On

Submitted to

RDVV University, Jabalpur

In the partial fulfillment

Of the award of the

degree of

BBA (Bachelor of business administration)

Project guide:- Submitted by:-

Mr.Ganesh rathour Sudhakar

chourasiya BBA

3rd year

Jabalpur college of computer & communication

Jabalpur
This is certify that Mr. Sudhakar chourasiya is a regural student
of BBA (Bachelor of business administration) 3rd year for the
session 2010-11 Studying in our college. His conduct and
behavior is good.

And has successfully completed the given project entitled the

marketing of “Reliance life Insurance” has completed this project by
taking full knowledge and experience of our faculty member of
college.

Last but not the least the project completed by Mr. Sudhakar
chourasiya is done under our guidence

Mrs. Sadhana shrivastav

I would like to thank my project guide Mr. ………………….Sales
development managers RELIANCE Life Insurance,Alwar for guiding
me thought my summer internship and research project.his
encouragement,time and effort are geartly appreciated.

I would like to thank Pro ................ for supporting me during this project
and providing me an opportunity to learn out side the class room.It
was a truly wonderful learning experience.

I would like to dedicate this project to my parents.Without their help

and constant support this project would not have been possible.
Lastly I would to thank all the respondents who offered their opinion
and suggestion throught the survey that was conducted by me in
Alwar.
Once again my gratitude to me Reliance life insurance. For their
kind co- operation
This is certificate that Mr. Sudhakar chourasiya is a student of
Jabalpur College of computer & communication under the affrication
of RDVV (Rani Durgavati vishwavadalaya Jabalpur MP) has
prepared the “Reliance life Insurance” for the partial fulfillment of the
degree of bachelor of business administration (BBA)

He has prepared the concerned project report by our

knowledge skill guidance and material palce & support.

Mr.Sudhakar chourasiya is a man carry out project work with his

hard work and strong dedication toward the fulfillment of this
particular project

By looking at his performance in the project we wish him for best in

his near future endeavors.

HOD

Mr. GANESH RATHODE

I, Sudhakar chourasiya here by declared that the project
report research entitled “Reliance life insurance”is an
authentic, original and comprenhensic analyses that from a
part of our study for the award of degree BBA (Bachelor of
business administration).

Further, I would like to add that the analysis and consequent

suggested recommendations encapsulate in the project
study has been my logic and creation in sight as were
passed on to me during the study of the concern pertaining
to management.

I shall therefore, vouch that this study is nat duplicated,

replicate of similar or as earlier research.

Mr. Sudhakar chourasiya

BBA 3rd year

 REFERENCE TO
CONTENTS

TOPICS

 Introduction
 Company profile
 Product profile
 Objective of study
 Result analysis & interpretation
 Claim overview
 Programme Terms and Conditions
 Resources of data
 Swot analysis
 Conclusion
 Suggestion
 questionnaire
Introduction
 Introduction
Overview of Insurance Sector in India

Introduction

It’s now been more than a decade since the opening up of the insurance
sector in India to the private sector and for foreign players. The past
decade has seen considerable growth in the insurance sector and has
seen the introduction of a large number of innovative products – a natural
and positive outcome of increasing competition. The insurance sector
plays a very crucial role in the economy of any country – it increases
avenues for savings of individuals, protects the future of individuals and
spreads risks of institutions by forming a large pool of fund. The sector
also contributes significantly to the capital markets and assists in large
capital infrastructure developments of our country through their funds.
The insurance industry in India is divided into 2 basic sectors – Life
Insurance and Non-life Insurance (also called General Insurance
and even called Property and Casualty or P&C). Both these
sectors are governed
by Insurance Regulatory and Development Authority (IRDA) of India which
is a government body which frames the rules for the entire industry and all
insurance companies have to abide by them. IRDA is the policy maker for
the entire insurance industry in India and also serves as the custodian of
consumers rights. As the name suggests life insurance companies cover
the risks associated with the life of a person and non-life insurance
companies cover other risks associated with our daily living like health, our
vehicles, travel and home insurance to name a few. Non-life insurance
sector also covers a lot of other risks in the corporate world – from simple
car insurence to insuring entire factories and industrial equipments.
Over a period of time life insurance policies have started incorporating an
investment component along with the basic insurance cover so that your
money grows while it remains invested with the insurance companies –
details about
 these types of policies will be taken up in detail in the forthcoming posts
in this series. But non-life insurance companies have so far been
restricted to pure risk cover itself.

History of Insurance in India

There is a lot that can be written on the history of insurance in India, but it would take
up a lot of your time and make this a long article. Those interested may read it by to
put it in short, the insurance sector had only government owned entities till a decade
back. LIC (Life Insurance Corporation of India) was the only life insurence provider. In
the general insurance space there were players like National Insurance, New India
Assurance, Oriental Insurance and United India Insurance which offered solutions. All
this changed in the year 2000 when private players were allowed to start operations. A
host of private players entered this market and have been aggressive ever since. As of
now we have 23 life insurance companies and 24 general insurance companies. There
are a number of new players who are awaiting regulatory clearances and approvals to
start their business in India in both the life and general insurance sectors.

Current market Scenario

LIC is by far the biggest life insurance company in India both in terms of market share
and their presence in India – it is the only government owned entity. Most of the private
players, in both life and non-life sectors, have started business in India with the
partnership of established insurance players in the world. The expertise of these global
players help the Indian insurance company’s perform much better as they can replicate
the learning gained from other markets over a large period of time. The foreign partner in
any insurance company in India is not allowed to own more than 26% of the shares in
Indian insurance company as per IRDA regulations. We have seen big financial groups
in India like SBI, ICICI and HDFC enter this pace and become aggressive players. Other
famous corporate groups like the Tats, Birla’s and the Ambones have also formed
insurance companies.

