees of the Government of India, latest being the 'Adhoc Group of Experts on Empowerment of CPSEs'. He was Chairman of Standing Conference of Public Enterprises (SCOPE) between April 2003 and March 2005. He is a Director on the Board of IL & FS Infrastructure Development Corporation and, is also a member of the Audit Advisory Board of the Comptroller and Audit General of India. 19
Reliance Capital Ltd is a part of the Reliance - Anil Dhirubhai Ambani Group, and is ranked among the 25 most valuable private companies in India. Reliance Capital is one of India's leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking groups, in terms of net worth.
The Reliance Anil Dhirubhai Ambani Group is one of India's top 2 business houses, and has a market capitalization of over Rs.2,90,000 crore (US$ 75 billion), net worth in excess of Rs.55,000 crore (US$ 14 billion), cash flows of Rs. 11,000 crore (US$ 2.8 billion) and net profit of Rs. 7,700 crore (US$ 1.9 billion
Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, consumer finance and other activities in financial services. Reliance Mutual Fund is India's no.1 Mutual Fund. Reliance Life Insurance is India's fastest growing life insurance company and among the top 4 private sector insurers. Reliance General Insurance is India's fastest growing general insurance company and the top 3 private sector insurers. Reliance Money is the largest brokerage and distributor of financial products in India with more than 2 million customers and the largest distribution network. Reliance Consumer finance has disbursed loans of over Rs.7,000 crores at the end of March 2008. Reliance Capital has a net worth of Rs.6,086 crores (US$ 1.5 billion) and total assets of Rs. 16,371 crores (US$ 4.1 billion) as of March 31, 2008 and over 21,000 employees
Reliance capital holdings

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Reliance A DA GROUP HOLDINGS
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Vision
To build a global enterprise for all our stakeholders, and a great future for our country, To give millions of young Indians the power to shape their destiny, the means to realize their full potential
Symbol Our symbol, Reliance APEX conveys the spirit of excellence, the human urge for progress, the desire to reach higher, the resolve to shape a better future. The APEX is the highest point the pinnacle - an abiding symbol of hope and optimism, achievement and success. The blue in Reliance APEX represents the inner strength, the self belief, the quiet confidence, the sense of purpose that go into the making of an epic journey. The red in Reliance APEX represents the energy and dynamism that propels one to the pinnacle of ones ambition.
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Reliance Mutual fund
Reliance General insurance

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Reliance Communication
Reliance Life Insurance
Reliance Mutual Fund, a part of the Reliance - Anil Dhirubhai Ambani Group (R- ADAG) is one of the fastest growing mutual funds in the country.
Reliance Mutual Fund offers investors a well rounded portfolio of products to meet varying investor requirements. Reliance Mutual Fund has a presence in over 115 cities across the country, an investor base of over Rs. 40.28 Lacs with Assests Under
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Management (AUM) of Rs.77,765 crores Reliance Mutual Fund schemes are managed by Reliance Capital Asset Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd. Reliance Life Insurance is an associate company of Reliance Capital Ltd., which along with its associates has acquired 100% shares in AMP Sanmar Life Insurance Co Ltd. Reliance Life Insurance has a pan presence and a range of products catering to individual as well as corporate needs A total of 16 products covering savings, protection & investment requirements
Reliance General Insurance, a part of the Reliance - Anil Dhirubhai Ambani Group and a Subsidiary of Reliance Capital, is one of the first non-life companies to get the license from the IRDA. Reliance General Insurance is India's fastest growing general insurance company and the top 3 private sector insurers. Reliance General Insurance has 200 branches across 171 cities and over 20,000 intermediaries. Reliance General Insurance offers an exhaustive range of insurance products that covers most risks including Auto, Health, Property, Marine, Casualty and Liability. 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
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This document was created by Unregistered Version of Word to PDF Converter 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 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 UNCERTAIN for an Individual becomes a CERTAINTY for a Group. This is the basis of All Insurance Operations. Thus INSURANCE CONVERTS UNCERTAINTY TO CERTAINTY
RGICL PRODUCTS
Health
Individual Med claim Insurance Policy Group Med claim Insurance Policy Overseas Travel Care Insurance Policy Reliance Health Wise Policy (inclusive of PED & Critical Illness) NEW - a specialized retail product
Personnel accident
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This document was created by Unregistered Version of Word to PDF Converter Personal Accident Insurance (Individuals) Policy Group Personal Accident Insurance
Fire
Standard Fire and Special Perils Policy Industrial All Risks Insurance Policy Consequential Loss (Fire) Insurance Policy
Engineering
Erection All Risks/Storage-cum-Erection Insurance Policy Contractors All Risks Insurance Policy Contractors Plant and Machinery Policy Machinery Breakdown Insurance Policy Machinery Loss of Profits Insurance Policy Boiler & Pressure Plant Insurance Policy Electronic Equipment Insurance Policy
Marine
Marine Cargo Insurance Policy NEW - Marine Turnover based Policy NEW - Multi Transit Polices.
Motor
Private Car Comprehensive Insurance Policy
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Liability
Directors and Officers Liability Insurance Policy Public Liability (Act) Insurance Policy Public Liability Insurance Policy Product Liability Insurance Policy Professional Indemnity Insurance Policy Workmens Compensation Insurance Policy
Policies for corporate

