Reliance Nippon Life Project

Reliance Nippon Life Insurance
(INTERNSHIP PROJECT REPORT)
INTERNSHIP PROJECT REPORT
ON
‘’Process of financial planning and insurance’’
AT
Submitted To:
XXX
Submitted By:
XXX
DETAILS
NAME – XXX
EMAIL ID – XXX
CONTACT NUMBER – XXX
INSTITUTE NAME - XXX
SPECIALIZATION – XXX
INTERNSHIP DURATION – XXXXX
MENTOR - XXXX
INDEX
 Details
 Information about Company
 Industry Overview
 Industry Information
 Project Topic Information

(Process of financial planning and insurance)
 Reliance Nippon Policy Information
 Research Survey
 Bibliography
 Conclusion
DECLARATION
DECLARATION
I MRXXX The student of MBA XXXX hereby declares that I have
completed project on ‘‘PROCESS OF FINANCIAL
PLANNING AND INSURANCE’’ Whenever the
data/information have been taken from books or other sources
the same have been mentioned in bibliography. The information
submitted is true and original to the best of my Knowledge.
XXXXXXXXXX
INFORMATION ABOUT COMPANY
Reliance Nippon Life Insurance Company
Reliance Nippon Life Insurance Company is amongst the leading

private sector life insurance companies in India in terms of individual
WRP (weighted received premium) and new business WRP. The
company is one of the largest non-bank supported private life insurers
with over 10 million policyholders, a strong distribution network of 713
branches and 42,604 advisors as on March 31, 2021. The company
holds Claim Settlement Ratio of 98.48% as on March 31, 2021.
Rated amongst the Top 3 Most Trusted Life Insurance Service Brands by
Brand Equity Most Trusted Brands Survey 2018, the company’s vision is
"To be a company people are proud of, trust in and grow with;
providing financial independence to every life we touch." With this in
mind, Reliance Nippon Life caters to five distinct segments, namely
Protection, Child, Retirement, Saving & Investment, and Health; for
individuals as well as Groups/Corporate entities.
Reliance Nippon Life Insurance Company is a part of Reliance Capital, a

private sector financial services and non-banking company. Reliance
Capital has interests in stock broking, life & general insurance,
proprietary investments, private equity and other activities in financial
services.
Nippon Life, the leading Life Insurance company in Japan
 Nippon Life Insurance (also known as Nissay or Nihon

Seimei) is the largest Japanese life insurance company by
revenue.
 The company was founded in 1889 and first paid policyholder
dividends in 1898.
 It primarily operates in Japan, North America, Europe and
Asia, and is headquartered in Osaka, Japan.
 NLI conducts asset management operations in Asia, through
its subsidiary Nissay Asset Management Corporation (Nissay),
which manages assets globally
Reliance Capital
Few men in history have made as dramatic a contribution to their

country's economic progress as did the founder of Reliance, Shri.
Dhirubhai H. Ambani. Fewer still have left behind a legacy that is more
enduring and timeless. But the role Dhirubhai cherished most was
perhaps that of India's greatest wealth creator. In one lifetime, he built
from scratch, India's largest private sector enterprise.
When Dhirubhai embarked on his first business venture, he had a seed
capital of only about US$ 300 (around Rs. 14,000). Over the next three
and a half decades, he converted this fledgling enterprise into a Rs.
60,000 crore 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 the Reliance story and put their hard-earned
money into 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 the greatest stories of mutual respect and reciprocal gain in the
Indian market. Under Dhirubhai 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.
Throughout this amazing journey, Dhirubhai always kept the interests

of the ordinary shareholder above all else; 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.
Reliance Capital Limited (RCL) was incorporated in year 1986 at
Ahmedabad in Gujarat as Reliance Capital & Finance Trust Limited.
The name RCL came into effect from January 5, 1995. In 2002, RCL
shifted its registered office to Jamnagar in Gujarat before it finally
moved to Mumbai in Maharashtra, in 2006. In 2006, Reliance Capital
Ventures Limited merged with RCL and with this merger the
shareholder base of RCL rose from 0.15 million shareholders to 1.3
million.
RCL entered the Capital Market with a maiden public issue in 1990
and in subsequent years further tapped the capital market through
rights issue and public issues. The equity shares were initially listed
on the Ahmedabad and Bombay Stock Exchange. Presently the shares
are listed on The BSE Ltd. and the National Stock Exchange of India.
RCL in the initial years engaged itself in steady annuity yielding
businesses such as leasing, bill discounting, and inter-corporate
deposits. Later, in 1993 diversified its business in the areas of
portfolio investment, lending against securities, custodial services,
money market operations, project finance advisory services and
investment banking.
RCL obtained its registration as a Non-banking Finance Company
(NBFC) in December 1998. RCL has since diversified its activities in
the areas of asset management and mutual fund; life and general
insurance; commercial finance and industrial finance; stock broking;
depository services; proprietary investments; asset reconstruction;
distribution of financial products and other activities in financial
services.
Nippon Life
Nippon Life was founded as Nippon Life Assurance Co., Inc. in July
1889, and in 1891, the name was changed to Nippon Life Assurance Co.,
Ltd. When the Company was founded, a premium table based on
unique Japanese mortality statistics was created. At the same time,
Nippon Life became the first Japanese life insurer to decide to offer
profit dividends to policyholders, which embodied the spirit of mutual
aid. And so, after its first major closing of books in 1898, Nippon Life
paid the first policyholder dividends in Japan.
After World War II, the Company was reborn as Nippon Life Insurance
Company in 1947 and continues to work to realize mutual aid and
cooperative prosperity as a mutual company.
Looking ahead, Nippon Life will continue to embody this spirit of

mutual aid and, as a life insurance company, strive to provide customers
with enhanced services. Currently, Nippon Life, as one of Japan's largest
private life insurance has a revenue of US$ 710.0 Billion and profit
of US$ 54.6 billion as of Mar 31, 2019. The Company, with
over 34 million policies in Japan, offers a wide range of products,
including individual and group life and annuity policies through
various distribution channels and mainly uses face-to-face sales channel
for its traditional insurance products. The company primarily operates
in Japan, North America, Europe and Asia and is headquartered in
Osaka, Japan. It is ranked 125th among the Global Fortune 500 firms
in 2019.
Nippon Life was founded as Nippon Life Assurance Co., Inc. in July
1889, and in 1891, the name was changed to Nippon Life Assurance Co
Ltd. When the Company was founded, a premium table based on
unique Japanese mortality statistics was created. At the same time,
Nippon Life became the first Japanese life insurer to decide to offer
profit dividends to policyholders, which embodied the spirit of mutual
aid. And so, after its first major closing of books in 1898, Nippon Life
paid the first policy holder dividends in Japan. After World War II, the
Company was reborn as Nippon Life Insurance Company in 1947, and
continues to work to realize mutual aid and cooperative prosperity as a
mutual company. Looking ahead, we will continue to embody this spirit
of mutual aid and, as a life insurance company, strive to provide
customers with enhanced services.
INDUSTRY OVERVIEW
A Brief Overview of Insurance Sector
Insurance industry in India has seen a major growth in the last decade
along with an introduction of a huge number of advanced products.
This has led to a tough competition with a positive and healthy
outcome.
Insurance sector in India plays a dynamic role in the wellbeing of its

economy. It substantially increases the opportunities for savings
amongst the individuals, safeguards their future and helps
the insurance sector form a massive pool of funds. With the help of these
funds, the insurance sector highly contributes to the capital markets,
thereby increasing large infrastructure developments in India.
The Indian Insurance Sector
The Indian Insurance Sector is basically divided into two categories –