KEY MILETONES
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 business.

1938:- Earlier legislation consolidated and amended by the insurance act with the
objective of protecting the interests of the insuring public.

1956:- 245 Indian and foreign insurers along with provident societies were taken
over by the central government and nationalized. LIC was formed by an Act of
parliament –LIC Act 1956- with a capital contribution of Rs. 5 crore from the
Governmental of India.;
Our Founder
Few men in history have made as dramatic a contribution to their country’s 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 India’s capital markets, the champion of
shareholder interest.
But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth
creator. In one lifetime, he built, starting from the proverbial scratch, India’s largest
private sector enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of barely
US$ 300 (around ` 14,000). Over the next three and a half decades, he converted this
fledgling enterprise
 into a ` 60,000 crore colossus—an 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 India’s 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 Dhirubhai’s extraordinary vision and leadership, Reliance scripted one of the
greatest growth stories in corporate history anywhere in the world, and went on to
become India’s largest private sector enterprise.
Through out this amazing journey, Dhirubhai always kept the interests of the
ordinary shareholder uppermost in mind, in the process making millionaires out of
many of the initial investors in the Reliance stock, and creating one of the world’s
largest shareholder families.

About Reliance
Reliance life insurance company limited is a part of reliance capital limited of the
Reliance – Anil Dhirubhai Ambani Group.Reliance capital is one of the India’s leading
private sector financial services companies,and ranks among the top three private
sector financial service and banking companies, in terms of net worth.Reliance capital
has interests in asset management and mutual funds, stock broking, life & general
insurance,proprietary, private equity and other activities in financial services.

 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
 Reliance capital sees immense potential in the rapidly growing financial service
sector in India and aims to become a dominate players in this industry and offer
fully integrated financial services.
 Reliance life insurance is another step forward for reliance capital limited to
offer need based life insurance solution to individual and corporate.
Vision
Empowering everyone live their dreams

Mission
Create unmatched value for everyone through dependable, effective, transparent and
profitable life insurance and pension plans.

Our Goal
Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:

 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
MARKET SHARE OF RELIANCE LIFE
INSURANCE
 Insurance plan available

 Product (individual plan)

Saving (endowment)

 Reliance endowment plan

(Formerly Divya shree)

 Reliance special endownment plan

(Formerly subha shree)

 Reliance cash flow plan

(Formerly dhan shree)

 Reliance child plan

(Formerly yuva shree)

 Reliance whole life plan

(Formerly nithya shree)

Pension
 Reliance golden years plan
(Formerlybhagya shree)

Investment plan
 Reliance market return plan
 (Formerly kanaka shree)

 Risk/ protection
 Reliance term plan
(Formerly Raksha shree)

PRODUCT (Group/corporate plan)

 Risk (protection) reliance group term assurance policy
(Formerly group term assurance plan)

Reliance EDLI scheme

 Reliance group gratuity policy
 Reliance group superannuation policy
 Reliance money guarantee plan

Reliance Child Plan

As a parent, it is only natural to dream of a smooth and blissful life for your child.
Which is exactly why you need to secure your child's tomorrow, today.
Reliance Child Plan helps you save systematically so that you can give your child the
much- needed financial security in the future. Simply put, Reliance Child Plan gives you
the freedom to enjoy every moment with your child today, without worrying about
his/her tomorrow.

Key Features
 Risk protection for you during the term of the Policy

 Accumulated bonus at the end of the Policy Term

  25% of Sum Assured payable every year as lump sum Benefit during
the last four Policy Anniversaries

 All future premiums are waived in the event of unfortunate loss of life

 Guaranteed Fixed Benefits continue even after loss of life of the Policy holder

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

 Choose to add the Benefit of two Riders - Critical Illness and

Accidental Death Benefit and Total and Permanent Disablement Rider

 Policy participates in profit even after the loss of life of the life Assured

Reliance Wealth + Health 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. That’s 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. The uniqueness 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.

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 family’s health

 Flexibility to switch between funds / plan options

 Option to pay Top-ups

 Option to package with multiple riders

 Liquidity through partial withdrawal

Retirement Plans
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
Reliance Whole Life Plan
You’ve always loved your family. As a loving person you want to be rest
assured that they will be happy, even if something were to happen to
you. With Reliance Whole Life Plan you can be sure that your family will
receive that timely financial support they need.
Go ahead, live your today to the fullest, without a worry about tomorrow.

Key Features
 Insurance protection till age 85.

 Choice of extending your insurance coverage till age 99.

 Convenient Premium Payment Term.

 Wealth creation through bonus additions.

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

Rebate Get Sum Assured plus Bonuses in case of your
unfortunate death.

 Option to add two Riders – Critical Illness and Accidental

Death Benefit and Total and Permanent Disablement
Rider.

 Policy Loan available after three full years premium payment.

Reliance Life Insurance Money Multiplier Plan
You want to do everything you can to protect the people you care about. But what’s
the best way to protect your family and loved ones from financial consequences now
and in your absence? Life insurance can provide for your loved ones now and into
the future, and help accumulate wealth.
If you are looking for a life insurance coverage that offers both security of life insurance
protection and growth potential, then Reliance Life Insurance Money Multiplier Plan is
the key to your needs.
Reliance Life Insurance Money Multiplier Plan is a non linked non participating
endowment plan. This plan not only provides protection to your family in your absence,
but also creates wealth for the ever growing financial support required. This versatile
plan combines the security of long- term insurance protection with the growth potential
through an increasing Guaranteed Loyalty Additions every year during the policy term
and a Guaranteed Maturity Addition at the end of the policy term.

Key features – Reliance Life Insurance Money Multiplier Plan

 Double life cover – This plan offers you a life cover of twice the basic sum assured.

