SUMMER TRAINING REPORT ON A COMPARATIVE STUDY OF FAVORABLE AND UNFAVORABLE ASPECTS OF RELIANCE LIFE INSURANCE COMPANY AND LIC

Undertaken At

RELIANCE LIFE INSURANCE COMPANY Ltd. Submitted In the Partial Fulfillment for the Award of the Degree Of BACHELOR OF BUSINESS ADMINISTRATION
Submitted by

Ankit Jain Enrollment no. 0011701707 BBA 5th Semester (morning) SESSION: 2009 2010
Under the Supervision supervision and guidance of Under the

and guidance of

Prof. Rajesh Bajaj (Faculty guide)

Mr. Nimit Verma Mr. Vipul Sharma (Industry guide

TECNIA INSTITUTE OF ADVANCED STUDIES (Approved by AICTE, Ministry of HRD, Govt. of India) Affiliated To Guru Gobind Singh Indraprastha University, Delhi INSTITUTIONAL AREA, MADHUBAN CHOWK, ROHINI, DELHI- 110085

ACKNOWLEDGEMENT I would like to express my gratitude to all those who made it possible for me to complete this report. It is my pleasure to thank the Reliance Life Insurance for giving me permission to commence this project in the first instance, to do the necessary research work and to use departmental data. I would furthermore like to thank the Sales manager of Reliance Life Insurance Barakhamba branch, Mr Nimit Verma who gave this permission and encouraged me throughout my project. I am deeply indebted to my supervisor Mr. Rajesh Bajaj from Tecnia Institute of Advanced Studies, Delhi whose help, stimulating suggestions and encouragement helped me throughout the research and the writing of this report. Last but not the least; I would like to give my special thanks to my family and friends, for their constant support and encouragement to complete this research.

Date:

Submitted by: JYOTI SINGH (0151701707)

DECLARATION

I ANKIT JAIN Enrolment No: 0011701707 Class: BBA (5th sem) morning of the Tecnia Institute of Advanced Studies, Delhi hereby declare that the Summer Training Report entitled. A Comparative study of favorable and unfavorable aspect in term of RLIC and LIC is an original work and the same has not been submitted to any other Institute for the award of any other degree. A seminar presentation of the Summer Training Report was made on and the suggestions as approved by the faculty were duly incorporated.

Signature of Researcher

Countersigned Signature of faculty Guide

Table of cont
TABLE OF CONTANT
S.NO.
1. a) b) c) d) e) f) 2. a) b) 3. a) b) 4. a) b) c) d) e)

TOPIC
Chapter-1 RESEARCH PROBLEM & PURPOSE Company profile Ulip plans of the companies (PRODUCTS) Industry profile Swot analysis Significance of the study Objectives of the study CHAPTER-2 CURRENT SCENERIO Insurance Industry Reliance Life Insurance CHAPTER-3 RESEARCH METHODOLOGY Data Analysis and Interpretations Limitations of the Study CHAPTER-4 DISCUSSION AND FINDINGS OF THE STUDY Findings of the Study Recommendation and Suggestions Conclusion Questionnaire Bibliography

PAGE NO.

SIGN.

1-31 2-8 9-17 18-28 29 30 31 32-37 34-35 36-37 38-53 41-52 53 54-62 56 57 58 59-61 62

ER

CHAPTER : RESEARCH PROBLEM & PURPOSE

y COMPANY PROFILE I. RELIANCE LIFE INSURANCE y ULIP PLANS OF THE COMPANY I. RELIANCE LIFE INSURANCE II. LIC y INDUSTARY PROFILE y SIGNIFICANCE OF THE STUDY y OBJECTIVE OF THE STUDY

COMPANY
PROFILE

SURA

Reliance Life Insurance

ompany Limited is a part of Reliance

apital Ltd.

. of the Reliance Reliance apital is one of Indias leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance apital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activities in financial services. Reliance apital Limited (RCL) is a on-Banking Financial Company ( BFC) registered with the Reserve Bank of India under section 45-I of the Reserve Bank of India ct, 1934. Reliance Capital sees immense potential in the rapidly growing financial services sector in India and aims to become a dominant player in this industry and offer fully integrated financial services.

Anil Dhirubhai Ambani Group

e Li e Insurance is another step forward for Reliance Capital Li ited to Reli offer need based Life Insurance solutions to indi iduals and Corporates.

INTRODUCTION
Reli e i e Insurance offers you products that fulfill your savings and protection needs. Our aim is to emerge as a transnational Life Insurer of global scale and standard.

Reliance Life Insurance is an associate company of Reliance Capital Ltd., a part of Reliance - Anil Dhiru hai Am ani Gr u . Reliance Capital is one of Indias leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary inves tments, private equity and other activities in financial services. Insurance industry employees and executives are indoctrinated with the philosophy that insurance is good and that policyholders, claimants and lawyers are bad. According to the insurance in dustry, nearly 50% of policyholders are actual or potential crooks. One recent article, written by the President of the Insurance Information Institute, finds that the perpetrators of insurance fraud are. . . "For the most part, the people we live and work among -- our neighbors. . . . Moreover, the "rampant" corruption of otherwise honest, "seemingly law -abiding people" is something that those in the insurance industry "have known for sometime." Insurance company claims adjusters view themselves as underpaid, overworked vigilantes protecting an unappreciative American public from a horde of thieving, conniving robbers intent on pillage and plunder.

Reliance Life Insurance Company Limited is a wholly -owned subsidiary of Reliance Capital Limited of the Rel iance ADAG. After acquisition of AMP Sanmar Life Insurance Company in 2005, Reliance Life Insurance Co had a pre established infrastructure and a product portfolio to develop further. The research and marketing had been done by AMP Sanmar making it somewhat easier for a glamorous name like Reliance by continuing the legacy further. Reliance Life Insurance Company Ltd. has made buying a life insurance product prompt and convenient. Targeting boot individual employees and employing multinationals, Reliance Life Insurance India offers a mixed bag of Insurance schemes that include both individual and group employee benefit plans. Reliance Life employs individual brokers and insurance agents for direct sale and marketing of the various Life insurance policy and plan.