Commercial Care Insurance Policy Office Package Insurance Policy Fidelity Guarantee Insurance Policy Burglary and Housebreaking Policy Money Insurance Policy Householders Package Insurance Policy Shopkeepers Package Insurance Policy
Reliance Shopkeepers package Policy
Key Advantage
Comprehensive coverage against various perils spread across different sections of the policy. The policy offers the flexibility to customize the policy by selecting appropriate covers.
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The coverage is available at reasonably priced premiums. Insured has the option of selecting coverage either on the basis of market value or the reinstatement value. Discounts ranging from 5% to 20% for customers opting for four or more sections, for favorable claims experience and on renewal of the policy.
Policy exclusions
At reliance general insurance, we would like our policy to be as transparent as possible. To ensure that you do not face any unpleasant surprises when you make a claim, we would like you to know some of the major exclusions under the policy.
Loss or damage due to war and nuclear perils Damage to property due to pollution and contamination Loss or damage due to wear and tear, gradual deterioration or slowly developing flaws Consequential loss of any kind Willful act or gross negligence on the part of the insured
Scope of the cover

Coverage under this policy is spread across 11 optional sections, enabling you to choose from them and customize the policy
Section 1A. Fire and allied perils for building Section 2B. Fire and allied perils for contents
The physical structure of your shop (under section 1A) and the contents therein (under section 1B) can be covered against fire and allied perils. These comprise30
Fire Lightning Explosion / implosion Aircraft Damage Riot, Strike and Malicious Damage Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, and Inundation Impact Damage Subsidence and landslide including Rockslide demolition, construction, structural alterations or repair of any property or ground works or excavations Bursting and / or overflowing of water tanks, apparatus and pipes. Missile testing operations Leakage from automatic sprinkler installations Bush fire Terrorism cover (optional)
Launched in 2002, PAN India CDMA based telecom service provider, an integrated telecom company having largest infrastructure
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Indias No. 1 wireless service provider with more than 50 million customers. Largest pan India coverage-over 11000 towns & 3 lakh villages. Over 10 million subscribers carry a handset thats capable of getting high speed internet connectivity. More than 50% of the international calls coming to India use Reliance network.
Reliance Life Insurance, a part of the Reliance - Anil Dhirubhai Ambani Group is India's fastest growing life insurance company and among the top 4 private sector life insurers. Reliance Life Insurance has a pan India presence and a range of products catering to individual as well as corporate needs. Reliance Life Insurance has over 700 branches and 1, 80,000 agents. It offers 26 products covering savings, protection & investment 32
This document was created by Unregistered Version of Word to PDF Converter requirements. Reliance Life Insurance will endeavor to attain a leadership position in the market over the next few years, by further expanding and strengthening its distribution network and offering a diverse array of products to suit the varied and specific needs of individual customers.
Basics of Life Insurance

What is Life Insurance? An amount of money paid to someone (called beneficiary) when the Life Assured (in whose name the insurance policy is taken) dies. This amount can be used to pay the expenses related to Life assureds death or can be invested to generate income that will replace your salary. Life Insurance is an important tool in any investors portfolio & can be used for - wealth creation, asset building, provide for contingencies and retirement planning.
The main reason to buy Life Insurance is to provide income replacement for your loved ones
Types of Life Insurance Policies

Most Insurance policies are a combination of Savings & Protection. Products are formulated by either increasing or decreasing either one of these components.
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These combinations can be broadly divided into 4 groups ULIPs Term Insurance Endowment Policies : Whole Life; Unit Linked etc Annuities & Pension
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Introduction of dependents. Start of financial planning balance between asset creation & protection
Peak earning age range. High asset creation & build up of liabilities. Critical stage for dependents
Asset base build up & liabilities reduced/ taken care of. Need for retirement planning more than
Ne ed An aly sis in life Sta
No dependents/ liabilities therefore need for insurance is less
Need for protection low. Greater need for regular income flow.