 Increasing life cover every year – Life covers which increases with time, through
Guaranteed Loyalty Additions.

Triple survival benefits (on Maturity):

 Basic sum assured.
 Accrued Guaranteed Loyalty Additions.
 Guaranteed Maturity Addition.

 Longer the commitment, higher the benefits – through an increasing

Guaranteed Loyalty Additions every year and Guaranteed Maturity
Additions with policy term.
Reliance Traditional Group Gratuity Plan

Reliance Traditional Group Gratuity Plan is a yearly renewable, traditional group

gratuity scheme. It enables employers / trustees to outsource the management of
their employees’ gratuity funds and the related administration to Reliance Life
Insurance Company Ltd.

Key Features
 The scheme will assist the corporate to manage their gratuity liabilities.

 Option to enhance protection through riders

 Tax benefits as applicable

Reliance Jan Samriddhi Plan

Under this Plan the investment risk in the investment portfolio is

borne by the Policyholder

Reliance Jan Samriddhi Insurance Plan is a low cost life insurance cum
savings plan providing benefits on death and on survival. This plan is
specially designed to facilitate and encourage long term savings with
extremely affordable premium amounts to be invested and get periodic
returns, while enjoying insurance protection. It also offers inbuilt
accidental cover against financial losses arising out of life’s adversities
like accidental death.

What are the Key Features – Reliance Jan Samriddhi Plan?

 Facilitate and Encourage long term savings to earn periodic returns.

 Extremely affordable premium installment amounts

 Life cover to protect the family against financial liabilities

like loss of income, outstanding loans, etc.

 Extra Protection on Accidental Death – Double the face

amount, at no extra premium.

 Convenient and Hassle free enrolment.

Which target segment is the plan best suited for?

Any Group i.e. Employers/Associations/Co-operatives/Micro Finance

Institutions (MFI) etc., Affinity, Agricultural laborers, Small and Medium
Scale Farmers, Village Craftsmen and Cottage Industry employees
amongst others can be offered this plan to reap the twin benefits of
protection and savings.

Group Term Insurance Plan (EDLI)

All establishments with at least ten full time permanent employees and
to whom the Employee’s Provident Fund and the Miscellaneous
Provisions Act 1952, applies, have a statutory liability to subscribe to
the Employee’s Deposit Linked Insurance Scheme (EDLI), to provide
life insurance cover for all the employees.
Under EDLI (as amended with effect from 24 th june, 2000) the benefit is
equal of the average balance of the credit of the deceased employee in
the provident fund during the last 12 months, provided that where such
balances
exceeds `35, 000, the insurances cover is equal to `35,000 plus
25% Of the amount over `35,000 subject to a maximum of `60,000.
Thus if the length of service is not adequate and/or the salary is low,
the average balance may be much less and the benefit to the
employee’s family is very little.

So what does it mean?

Using the example of an employee earning `10,000 as basic salary per

month, the PF contribution is Rs 2,400 per month (1,200 from
employer +1,200 from employee). The average balance in the last 12
months therefore would be Rs 15,600
[i.e.(2400x1+2400x2+2400x3+……+2400x12)/12]
Thus this employee’s family on his death would receive `15,600 as the
EDLI benefit for the premium of Rs .600 (0.5% of this basic salary) paid
towards it in the last 12 months, assuming the salary has not changed
in the same period.

Reliance Life Insurance Group Term Life In Lieu of EDLI

Under Section 17(2A) of the act, the Employer may be exempt from
contributing to this scheme, if he/she has provided for better insurances
benefits than the cover offered by the Employee Provident Fund
Organization (EPFO) through a life insurer. Reliance Life Insurance
Group Term Life in Lieu of EDLI has been approved by the Central
Employee Provident Fund Organization as a better alternative.
 The benefit we provide under this scheme is a minimum of `62,000
and a maximum of `1, 50,000.
A Double Accident Benefit rider can also be provided

HEALTH PLAN

"We Protect, We Care"

We are sure you would like to do too
Convey that you care for your family through Reliance Life Insurance Health Plan

What makes the Reliance Life Care for You Plan unique?

The uniqueness lies in its nature and capacity to provide financial protection, when you
most need it. When an unexpected diagnosis of a serious illness or hospitalization of a
loved one takes its toll on you mentally as well as financially, this plan helps you to
confront the situation with courage and confidence.
With the Reliance Life Care for You Plan you needn’t worry, as it offers an
extensive list of unique features unlike any other policy.

 Cashless facility at 4000 hospitals across the country

 Single sum assured covers the entire family
 Day Care Treatment covered
 Covers parents and in-laws
 Maternity Benefit (available under family floater cover)
 Fixed premium guarantee for a period of 3 years
 5% increase in Sum Assured without paying any extra premium for every claim free year.
Who is eligible under this cover?

The primary benefit of the Reliance Life Care for You Plan is that it covers you along
with your spouse, children, parents and parents-in-laws. You are eligible for the plan if
you are above 18 years and within 60 years of age. In the case of your family
members anyone from 3 months to 66 years is eligible to enter this plan.

Isn’t this cover expensive?

Actually it’s quite the opposite.

 It’s a Single Sum Assured plan that’s flexible enough to give you the option to
choose from `2 lac to `10 lacs
 It also gives you the option to cover the entire family under family floater
coverage instead of buying individual policy plans which would be far more
expensive than just a single cover.
 Another added benefit that helps you save is that your Premium will remain
fixed for a period of 3 years irrespective of age and nature of the claim.

Why Reliance Life Insurance should be your first choice?