The company provides you complete product details and the helps you calculate the insurance premiums through their customer care executives or online through the Reliance Life Insurance Website. Some of the popular Life Insurance schemes in the Insurance Sector in India include:
o

Reliance Total Investments Plans

o o o o o o o o o o o

Reliance Wealth + Health Plan Reliance Secure Child Plan Reliance Money Guarantee Plan Reliance Endowment Plan Reliance Golden Years Pension Plan Reliance Credit Guardian Plan Reliance Connect 2 Life Plan Reliance Group Term Assurance Policy Reliance EDLI Scheme Superannuation Policy Leave Encashment Plan

These and many more life insurance products providing convenient insurance solutions to individuals and groups have answe red the requirement questions for all. The application procedure includes either direct insurance quotes from the brokers or agents or online instant Reliance Life Insurance Company Limited quotes through their website. The initial documents required while buying a policy has been reduced to just the mandatory process as per the IRDA specifications. Even the Claim procedure has been simplified and you can file claims for deaths, critical illness and disability online as well. Besides this, Reliance Life Insurance offers Survival and maturity benefits on the insurance policies.

BOARD OF DIRECTORS & PROMOTERRS OF

ADAG
y Gautam D shi Direct r

Gautam is the Group Managing Director of Reliance Anil Dhirubhai Ambani Group and Director of Reliance Life Insurance Company Limited.

y Saumen Gh sh

Gr u C.E.O

Saumen is currently the Group President of Reliance Capital Limited.

y Malay Gh sh

C.E.O.

Malay leads all activities at Reliance Life Insurance Company Limited Life and his key focus is on rapid expansion of all channels and accelerating the companys growth trajectory.

Manoranjan sahoo Pankaj Ghera Sanjeev Bharadwaj Honey Nagar Nimit Verma

HOS North zone Head Regional Manager (c.p.) Branch Manager (cp) Sales Manager (cp)

 UNIT LINKED INSURANCE PLANS

Unit linked insurance plan (ULIP) is a life insurance solution that provides the client with the benefits of protection and flexibility in investment. It is a solution which provides for life insurance where the policy value at any time varies according to the value of the underlying assets at the time. The investment is denoted as unit and is represented by the value that it has attained called as Net Asset Value (NAV). ULIPs are a category of goal-based financial solutions that combine the safety of insurance protection with wealth creation opportunities. In ULIPs, a part of the investment goes towards providing a life cover. The residual portion of the ULIP is invested in a fund which in turn invests in stocks or bonds; the value of investments alters with the performance of the underlying fund opted by the customer. Simply put, ULIPs are structured in such that the protection element and the savings element are distinguishable, and hence managed according to your specific needs. In this way, the ULIP plan offers unprecedented flexibility and transparency. ULIPs came into play in 1960s and became very popular in Western Europe and America. The reason that is attributed to the wide spread popularity of ULIP is because of the transparency and the flexibility which it offers to the clients. As time progressed the plans were also successfully mapped along with life insurance needs to retirement planning .In todays times ULIP provides solution for all the needs of a client like insurance planning, financial needs, financial planning for childrens future and retirement planning.

 STRUCTURE OF ULIPs
ULIPs offered by different insurers have varying charge structures. Broadly the different types of fees and charges are given below. However the insurers have the right to revise or cancel the fees and charges over a period of time Premium Allocation charges: - This is a percentage of the premium appropriated towards charges before allocating the units under the policy. This charge normally includes initial and renewal expenses apart from commission expenses.

 ADVANTAGES OF ULIPS
ULIP distinguishes itself through the multiple benefits that it provides to the consumer. The plan is a one stop solution for everything the customers want. Unit Linked Insurance Plans (ULIPs) are different from traditional plan s purely because, they are much more transparent, various charges are shared with the customer before the sale of the product, so as to enable the customer to make an informed decision. Customers have the flexibility to choose their life cover. Also the customers have the choice of multiple fund options based on their risk appetite, thereby enabling an investor to make the desired returns from the investment. The following are some of the advantages of Unit linked plans:

a. Life protection b. Investment and Savings Market linked fund based on risk profile Switch option Premium redirection Automatic Transfer Plan(ATP) c. Tax Planning

d. Flexibility of cover continuance e. Transparency

f. Extra protection with riders Death due to accident Disability Critical illness g. Liquidity
Partial withdrawals during the term At maturity

h. Variable investment options

I. Premium holiday j. Allow Top-ups

FACTORS INFLUENCING THE BUYING OF UNIT LINKEDINSURANCE PLAN (ULIPs)

The degree of buying of ULIPs insurance varies from person to person. It depends upon many factors. The factors can be classified into personal, social, economic, psychological and company related variables. Age and experience of policyholder are personal factors, while the co - education is a social factor. Economic factors include occupation, income and wealth, and the psychological factors consist of perception, satisfaction about the services rendered by insurance companies, the impact of advertisement and personal selling made by insurance companies on policyholders. The company related variables are the promotional efforts to sell the policies to prospective buyers. These include advertisement and personal selling too.

Reliance Products
Reliance Children Plans
What could make you happier than knowing, that your child's future is secure? Nothing, we suppose. Which is why, Reliance Life Insurance brings to you Reliance Secure Child Plan, a unit -linked Insurance Plan, that gives you the freedom to enjoy today with your child, because his tomorrow is in safe hands.
y y

Do you see your child becoming a trailblazer? Will they create the ultimate symphony or give sports a new dimension?

Our children may just be the ones to end the arms race and wipe out poverty from the face of the Earth. But for them to be able to aim for the skies, YOU NEED TO ACT NOW! Introducing Reliance Secure Child Plan - a unique life insurance cum savings plan. secure the future of your child.