18-25
30-45 years Couples with children
45 yrs and abov e
ge
Retired
Endowment / ULIPs
Endowment / ULIPs +
Annuities
At each stage, requirements, responsibilities and Financial needs differ
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AGE
STATUS
INSURANCE NEEDS
1.Go on a holiday
SUGGESTED PRODUCTS
18yrs - 25yrs Unmarried
2.Buy a new Car 3.Set up a new house 4.Set up Interiors 5.Buy jewellery
Short Term Endowment Product
1.High Debt, high expenditure Phase
25yrs -30yrs
Married
2.Family dependency on your income 3.Low accumulated wealth 4.Need for Planning Requirement
Temporary term or whole life Product
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1.Retirement Planning
30yrs - 45yrs
Matured couple
2.Wealth transfer or saving vehicles 3.Returns on investment 4.Opting for guaranteed Product
Profits or Unit Linked Endowment/ Deferred annuities
1.Single Premium
60yrs and above
Post Retirement
1.Protection in case you live long 2.Protection for spouse in case of death 3.Wealth accumulation for children
annuities 2.Long term care products 3.Whole life products
Life Stage Example
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Term Endowment Annuities
Savera has just come to our lives. As proud parents, We need to protect her as well as create her own financial standing
Hello, I am Philip, sailor. Have seen the world. Always on cruise and keep worrying about family and the loans. I need financial Protection if I do not return from
Products of Life
Worked for almost 25 years, now want to live. I want something that will make my life Chinta-free after retirement.
Insurance
Life Insurance products are
u sua l l y
referred to as plans of insurance. These plans have two basic elements; one is the Death Cover providing for the benefits being paid on the death of the insured person within a specified period. The other is the Survival Benefit providing for the benefit being paid on survival of a specified period. Plans of insurance that provide only death cover are called Term Assurance Plans. Plans of insurance that provide only survival benefits are called Pure Endowment Plans.
Term Life Insurance Term Life Insurance provides protection for a specified period of time. A death benefit is paid to the beneficiary if the insured dies
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within a specified period of time while the policy is still in force.
Whole Life Insurance Whole Life insurance is a permanent life insurance and provides protection for life. As long as premiums are paid, a death benefit is paid to the beneficiary.
ULIPs A ULIP is a life insurance which provides a combination of Life Insurance protection and investment. Money can be invested in the following fund:- Equity Fund, Debt Fund, Money Market Fund (Liquid Fund) and Balance Fund. Annuities Annuities are practically the same as pension. Pension provides periodical payments to the employees, who have retired. They are paid as long as the recipient is alive. Annuities are called the reverse of Life Insurance.
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Solutions for Individuals - RGI

Taking time out from your daily schedule to plan your future is a necessary task. You could do with some help, but who can help you? Reliance Life Insurance is here with Solutions for Individuals, a series of plans that will help you make wise investments, protect your family, secure your childs future and even chalk out a plan for your retirement.
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Protection Plans
Protect your family even when youre not around by investing in Reliance Protection Plans. Choose a limited period plan or a lifetime protection plan depending on your needs. The latest Protection Plans are as below 1. Reliance Term plan 2. Reliance Simple Term plan 3. Reliance Special Term plan 4. Reliance Credit Guardian plan 5. Reliance Special Credit Guardian plan 6. Reliance Endowment plan 7. Reliance Special Endowment plan 8. Reliance Connect 2 Life plan 9. Reliance Whole Life plan 10. Reliance Wealth + Health plan 11. Reliance Cash Flow plan
Savings & Investment Plans

Reliance Savings & Investment Plans help you to set aside some money to achieve specific goals in life, which means that you can enjoy life and provide for your familys daily needs. The savings and investment Plans are as below 1. Reliance Total Investment Plan Series I - Insurance 2. Reliance Wealth + Health plan 3. Reliance Automatic Investment plan 41
This document was created by Unregistered Version of Word to PDF Converter 4. Reliance Money Guarantee plan 5. Reliance Cash Flow plan 6. Reliance Market Return plan 7. Reliance Endowment plan 8. Reliance Special Endowment plan 9. Reliance Whole Life plan 10. Reliance Golden Years Plan 11. Reliance Golden Years Plan Value 12. Reliance Golden Years Plan Plus 13. Reliance Connect 2 Life plan 14. Reliance life Highest NAV guarantee plan
Retirement Plans
Invest today in Reliance Retirement Plans and save money to enjoy life even after retirement. You will never have to depend on another person or make any compromises to maintain your current lifestyle. The latest Retirement Plans are as below 1. Reliance Total Investment Plan Series II Pension 2. Reliance Golden Years Plan 3. Reliance Golden Years Plan Value 4. Reliance Golden Years Plan Plus 5. Reliance Wealth + Health plan 6. Reliance Automatic Investment Plan 7. Reliance Money Guarantee Plan
Child Plans
Save systematically and secure your childs future needs by investing in Reliance Child Plans. You can always be there for your child when he or she needs you. The Childs plans are as below 1. Reliance Child plan 2. Reliance Secure Child plan 42
This document was created by Unregistered Version of Word to PDF Converter 3. Reliance Wealth + Health plan
Market Return Plan

Under This plan the investment risk in the investment portfolio is borne by the policyholder.
Key features
Twin benefit of market linked return and insurance protection A unit linked plan, different from traditional life insurance products with maximum maturity age of 80 years. Option to create your own portfolio depending on your risk appetite. Choose from four different investment funds Flexibility to switch between funds Option to pay regular as well as single premium & top- ups Option to package your policy with accidental rider Flexibility to increase the sum assured Liquidity through partial withdrawals
How does this plan work

The premium paid by the client net of premium allocation charges is invested in fund/funds of your choice and units are allocated depending on the price of units for the fund/funds. The fund value is the total value of units that you hold in the fund/funds. The mortality charges and policy administration charges are ducted through cancellation of units whereas the fund management charge is priced in the unit value.
Benefits
Life cover Assured: in case of unfortunate loss of life, the beneficiary will get sum assured or fund value, whichever is higher. The client can choose the basic sum assured within the minimum and maximum levels mentioned below.
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Minimum sum Assured:

Regular premium: annualized premium for 5 years or annualized premium for half the policy term, whichever is higher. Single premium: 125% of the single premium.
Maximum sum Assured

No limit (50000 for age up to 12 years)
Maturity Benefits
On survival to maturity the fund value on maturity will be paid out.
Rider Benefits
The Client can add the Accidental Death & Total and Permanent Disablement Benefit Rider (available only with the regular premium option). This benefit doubles the life coverage in case of accidental death or accidental total and permanent disablement at a very nominal additional cost. The maximum cover is Rs. 50, 00,000 per life. In case of accidental death of the life assured during the policy term, the accident benefit sum assured will be paid immediately in a lump sum. In case of accidental total and permanent disablement, 1/10th of the accident benefit sum assured will be paid at the end of each year for ten years. If the commenced, the accidental death benefit cover ceases. In case of maturity or on death of the life assured before payment of all installments of accidental total and permanent disablement benefits, the remaining unpaid installments of any will be paid in one lump sum along with death or maturity benefit. Accidental total and permanent disablement means disability caused by bodily injury, which causes permanent inability to perform any occupation or to engage in any activities for remuneration or profits. This disability should last for at least 6 months before being eligible for accidental total and permanent disablement benefits. total and permanent disablement has
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This document was created by Unregistered Version of Word to PDF Converter Accidental total and permanent disablement includes loss of both arms and both legs or one arm and one leg or of both eyes. Loss of arms or legs means dismemberment by amputation of the entire hand or foot. Loss of eyes means entire and irrecoverable loss of sight.
What are the different fund options?

We understand the value of your hard earned money and in our Endeavour to help you grow your wealth, we offer you 4 different tailor-made investment funds. You have the option to allocate your premium in these funds as you wish.
They are: 1. Capital Secure Fund:

The investment objective of this fund is to maintain the value of all contributions (net of charges) and all interest additions. This fund offers steady return for little risk. The risk profile of this fund is low. Investments would be 100% in bank deposits, government bonds and debt instruments that offer financial security. Further, allocation in Capital Secure Fund for a policy is subject to a maximum limit of 40% at any time.
2. Balanced Fund:
The investment objective of this fund is to provide you with investment returns, which exceed the rate of inflation in the long term while maintaining a low probability of negative investment returns. Here, a major portion of your funds are invested in Fixed Securities while a small percentage is invested in the equity market, which is exposed to market movements. The risk profile of this fund is low to medium. Investments would be at least 80% in fixed interest securities and maximum 20% in equities.
3. Growth Fund:
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This document was created by Unregistered Version of Word to PDF Converter The investment objective of this fund is to provide you with investment returns, which exceed the rate of inflation in the long term while maintaining a moderate probability of negative investment returns. A greater portion of your funds are invested in fixed securities while a small percentage is invested in the equity market, which exposed to market movements. The risk profile of this fund is medium to high.
4. Equity Fund:
The investment objective of this fund is to provide policyholders with high exposure to equities and the possibility of investment returns, which generate a high real rate of return in the long term while recognizing that there is a significant probability of negative investment returns in the short term. This fund offers a totally equity based investment option. Your returns depend entirely upon the performance of the equity market. The risk profile of this fund is high. The higher risk of this portfolio means that expected returns would also be higher. Investment would not exceed 30% in bank deposits and may be up to 100% in equities.
Value of Units:
The market value of assets plus/less expenses incurred In the purchase/sale of assets plus current assets plus Any accrued income net of fund management charges Less current liabilities less provision
Unit Value
=
Total number of units on issue (before any new units Are allocated/redeemed.) 46
Who can Buy the product

Minimum age at entry Maximum age at entry Maximum age at maturity 30 days 65 years 80 years
What is the policy term

Minimum policy term Maximum policy term 5 years 40 years
Flexible premium payment modes:

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Choose from five premium payment modes. a) Annual minimum premium is Rs. 10,000. b) Half yearly minimum premium is Rs. 5,000. c) Quarterly minimum premium is Rs. 2,500. d) Monthly minimum premium is Rs. 1,000. e) Single premium minimum premium is Rs. 25,000.
Charges under the plan:

1. Premium allocation charge
For regular premium policies: Term of the policy as below
Policy year Allocation charges Reduced allocation charges for policy sold through direct mark./internet For regular premium 1st year 2nd&3rd year 4th&5th year 6thyear and onwards
For single premium and top up
20% 3% 2% 1% 2%
5% 0% 0% 0% 1%
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premium
(The premium allocation charge for single premium & top ups is 2 %.)
2. Policy Administration charges:

Rs. 40 will be deducted from your unit account each month.
3. Fund Management Charges: For highest NAV guaranteed fund is1.35%is built into the NAV
Revision of charges:
The fund management charges are subject to revision at any time, but hey will not exceed 2% p.a. for the capital secure fund and 2.5% p.a. for the other funds. Any changes made to the charges under this policy will be subject to IRDA approval.
4. Surrender Charge/ partial withdrawl