Reliance Life Insurance presents a very innovative plan for the entire family including
children, dependant parents and in-laws too. Reliance Life Insurance cares for you and
assures to stand by you during those difficult times of physical and mental stress – so
that you are able to be hassle free during your & your family's health related
emergencies by providing you with a 3 year health cover with guaranteed renewability
and guaranteed renewable discount plus a guarantee of fixed premium for 3 years. We
also cover Pre-existing illnesses after 4 continuous years of membership and Maternity
Benefit under family floater cover. You and your family members will have guaranteed
coverage upto the age of 75 years (21 years in case of children) irrespective of claim
experience and change in your health condition.

At Reliance Life Insurance, we not only protect you, but we care for you too...

What this plan brings for you?

Key Features and Benefits:

 Reimbursement of all admissible medical expenses when you are in hospital.

 Maternity Benefit (available under family floater cover)

 Pre existing illness covered after 4 continuous years of membership.

 150 Day Care Treatment covered

 Pre & Post hospitalization expenses are covered.

 Ambulance charges payable.

 Income Tax benefit under section 80(D)

 Entire family covered under a single umbrella of protection.

 Cover your Parents & parents-in-law

 Guaranteed Renewability

 Cashless facility at 4000 hospitals across the country.

 Sum Insured is increased by 5% without paying any extra premium, for every
claim free year.

 Guaranteed fixed rate of premium for 3 years.

 Renewal discount of 15% on premium at the time of term renewal as a

token of appreciation for your continued faith in us.

 Wide range of Sum Insured ranging from `2 lacs to ` 10 lacs.

The main of the present study of is accomplishing the following objective.

Proper understanding and analysis of life insurance industry.

To know about brand awareness of kotek life insurance and customer preference’s
about kotek life insurance
According the market survey come know about how much potential of insurance
market in our city.
And base of analysis of the result thus obtained make a report on that research.
Ask the kotek life insurance well reputed company in India it’s great chance for me to
observed different products lunch by other competitor like ICICI prudential, Bajaj
alliance,LIC,Max New York Life etc.in all, it is to understand the overall working of the
life insurance sector.
The objective behind the project is as follows:
To find the right candidate
To about their family background, occupation, social relation, Qualification, age

Major Player in the Insurance in the India

LIC - The Life Insurance Corporation of India (LIC) is the largest state-owned
life insurance company in India, and also the country's largest investor. It is fully
owned by
the Government of India. It also funds close to 24.6% of the Indian Government's
expenses. It has assets estimated of 9.31 trillion (US$206.68 billion).It was founded in
1956 with the merger of more than 200 insurance companies and provident societies.
Headquartered in Mumbai, financial and commercial capital of India,[3] the Life
Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices
located in different parts of India, at least 2048 branches located in different cities and
towns of India along with satellite Offices attached to about some 50 Branches, and
has a network of around 1.2 million agents for soliciting life insurance business from
the public.
GIC - The entire general insurance business in India was nationalized by General
Insurance Business (Nationalization) Act, 1972 (GIBNA). The Government of India
(GOI), through Nationalization took over the shares of 55 Indian insurance companies
and the undertakings of 52 insurers carrying on general insurance business.

General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1)
of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956
as a private company limited by shares. GIC was formed for the purpose of
superintending, controlling and carrying on the business of general insurance.

As soon as GIC was formed, GOI transferred all the shares it held of the general
insurance companies to GIC. Simultaneously, the nationalized undertakings were
transferred to Indian insurance companies. After a process of mergers among Indian
insurance companies, four companies were left as fully owned subsidiary companies
of GIC (1) National Insurance Company Limited, (2) The New India Assurance
Company Limited, (3) The Oriental Insurance Company Limited, and (4) United India
Insurance Company Limited

The next landmark happened on 19th April 2000, when the Insurance Regulatory and
Development Authority Act, 1999 (IRDAA) came into force. This act also introduced
amendment to GIBNA and the Insurance Act, 1938. An amendment to GIBNA removed
the exclusive privilege of GIC and its subsidiaries carrying on general insurance in India.

HDFC Standard Life - HDFC Standard Life, one of India's leading private life
insurance companies, offers a range of individual and group insurance solutions. It is a
joint venture between Housing Development Finance Corporation Limited (HDFC),
India's leading housing finance institution and Standard Life plc, the leading provider of
financial services in the United Kingdom.

HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of
equity in the joint venture, while the rest is held by others.
HDFC Standard Life's product portfolio comprises solutions, which meet various
customer needs such as Protection, Pension, Savings, Investment and Health.
Customers have the added advantage of customizing the plans, by adding optional
benefits called riders, at a nominal price. The company currently has 32 retail and 4
group products in its portfolio, along with five optional rider benefits catering to the
savings, investment, protection and retirement needs of customers.

HDFC Standard Life continues to have one of the widest reaches among new
insurance companies with 568 branches servicing customer needs in over 700
cities and towns.
 The company has a strong presence in its existing markets with a base of
2,00,000 Financial Consultants.

Max New York Life Insurance Company - Max New York Life Insurance
Company Ltd. is a joint venture between Max India Limited, one of India's leading multi-
business corporations and New York Life International, the international arm of New
York Life, a Fortune 100 company. The company has positioned itself on the quality
platform. In line with its vision to be the most admired life insurance company in India, it
has developed a strong corporate governance model based on the core values of
excellence, honesty, knowledge, caring, integrity and teamwork.

Incorporated in 2000, Max New York Life started commercial operation in April
2001. In line with its values of financial responsibility, Max New York Life has
adopted prudent financial practices to ensure safety of policyholder's funds. The
Company's paid up capital as on 31 st August, 2010 is Rs 1,973 crore.

List of all insurance companies in India and

which one is the best of them?

Following is the list of all life insurance company granted permission by

IRDA.