Key eatures
Insurance cover on the life of child Your child is completely protected - we will continue to pay the premiums even if you are not alive Life time income to child in the event of disability Return Shield option to protect your investment returns Liquidity in the form of partial withdrawals Capital guarantee available on maturity and on death of the child for basic and top-up premiums Option to package with Accidental Death and Total and Permanent Disablement Rider, Critical Conditions Rider and Term Life Insurance Benefit Rider.

2 Reliance Health + Wealth P licy

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 hi. health hi. 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. Reliance Wealth + Health Plan, a health insurance plan underwritten by Reliance Life Insurance Company Limited, is designed to wo rk in conjunction with contributions towards savings.

Key eature
y y y y y y

A Unit Linked plan with Unique Savings Component Twin benefit of market linked return and health protection Choose from two different plan options Flexibility to take care of your familys health Flexibility to switch between funds / plan options Option to pay Top-ups

(3) Reliance Pension Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Retirement means different things to different people, while some want to relax and take a trip around the world, some want to start up a venture of their own, and pursue a dream harnessed for years. The power to make your autumn years special lies only with you. The Reliance Super Golden Years Plan gives you the power and the right kind of solution - A retirement plan that allows you to save systematically and generate the much -needed corpus to make your olden years look golden.

Key eatures Reliance Pension Policy :

y y

Invest systematically and secure your golden years

y y y

A flexible unit-linked pension product that is different from traditional life insurance products with Vesting Age between 45 & 70 years Eight different investment funds to choose from Flexibility to switch between funds Option to pay Regular, Single as well as Top-up premiums

y y

Flexibility to advance / extend your Vesting Age Tax free commutation up to one third of Fund Value at Vesting Age

(4) Reliance Whole li e insurance olicy

Youve 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 eatures
y y y y y

y y

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

LIFE INSURANCE CORPORTAION (LIC) OF INDIA

LIC OFFERS THREE DIFFERENT TYPES OF ULIPS a. MARKET PLUS b. PROFIT PLUS (RP & SP) c. FORTUNE PLUS

MARKET PLUS Min entry age Max entry age Max Maturity age Min premium 18 yrs 70 yrs 75 yrs 5000 RP 10000 SP

No of funds 4 Riders ADBR Min premium payment term 5 yrs

 Key Features
I. Premium allocation charge is 16.5% in this product where as Wealthsurance has a charge of Max 4%. In Wealthsurance there is unlimited switching redirection and partial withdrawal allowed absolutely free of charge.

II.

There are no riders available in this product as against Wealthsurance has a host of riders to choose from. IV. After 3 years we can go for unlimited partial withdrawals as against in this product there are no partial withdrawal available III.

PROFIT PLUS(RP&SP)

Min entry age Max entry age Max Maturity age Min premium

0 yrs 65 yrs 70,75 yrs 1000 RP 20000 SP

No of funds 4 Riders ADBR,CIBR Min premium payment term 3 yrs

 Key Features
I. Premium allocation charge is 15% min in this product where as Wealthsurance has a charge of Max 4%. II. In Wealthsurance there is unlimited switching redirection and partial withdrawal allowed absolutely free of charge.

III. There are no riders available in this product as against Wealthsurance has a host of riders to choose from.

FORTUNE PLUS
Min entry age Max entry age 12 yrs 60 yrs

Max Maturity age Min premium No of funds Riders Min premium payment term

65 yrs 20000 4 ADBR 5 yrs

 Key Features
I. Min Entry age in Wealthsurance is 0 years as against in this product it is 12 years II. Max entry age in Wealthsurance is 65 years as against in this product it is 60 years only.

i INDUSTRY PROFILE

MEANING OF INSURANCE

Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Insurance is a collective bearing of risk. Insurance is a financial device to spread the risks and losses of few people among a large number of people, as people prefer small fixed liability instead of big uncertain and changing liability. Insurance can be defined as a legal contract between two parties whereby one party called insurer undertakes to pay a fixed amount of money on the happening of a particular event, which may be certain or uncertain. The other party called insured pays in exchange a fixed sum known as premium. Insurance is desired to safeguard oneself and ones family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events.

IMPORTANCE OF INSURANCE
Insurance constitutes one of the major segments of the financial market.

Insurance services play predominant role in the process of financial Intermediary. Today insurance industry is one of the most growing sectors in India. There is lot of potential in the Indian Insurance Industry. There are many issues, which require study. The scope of the study of Insurance industry of India would be very great as there are ongoing Developments in the industry after the opening of the sector. One of the major issues is the effects on LIC after the entry of private players in the market. Though market share of LIC has been affected, it has improved in terms of efficiency. There are number of other hot topics like penetration of Health Insurance, Rural marketing of insurance, new distribution channels, new product ranges, insurance brokers regulation, incentive scheme of development officers of LIC etc. So it offers lot of scope for studying the insurance industry. Right now the insurance industry has great opportunities in a country like India or China which huge population. Also the penetration of insurance in India is very low in both life and non-life segment so there is lot potential to be tapped. Before starting the discussion on insurance industry and related issues, we have to start with the basics of insurance. So first we understand what is insurance? How the word insurance is different from the word assurance? Etc.

DIFFERENCE BETWEEN INSURANCE AND ASSURANCE

Assurance is older in history and it was used to describe all types of insurances. From 1826, the term assurance came to be used only for the risks covered by life insurance and the term insurance was exclusively used to denote the risks covered by marine, fire, etc. The word assurance indicated certainty. In life insurance, there is an assurance from the insurance company to make payment under the policy either on the maturity or at earlier death. On the other hand the word insurance was used to denote indemnity type of insurances where the insurance company was liable to pay only in case of the loss damage the property. The insured event was bound to happen sooner or later under assurance but the event insured against may or may not happen under insurance. The principle of indemnity applies to insurance contract(non-life) only. The scope of the word, insurance is wider.