This charge is levied on the unit fund at the time of surrender of the policy as under: 49
This document was created by Unregistered Version of Word to PDF Converter Would be as applicable if exercised no charges on withdrawal or surrender from top up and single premium policy.
5. Service Tax Charge This charge will be levied on mortality, accident & disability benefit charges. The level of this charge will be as per the rate of service tax on risk premium levied by the government from time to time the correct rate of service tax is 10.3% this charge shall be collected along with charges.
How safe is your investment

The investments made in the unit funds are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of the fund and the factors influencing the capital market, and the insured is responsible for his/her decisions. The unit price is a reflection of the financial and equity/debt market conditions and can increase or decrease at any time due to this. Benefits payable under the policy will be made according o the tax laws and other regulations in force at that time. 50
This document was created by Unregistered Version of Word to PDF Converter There are no guarantees for any fund of any kind under this policy. The benefit payable on maturity will be equal to the value of your units. The name in the funds in n way indicates the returns derived from them. Please note that Reliance life Insurance company limited is only the name of the insurance company and Reliance market return plan is only the name of the unit linked life insurance policy and does not in anyway indicate the quality of the policy or its future prospects or returns
Free Look Period.

In case the policyholder disagrees with any of the terms and conditions of the policy, he may return the policy to the company within 15 days of its receipt for cancellation, stating his/her objections in which case the company will refund an amount equal to the non allocated premium plus the charges levied by cancellation of units plus fund value as on the date of receipt of the request in writing for cancellation, less the proportionate premium for the period the company has been on risk and the expenses incurred by the company medical examination and stamp duty charges. If the risk acceptance date falls within cooling off period, then on cancellation RLIC shall pay fund value less of charges.
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IRDA
Insurance Regulatory and Development Authority
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."
Mission
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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.
Composition of authority
As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority The Authority is a ten member team consisting of (a) a Chairman; (b) five whole-time members; (c) four part-time members, (all appointed by the Government of India)
DUTIES, POWER & FUNCTIONS OF IRDA: Section 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 sub-section 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; (b) 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; (c) specifying requisite qualifications, code of conduct and practical training for 53
This document was created by Unregistered Version of Word to PDF Converter intermediary or insurance intermediaries and agents; (d) specifying the code of conduct for surveyors and loss assessors; (e) promoting efficiency in the conduct of insurance business; (f) promoting and regulating professional organizations connected with the insurance and re-insurance business; (g) levying fees and other charges for carrying out the purposes of this Act; (h) 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; (I) 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); (j) 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; (k) regulating investment of funds by insurance companies; (l) regulating maintenance of margin of solvency; (m) adjudication of disputes between insurers and intermediaries or insurance intermediaries; (n) supervising the functioning of the Tariff Advisory Committee; (o) specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause.
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RECRUITMENT
Recruitment is a linking function joining together those with job to fill and those seeking for jobs. It is a joining process in that it tries to bring together job seekers and employer with a view to encourages the former to apply for a job with the latter. The basis purpose of recruitment is to develop a group of potentially qualified people. To this end the organization must communicate the position in such a way that job seekers respond. To be cost effective, the recruitment process should attract qualified applicants and provide enough information for unqualified persons to self-select themselves out.
Relationship with other activities

This figure illustrates the relationship between job analysis, human resource planning, and the selection process.
Human resource planning: Determines the specific number of jobs that are to be filled.
Job analysis
Personnel planning
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This document was created by Unregistered Version of Word to PDF Converter Nature and requirement of specific jobs Number of specific job to be filled
Recruitment Constraints Poor image Unattractive job Government policies Inducement Compensation Career opportunities Image reputation
Pool of qualified applicants
Selection
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RECRUITMENT PROCESS IN RLIC

Selected
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SELECTION OF THE APPLICANT

SCREENING
Candidate having KSA to effectively perform the job Criterias in RLIC Candidate should be graduate Work Experience 2 Years Sales(others) 1 years sales(insurance) Age Maximum 35
INTERVIEW
Generally 3 interviews are to be taken for the selection of a candidate. First interview is taken by a senior HR manager. Second interview is being taken by senior most HR manager. Finally Third interview is being taken by HR manager. A HR manager can reject any candidate who has been selected in first 2 interviews on the basis of educational qualification, work experience, past criminal records and reference check. Final salary package is being decided during this interview. There is an Interview assessment sheet .whatever the Interviewer observe about interviewee Write in the IAS. The IAS Provides Following Entitlements: Name of the candidates Position Considered for Location Source/Reference Date
Interview Assessment Technical Strengths Behavioral Strengths Area Of Improvement Recommendation 60
This document was created by Unregistered Version of Word to PDF Converter Compensation Solution Suggested
OFFER CLOSING
Closing is done by a HR manager .In this HR Person mainly focus on salary negotiation. Offer closing is based on the persons Qualification, Total no. of work experience, Last CTC earned Last company brand. When the salary negotiated is accepted by the candidate then offer mail is released.
OFFERMAIL
An offer mail is being released to all the selected candidate .In this offer mail all the details regarding joining are present. Generally an offer mail is floated before two days of joining. The offer mail entitles the following details: Date of joining Day of joining Designation Of The candidates Package per annum Venue
Along with this following document is asked to bring at the time of joining:
Resignation acceptance which should be signed and stamped by immediate boss Last Company appointment letter Last drawn Salary slip (if the candidates was an agent then he is required to bring IRDA license ,commission statement ,Bank Statement , or form 16A Pan Card If applied then Acknowledgement for the same. Identity prove: Driving license/ ration card/voter ID card/Passport 10 Photographs with blue background. Qualification certificates and mark sheet NOC of the previous company. Person should be aware of his blood group. All the documents are mandatory to bring
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PROCESS OF JOINING
Final Joining date is the date decided by the HR person .Jonnie has to fill two forms on the day of joining. One form is online and one is Joining kit.
BASE DATA FORM