1. Bajaj Allianz Life Insurance Company Limited

2. Birla Sun Life Insurance Co. Ltd

3. HDFC Standard Life Insurance Co. Ltd

4. ICICI Prudential Life Insurance Co. Ltd.

5. ING Vysya Life Insurance Company Ltd.

6. Life Insurance Corporation of India

7. Max New York Life Insurance Co. Ltd

8. Met Life India Insurance Company Ltd.

9. Kotak Mahindra Old Mutual Life Insurance Limited

10. SBI Life Insurance Co. Ltd

11. Tata AIG Life Insurance Company Limited

12. Reliance Life Insurance Company Limited.

13. Aviva Life Insurance Co. India Pvt. Ltd.

14. Sahara India Life Insurance Co, Ltd.

15. Shriram Life Insurance Co, Ltd.

16. Bharti AXA Life Insurance Company Ltd.

17. Future Generali Life Insurance Company Ltd.

18. IDBI Fortis Life Insurance Company Ltd.

19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd

20. AEGON Religare Life Insurance Company Limited.

21. DLF Pramerica Life Insurance Co. Ltd.

22. Star Union Dai-ichi Life Insurance Comp. Ltd.

 Tax benefits for the Citizen
INCOME-TAX AND TAX BENEFITS FROM LIFE INSURANCE
INCOME-TAX RATES FOR ASSESSMENT YEAR 2011-2012 (FINANCIAL YEAR 2010-2011)

Tax
Income Slabs Rates
Individual & Woman below Individual above
HUF below age age of 65 years age of 65 years
of 65 years
Income up to Income up to Income up to NIL
Rs.1,60,000 Rs.1,90,000 Rs.2,40,000
Rs.1,60,001 to Rs.1,90,001 to Rs.2,40,001 to 10%
Rs.5,00,000 Rs.5,00,000 Rs.5,00,000
Rs.5,00,001 to Rs.5,00,001 to Rs.5,00,001 to 20%
Rs.8,00,000 Rs.8,00,000 Rs.8,00,000
Above Above Rs.8,00,001 Above Rs.8,00,001 30%
Rs.8,00,001
 TAX BENIFITS

Income Gross How much tax HDFC standard

Tax annual can you save life Plans
section salary
Sec. 80C Accros all Upto Rs. All the life
income Slabs 33,990 saved insurance
on investment plan
of
1,00,000
Sec. 80 CCC Accros all Upto Rs. All the pension
income Slabs 33,990 saved plans.
on investment
of
1,00,000
Sec. 80 D Accros all Upto Rs. All the health
income Slabs 3,399 saved insurance riders
on available with
investment of the conventional
10,000 plans.
TOTAL
SAVING
Rs.37,389
POSSIBLE
Rs. 33,990 under sec. 80C and under Sec.
80CCC,Rs.3,399 under Sec. 80 D,
calculated for a male with gross annual income
Exceeding Rs. 10,00,000

Sec.10 (10)D Under sec. 10(10d), the benefits you receive are
completely tax-free, subject to the condition laid
down therin.
 DATA ANALYSIS & INTERPRETATION
 DATA GIVES PREFERENCE OF RESPONDENT OF INSURANCE
COMPANIES

COMPANY NAME NO. OF SHARE (%)

RESPONDENT
L.I.C. 78 78
RELIANCE LIFE 3 3
INSURANCE
ICICI PRUDENTIAL 10 3
SBI 7 7
HDFC 2 2
TOTAL 100 100

L.I.C. 78%
RELIANCE
3%
ICICI PRUDENTIAL 10%
SBI 7 %
HDFC 2%
 INTERPRETATION

 78% of the people contected prefer LIC policy to any other and therefore it is
ranked no. 1by that percent of respondents
 DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDETS

BENEFITS NO. OF SHARE(%)

RESPONDENTS
Cover future 55 55
uncertainty
Tax deductions 20 20
Future investment 25 25
Tax 100 100

DATA GIVES BENEFITS OF

INSURANCE PERCEIVED BY
RESPONDETS

Cover future uncertainty

55% Tax deductions 20 %
Future investment 25%

INTERPRETATION
  55 % OF THE RESPONDENTS BELIEVE THAT COVERING FUTURE
UNCERTAINTY IS THE BIGGEST BENEFIT AN INSURANCE POLICY

 Whereas, 205 and 25 % of them believe that the other benefits are tax
deduction and future investments respectively

 DATA PROVIDES FEATURES OF INSURANCE POLICY THAT

ATTRACTIVE RESPONDENTS

FEATURE NO. OF SHARE (%)

RESPONDENTS
Money back guarantee 15 15
Larger risk coverance 37 37
Easy access to agent 7 7
Low premium 30 30
Company’s reputation 11 11
Total 100 100

DATA PROVIDES FEATURES OF

INSURANCE POLICY THAT ATTRACTIVE
RESPONDENTS

Money back guarantee

15% Larger risk
coverance 37 % Easy
access to agent 7 % Low
premium 30 %
Company’s repution 11 %

INTERPRETATAION
  Majority of the respondent (37 %) found larger risk coverance as the most
attracted feature of the all.

 DATA SHOWS BUYING PROCESS OF THE PEOPLE

BUYING PROCESS NO. OF SHARE (%)

RESPONDENTS
Customer 45 45%
approached
insurance
company
agents
Company/agent 55 55%
approached
customer
Total 100 100%

DATA SHOWS BUYING PROCESS

OF THE PEOPLE

Customer approached
insurance company agents
45 %
Company/agent approached
customer 55%
INTERPRITATAION
 44.5 % of the respondents approached the insurance company/agent.