Life Insurance and Non-life Insurance. The Non-life Insurance sector is
also termed as General Insurance. Both the Life Insurance and the Non-
life Insurance is governed by the IRDAI (Insurance Regulatory and
Development Authority of India).
The role of IRDA is to thoroughly monitor the entire insurance sector in

India and also act like a custodian of all the insurance consumer rights.
This is the reason all the insurers have to abide by the rules and
regulations of the IRDAI. The Insurance sector in India consists of total
57 insurance companies. Out of which 24 companies are the life
insurance providers and the remaining 33 are non-life insurers. Out
which there are seven public sector companies.
Life insurance companies offer coverage to the life of the individuals,
whereas the non-life insurance companies offer coverage with our day-
to-day living like travel, health insurance, our car and bikes, and home
insurance. Not only this, but the non-life insurance companies provide
coverage for our industrial equipment’s as well. Crop insurance for our
farmers, gadget insurance for mobiles, pet insurance etc. are some more
insurance products being made available by the general insurance
companies in India.
The life insurance companies have gained an investment prospectus in

the recent times with an idea of providing insurance along with a
growth of your savings. But the general insurance companies remain
reluctant to offer pure risk cover to the individuals.
The Past of Insurance Sector in India

In the history of the Indian insurance sector, a decade back LIC was the
only life insurance provider. Other public sector companies like the
National Insurance, United India Insurance, Oriental Insurance and
New India Assurance provided non-life insurance or say general
insurance in India.
However, with the introduction of new private sector companies, the

insurance sector in India gained a momentum in the year 2000.
Currently, 24 life insurance companies and 30 non-life insurance
companies have been aggressive enough to rule the insurance sector in
India. But there are yet many more insurers who are awaiting IRDAI
approvals to start both life insurance and non-life insurance sectors in
India.
The Present of Insurance Sector in India
So far as the industry goes, LIC, New India, National Insurance, United
insurance and Oriental are the only government ruled entity that stands
high both in the market share as well as their contribution to the
Insurance sector in India. There are two specialized insurers –
Agriculture Insurance Company Ltd catering to Crop Insurance and
Export Credit Guarantee of India catering to Credit Insurance. Whereas,
others are the private insurers (both life and general) who have done a
joint venture with foreign insurance companies to start their insurance
businesses in India.
Life Insurance Companies:

 Aegon Life Insurance Co. Ltd.
 Aviva Life Insurance Co. India Ltd.
 Bajaj Allianz Life Insurance Co. Ltd.
 Bharti AXA Life Insurance Co. Ltd.
 Birla Sun Life Insurance Co. Ltd.
 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
 DHFL Pramerica Life Insurance Co. Ltd.
 Edelweiss Tokio Life Insurance Co. Ltd
 Exide Life Insurance Co. Ltd.
 Future Generali India Life Insurance Co. Ltd.
 HDFC Standard Life Insurance Co. Ltd.

 ICICI Prudential Life Insurance Co. Ltd.
 IDBI Federal Life Insurance Co. Ltd.
 India First Life Insurance Co. Ltd
 Kotak Mahindra Old Mutual Life Insurance Ltd.
 Max Life Insurance Co. Ltd.
 PNB MetLife India Insurance Co. Ltd.
 Reliance Nippon Life Insurance Co. Ltd.
 Sahara India Life Insurance Co. Ltd.
 SBI Life Insurance Co. Ltd.
 Shriram Life Insurance Co. Ltd.
 Star Union Dai-Ichi Life Insurance Co. Ltd.
 Tata AIA Life Insurance Co. Ltd.
General Insurance Companies:

 Aditya Birla Health Insurance Co. Ltd.
 Bajaj Allianz General Insurance Co. Ltd.
 Bharti AXA General Insurance Co.Ltd.
 Cholamandalam General Insurance Co. Ltd.
 Future Generali India Insurance Co.Ltd.
 HDFC ERGO General Insurance Co. Ltd.
 ICICI Lombard General Insurance Co. Ltd.

 IFFCO-Tokio General Insurance Co. Ltd.
 Kotak General Insurance Co. Ltd.
 L&T General Insurance Co. Ltd.
 Liberty Videocon General Insurance Co. Ltd.
 Magma HDI General Insurance Co. Ltd.
 Raheja QBE General Insurance Co. Ltd.
 Reliance General Insurance Co. Ltd.
 Royal Sundaram Alliance Insurance Co. Ltd
 SBI General Insurance Co. Ltd.
 Shriram General Insurance Co. Ltd.
 TATA AIG General Insurance Co. Ltd.
 Universal Sompo General Insurance Co.Ltd.
Health Insurance Companies:

 Apollo Munich Health Insurance Co.Ltd.
 Star Health Allied Insurance Co. Ltd.
 Max Bupa Health Insurance Co. Ltd.
 Religare Health Insurance Co. Ltd.
 Cigna TTK Health Insurance Co. Ltd.