It is an on line form present on the official website of Reliance Life Insurance (www.rclhrssg.com). This form contain all the personal details of the employee which is recorded in the employee data base .After completion of base data form a BD number is assign to each employee. This BD number is being written on the Joining kit of employee.
VALIDATION
: Base data form is used as a reference during validation of an employee joining kit. Without validation a joining kit cannot be dispatched to HO.
BASE DATA FORM

Following information is to be filled in this form:

Name Gender Fathers name DOB, Place of Birth Blood Group, Height, Weight Identification Mark Present & Permanent Address(Period of staying) Contact Number PAN E mail ID Place of posting Submitted to Regional HR & in UP- Uttaranchal Region
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CONTENT JOINING KIT BOOKLET

Joining report Personal Information Form Information Released form Data Reference Check Form Salary Account Declaration Medical Insurance data I Card Form Requisition Form For E Mail Business Card Requisition Hardware Requisition Form Data Card Requisition Form PF/EPS Declaration/ Nomination Form PF Transfer Form Gratuity Nomination Form Superannuation Nomination Form Term Insurance Nomination Form CTC Allocation Plan Investment Declaration Form Data Ownership Undertaking
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IT security Policy Declaration Code Of Ethics Undertaking Specimen Signature Form
JOINING KIT EVALUATION While evaluating the joining kit it is required that joiner must submit Xerox of the entire document that were asked in the offer mail. Signature of the joiner is mandatory in the company appointment letter. It is also to be check that joining kit is been properly filled without any errors.
PROCESS OF KIT DISPATCHING

Before dispatching the joining kit to Mumbai head office following things are provided: Compensation sheet.(CTC Comparables) Reference check for E3 and above BDF validation(validation of the salary , designation, grade, function, reporting authority, SAP code)
Preparing of Partial kit

Personal Information Interview Assessment sheet Curricular Vitae of the candidate Resignation of previous company Appointment Letter of RLIC Background verification form Salary Account Declaration Medical Hospitalization insurance form
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All these are further processed for Xerox and then original of Following:
Requisition Form For E Mail
Business Card Requisition Hardware Requisition Form Are kept regional office for record
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Markets
In tune with the global stock markets that began to recover from the second half of 2003; Indian stock markets too witnessed rapid growth. Indias two leading indices, the most popular BSE Sensex, and the one most used by the markets the National Stock Exchanges S&P CNX Nifty rose to record levels. Both primary and secondary market activity experienced sharp surge. Much progress was made in further strengthening and streamlining risk management, market regulation and supervision. A few aspects of the major developments in the Indias stock markets are described below. And the insurance sector is also play an important role in the growth of the financial market.
Market Structure
Indian securities market is fairly large as compared to several other emerging markets. There are 22 stock exchanges in the country, though the entire liquidity is shared between the countries two national level exchanges namely, the National Stock Exchange of India and the Bombay Stock Exchange Ltd. The regional stock exchanges are in pursuit of business models that make them viable and vibrant. Meanwhile, these exchanges have become members of the national level exchanges through formation of subsidiaries whose business is showing continuous growth and progress. The number of brokers in various stock exchanges rose from 6,711 in 1994-95 to 9,335 in FY06. The number of brokers in all the exchanges together peaked to 10,213 in the year FY01 but gradually declined thereafter when the regional stock exchanges began to lose business in the light of wide ranging market structure reforms introduced since then. In FY01, when the markets were in upswing, several regional stock exchanges were generating business owing to the availability of deferral products, such Badla and different settlement calendars prevailing at that time in these exchanges. For instance in FY01, the Delhi Stock Exchange registered cash market turnover of Rs 838.71 bn; Uttar Pradesh Stock Exchange, Rs 247.47 bn,
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Ludhiana Stock Exchange Rs 97.32 bn, Pune Stock Exchange Rs 61.71 bn as against Rs 13,395.11 bn of the turnover at the National Stock Exchange and Rs 10,000.32 bn turnover at the Bombay Stock Exchange. With the abolition of the deferral products and introduction of uniform T+2 settlement cycle, the liquidity in these exchanges flowed to the national level system consisting of NSE and BSE.
Major Player in the Insurance Sector