 Whereas 55.5% of the respondents were approached by the company/agent

 DATA SHOWS RESPONDENT’S INVESTMENTS FOR TAX SAVING

INVESTMENT NO. OF RESPONDENT SHARE (%)

LIC 51 51%
NSC 33 33%
BONDS 32 32%
PPF 25 25%
PF 21 21%
EPF 11 11%

DATA SHOWS
RESPONDENT’S
INVESTMENTS FOR TAX
SAVING

LIC 51 %
NSC 33 %
BONDS 32 %
PPF 25 %
PF 21%
EPF 11%

INTERPRETATION
  51 % of the 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 in invest in LIC.

 33.25% of the respondents do their tax saving by investing in NSC

 32.255 Of the respondents to their tax saving by investing in BONDS.

 DATA GIVES PEOPLE”S PERCEPTION ON APPRIATE AGE

FOR BUYING INSURANCE

RESPONSE NO.OF SHARE (%)

RESPONDENTS
After 25 yrs 29 29%
After 35 yrs 10 10%
After 45 yrs 0 0%
Anytimes 60 60%

DATA GIVES PEOPLE”S PERCEPTION

ON APPRIATE AGE FOR BUYING
INSURANCE

After 25 yrs 29%

After 35 yrs 10 %
After 45 yrs 0%
Any ti mes 60%

INTERPRETATAION
 29% of the respondents are with the view that insurance should be bought
after the age of 25 years.

 10.5% of the respondents are with the view that insurance should be buyed
after the age of 35 years

 Whereas, 60.5% % of the respondents are with the view that buying of
insurance do not have anything to do with age I.e., there is no age limitation. It
can be purchased any time according to need.
How to registered the

 Critical Illness
 Accidental Death Benefit / Total & Permanent Disability

 Death

Critical Illness

Documents required for Critical Illness claim

Critical Illness Claim form A - to be filled by the Life Assured

Claim form B - Certificate of illness to be filled, signed and stamped by the

attending doctor.

Original policy documents

All hospital reports (certificate of diagnosis, lab reports, attended physician

report, biopsy reports if any, discharge summary, first consultation notes etc)

Accidental Death Benefit / Total & Permanent Disability

 Documents required for Death claim

1- Claim forms (A & B).

2-All hospital reports (certificate of diagnosis, attended physician

report, discharge
summary, first consultation notes

etc). 3-Original policy documents

4-FIR and Police Investigation Report.

5- News paper cutting on the accident, if available

Death
Documents required for Death claim
1-Claim form A: This form need to be filled by the nominee or claimant

2-Claim form B - Certificate of last illness to be filled, signed and

stamped by the doctor in attendance during the last illness of the
deceased life assured.

3-Original policy documents

4-Original death certificate by Death and Birth Registrar

Claims Process – Reliance Wealth + Health Plan.

As a part of the Welcome Kit, you will receive the following:

1-Health Card.
2-Network Hospital List with contact details.
 3-Claims and Pre-Authorization Forms

Your Health Identity Card:

Your health card which will be provided will identify you as a beneficiary of
Reliance Wealth + Health plan will give you access to our network Hospitals.
Secure your Health ID card and carry it with you all the times, Quote your TPA ID
card no. when you call TPA helpline.
The cashless access in TPA network of hospitals is merely a facility extended
to you by TPA under the contract with RLIC.
TPA does not guarantee the availability, quality and outcome of the treatment.
Selection of a network to a non-network hospital is a prerogative of the
beneficiary.
Please note you are not entitled to any benefit on the first 48 hours of stay in the
hospital. The hospital expenses in excess of the policy benefit amount would be
paid by you directly to the hospital of admission.

How to get admitted in a Network Hospital /Nursing Home

Pre authorization is absolutely necessary without which the Network provider will
refuse cashless service.
Please send the Hospital request note from the attending physician stating the
following to TPA via fax/courier/e-mail/messenger.

1) Ailment and its duration.

2) Known past illness, if any.
3) Hypertension or diabetes.
4) The name of the Hospital /Nursing home and consultant’s contact no.
5) The proposed date of admission
6) Class of accommodation.
7) The approximate duration.
8) Treatment plan.

After due scrutiny, TPA will send an Authorisation Letter (AL) for cashless
treatment and guarantee of payment. This is subject to the terms, conditions,
exclusions and limitations of the Hospitalisation cash benefit cover for insured
person(s) under the Reliance Wealth
+ Health plan

Admission Procedure :
 In order to secure admission on the appointed day, you are advised to
register your name with the hospital well in advance.

Approach the admission / Reception counter of the hospital on the day of

admission with the Authority Letter and your ID card.

The Hospital/nursing home will admit you and extend the credit facility up to the
amount guaranteed by RLIC subject to availability of bed.

When Cashless Access to Hospital Can be Denied :

A) In the event sufficient information in the prescribed format is not given

by the insured person(s)

B) In the event of ineligible disease or vague symptoms as per the medical

practitioner (pre-authorization for cashless can be denied). About 95% of
admission in the hospitals is planned, therefore it is necessary to obtain Authority
Letter in advance.

The denial of Authorization for cashless access does not mean denial of
treatment and does not in any way prevent you from seeking necessary
medical attention or hospitalization. In such cases you are advised to file your
claim for reimbursement and TPA will settle the claim as per policy eligibility
and policy coverage under Reliance Wealth + Health plan.

What to do After Discharge From Hospital :

You have to send the following document s in original to TPA office within 7
days after the discharge.

1) Hospitalization claim form duly signed by the insured person(s)/policy holder.

2) Discharge card/discharge summary.
3) Reports of all investigations.

You are advised to keep photocopy of discharge card and reports. The above
list is not exhaustive; TPA/RLIC may request additional documents /
information, if any, for processing the claim.

Emergency Hospitalization:
 1- In the event of emergency, you could first admit the patient in the Hospital and
then inform TPA, within 12 hours of admission and for this purpose you would
need to provide “ADMIT IMMEDIATELY” advice from a qualified doctor/medical
practitioner. You could call up the number provided on the reverse of the ID card.