INDUSTRY INFORMATION
Introduction
The insurance industry of India has 57 insurance companies 24 are in the

life insurance business, while 34 are non-life insurers. Among the life
insurers, Life Insurance Corporation (LIC) is the sole public sector
company. There are six public sector insurers in the non-life insurance
segment. In addition to these, there is a sole national re-insurer, namely
General Insurance Corporation of India (GIC Re). Other stakeholders in
the Indian Insurance market include agents (individual and corporate),
brokers, surveyors and third-party administrators servicing health
insurance claims.
Market Size
In India, the overall market size of the insurance sector is expected to

US$ 280 billion in 2020. The life insurance industry is expected to
increase at a CAGR of 5.3% between 2019 and 2023. India’s insurance
penetration was pegged at 3.76% in FY20, with life insurance
penetration at 2.82% and non-life insurance penetration at 0.94%. In
terms of insurance density, India’s overall density stood at US$ 78 in
FY20.
The market share of private sector companies in the general and health
insurance market increased from 47.97% in FY19 to 48.03% in FY20. In
the life insurance segment, private players held a market share of 33.78%
in premium underwritten services in FY20. In FY22 (until May 2021),
premiums from new businesses of life insurance companies in India
stood at US$ 3.0 billion.
In India, gross premiums written of non-life insurers reached US$ 26.52
billion in FY21 (between April 2020 and March 2021), from US$ 26.49
billion in FY20 (between April 2019 and March 2020), driven by strong
growth from general insurance companies. Gross direct premium of
non-life insurance companies rose 11.4% on a yearly basis to Rs.
12,316.50 crore (1.6 billion) in May 2021. The general insurance industry
is expected to increase by 7-9% in terms of gross direct premium income
in FY22, backed by healthy growth from the health and motor segments.
Six standalone private sector health insurance companies registered a
jump of 66.6% in their gross premium at Rs 1,406.64 crore (US$ 191.84
million) in May 2021, as against Rs. 844.13 crore (US$ 115.12 million)
earlier.
In March 2021, health insurance companies in the non-life insurance
sector increased by 41%, driven by rising demand for health insurance
products amid COVID-19 surge.
According to S&P Global Market Intelligence data, India is the second-
largest insurance technology market in Asia-Pacific, accounting for 35%
of the US$ 3.66 billion investments made in the country.
History of Insurance
In India, insurance has a deep-rooted history. It finds mention in the

writings of Manu ( Manusmrithi ), Yagnavalkya ( Dharmasastra ) and
Kautilya ( Arthasastra ). The writings talk in terms of pooling of
resources that could be re-distributed in times of calamities such as fire,
floods, epidemics and famine. This was probably a pre-cursor to modern
day insurance. Ancient Indian history has preserved the earliest traces of
insurance in the form of marine trade loans and carriers’ contracts.
Insurance in India has evolved over time heavily drawing from other
countries, England in particular.
1818 saw the advent of life insurance business in India with the
establishment of the Oriental Life Insurance Company in Calcutta. This
Company however failed in 1834. In 1829, the Madras Equitable had
begun transacting life insurance business in the Madras Presidency. 1870
saw the enactment of the British Insurance Act and in the last three
decades of the nineteenth century, the Bombay Mutual (1871), Oriental
(1874) and Empire of India (1897) were started in the Bombay Residency.
This era, however, was dominated by foreign insurance offices which
did good business in India, namely Albert Life Assurance, Royal
Insurance, Liverpool and London Globe Insurance and the Indian offices
were up for hard competition from the foreign companies.
In 1914, the Government of India started publishing returns of Insurance

Companies in India. The Indian Life Assurance Companies Act, 1912
was the first statutory measure to regulate life business. In 1928, the
Indian Insurance Companies Act was enacted to enable the Government
to collect statistical information about both life and non-life business
transacted in India by Indian and foreign insurers including provident
insurance societies. In 1938, with a view to protecting the interest of the
Insurance public, the earlier legislation was consolidated and amended
by the Insurance Act, 1938 with comprehensive provisions for effective
control over the activities of insurers.
The Insurance Amendment Act of 1950 abolished Principal Agencies.

However, there were a large number of insurance companies and the
level of competition was high. There were also allegations of unfair
trade practices. The Government of India, therefore, decided to
nationalize insurance business.
An Ordinance was issued on 19th January, 1956 nationalising the Life
Insurance sector and Life Insurance Corporation came into existence in
the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as
also 75 provident societies—245 Indian and foreign insurers in all. The
LIC had monopoly till the late 90s when the Insurance sector was
reopened to the private sector.
The history of general insurance dates back to the Industrial

Revolution in the west and the consequent growth of sea-faring trade
and commerce in the 17th century. It came to India as a legacy of British
occupation. General Insurance in India has its roots in the establishment
of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the
British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This
was the first company to transact all classes of general insurance
business.
1957 saw the formation of the General Insurance Council, a wing of the
Insurance Association of India. The General Insurance Council framed a
code of conduct for ensuring fair conduct and sound business practices.
In 1968, the Insurance Act was amended to regulate investments and

set minimum solvency margins. The Tariff Advisory Committee was
also set up then.
In 1972 with the passing of the General Insurance Business

(Nationalisation) Act, general insurance business was nationalized with
effect from 1st January, 1973. 107 insurers were amalgamated and
grouped into four companies, namely National Insurance Company
Ltd., the New India Assurance Company Ltd., the Oriental Insurance
Company Ltd and the United India Insurance Company Ltd. The
General Insurance Corporation of India was incorporated as a company
in 1971 and it commence business on January 1sst 1973.
This millennium has seen insurance come a full circle in a journey
extending to nearly 200 years. The process of re-opening of the
sector had begun in the early 1990s and the last decade and more has
seen it been opened up substantially. In 1993, the Government set up a
committee under the chairmanship of RN Malhotra, former Governor of
RBI, to propose recommendations for reforms in the insurance sector.
The objective was to complement the reforms initiated in the financial
sector. The committee submitted its report in 1994 wherein, among other
things, it recommended that the private sector be permitted to enter the
insurance industry. They stated that foreign companies be allowed to
enter by floating Indian companies, preferably a joint venture with
Indian partners.
Following the recommendations of the Malhotra Committee report, in

1999, the Insurance Regulatory and Development Authority (IRDA) was
constituted as an autonomous body to regulate and develop the
insurance industry. The IRDA was incorporated as a statutory body in
April, 2000. The key objectives of the IRDA include promotion of
competition so as to enhance customer satisfaction through increased
consumer choice and lower premiums, while ensuring the financial
security of the insurance market.
The IRDA opened up the market in August 2000 with the invitation for
application for registrations. Foreign companies were allowed
ownership of up to 26%. The Authority has the power to frame
regulations under Section 114A of the Insurance Act, 1938 and has from
2000 onwards framed various regulations ranging from registration of
companies for carrying on insurance business to protection of
policyholders’ interests.
In December, 2000, the subsidiaries of the General Insurance

Corporation of India were restructured as independent companies and
at the same time GIC was converted into a national re-insurer.
Parliament passed a bill de-linking the four subsidiaries from GIC in
July, 2002.
Today there are 34 general insurance companies including the ECGC
and Agriculture Insurance Corporation of India and 24 life insurance
companies operating in the country.
The insurance sector is a colossal one and is growing at a speedy rate of