There are many reputed companies in the market which provide the Insurance for living being and non living beings. The companies in life Insurance are as follows.
Life Insurer in Public Sector

Life Insurance Corporation of India
Life Insurer in Private Sector

Reliance life Insurance Company Limited ICICI Prudential Life Insurance Bajaj Allianz Life Insurance Tata AIG Life Insurance corporation Limited HDFC Standard Life Insurance Birla Sun Life Insurance SBI Life Insurance Kotak Mahindra old Mutual Life Insurance Aviva Life Insurance MetLife India Life Insurance ING Vysya Life Insurance Max New York Life Insurance Shriram Life Insurance 67
This document was created by Unregistered Version of Word to PDF Converter Bharti AXA Life Insurance Co. Limited IDBI Forties Life Insurance Co. Limited Argon Religare Life Insurance Co. Limited
Major Broking house

During the analysis of the market it has been found that there are a lot of the brokeing house in the market which are providing the online trading facility to the individuals or the group of the individuals.
5paisa.com
You can now buy and sell shares on 5paisa.com with speeds comparable and at times better than NSE's NEAT Terminal. This speed and reliability comes only with perseverance of pioneer backed by huge investment in technology! You can now buy and sell shares on 5paisa.com with speeds comparable and at times better than NSE's NEAT Terminal. This speed and reliability comes only with perseverance of pioneer backed by huge investment in technology. Advani Share Brokers Advani Share Broker, a reputed Bombay based on investment house, operates from India's financial hub, Dalal Street, since sixty years. It deals in equities, debt and derivatives on the Bombay Stock Exchange and the National Stock Exchange of India. AGROY Group of Companies Agroy group of companies is a well established name in the field of capital markets and financial services. AGROY Finance & Investment Ltd. (AFIL) is the group's flagship company engaged in capital markets as a premier financial and stock broking house. The company was formed in July 1992. Since then it has enjoyed patronage of a large number of valued customers and business partners. Anand Rathi Securities Limited Anand Rathi Securities Limited provides financial and advisory services including wealth management, investment banking, corporate advisory, brokerage & distribution of equities, commodities, mutual funds and insurance - all of which are supported by powerful research teams. India bulls 68
This document was created by Unregistered Version of Word to PDF Converter India bulls are India's leading retail financial services company with 70 locations spread across 62 cities. While our size and strong balance sheet allow us to provide you with varied products and services at very attractive prices, our over 450 Client Relationship Managers are dedicated to serving your unique needs.
Religare Securities Ltd.

Religare Enterprises Limited (A Ranbaxy Promoter Group Company) through Religare Securities Limited, Religare Finvest Limited, Religare Commodities Limited and Religare Insurance Advisory Services Limited provides integrated financial solutions to its corporate, retail and wealth management clients. Provides various financial services which include Investment Banking, Corporate Finance, Portfolio Management Services, Equity & Commodity Broking, Insurance and Mutual Funds.
Jaypee Capital Services Ltd.

Jaypee Capital Services Ltd. is a registered self-clearing member with National Stock Exchange and SEBI. It has the expertise and the experience to capitalize on daily stock movements and employ over 20 specialist traders certified by the NSE.
ICICI Direct
Online share and mutual funds trading facility by the ICICI group.
Arcade Share & Stock Brokers