PRINCIPLES OF INSURANCE
An insurance contract is based on some basic principles of insurance. (1) Principle of Uberrima Fides or Principle of utmost good faith It means maximum truth. Both the parties should disclose all material information regarding the subject matter of insurance. (2) Principle of indemnity This means that if the insured suffers a loss against which the policy has been made, he shall be fully indemnified only to the extent of loss. In other words, the insured is not entitled to make a profit on his loss. (3) Principle of subrogation This means the insurer has the right to stand in the place of the insured after settlement of claims in so far as the insureds right of recovery from an alternative source is involved. The insurer before the settlement of the claim may exercise the right. In other words, the insurer is entitled to recover from a negligent third party any loss payments made to the insured. The purposes of subrogation are to hold the negligent person responsible for the loss and prevent the insured from collecting twice for the same loss. The concept of Third Party Claims is based on the same principle. (4) Principle of causa proxima The cause of loss must be direct and an insured one in order to claim of compensation. (5) Principle of insurable interest The assured must have insurance interest in the life or property insured. Insurable interest is that interest which considerably alters the position of the assured in the event of loss taking place and if the event does not take placed, he remains in the same old position

HISTORY OF INSURANCE
The concept of insurance is believed to have emerged almost 4500 years ago in the ancient land of Babylonia where traders used to bear risk of the carvan by giving loans, which were later repaid with interest when the goods arrived safely. The concept of insurance as we know today took shape in 1688 at a place called Lloyds Coffee House in London where risk bearers used to meet to transact business. This

coffee house became so popular that Lloyds became the one of the first modern insurance companies by the end of the eighteenth century. Marine insurance companies came into existence by the end of the eighteenth century. These companies were empowered to write fire and life insurance as well as marine. The Great Fire of London in 1966 caused huge loss of property and life. With a view to providing fire insurance facilities, Dr. Nicholas Barbon set up in 1967 the first fire insurance company known as the Fire office. The early history of insurance in India can be traced back to the Vedas. The Sanskrit term Yogakshema (meaning well being), the name of Life Insurance Corporation of Indias corporate head quarters, is found in the Rig Veda. The Aryans practiced some form of community insurance around 1000 BC. Life insurance in its modern form came to India from England in 1818. The Oriental Life Insurance Company was the first insurance company to be set up in India to help the widows of European community. The insurance companies, which came into existence between 1818 and 1869, treated Indian lives as subnormal and charged an extra premium of 15 to 20 per cent. The first Indian insurance company, the Bombay Mutual Life Assurance Society came into existence in 1870 to cover Indian lives at normal rates. The Insurance Act, 1938, the first comprehensive legislation governing both life and non-life branches of insurance were enacted to provide strict state control over insurance business. This amended insurance Act looked into investments, expenditure and management of these companies. By the mid- 1950s there were 154 Indian insurers, 16 foreign insurers, and 75 provident societies carrying on life insurance business in India. Insurance business flourished and so did scams, irregularities and dubious investment practices by scores of companies. As a result the government decided to nationalize the life assurance business in India. The Life Insurance Corporation of India (LIC) was set up in 1956. The nationalization of life insurance was followed by general insurance in 1972.

MEANING OF LIFE INSURANCE

There are three parties in a life insurance transaction: the insurer, the insured, and the owner of the policy (policyholder), although the owner and the insured are often the same person.

Another important person involved in a life insurance policy is the beneficiary. The beneficiary is the person or persons who will receive the policy proceeds upon the death of the insured. Life insurance may be divided into two basic classes term and permanent.  Term life insurance provides for life insurance coverage for a specified term of years for a specified premium. The policy does not accumulate cash value.  Permanent life insurance is life insurance that remains in force until the policy matures, unless the owner fails to pay the premium when due.  Whole life insurance provides for a level premium, and a cash value table included in the policy guaranteed by the company. The primary advantages of whole life are guaranteed death benefits; guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy.  Universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return. A universal life policy includes a cash account. Premiums increase the cash account. If you want insurance protection only, and not a savings and investment product, buy a term life insurance policy. If you want to buy a whole life, universal life, or other cash value policy, plan to hold it for at least 15 years. Canceling these policies after only a few years can more than double your life insurance costs.

HISTORY OF LIFE INSURANCE

Risk protection has been a primary goal of humans and institutions throughout history. Protecting against risk is what insurance is all about.

Over 5000 years ago, in China, insurance was seen as a preventative measure against piracy on the sea. Piracy, in fact, was so prevalent, that as a way of spreading the risk, a number of ships would carry a portion of another ship's cargo so that if one ship was captured, the entire shipment would not be lost. In another part of the world, nearly 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the caravan trade by giving loans that had to be later repaid with interest when the goods arrived safely. In 2100 BC, the Code of Hammurabi granted legal status to the practice. It Formalized concepts of bottomry referring to vessel bottoms and Respondent referring to cargo. These provided the underpinning of Marine insurance contracts. Such contracts contained three elements: a loan on the vessel, cargo, or freight; an interest rate; and a surcharge to cover the Possibility of loss. In effect, ship owners were the insured and lenders were the underwriters. Life insurance came about a little later in ancient Rome, where burial clubs were formed to cover the funeral expenses of its members, as well as help survivors monetarily. With Rome's fall, around 450 A.D., most of the concepts of insurance were abandoned, but aspects of it did continue through the Middle Ages, particularly with merchant and artisan guilds. These provided forms of member insurance covering risks like fire, flood, theft, disability, death, and even imprisonment. During the feudal period, early forms of insurance ebbed with the decline of travel and long-distance trade. But during the 14th to 16th centuries, transportation, commerce, and insurance would again reemerge. Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of Life Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The term suggests that a form of "community insurance" was prevalent around 1000 BC and practiced by the Aryans. And similar to ancient Rome, burial societies were formed in the Buddhist period to help families build houses, and to protect widows and children.

Modern Insurance Illegal almost everywhere else in Europe, life insurance in England was vigorously promoted in the three decades following the Glorious Revolution of 1688. The type of insurance we see today owes it's roots to 17th century England. Lloyd's of London, or as they were known then, Lloyd's Coffee House, was the location where merchants, ship owners and underwriters met to discuss and transact business deals.