15-20%. Together with banking services, insurance services add about
7% to the country’s GDP. A well-developed and evolved insurance
sector is a boon for economic development as it provides long- term
funds for infrastructure development at the same time strengthening the
risk-taking ability of the country.
Road Ahead
The future looks promising for the life insurance industry with several
changes in regulatory framework which will lead to further change in
the way the industry conducts its business and engages with its
customers.
The overall insurance industry is expected to reach US$ 280 billion by
the end of 2020. Life insurance industry in the country is expected to
increase by 14-15% annually for the next three to five years.
The scope of IoT in Indian insurance market continues to go beyond
telematics and customer risk assessment. Currently, there are 110+
start-ups operating in India.
Demographic factors such as growing middle class, young insurable
population and growing awareness of the need for protection and
retirement planning will support the growth of Indian life insurance.
PROJECT TOPIC INFORMATION
Process of Financial Planning & Insurance
Process of Financial Planning
1) Understanding the Client's Personal and Financial

Circumstances
The CFP begins their financial planning process by asking their clients
questions designed to help them get a clear picture of who the client is
and what they want. Some of the questions are qualitative and lead to a
better understanding of the client's health, family relationships, values,
earnings potential, risk tolerance, goals, needs, priorities, and current
financial plan.
Some of the questions are quantitative and lead to a better
understanding of the client's income, expenses, cash flow, savings,
assets, liabilities, liquidity, taxes, employee and government benefits,
insurance coverage, and estate plans.
The advisor may ask open-ended questions to uncover necessary

information to start the plan. This information may include a range of
topics, from financial goals to feelings about market risk to dreams
about retiring in the Caribbean.
The advisor will also analyse the client's financial information to ensure
they have a clear understanding of where their client stands.
2) Identifying and Selecting Goals
The advisor will use their financial expertise to help their client select
goals. They'll ask clarifying questions to help identify those goals. For
example, what is your time horizon? Do you want to accomplish this
goal in five years, 10 years, 20 years, or 30 years? What is your risk
tolerance? Are you willing to accept a high relative market risk to
achieve your investment goals, or will a conservative portfolio be a
better option for you.
3) Analyse the Client's Current Course of Action
Next, the advisor will analyse the client's current course of action to see
if it's moving them toward their financial goals. If it's not, the advisor
will identify alternative courses of action and let the client know the
advantages and disadvantages of each option.
4) Developing the Financial Planning Recommendations
The financial planner selects one or more recommendations that they

believe will help meet the client's goals. They evaluate each
recommendation, considering:
 What assumptions were made to develop the recommendation

 How the recommendation meets the client's goals
 How it integrates with other aspects of the client's financial plans
 How high a priority the recommendation
 Whether the recommendation is independent or needs to be
implemented with other recommendations
5) Presenting the Financial Planning Recommendations
In this step, the financial planner presents the recommendations and the
thought process behind the recommendations. This helps the client
make an informed decision about whether the recommendations are a
good fit.
6) Implementing the Financial Planning Recommendations
Implementing the plan means putting the plan to work. But as simple as
this sounds, many people find that implementation is the most difficult
step in financial planning. Although you have the plan developed, it
takes discipline and desire to put it into action. You may begin to
wonder what may happen if you fail. This is where inaction can grow
into procrastination.
If the financial planner has implementation responsibilities, you'll also

clarify what those are so you know exactly what steps your CFP is
taking on your behalf.
7) Monitoring Progress and Updating
It's called "financial planning" for a reason: Plans evolve and change just
like life. Once the plan is created, it's essentially a piece of history. This is
why the plan needs to be monitored and tweaked from time to time.
Think of what can change in your life, such as marriage, the birth of
children, career changes, and more.
These life events may require new perspectives or changes to your

financial plans. Now think about events or changes beyond your control,
such as tax laws, interest rates, inflation, stock market fluctuations, and
economic recessions.
Your CFP will work with you to ensure your plan is meeting your goals,
and if it's not, they'll recommend changes.
Process of Insurance Planning
1. Evaluation
Every insurance plan is specific to people’s needs. The basic and the
primary step that the individual should pursue is determining his needs
and wishes with respect to the future. Every person has a goal that they
need to have achieved by the time the insurance plans start kicking in.
these goals and needs are required to be taken into consideration to
evaluate the risk factors and the external factors that could potentially
affect the system. Apart from the risk factors, there are also things such
as inflation, the performance rate of the plan and the taxes that could be
present at the time.
2. Risk Identification
The second step is to evaluate the risk that could potentially affect the
insurance plan now and when it is to be enforced properly. According to
the risk factors, the plan is often altered to enhance the system and
produce better, beneficial outcomes for the individual. What you should
do is seek a professional in determining the risk factors and then
calculating the loss that could potentially become a part if this insurance
plan. The next step would obviously be to eradicate the maximum
potential of risks in the plan.
3. Review
After the plan has been properly planned, coherently judged and
practically assesses, it is time to review the contributing factors and
assembly of the whole plan. The plan should be reviewed by a
professional in order to sustain better results and eradicate the possible
outcome of maximized risk. After the plan has been reviewed, the
weaknesses and advantages of the plan can be laid down and be used to
focus on other strengthening insurance plans or stick to this particular
one.
4. Implementation
The last step is to implement the system. For this, you need to have all
the necessary documents and personal; information that may be
required to associate with your account. After the plan has been
properly imposed, you will need to gather all the legal data that will
keep you safe and protected and also assess the risk factors that could
potentially change within time. one should review the progress of the
insurance plans from time to time such that any mishap can be managed
and any further alteration that is to be made can be dealt with
accordingly, immediately.
RELIANCE NIPPON POLICY INFORMATION
Protection Plans
a.) Reliance Nippon Life Term Plan
The features of this plan are mentioned below:
 Offers a wide insurance coverage at an affordable rate

 Offers adequate coverage depending up on your liabilities
 Offers protection to your family against unforeseen events
 Section 80C and 10(10D) under the Income Tax Act, provides tax
benefits for premiums paid regularly
 Offers comprehensive coverage for your loved ones in your absence
b.) Reliance Nippon Life Online Term Plan

 This is an online term plan that provides you a wide cover of life
insurance at a very affordable rate
 It offers you the convenience to do your medical examinations at
your home
 Offers flexibility to decide the protection cover as per your
requirements
 Offers rewards for leading a healthy lifestyle by charging lower
premiums
 Offers hassle-free and simple application process
c.) Reliance Nippon Life Online Income Protect
 This plan offers double protection at a cheaper rate. Offers lump

sum amount to take care of your liabilities. Offers regular monthly
income to take care of your family’s lifestyle
 Offers rewards for leading a healthy lifestyle by charging lower
premiums
 Offers hassle-free and simple application process
Savings & Investment Plans

a.) Reliance Nippon Life’s Guaranteed Money Back Plan
 Offers 3 guaranteed benefits: Guaranteed money back during the

last five policy years, guaranteed loyalty additions up to 40% of sum
assured, guaranteed maturity addition up to 20% of sum assured at
maturity of the policy
 Offers flexibility to choose from your policy term either 15 or 20
years
 Offers flexibility to pay regular premium or limited premium
 Offers life cover of 10 times the annualized premium for the entire
policy term
 Offers an additional life cover which is same as equal to the sum
assured in case of accidental death
 Offers protection to your family by waiving off the future premiums
and then the guaranteed benefits starts
 You can buy this plan to pay off your debts, to take care of your
child’s higher education, take vaccinations abroad, gift to your
grandchildren or if you wish to go on a pilgrimage
b.) Reliance Nippon Life Fixed Savings