2- As it is an emergency, you have the facility of collecting the pre-

authorization form from the treating hospital or you could even download the
PDF format from the TPA website.

3- Insured should show the ID/Health card to the network hospital and also
submit the pre-authorization form to the treating hospital.

Payment of Hospitalisation benefits for treatment in a Non

Network Hospital:

While it is suggested that you choose a network hospital, you are at liberty to
choose a Non-network hospital only in the event of an emergency and as
advised by your doctor. Prior approval of TPA is a must even in respect of
admission to a Non Network Hospital. In the event you choose to get treated in
a Non-Network, you will have to submit the following documents in original to
TPA to obtain reimbursement of eligible claim amount.

1) Hospital Bill and Receipt for payment.

2) Claim form duly signed.

3) Discharge card/discharge summary..

4) Reports of all investigation.

Programme Terms and Conditions
 RLIC holds the complete right and jurisdiction to amend the Shooting Star
criteria and other contest’s criteria.

 RLIC holds the complete right to change any gift from the Gift Gallery
without providing any information and intimation.

 Shooting Star programme was launched on April 2007 and the contest
criteria are applicable till March 2008. For Financial year 2008 -09,
communication would be provided from the H.O.

 All the gifts redeemed will be dispatched to the Program member’s address
within 30 days of the date of redemption.

General Conditions

In the event of accessing with Shooting Star Programme micro site you agree to
below mentioned Terms and Conditions (point1 to point 12). RLIC reserves the right
to amend or terminate these Terms and Conditions at any time without prior notice.
Any amendments to these Terms and Conditions will be posted on the Shooting Star
Programme micro site. Any transaction subsequent to publication of the amended
Terms & Conditions will amount to acceptance of the amended Terms & Conditions.
By accepting to gift redemptions for the Shooting Star programme and enjoying the
benefits, you agree to the full programme terms and conditions. The programme
member is requested to go through the instructions & the terms & conditions
mentioned on the programme site before selecting an item for redemption and
redeeming it.

Eligibility

All Sales Managers (SM) is pre-enrolled for the programme and hence is eligible for
redeeming the points that they accumulate.

Member Information

The gifts and other programme material would be dispatched to the branches to which the
members would be mapped with. All the member information used in the programme
has been mapped from that available in the Insure connect. Any discrepancy in the
data would be the result of the mapping and information provided by the sales teams
and respective channels and in no way the programme Shooting Star would be held
responsible for the member information.

Members Account, Password and Security

The programme member can enter the Shooting Star page from the site
www.pts.reliancelife.com using their PTS user name and PTS password. It is the sole
responsibility of the programme member for maintaining the confidentiality of the PTS
user name and password. Once logging on to PTS, the SM will be required to click on
the programme Shooting Star banner. Then the SM would be required to enter the
user name and password which would be specific for the Shooting Star programme.
The member shall be fully responsible for all activities under their designated account
and password. The members agree to (a) immediately notify RLIC of any unauthorized
use of your password or account or any other breach of security, and (b) ensure that
they exit from their account at the end of each session. RLIC cannot and will not be
liable for any loss or damage arising from your failure to comply with this term and
condition.

Point Logic

Point calculation logic is the sole jurisdiction of Reliance Life Insurance Company Ltd
(herein after referred to as RLIC) and it subject to change from one contest to other.
All issues related to points calculation & contest eligibility is the sole discretion of RLIC
Shooting Star programme members can earn points at the end of the contest period &
at the end of every quarter but point redemption can happen anytime as long as there
are sufficient points to redeem a particular gift. However RLIC holds a right to limit a
deadline for point redemption after giving prior notice.

Accumulate points

The member of the Shooting Star Programme shall become eligible to accumulate
points upon qualifying for various contests conducted monthly, bi-monthly and meeting
Shooting Star for SM by RLIC. All accumulated points can be redeemed by selecting
gifts from gift gallery, which is viewable on the Shooting Star programme website. All
accumulated points not redeemed till September 30’2008 is converted into gift
vouchers worth the points outstanding as on March 30’2008. Points are non-
transferable and cannot be converted into cash. Points can only be redeemed for
items catalogued in the Gallery micro site. RLIC reserves the right to remove or
replace any goods or services from the list without prior notice. The entry into the
program will be based on issued WRP during a financial year with minimum
persistency (Total Premium collected / Total Premium Due X 100) criteria of 70%.

Withdrawal of Privilege
RLIC reserves the right to withdraw privileges granted to the programme members
without prior notice and in RLIC’s sole discretion. Circumstances in which a privileged
member shall be terminated include but are not limited to breaches or violations of the
Terms and Conditions. Termination for any reason will result in forfeiture of any
accumulated points.

Exclusion of Liability
RLIC shall not be liable in contract, tort (including negligence) or otherwise for
any direct or indirect, special, consequential or incidental damages or damages
for loss of profits, loss of revenue, or loss of use, arising out of or in connection
with accessing or transacting with the Shooting Star Programme micro site or
its contents.

Indemnity

In the event of any claim by a third party against RLIC arising from a
breach by a privileged user of the terms & condition or privacy policy, in
such cases he/ she shall be fully responsible for taking necessary
action to defend RLIC, its officers and employee against all cost,
expense and damages.

Legal Effect

If any part/ provision of this Terms and Condition shall be unlawful, void or
unenforceable for any reason, then that part shall be deemed severable to the
extent that it is unlawful, void or enforceable, but shall not affect the validity
and enforceability of the remaining provisions. As used in this notice, RLIC
means Reliance Life Insurance Company Limited and its related bodies
corporate.