While serving as a means of risk-avoidance, life insurance also appealed strongly to the gambling instincts of England's burgeoning middle class. Gambling was so rampant, in fact, that when newspapers published names of prominent people who were seriously ill, bets were placed at Lloyds on their anticipated dates of death. Reacting against such practices, 79 merchant underwriters broke away in 1769 and two years later formed a New Lloyds Coffee House that became known as the real Lloyds. Making wagers on people's deaths ceased in 1774 when parliament forbade the practice. Insurance moves to America The U.S. insurance industry was built on the British model. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston, SC. The Presbyterian Synod of Philadelphia in 1759, sponsored the first life insurance corporation in America for the benefit of ministers and their dependents. And the first life insurance policy for the general public in the United States was issued, in Philadelphia, on May 22, 1761. But it wasn't until 80 years later (after 1840), that life insurance really tookoff in a big way. The key to its success was reducing the opposition from religious groups. In 1835, the infamous New York fire drew people's attention to the need to provide for sudden and large losses. Two years later, Massachusetts became the first state to require companies by law to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires can cause huge losses in densely populated modern cities. The practice of reinsurance, wherein the risks are spread among several companies, was devised specifically for such situations. With the creation of the automobile, public liability insurance, which first made its appearance in the 1880s, gained importance and acceptance? More advancement was made to insurance during the process of industrialization. In 1897, the British government passed the Workmen's Compensation Act, which made it mandatory for a company to insure its employees against industrial accidents. During the 19th century, many societies were founded to insure the life and health of their members, while fraternal orders provided low-cost, members only insurance. Even today, such fraternal orders continue to provide insurance coverage to members, as do most labor organizations. Many employers sponsor group insurance policies for their employees, providing not just life insurance, but sickness and accident benefits and oldage pensions. Employees contribute a certain percentage of the premium for these policies. Final Thoughts Even though the American insurance industry was greatly influenced by Britain, the US market developed somewhat differently from that of the United Kingdom. Contributing to that was America's size; land diversity and the overwhelming desire to be independent. As America moved from a colonial outpost to an independent force, from a farming country to an industrial nation, the insurance business developed from a small number of companies to a large industry. Insurance became more sophisticated, offering new types of coverage and diversified services for an increasingly complex country.

KEY FEATURES OF LIFE INSURANCE

1) Nomination: When one makes a nomination, as the policyholder you continue to be the owner of the policy and the nominee does not have any right under the policy so long as you are alive. The nominee has only the right to receive the policy monies in case of your death within the term of the policy. 2) Assignment: If your intention is that your policy monies should go only to a particular person, you need to assign the policy in favor of that person. 3) Death Benefit: The primary feature of a life insurance policy is the death benefit it provides. Permanent policies provide a death benefit that is guaranteed for the life of the insured, provided the premiums have been paid and the policy has not been surrendered. 4) Cash Value: The cash value of a permanent life insurance policy is accumulated throughout the life of the policy. It equals the amount a policy owner would receive, after any applicable surrender charges, if the policy were surrendered before the insured's death. 5) Dividends: Many life insurance companies issue life insurance policies that entitle the policy owner to share in the company's divisible surplus. 6) Paid-Up Additions: Dividends paid to a policy owner of a participating policy can be used in numerous ways, one of which is toward the purchase of additional coverage, called paid-up additions.

7) Policy Loans: Some life insurance policies allow a policy owner to apply for a loan against the value of their policy. Either a fixed or variable rate of interest is charged. This feature allows the policy owner an easily accessible loan in times of need or opportunity. 8) Conversion from Term to Permanent: When in need of temporary protection, individuals often purchase term life insurance. If one owns a term policy, sometimes a provision is available that will allow her to convert her policy to a permanent one without providing additional proof of insurability. 9) Disability Waiver of Premium Waiver of Premium is an option or benefit that can be attached to a life insurance policy at an additional cost. It guarantees that coverage will stay in force and continue to gr

BENEFITS OF LIFE INSURANCE

1) Risk cover: Life Insurance contracts allow an individual to have a risk cover against any unfortunate event of the future. 2) Tax Deduction: Under section 80C of the Income Tax Act of 1961 one can get tax deduction on premiums up to one lakh rupees. Life Insurance policies thus decrease the total taxable income of an individual. 3) Loans: An individual can easily access loans from different financial institutions by pledging his insurance policies. 4) Retirement Planning: What had provided protection against the financial consequences of premature death may now be used to help them enjoy their retirement years. Moreover the cash value can be used as an additional income in the old age. 5) Educational Needs: Similar to retirement planning the cash values that flow from ones life insurance schemes can be utilized for educational needs of the insurer or his children.

ROLE OF LIFE INSURANCE IN THE GROWTH OF THE ECONOMY

The Life Insurance Industry has an enviable track record among public sector units. It has a Consistent profit and dividend paying record accompanied by a steady growth in its financial resources. Through investments in the Government sector and socially- oriented sectors the Industry has contributed immensely to the nation's development. The industry is recognized as one of the largest financial Institutions in the country. The ventures initiated by the industry in the areas of Mutual Fund, Housing Finance has done exceedingly well in recent years. To protect the country's foreign exchange reserves, the reinsurance arrangement are so organized that maximum retention is made possible within the country while at the same time protecting interests of the policy holders.

SWOT ANALYSIS
Strengths: a. b. c. d. e. f. Dedicated Employees. Well Efficient Management. Technology. Diversification of funds. Strong and popular brand name. Adaptability to changes.

Weakness:
a. Lack of good services. b. Lack of awareness about insurance among people.

c. Less coverage in Rural Areas. Opportunities:

a. Fast growing economy. b. Increasing per capita income in India. c. Saving behavior. d. High growth of ULIP industry. Threats: a. Arrival of new entrants in the insurance industry. b. Cut throat competition within the industry

Scope of the study:

 This study can be conducted by comparing the performances & products of three private & government insurance players in insurance industry.  The number of respondents to be surveyed can be improved.  The study can be conducted in DELHI city only.  This study can be conducted to analyze the market stand of Reliance life insurance Company limited and Life insurance Corporation of India insurance companies.