 Offers fixed regular additions of 8% in the first policy year, 9% in

the 2nd policy year and 10% on the 3rd policy year
 Offers maturity benefit on survival of the life assured till the end of
the policy term. This guaranteed sum assured would be
a.) Annualized premium payment term

b.) Fixed maturity addition = maturity factor*annualized premium
 Offers the below death benefit to the nominee in case of death of the
life assured.
a.) Sum assured on death

b.) 105% of all the premiums paid, excluding the underwriting extra
premiums as on date of the death plus it also pays the accrued fixed
regular additions till the death, if it wasn’t paid earlier:
1.) Annualized premium*death benefit multiple as per the death benefit
option chosen
2.) Guaranteed sum assured on maturity
 Offers security to your future with fixed returns

 Offers incremental savings in the first 3 years
 You can create your corpus for achieving long term goals
c.) Reliance Nippon Life Blue chip Savings Insurance Plan
 Offers maturity benefits in case of survival of the life assured, if the

policy is in force and you have made all the premium payments.
The below would be payable: a.) Guaranteed sum assured on
maturity b.) Vested Reversionary Bonuses and Terminal Bonus, if
any
 Offers death benefit in case of death of the life assured during the
policy period, if the policy is in force and you have made all the
premium payments. The below would be payable: c.) Sum assured
on death plus Vested Reversionary Bonuses and Terminal Bonus, if
any a.) 105% of the all the premiums paid, excluding the
underwriting extra premiums, as on the date of the death
 You should buy this plan to save for your child’s education, pre-pay
your housing loan, upgrade your lifestyle, save for your retirement
life and also if you wish to save for your holiday destination
d.) Reliance Nippon Life Increasing Income Insurance Plan

 You should buy this plan to protect yourself against the rising
expenses, pursue your passion without the worry of a monthly
income, protect your family from any eventuality
 At the beginning of the plan, you can choose the income plans
among the below: a.) Income with maturity benefit b.) Only income
 You may receive a guaranteed monthly income post the end of the
premium payment term on survival of the life assured a.) Income
with maturity benefit b.) Only income
 Offers maturity benefits only for income with maturity benefit
 This plan offers an insurance policy that offers regular monthly
income along with lump sum amount on maturity. Also provides
10 times the annualized premium in case of death of the life assured
e.) Reliance Nippon Life Fixed Money Back Plan

 You should buy this plan to go on a pilgrimage, go on your

destination holiday, give a gift to your grandchildren, pay off your
debts
 Offers fixed benefits: a.) Fixed money back during the last five years
of the plan b.) Fixed loyalty additions of 3% of base sum assured
accruing each year c.) Guaranteed maturity benefit as total accrued
fixed loyalty addition
 Offers flexibility to choose your policy term, premium payment
term
 Offers life cover during entire policy term
 You can enhance your protection cover with the help of riders
 Here, payment of fixed money back is done during the last 5 years
of the plan with loyalty additions
f.) Reliance Nippon Life Lifelong Savings Plan

 Offers flexible cover options that is standard that offers lump sum
amount on maturity and extended cover that offers extended life
cover for the entire life post completion of the policy term
 Offers flexibility to make payments for 10 years or for the entire
term (regular)
 Offers loan facility during the policy term to meet any unforeseen
situations
g.) Reliance Nippon Life Future Income

 Offers an annual income at the end of each policy year post the
premium payment till the maturity of the policy
 Offers lump sum benefit to achieve your dreams
 Offers flexibility to choose the premium for 7 to 12 years
 Offers protection to your family by offering life cover for the entire
policy period
 You can enhance your protection cover with the help of riders
h.) Reliance Nippon Life Whole Life Income

 Offers maturity benefits by offering guaranteed sum assured on

maturity
 Offers life cover till 85 years of age
 Offers choice to make the premium payments
 Offers assured income up to life time
 Offers loan facility for meeting any unforeseen conditions
i.) Reliance Nippon Life Increasing Money Back Plan
 Offers flexibility to choose to pay the premiums for a term of 7 years

or the entire policy term
 Offers life cover for the entire policy term
 Offers option of riders to enhance your plan
 Offers flexibility to make premium payments for 7 years or for the
entire term
 Offers guaranteed benefits of money back every 3 years, beginning
from the end of the 3rd policy year
 Offers money back benefits that tends to increase each policy year
 Offers lump sum maturity amount at the end of the policy term
j.) Reliance Nippon Life Bal Nivesh on Time

 Offers maturity benefit on survival of the life assured till the end of
the policy term.
 Offers guaranteed sum assured on maturity equal to the sum
assured would be paid to the policy holder
 Offers the below in case of unfortunate event of the life assured: a.)
10 times single premium b.) Absolute amount assured to be paid on
death which is equal to the base sum assured c.) Guaranteed sum
assured on maturity d.) Death Benefit is subject to 125% of the single
premium paid excluding any underwriting extra premiums and
taxes e.) The policy will terminate on payment of the death rider
k.) Reliance Nippon Life Super Money Back Plans
 Offers money back benefits after completion of 5 years of policy

term till maturity
 Offers increasing regular monthly income payouts
 Offers loyalty additions at the end of the premium payment term
 Offers maturity additions payable at the end of policy term
 Offers life cover at least 10 times the annualized premiums for the
entire policy term
l.) Reliance Nippon Life Smart Cash Plus Plan

 Offers guaranteed money back benefits after 3 years, starting from

the 4th policy year
 Offers money back benefits that increase with every payout
 Offers maturity benefit equal to the sum assured
 Offers high sum assured additions
 Offers vested bonuses if any
 Offers life cover which is 10 times the annualized premium for the
entire policy term
 Offers flexibility to make the premium payments
m.) Reliance Nippon Life’s Money Multiplier Plan
 Offers the below 3 guaranteed maturity benefits: a.) Sum assured b.)
Offers loyalty additions c.) Offers Maturity additions
 Offers life cover of almost 10 times the annualized premiums for the
entire policy term
 Offers flexibility to choose the policy term
n.) Reliance Nippon Life Endowment Plan