.
Jurisdiction

These terms and conditions are governed by the laws in force in the
State of Maharashtra, India, and you submit to the exclusive jurisdiction
of the courts of Maharashtra, India at Mumbai

.
Internet Frauds

The Internet per se is susceptible to a number of frauds, misuse, hacking and

other actions that could affect the redemptions and actions in the programme
point account. Whilst the company shall aim to provide security to prevent the
same, there cannot be any guarantee from such Internet frauds, so the
programme should separately evolve/ evaluate all risks arising out of the same
and the Company shall not be responsible for the same. Doing an online
transaction at a Cyber cafe/shared computer terminal is risky and it is only on
your own risk that you access your Shooting Star account from a cyber
cafe/shared computer terminal.

Terms & conditions for accepting the good /services so

entitled

 Reward Points – will be added at the end of every quarter or at the end
of any contest conducted for the SM/CDA of RLIC Point Redemption
will happen as & when the programme member redeems a gift.
Redemption will be cancelled automatically in the event of violation of
these terms and conditions. Once redemption has been accepted by
RLIC, it cannot be changed, modified or cancelled. RLIC reserves the
right to change the terms and conditions herein from time to time
without prior notice.

 Delivery of goods and services to the Shooting Star programme

user(s) will be within 4 weeks to 6 weeks of receiving redemption
request and depends on the category / nature of goods selected. Any
delay shall be informed to the Shooting Star Programme member.

 All goods and services are subject to availability and supplier

restrictions. RLIC may, without notice, withdraw or substitute any goods
and services for any another goods and services of comparable value
and nature. For an exact model / brand of merchandise mentioned in
the goods and services brochure not being available at the time of
redemption, RLIC may provide an alternate equivalent brand / model of
the product or refund / reinstate points. Gift item
 images are indicative in nature and RLIC reserves the right to change
the gift item without giving prior notice.

 No credit or substitution will be given for goods and services that are
partially used.
RESOURSES OF DATA

 Company & its staff member

 Experts opinion
 College professors
 Business world
 Internet & website www.reliancelife.com
 Books ,magazines,insurence watch
 Money outlook
 DISCRIPTION

STENGHT
 A strength could be low overhead compared to their competitors

 Reliance Life is India’s fourth largest life insurer and managed assets
worth over Rs. 17,000 crore as on December 31 and now after this deal it
valuation is around Rs. 11,500 crore ($2.6 billion)

 The total number of agents of Reliance Life at the end of September

stood at 211,293. By December-end, the numbers were down by
68,450 to 142,843, according to an investor presentation made by the
company.

 Hires around 7,000 in Q4 after sacking 69,000 agents in Q3

 Reliance Capital's CEO Sam Ghosh told Business Standard that the
company has “terminated the contracts of those agents who failed to
give us any business during the last 12 months.

Weaknesses
 Reliance Capital sold 26% in Reliance Life Insurance to Nippon life
Insurance Company for Rs. 3,062 crore. It is the largest foreign direct
investment (FDI) in India’s financial services sector.

 Luck of awareness of people about Insurance

 Lack of board advertisement

OPPERTUNITIES

 Company must do some board advertisement about unique Insurance plans

 Through customer opinion after sales could improve in the future

THREATS
 Advertisement like others competitors
 Claim after accident condition
 Conclution

Our exhaustive research in the field of life insurance threw up some interesting

Trends which can be seen in the above analysis. A general permission that we gathered
during Data collection was the immense and knowledge among people about various
companies and their insurance products. People are beginning to look beyond LIC for
their insurance needs and are willing to trust private players with their hard earned
money.

People in general have been impression by the marketing and advertising campaigns
of insurance companies. A high penetration of print, radio and television ad
campaigns over the years is beginning to have its impact now.

The general satisfaction levels among public with regards to policy and agents still
requires improvements. But therein lays the opportunities for a relative new comer like
ING. LIC has never been knows for prompt service or customer oriented methods and
Reliance can build on these factors.
 Suggestion

According the survey only 42% people are insured in so reaming other part is
potential for insurance sector.

Among that 42% people who having insurance, they have 40% for self 28% for
spouse 21% for children and 18% for their parents and 11% for all family members,
also its very help full for insurance sector so should taken necessary step for capture
this potential.

Only 42% people having insurance in that 42% there are 82% people are under insured
and other 18% people are fully insured according to their income so that is also plus
point for insurance sector to capture the market.
 QUESTIONNARIE

 Name of respondent - ………………………………….

Address -…………………………………..
Phone -………………………………………

 Age of respondent?
 Below 18
 18-25
 25-35
 35-above

 Kinds of occupation?
 Service
 Business
 Professional
 Others

 Current using insurance?

 Reliance life insurance
 Aviva life insurance
 SBI
 HDFC

 Purpose of choosing this insurance?

 Commute
 For family
 For gift
 For future

 How did you come to know about this insurance?

 Advertise & media
 Dealers
 Friends
 others

 Income of customer –(per month in thousands)?

 5
 5-8
 8-20
 >20

 Facility do you like in this insurance?

 For future
 Profit
 Region able
 Others

 Would you like to invest in this insurance?

 Yes
 No

 Where have you invested for tax saving?

 LIC
 NSC
 BONDS
 PPF

 WHICH IS THE BEST FORM OF INVESTMENTS?

 FIXED ASSETS
 BANK DEPOSITES
 SECURITIES
 SHARES
 INSURANCE

 DO YOU PAY TAX?

 YES
 NO

 WHAT’S THE RIGHT AGE TO BUY INSURANCE?

 AFTER 25 YRS
 AFTER 35 YRS
 AFTER 45 YRS
 ANY TIME

 ARE YOU SATISFIED WITH THE SERVICE AGENT?

 SATISFIED SAVING TOOL
 NOT SATISFIED

 DO YOU HAVE ANY INSURANCE POLICY?

 YES
 NO