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

ü Introduction
ü Company profile
ü Product profile
ü Objective of study
ü Result analysis & interpretation
ü Claim overview
ü Programme Terms and Conditions
ü Resources of data
ü Swot analysis
ü Conclusion
ü Suggestion
ü 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 oth other
er 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,
ckground, 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
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
206.68 billion).It was founded in 1956 with the
merger of more than 200 insurance companies and provident societies.
Headquartered in Mumbai
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 llocated
ocated 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 Tax Gross annual How much tax can HDFC standard life
section salary you save Plans
Sec. 80C Accros all income Upto Rs. 33,990 All the life
Slabs saved on insurance plan
investment of
1,00,000
Sec. 80 CCC Accros all income Upto Rs. 33,990 All the pension
Slabs saved on plans.
investment of
1,00,000
Sec. 80 D Accros all income Upto Rs. 3,399 All the health
Slabs saved on insurance riders
investment of available with the
10,000 conventional
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
ü DATA GIVES PREFERENCE OF RESPONDENT OF INSURANCE COMPANIES

COMPANY NAME NO. OF RESPONDENT SHARE (%)

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

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

BENEFITS NO. OF RESPONDENTS SHARE(%)

Cover future uncertainty 55 55

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

ü DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTIVE

RESPONDENTS

FEATURE NO. OF RESPONDENTS SHARE (%)

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.

ü DATA SHOWS BUYING PROCESS OF THE PEOPLE

BUYING PROCESS NO. OF RESPONDENTS SHARE (%)

Customer approached 45 45%

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

ü 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.

ü DATA GIVES PEOPLE”S PERCEPTION ON APPRIATE AGE FOR BUYING

INSURANCE

RESPONSE NO.OF RESPONDENTS SHARE (%)

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 times 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

ü Name of respondent - ………………………………….

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

ü Age of respondent?
• Below 18
• 18-25
• 25-35
• 35-above

ü Kinds of occupation?
• Service
• Business
• Professional
• Others

ü Current using insurance?

• Reliance life insurance
• Aviva life insurance
• SBI
• HDFC

ü Purpose of choosing this insurance?

• Commute
• For family
• For gift
• For future

ü How did you come to know about this insurance?

• Advertise & media
• Dealers
• Friends
• others

ü Income of customer –(per month in thousands)?

• 5
• 5-8
• 8-20
• >20

ü Facility do you like in this insurance?

• For future
• Profit
• Region able
• Others

ü Would you like to invest in this insurance?

• Yes
• No

ü Where have you invested for tax saving?

• LIC
• NSC
• BONDS
• PPF

ü WHICH IS THE BEST FORM OF INVESTMENTS?

• FIXED ASSETS
• BANK DEPOSITES
• SECURITIES
• SHARES
• INSURANCE

ü DO YOU PAY TAX?

• YES
• NO

ü WHAT’S THE RIGHT AGE TO BUY INSURANCE?

• AFTER 25 YRS
• AFTER 35 YRS
• AFTER 45 YRS
• ANY TIME

ü ARE YOU SATISFIED WITH THE SERVICE AGENT?

• SATISFIED SAVING TOOL
• NOT SATISFIED

ü DO YOU HAVE ANY INSURANCE POLICY?

• YES
• NO