 This is an endowment plan where you get a lump sum of sum

assured on maturity subject to 100.1% of the total premiums paid
 Offers the below in case of unfortunate event of the life assured: a.)
10 times of annualized premium or base sum assured along with
vested bonus or 105% of the premiums paid
 Offers flexibility to make the policy premium payments either 10 to
25 years
 Offers loan facility during unforeseen situations
o.) Reliance Nippon Life’s Super Endowment Plan
 Offers sum assured on the maturity of the plan

 Offers maximum of base sum assured or 10 times the annualized
premiums
 Offers flexibility to choose the policy term 14 or 20 years
 You can pay limited premium for half of the selected period
Retirement Plans
a.) Reliance Nippon Life Pension Builder

 Offers flexibility to choose your policy term depending on when

you want to retire
 Helps to build your retirement corpus by paying the premium for
five, seven, ten years or throughout the policy term
 Offers a good boost to your retirement savings by providing regular
simple reversionary bonus and terminal bonus
 Offers guaranteed regular flow of income for whole life at
retirement
 Offers protection to your family with a lump sum amount
 Offers guaranteed income to your family in case of your demise
b.) Reliance Nippon Life Immediate Annuity Plan

 This plan makes the premium payment easier by paying at one go
 Offers flexibility to choose annuity from 3 different annuity payout
options
 Offers life annuity with return of purchase price
 Offers flexibility to choose annuity payout frequency
 Doesn't mandate medical tests
c.) Reliance Nippon Life Smart Pension Plan

 This is a non-participating ULIP that takes care of your savings

systematically for you to get a better retirement fund after you retire
 Offers a guaranteed minimum amount depending on the total
premiums paid in case of any uncertain events
 Offers flexibility to choose your policy tenure from 10 to 30 years
 Offers loyalty additions to enhance your retirement corpus
 Offers flexibility to choose your vesting age from 45 to 75 years
 Offers flexibility to extend your retirement age
Unit Linked Plans
a.) Reliance Nippon Life Premier Wealth Insurance Plan

 Offers a choice of investment options

 Offers self-managed options to manage and control your
investments directly
 Offers auto-managed options to manage your investments
automatically
 Offers wealth boosters each year from the end of the eight policy
year
 Offers flexibility to pay your premiums
 Offers partial withdrawals of funds post 5 years
 Offers desired levels of insurance coverage based on your
requirements
b.) Reliance Nippon Life Smart Savings Insurance Plan

 Offers a choice of investment options

 Offers self-managed options to manage and control your
investments directly
 Offers auto-managed options to manage your investments
automatically
 Offers 10 times the annualized premiums in case of death of the
policy holder
 Offers benefits of reduced charges if you invest in premiums that
are higher in amount
 Offers enhancement of your fund value by staying invested for a
longer duration through wealth boosters
 Offers partial withdrawals during emergencies, after 5 years
c.) Reliance Nippon Life Classic Plan II

 Offers flexibility to choose from 5 investment funds as per your risk

appetite
 Offers flexibility to select your premium payment mode
 Offers 52 free switches out of the 5 investment funds
 Offers enhancement of policies throughout top-ups
 Offers adequate protection to your family through a base life cover
throughout the term of the policy
 Offers additional security against accidental death
 Offers partial withdrawals during emergencies, after 5 years
Child Plans
a.) Reliance Nippon Life Education Plan

 Offers guaranteed benefits on maturity of the plan even post your

demise
 Offers flexibility to select your benefit pay option:
a.) Offers a single self-starter which is a single lump sum for your kid’s
education
b.) Offers post-graduation degree where 2 annual payout for your kid’s
graduation
c.) Offers professional degree where 4 annual payout for your kid’s
professional degree
d.) Offers career starter where 5 annual payout to pay for your kid’s
higher education and offer a career launch
 Offers protection to your child’s future even post your death

 Offers flexibility to select your premium paying option
 Offers loan facility to meet any unforeseen conditions
b.) Reliance Nippon Life Child Plan

 Offers 25% of the sum assured on each of the last 3 policy

anniversaries before maturity
 Offers maturity benefits:
a.) Guaranteed sum assured on maturity which is 25% of sum assured

b.) Offers vested bonus
c.) Offers non-negative capital guarantee
 Offers life protection for the entire policy period

 Offers waiver of future premiums and guaranteed periodic benefit
 Offers flexibility to choose from policy term of 10 to 20 years
 Offers flexibility to make premium payments
Health Plans
a.) Reliance Nippon Life Easy Care Fixed Benefit Plan

The features of the plan are mentioned below:
 Offers daily hospital cash benefits

 Offers complete protection against any kind of medical expenses
towards medical illness, immediate surgeries or sudden
hospitalization
 Offers facility of intensive care unit
 Offers recuperation benefits
 Offers surgical cash benefits
 Offers major surgical benefits
 Offers critical illness
Group Plans
a.) Employers Liability Solutions
The four solutions in this plan is as below:
 Reliance Traditional Group Employee Benefit Plan This plan helps
to manage efficiently your employee benefits funds in order to
ensure that their future is secured. Offers guaranteed returns with
an upside, opt for an additional protection at competitive rates,
offers free administrative hassles of the scheme.Section 80C and
10(10D) under the Income Tax Act, provides tax benefits for
premiums paid regularly
 Reliance Traditional Group Superannuation Plan Offers expert
management services. Offers additional interest rates. Offers rider
coverage. Section 80C and 10(10D) under the Income Tax Act,
provides tax benefits for premiums paid regularly
 Reliance Group Leave Encashment Plus Plan Offers annual leave
encashment by employees. Offers resignations or early termination
of service of the employee, retirement of the employees, death or
disability of the employee in service, surrender/ discontinuance of
policy.
 Reliance Group Gratuity Plus Plan Offers resignations or early

termination of service of the employee, retirement of the employees,
death or disability of the employee in service, surrender/
discontinuance of policy. You can meet your obligations under the
payment of gratuity act while providing innovative solutions.
b.) Employee Protection Solutions