RESEARCH OBJECTIVES Objectives of this are:

i To study about the insurance industry in India. i To compare the services offered by RLIC (private) and LIC
(Government) in term of customers satisfaction.
i To study the promotional and marketing strategies of RLIC. i To Study the impact of a customer centric approach being

followed by the insurance industry.

i To study the satisfaction level of users of RLIC and LIC i To draw the various conclusion and recommendations on

the basis of the study conducted on specifically taking to consideration the services, advertising and marketing strategies of the insurance industry.

CHAPTER : CURRENT SCENARIO

y INSURANCE INDUSTRY y RELIANCE LIFE INSURANCE

CURRENT SCENARIO

i CURRENT SCENERIO OF THE INSURANCE INDUSTRY

With largest number of life insurance policies in force in the world, insurance happens to be a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs. 450 billion. Together with banking services, it adds about 7 per cent to the countrys GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investment are 8 per cent of GDP. Yet, nearly 80 percent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This it is an indicator that growth potential for the insurance sector is immense. A well-develop and evolved insurance sector is needed for economic development as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. The insurance sector, to some extent, can enable investment in infrastructure development to sustain economic growth of the country. Insurance is a federal subject in India. There are two legislation that govern the sector - The Insurance Act-1938 and The IRDA Act-1999. In India, insurance is generally considered as a tax-saving device instead of its other implied long term financial benefits. Indian people are prone to investing in properties and gold followed by bank deposits. They selectively invest in shares also but the percentage is very small. Even to this day, Life Insurance Corporation of India dominates India insurance sector. With the entry of private sector players backed by foreign expertise, Indian insurance market has become more vibrant. Business is becoming increasingly vulnerable due to wide variety of risk particularly after September 11, 2001 disaster in which twin tower located in the hearts of New York city were crashed by terrorist attack resulting in loss of 6000 human lives as well as financial loss to the extent of $45 billion. The impact of this terrorist attack has created new horizon of risk to the business world today. However, rapid changes in the global economy, development of technology and e-business already gathered momentum. Increased dependency on technology has originated new risks that have resulted in well-published incidents. Computer hackers obtaining credit card information from visa and Power-Gen, the love bug virus, cyber extortion, web content liability, professional errors and omissions, computers and other crimes and activities such as terrorism, kidnapping and companys executive and extortion of money, commercial liability etc have significant impact on business resulting in extreme financial loss, commercial embarrassment or regulatory implications. Corporation insurance/risk managers, under the circumstances, have to demand increasingly complex insurance products. They have to be more attentive and knowledgeable about emerging risks, how those risks are managed effectively and efficiently, and how they could ultimately affect a companys financial situation and therefore its position in the market place. In short, how such risks are managed and can give to an insured a competitive advantage.

In the changing times, adoption of e-commerce into business models, the integration of web-based communication and data transfer capabilities into the business operations, and leveraging of advanced network and technology architecture for maximum benefit are the new horizon of the risks. For the corporate insurance/risks managers, these new exposure-cyber-risks-can lead to cyber losses, widening the interpretation of what constitute insure property damage, particularly as it relates to information technology and data. All the while, organizations are tremendous pressure to reduce expenses and increase profit margin, and cannot afford to suffer a property loss of business interruption due to any cause (risk). How a company identifies, quantifies, qualifies and manages these new risks exposure, in addition to the well-known tradition risks, is becoming an important factor in creating shareholders value. This often means changing the way. Everyone in the organization have to think about risk. Insurance managers are seeing price levels (premium) continue to rise-albeit modestly-in todays primarily commercial property and reinsurance markets. They are demanding that insurers improve their risk assessment and quantification offerings so that an insured may avail the benefit in cost (premium rate) on account of well-managed risk. The good news for insurance managers is that as the economy evolves, insurers are increasingly matching that evaluation with new products, services and capabilities due to opening up the insurance market to the private players. Insurers who are truly listening to their customers and striving to be more in tune with their needs are responding to the fast changing corporate insurance and risk management landscape. They are listening to their customers. They are making fresh approaches to address the new challenges faced by insured organization by designing the new products as per the needs. Insurers are providing value added services to insured to protect the value created by the business. Insurers are increasingly required to develop and expand their information technology platforms to ensure that the vast amount of data they collect about their customers. Insurance/risk portfolio can easily and seamlessly be transformed into valuable risk management information. To help their customers, insurers should make better-informed decisions. They must be able to swiftly deliver this data to their customers (insured) anywhere in the world. Insurer are also discovering that risk assessment have to be customized to meet policyholders new exposures and needs. The insurance industry is stepping up and addressing these challenges in several different ways.

i CURRENT SCENARIO OF RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited (RLIC) is amongst the fastest growing life insurance companies in India. It is also amongst the top four private sector life insurance companies in India. (as on FY 20082009) As on March 31, 2009, RLIC has an annualized premium of Rs. 30 billion with a market share of 10.3%. It has leapfrogged on the growth path and has reached the 4 million policy mark, in a short span of within 3 years. RLIC has a strong distribution network of 1,145 branches with more than 149,000 agents. RLIC offers wide range of innovative life insurance products, targeted at individuals and groups. It offers need based products that caters to four distinct segments namely protection, child, retirement and investment plans. RLIC is committed to emerge as a transnational Life Insurer of global scale and standard.

Insurances Market Share in Comparison of Other Private company

If we l

at t e stat s of Reliance Life Insurances market share in comparison of other

pri ate company in comparison of premium earned:

CHAPTER: RESEARCH METHODO OGY

DATA ANALYSIS AND INTERPRETATIONS LIMITATIONS OF THE STUDY

i REASEARCH METHODO OGY

As the tithe of the project suggests the purpose to study the access of prudential in area like Pitampura. Research comprise defining and redefining problems, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions and reaching conclusions; and at last carefully testing the conclusions to determine whether they fit the formulating Hypothesis. In short, the search for Knowledge through Objective and Systematic method of finding solutions to a problem is Research.