Arcadia group began its modest journey in 1995 and now Arcadia proudly boasts about membership to NSE,BSE, Depository Participant (CDSL),MCX,NCDEX .The philosophy of client servicing backed by all principal Indian Stock and Commodity exchange gives Arcadia edge over other players in the industry segment to offer value based services to its customers.
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Indianstockmarket.net
Indianstockmarket.net is an effort to educate Indian investor by providing useful stock news, stock market websites, informative articles, resources to various investment guides.
Major Developments in equity brokerage industry in India
Corporate memberships Wider product offerings Greater reliance on research Accessing equity capital markets
Foreign collaborations and joint ventures Specialized services/niche broking Online broking Emerging challenges and outlook for the brokerage industry Fragmentation Global Opportunities Competition from foreign firms
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Investor Protection
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QUESTIONNAIRE
It is most common instrument whether administered in person by phone or online questionnaires are very flexible. The form of each question is also important. Closed end question include all the possible answers and subjects matters choices among them. I have used open-end questions so that customers can write answer in their own words. I have also used closed-end questions, which provide answers that are easier to interpret and tabulate. I have taken care in the wording and ordering of questions. I have used simple, direct, unbiased wording questions, which are arranged in a logical order. I have asked personal questions at last so that respondent does not become defensive. Questionnaire of the customer I have made questionnaire consisting seventeen questions to get customers view about life insurance. I have asked personal questions at last so that they do not become defensive. I have tried to know their performance i.e. whether they want to invest, where they want to invest, up to what amount and since when.
ANALYSIS OF QUESTIONNAIRE
Here I have formed a questionnaire to study why people go for life insurance. What is peoples major motive behind investing in life insurance? Do they decide upon their own or they take guidance of an agent? What is
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their perception about Reliance Life Insurance Company Limited? Questions:There are 7 questions in the questionnaire. Out of these 7 questions, 6 questions are close ended and one question is an open ended one. Target Population:I had conducted this survey among 50 people, and the target group was a mix of people from the society. I asked the questions to Doctors, Professionals, Professors, Advocates, Engineers, and general public. Analysis:I have used pie charts, and some other statistical measures to analyze the questions. Q.1 What is your main motive behind investing in life insurance? (a) Tax Benefit (b) Savings (c) Risk Cover (d) Return/Yield
There could be any motive of people behind investing in a life insurance policy. The main purpose of life insurance is the Risk cover of ones life. But some people consider different advantages of a life insurance policy. Some people consider Tax benefit as the main advantage of life insurance. Some believe that life insurance is an investment so they tend to invest in life insurance. While some people believe that it is a compulsory saving. Now lets see what all people say
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Here we can see that majority of the people tend to invest in life insurance for the risk coverage. The next preferred option is Tax Saving. We founded from the discussion with public and some experts that those people with a low income tend to invest in life insurance to gain tax benefit. Saving motive constitutes very small part of the total sample. Return comes last. But this is the general conclusion of 50 people. If we take a larger sample, we can get a different result. As the private players have launched ULIPs, more and more people are turning towards these products so the Investment motive has been gaining command. Also the number of those people who wish to invest for return is also increasing.
According to a life insurance expert (HARSHIT JAIN ), life insurance is for protection first then for Savings and Tax benefits all those things.
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We can see from the table and the graph that the number one motive of people about investing in life insurance is risk coverage, which is the main theme of life insurance followed by Tax benefit. The third position is of saving and fourth is Return. This shows that still people consider other financial tools more viable for return and life insurance is for Tax benefit and risk cover.
Q.3 how do you decide about investing in life insurance? (a) On my own (b) Family decision (c) Employer decides (d) As per the guidance of agent
This is a very crucial question as most of the people are not much familiar about different life insurance plans offered by different life insurance companies so people take help of the life insurance agent and
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as he guides understanding the needs of the individual, people would invest. Here one hazardous factor is the moral hazard. People tend to invest in life insurance plans to maintain relations though they are not in need of life insurance. Also sometimes it depends upon the convincing power of the agent.
Here we can see that majority people (58%) decides on their about investing in life insurance. 28% persons decide as per the guidance of the agent. There is no contribution of employers in the decision of ones investment in life insurance. 14% people invest in life insurance as per the family decision.
Q.4. which life insurance policy would you prefer to buy? (a) Term Assurance (b) Whole Life
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(c) Endowment (d) Combination of Whole Life and Endowment (e) Unit Linked
This is another crucial question as there are number of products offered by life insurance companies. The products range from pure Term Assurance Plans to Unit Linked Insurance Plans, which are relatively new entrant in the market. We have already explained all these policies ahead. Now lets find out what people have to say:
As it is evident from the chart and the table 38% people prefer combination of Whole Life and Endowment product. It gives people double advantage. The person would get some amount at the end of the stipulated
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period; for instance 20 years, and after that period the risk cover continues and the rest of the amount would be paid when the person dies.
Q.5 would you prefer Reliance Life Insurance or LIC for buying the Life insurance policy? (a) Reliance Life Insurance (b) LIC This is the most important question as it reflects the scope of the study. It is the main theme of this questionnaire. Prior to 2000 LIC was the only player in the life insurance market and it had the total market. So people had to go to LIC for buying life insurance policy. But after the entry of private players in 2000, some people have also turned to private life insurers. Reliance Life Insurance Company Limited is newly launched company. So it has fewer customers as compared to LIC. But the ULIP plans are sold more of Reliance life insurance as compared to LIC in todays environment.
Now lets see what people say:
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As evident from the chart that 30% of people would prefer Reliance Life Insurance while 70% would prefer LIC.
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RECOMMENDATION
1. Reliance Life Insurance should give more attention on its Quality and method of Recruitment & Selection because it helps the company in reducing attrition rate and selecting the right candidate to serve the company for a long period. 2. Reliance Life Insurance should give more advertisement in Magazines & Newspapers regarding the New Hire Process and New Recruitments. 3. Reliance Life Insurance should maintain the communication through feedback. They should take time-to-time feedback regarding customer satisfaction to know about the customer perception about their insurance products. 4. 5. Budget required for Recruitment & Selection Process must be economical. Reliance Life Insurance should find out the factors for which the customers are purchasing their policies. This will help it in making appropriate message in advertisement so that that advertisement will much focused and targeted and may attract excellent candidates to serve the company. 6. Reliance Life Insurance which prefer remote areas also for selling its policies must hire from there to due to localize expertise. 7. Reliance Life Insurance should make the provision for change in Recruitment & Selection Methodology
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with the advent of time and newer technology. 8. Reliance Life Insurance should provide all details related to any promotions, company schemes and Packages at the time of Final Selection. 9. The person conducting the Interview should make sure that candidate being interviewed shows better ability to listen, understand and answer queries.
10. Reliance Life Insurance should ensure that the company is innovative and introduces new products to meet new customers needs and keeps on check with the competitors too.
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