The four solutions in this plan is as below:
 Reliance Group Credit Assure Plan This plan helps you cover your
customer’s loans. Offers protection against the repayment of loan
liability by the nominee or legal heir in case of death of the policy
holder. Offers protection to the co-borrowers if it’s a joint loan case.
Offers flexibility for choosing your premium frequency.
 Reliance Group Term Assurance Plan Offers flexibility to both
formal and informal groups. Offers to increase the cover amount.
Offers flexibility to convert the group coverage into an individual
coverage. Offers competitive pricing with a comprehensive
coverage. Offers easy administration process.
 Reliance Group Credit Assure Plan This plan helps to cover your
customer’s loans. Offers comprehensive coverage by covering a
wider range of loans. Covers employer-employee, borrowers from
lending institutions. Offers competitive pricing with a
comprehensive coverage. Offers easy administration process. Offers
flexibility to select between single pay or limited pay based on one’s
need.
 Reliance Group Term Assurance Plan EDLI This plan offers one
year renewable contract. Offers death benefit due to accidental or
natural death. Offers zero survival benefits. Here, the claim
settlement is quick, hassle-free and not linked to account balance.
c.) Group Savings Solution
Reliance Nippon Life Group Sarv Samriddhi This is a non-linked, non-

participating group savings insurance plans. It is affordable and offers
regular premium paying option which helps in increasing your savings
through regular credit interests
RESEARCH
The age group were divided into four categories. It consists of Below 18
years, 18-40 years, and 40- 60 years, 60 & above years. The highest
percentage of response i.e. 66.5% is collected from the age group of 18-40
years. And the age group 40-60 constituted for 34.5%.
The gender group were divided into three categories the Male Female &
Others. Among this 50% Males gave their responses. And the remaining
50% Females gave their responses.
In this case majority people consult friends and family which is 55.2%
before taking financial decisions, 22.4% take decisions on their own and
followed by consult with bank is 15.5%.
In this case 43.1% save every month, 37.9% save as per schedule and
followed 17.2% by save whatever is left after expenses.
In this case 44.8% have a spending pattern for regular expenses,

32.8% carefully plan big purchases and 22.4% Do not spend in planned
manner.
In this case only two options were there and 82.8% tried to save most of
the money before buying followed by 17.2% rely on credit or loans to
buy.
This was the most intresting question where 53.4% selected Mutual
funds and 48.3% Stocks, 43.1% Fixed deposit, 36.2% Savings a/c, 34.5%
Insurance.
46.6% prefer to invest on slightly higher returns and largely protect
capital
This case is about utilizing income tax benefits and 70.7% were really
utilizing it and 29.3% were not.
In this case 82.8% have Insurance and 17.2% did not have Insurance.
75.9% prefer LIC company to buy insurance policy.

In these case 81% were influenced by friends and family to get
insurance policy as financial planning.
Mostly 55.2% people only have a single policy which was followed by
two,three,more than 4 and then four policies.
Here most of the people which is 55.2% prefer money back policy and
the least is 12.1% which is ULIP.
Here the most of people prefer Covering risk of life which is 62.1%.
The average term policies is 6-10 years which is 27.6% followed by 25.9%
15-20 years, 19% up to 5 years and last 13.8% which is both 11-15 years
and more than 20 years.
69% have received benefits from insurance policies and 31% did not
received.
70.7% people are aware of Insurance bonuses of policies and 29.3% were
not aware of it.
84.5% People never surrendered insurance policy and 15.5% have

surrendered policy.
BIBLIOGRAPHY
https://www.reliancenipponlife.com/about-us
https://www.reliancecapital.co.in/Company-History.aspx
https://www.nissay.co.jp/english/annual/pdf/ar2017_1.pdf
https://www.ibef.org/industry/insurance-sector-india.aspx
https://www.investopedia.com/ask/answers/051915/how-does-
insurance-sector-work.asp
https://www.acko.com/articles/general-info/insurance-sector-india/
https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.asp
x?page=PageNo4&mid=2
https://www.thebalance.com/the-steps-of-financial-planning-2466498
https://psu.instructure.com/courses/1806581/pages/introduction-
what-is-insurance-planning?module_item_id=22679419
https://fund-matters.com/2019/10/19/steps-in-insurance-planning/
https://docs.google.com/forms/d/e/1FAIpQLSdeocpj0Z0lSjFjgze5IRL
0Z36z6bVk3gE48cs-UaQ2G7MKjA/closedform
https://www.fmncc.com/risk-management
https://www.maxlifeinsurance.com/blog/investments/financial-
planning-for-everyone
https://www.tflguide.com/importance-of-financial-planning/
https://www.canarahsbclife.com/blog/financial-planning/why-is-
financial-planning-important.html
CONCLUSION
As a student of MBA I had a great opportunity to do project on

“PROCESS OF FINANCIAL PLANNING AND INSURANCE”. It was
a wonderful experience. I was able to acquire lot of knowledge while
working on this project. I also got to know many things about financial
planning and insurance.
Insurance is a large investment and you will most likely purchase

multiple policies throughout your lifetime. It is essential that you know
what each type of insurance covers and how it works so you can make the
best decision about what to buy. Do not base your decision on just what
is cheapest, but look at what it provides. Take the time to shop around
and find the right insurance for your situation. People often say they
cannot afford insurance, but the reality is that they cannot afford not to
have it. It can save them from thousands or more dollars in unplanned
expenses when unexpected situations arise. You do not want to waste
your money on policies that do not meet your needs, but the right
insurance policy can protect you and your family from unforeseen
disasters.
Now that you know the seven steps of financial planning, you can apply
them to any area of personal finance, including insurance planning, tax
planning, cash flow (budgeting), estate planning, investing, and
retirement. While you can do it yourself, professionals can provide
invaluable advice and a neutral perspective on your finances. Whether
you do it yourself or hire an advisor, remember to keep referring back to
the steps as significant life or financial changes occur. You may also
want to do what professional financial planners do and sit down and
revaluate your plan periodically, such as once per year.
Financial Planning and Insurance Survey
kshirsagarchirag11@gmail.com (not shared) Switch account
* Required
Name *
Your answer
E-mail Address
Your answer
Age *
Below 18
18 to 40
40 to 60
Above 60
Gender *
Male
Female
Other
Who do you consult before taking financial decisions? *

Take decisions on your own
Friends and Family
Consult with bank, usually Wealth Management or Financial planning team
Consult with Insurance agent
How do you save from your regular income? *

Save as per planned Schedule
Save something every month
Save whatever is left after meeting expenses
Do not save regularly as expenses generally exceed income
How do you spend? *

Have definite spending pattern for regular monthly expenses
Carefully plan big purchases in advance
Do not spend in planned manner
What is your tendency for big asset purchases like house or car? *
Try to save most of the money before buying
Rely on credit or loans to buy
Where do you like to invest your money in? (Can select Multiple options) *
Mutual Funds
Stocks
Fixed deposit
Savings Account
Insurance
In which instruments do you like to invest in? *

Offer fixed guaranteed returns
Offer slightly higher returns and largely protect capital
Offer substantially higher returns while there is a risk of capital erosion
Do you fully utilize Income tax benefits, eg- deduction from salary/ income, rebates *
Yes
No
Do you have Insurance policy? *

Yes
No
Which company's insurance policy do you prefer to buy? *

LIC
HDFC Life Insurance
Reliance Nippon Life Insurance
ICICI Prudential Life Insurance
Star Health and Allied insurance

Other:
Who influenced you to get insurance policy? *

Friends and Family
Media
Insurance Agents
Government
How many insurance policies do you currently have? *