METHODO OGY:

The methodology adopted in conducting this survey was quite simple. First there was collection of data from various sources including personal interview. Then after scanning and properly analyzing and interpreting the information available on hand, a final report was prepared.
SOURCES O DATA

1. PRIMARY DATA: Primary data was collected from the sample by a self-administered questionnaire in presence of the interviewer.
2. SECONDARY DATA: The chief sources of secondary data were

magazines, newspaper, journals etc.

RESEARCH DESIGN
Ty e o Research: Descripti e research

Descriptive research includes Surveys and fact -finding enquiries of different kinds. The main characteristic of this method is that the researcher has no control over the variables; he can only report what has happened or what is happening.
RESEARCH INSTRUMENTS

Selected instrument for Data Collection for Survey is Questionnaire.

SAMP E SIZE:

The survey is conducted among 100 respondents. Simple statistical tools have been used in the present study to analyze and interpret the data collected from the field. The study has used percentage method and the data are presented in the form of diagrams.
SAMP E AREA: Di erent customer o sahadra districts which co ered many areas li e seelampur.

Sampling Area:
Di erent customers o sahadra district which co ered many areas li e seelampur.

RESULT ANALYSIS & INTERPRETATION

1) AGE:

AGE 18-30 31-50 51-65 TOTAL

NO. OF RESPONDENTS 43 37 20 100

PERCENTAGE 43% 37% 20% 100%

AGE WISE CLASSIFICATION

45 40 35 30 25 20 15 10 5 0

RESPOND

NO. OF

43 37 20

18 to 30

31 to 50

51 to 65

AGE (in ye a rs)

INTERPRETATION:-The bar graph reveals that 43% of the respondents belong to the age group of 18-30 years, 37% lies in the age group of 31-50 years and 20% of them lie in the age group of 51-65 years.

2) OCCUPATION:

OPTION Service Business Profession Housewife Retired TOTAL

NO. OF RESPONDENTS 32 28 10 17 13 100

PERCENTAGE 32% 28% 10% 17% 13% 100%

OCCUPATION WISE CLASSIFICATION

35 30 25 20 15

32 28

17 13 10

10 5 0 service business profession OC C U PA T ION housewife retired

INTERPRETATION:-The above bar graph reveals that 32% of the total respondents were servicemen, 28% of them belonged to the business class, 10% were professionals, 17% were housewives and 13% of the total respondents fall in the retired category.

3) INCOME:

OPTION 150000-300000 300000-500000 Above 500000 TOTAL

NO. OF RESPONDENTS 48 29 23 100

PERCENTAGE 48% 29% 23% 100%

INCOME WISE CLASSIFICATION

NO. OF RESPONDENTS

150000- 300000300000 500000

ABOVE 500000

INCOME( in RS.)
INTERPRETATION:-The above bar graph reveals that out of the total respondents 48% lie in the income group of 150000 -300000, 29% of the total respondents belonged to the income group of 300000-500000 and 23% lie in the income group of people earning an income of above Rs. 500000p.a.

 DATA SHOWS PEOPLES HAVING INSURANCE

RESPONSE

NO. OF RESPONDENTS 90 10 100

SHARE (%)

Yes No Total

90% 10% 100%

90% 100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Yes

10 %

No

INTERPRETATION y Of the sample size of 100 surveyed respondents 100% of the respondents are having Insurance policy. y 00% of the respondents are either not having any Insurance policy at present or their policy is already matured.

 DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

COMPANY S NAME

NO.OF RESPONDENT

SHARE (%)

L.I.C. RELIANCE LIFE INSURANCE ICICI PRUDENTIAL SBI LIFE HDFC TOTAL

68 3 10 7 2 100

78 3 10 7 2 100

20 10 0 LIC

REL

ICICI

SBI

HDFC

INTERPRETATION  78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1 by that percent of respondents.

70 60

40 30 Ea t

 DATA SHOWS WHIS POLIC most f S E

tl

P LICY M P

RESP 65

RE 65%

S IP

35

35%

0%

20% 10%
0% 1

INTERPRETATION



 35% of t spo d b st fo g t t g


ts as w t t tu

v w t at SAIP s t

 

 65% of t fo g t tu

spo d ts as w t t v w t at MGP s t wt tu s d opt o .

 

b st

 

           

60% 50%

40% 30%
ri 1

 DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT

RESPONSE Saving & Returns Security Tax benefits NO. OF RESPONDENTS 100 90 71. SHARE (%) 100% 90% 71.%

100 100 0 1 Saving & Returns

90

60
40 20

0
Saving & Returns

0 Security

Tax benefits

INTERPRETATION y 100% of the respondents intent to gain saving and returns from their investment. y 90% of the respondent s intent to gain security from their investments.

Security
0

Tax benefits 0

Whereas, 71.75% of the respondent s intent to gain tax benefits from their investments.

 DATA PROVIDES FEATURES OF INSURANCE ATTRACTED RESPONDENTS

FEATURE Money Back Guarantee Larger Risk Coverance Easy Access to Agents Low Premium Company s Reputation TOTAL NO.OF RESPONDENTS 15 37 7 30 11 100

POLICY THAT

SHARE (%) 15 37 7 30 11 100

FEATURES OF NSURANCE POL CY

MONEY BA K
11% 15%

EASY ACCESS TO A ENTS

INTERPRETATION  Majority of the respondent (37%) found Larger risk coverance as the most attracted feature of the all.

%2

RE

TATION OF COMPANY

&2

OW

EMI M

((

ISK

OVE ANCE

&

%$ 0

AA ENTEE

( ) ' 1

! !

"

 DATA

GIVES

BENEFITS

OF

INSURANCE

PERCEIVED

BY

RESPONDENTS
3

BENEFITS Cov r F
A8@

NO.OF RESPONDENTS
79 7 6 86 4

SHARE (

D d c ons r Inv s
C 4 6 4

2 nt

25
D BB

25
D BB

O AL

25%
INTERPRETATION

Cover Future Uncertainty Tax Deductions 55% Future Investment

attracted feature of the all.

20%

INTERPRETATION
 55% of the respondents believe that covering future uncertainty is the biggest benefit of an insurance policy.  Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and future investments respectively.

55 4 6

9 5 4 6

@ @ 55 4 6

r U c r

55

55

 DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY SERVICE

RESPONSE NO. OF RESPONDENTS 45 55 0 100 SHARE (%)

Satisfied Not satisfied Not Responded Total

45% 55% 0.0% 100%

60.00%
40.00% 20.00%

Satisfied

Not satisfied

0.00%
Satisfied

Not satisfied

INTERPRETATION y y y 60% of the respondents are more or less satisfied with their existing policy. 40% of the respondents are not satisfied with their existing policy. In this case all of those who have taken a policy have responded.

 DATA SHOWS RESPONDENTS PERCEPTION ABOUT BEST FORM OF INVESTMENT FOR SECURING THEIR FUTURE
NO. OF RESPONDENTS Fixed Assets Bank deposits Jewellery Securities i.e. bonds, MFs Shares Insurance 75 SHARE (%) 75%

11 25 40. 10 70

11% 25% 40% 10% 70%

0 0

INTERPRETATION y 75.25% of the respondents as with the view that Fixed Assets is the best form of investment for securing their future. y 70.5% of the respondents are with the perception that Insurance is the best form of investment for securing their future, which is one of the highest and this shows that insurance is an important key for securing your future.

10

0 11

0 0 0 10

30

0
0 Insurance

60

50 Shares 0
5 0 0

Securities i.e. bonds, MFs

Cash & Jewellery Bank deposits Fixed Assets

LIMITATIONS
The study could not be made that comprehensive due to time constraints. Some customers feel uncomfortable to reveal some personal information relating to income etc. it might have happened that some more essential information could have been collected.

j Time constraint. j Biases and non-cooperation of the respondents. j Financial constraint. j Geographical selectivity in study limiting to Delhi city only. j People are not interested in giving personal opinion.

DISCUSSION S AND FINDINGS OF THE STUDY

Findings

The survey reveals that in the total population 70% people have the insurance and only 30% people have no any insurance . Basically people make varied form of investment for creating wealth to protect their families against premature death and to protect income against disabilities, sickness , critical illness. The main motive of the individual investing in recives long term returns. people generally consider insurance as a saving and investments device. Most people prefer to invest in LIC (Government)as compared to making in investment in other insurance company. The most preferred ULIP plans of reliance life Insurance is Money Guarantee Plan. In the Society large risk coverage of insurance policy attract to take the policy for the future and the company reputation in not the big point for the costumers to buy the policy The people are like to want to investment in fixed assets and after they choice the insurance because in the insurance the risk is very high. In the society more than 50% people are not satisfied from the policy services and most people are not satisfied with their existing services .

Suggestions and recommendations

Based on the observations of the study some suggestions for the organizations are made as follows . 1. Company should increase its budget on publicity so that awareness can be increased 2. Quality of advisor is also important as the quantity. The company should go mainly for qualifying professionals. 3. Clarity and transparency should be provided to costumers regarding various products . 4. Infrastructure has to be built properly because an office is the face of the company 5. Apart from the brand positioning in urban area, a strategy should be adopted by r eliance to make its brand also near to middle level, or high aspirant people because the are the main source of the business in india . 6. Some innovative technique or product is required in order to attract the costumer

Conclusions

1. The result of the survey conducted shows that lic is the lader in the insurance industry but reliance life insurane and other private players are given it to close competetion. 2. The customers are very much sensitive towards their investment they would like to invest only in that insurance company which enjoys good public image along with good quality services. 3. The motive of the people behind investing in life insurance is the savings and returns that they would receive high returns in the future. 4. In life insurance industry the after sale support of the company is as important so as the quality of the life advisors.

 QUESTIONNAIRE

y NAME ___________________________________________

y ADDRESS ________________________________________

y AGE

18-30

31-50

51-65

y OCCUPATION

Business Retired

Professional

Service

Housewife

y ANNUAL INCOME

150000-300000

300000-500000

500000 and above

1. Do you have any insurance policy?

Yes

No

2. WHICH COS INSURANCE POLICY YOU PREFER THE MOST?

a) LIC b) ICICIPRUDEN IAL c) SBI LIFE INSURANCE

P

d) ING VYSYA LIFE e) RELIANCE LIFE INSURANCE f) A A AIG LIFE g) ANY O HER
3. OUT OF THE ABOVE
Q Q Q

________
POLICIES WHICH DO YOU MOST

FREQUENTLY?

MONEY GAURNTEE PLAN (MGP) SUPER AUTOMATIC INVESTMENT PLAN (SAIP)

4. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?
a) SAVING & RETURNS b) SECURITY c) TAX BENIFITS

5. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY IT?

(RANK HEM) a) LOW PREMIUM b) LARGER RISK COVERANCE c) MONEY BACK GUARN EE d) REPU A ION OF COMPANY e) EASY ACCESS O AGEN S
S R R R R R

f) ANY O HER

_________ (Spec fy)

6. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE COVER?

(RANK HEM) a) COVER FU URE UNCERTAINITY b) TAX DEDUCTIONS c) FUTURE INVESTMENT

U T

d) ANY OTHER

_________ (Spec fy)

7. ARE YOU SATIS IED WITH THE POLICY SERVICE? a) SATISFIED SAVING TOOL b) NOT SATISFIED c) NOT RESPONDIN

8. WHICH IS THE BEST FORM OF INVESTMENTS?

a) FIXED ASSETS b) BANK DEPOSITS c) JEWELLERY d) SECURITIES .e. Bonds MFs e) SHARES
V W V