1
More than 4
What kind of Insurance policies do you prefer? (Can select multiple options) *
Savings policy
Whole life policy
Endowment policy
Money Back policy
Pension plan policy
ULIP
What is your goal for taking life insurance policy? *

Saving Income tax
Investing for child's education
Investing for retirement
Covering risk of life
What is the average term of policies you have? *

up to 5 years
6 to 10 years
11 to 15 yeras
15 to 20 years
More than 20 years

Have you received benefits from insurance policies? *
Yes
No
Are you aware of Insurance bonuses of your policies? *

Yes
No
Have you ever surrendered any insurance policy? *

Yes
No
Back
Submit
Clear form
 To find out how they take their financial decision. To find

differentiation between their age and gender.
 To find out how they save and spent their regular income.
 To understand which instruments do they prefer to invest in.
 To find out general awareness about insurance they own like

Income tax benefits deduction from salary/ income.
 This procedure is also useful to save oneself from loss that occurs
due to less knowledge about tax benefits deduction from salary/
income.
 To identify that which insurance company they trust the most.
 To identify that how much insurance policy one owns and their
average term of the policy.
 To understand the different goal that one aims before buying an
policy.
1.1 Concept, Meaning & Importance of Financial & Insurance planning
1.2 Introduction to the Reliance Nippon Life
1.3 Process of Financial planning & Insurance planning
1.4 Financial Products of reliance nippon life insurance
1.5 Industry overview
Chapter 2 Summer Internship Task Details
2.1 Objective of the project

2.2 Research Methodology
2.3 Limitations
Chapter 3 Primary Data and Analysis

Chapter 4 Conclusion
Chapter 5 Recommendation
Chapter 6 Annexure
Chapter 7 Bibliography
Chapter 1 Introduction Pages

Sr No. Topic Page
No
Chapter 1 Introduction
1.1 Concept, Meaning & Importance of Financial & 1
Insurance planning
1.2 Introduction to the Reliance Nippon Life Insurance 4
1.3 Process of Financial planning & Insurance planning 10
1.4 Industry overview 16
1.5 Financial Products of Reliance Nippon life 27
Insurance
Chapter 2 Summer Internship Task Details
2.1 Objective of the project 46
2.2 Research Methodology 47
2.3 Limitations 48
Chapter 3 Primary Data and Analysis 49
Chapter 4 Conclusion 69
Chapter 5 Recommendation 71
Chapter 6 Annexure 72
Chapter 7 Bibliography 77
Personal financial planning is a process of managing of money and financial
decisions of persons. In spite of many attempts made by the researchers in the
field of financial planning literature pertaining to the Indian scenario needs
further examination of financial planning. The investor perception about financial
planning, financial planning practices of selected investors makes the study
useful. Planners and practitioner can better understand expectations of investors.
The financial source of information is crucial to policy makers and practitioners.
As the Government through agencies such as RBI, SEBI, IRDA is planning to
impart financial literacy and financial awareness through a plethora of programs
an attempt was made to understand common.
The attempt is made to take the review of available literature

published in the form of books, journals, thesis, and newspapers. The studies
have covered the financial planning practices, financial planning attitudes,
financial literacy, risk perception, the importance of financial planning, planning
practices etc. While browsing through literature, it is observed that many
researchers/scholars have extensively and excellently reviewed the western
financial planning literature. The literature review is made through various books,
articles, national and international journals, reputed daily newspapers. The
literature review mainly focuses on a variety of case studies as well as thoughts of
esteemed researches on the issues of financial management. It also gives the idea
about the periodic changes that occur during the process of financial
management.

Reliance Nippon Life Project

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Reliance Nippon Life Project

Uploaded by

Copyright:

Available Formats

Reliance Nippon Life Insurance

(INTERNSHIP PROJECT REPORT)

INTERNSHIP PROJECT REPORT

‘’Process of financial planning and insurance’’

CONTACT NUMBER – XXX

INSTITUTE NAME - XXX

INTERNSHIP DURATION – XXXXX

 Information about Company

 Project Topic Information

 Reliance Nippon Policy Information

I MRXXX The student of MBA XXXX hereby declares that I have

completed project on ‘‘PROCESS OF FINANCIAL

PLANNING AND INSURANCE’’ Whenever the

data/information have been taken from books or other sources

the same have been mentioned in bibliography. The information

submitted is true and original to the best of my Knowledge.

Reliance Nippon Life Insurance Company

Reliance Nippon Life Insurance Company is amongst the leading

Reliance Nippon Life Insurance Company is a part of Reliance Capital, a

 Nippon Life Insurance (also known as Nissay or Nihon

Few men in history have made as dramatic a contribution to their

Dhirubhai is widely regarded as the father of India's capital markets. In

Throughout this amazing journey, Dhirubhai always kept the interests

Looking ahead, Nippon Life will continue to embody this spirit of

A Brief Overview of Insurance Sector

Insurance sector in India plays a dynamic role in the wellbeing of its

The Indian Insurance Sector

The Indian Insurance Sector is basically divided into two categories –

The role of IRDA is to thoroughly monitor the entire insurance sector in

The life insurance companies have gained an investment prospectus in

The Past of Insurance Sector in India

However, with the introduction of new private sector companies, the

Life Insurance Companies:

 Aviva Life Insurance Co. India Ltd.

 Bajaj Allianz Life Insurance Co. Ltd.

 Bharti AXA Life Insurance Co. Ltd.

 Birla Sun Life Insurance Co. Ltd.

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

 DHFL Pramerica Life Insurance Co. Ltd.

 Edelweiss Tokio Life Insurance Co. Ltd

 Exide Life Insurance Co. Ltd.

 Future Generali India Life Insurance Co. Ltd.

 HDFC Standard Life Insurance Co. Ltd.

 IDBI Federal Life Insurance Co. Ltd.

 India First Life Insurance Co. Ltd

 Kotak Mahindra Old Mutual Life Insurance Ltd.

 Max Life Insurance Co. Ltd.

 PNB MetLife India Insurance Co. Ltd.

 Reliance Nippon Life Insurance Co. Ltd.

 Sahara India Life Insurance Co. Ltd.

 SBI Life Insurance Co. Ltd.

 Shriram Life Insurance Co. Ltd.

 Star Union Dai-Ichi Life Insurance Co. Ltd.

 Tata AIA Life Insurance Co. Ltd.

General Insurance Companies:

 Bajaj Allianz General Insurance Co. Ltd.

 Bharti AXA General Insurance Co.Ltd.

 Cholamandalam General Insurance Co. Ltd.

 Future Generali India Insurance Co.Ltd.

 HDFC ERGO General Insurance Co. Ltd.

 ICICI Lombard General Insurance Co. Ltd.

 Kotak General Insurance Co. Ltd.

 L&T General Insurance Co. Ltd.