On

Submitted to

RDVV University, Jabalpur

In the partial fulfillment Of the award of the degree of

BBA (Bachelor of business administration)

Project guide:Mr.Ganesh rathour

Submitted by:Sudhakar chourasiya BBA 3rd year

Jabalpur college of computer & communication Jabalpur

This is certify that Mr. Sudhakar chourasiya is a regural student of BBA (Bachelor of business administration) 3rd year for the session 2010-11 Studying in our college. His conduct and behavior is good. And has successfully completed the given project entitled the marketing of Reliance life Insurance has completed this project by taking full knowledge and experience of our faculty member of college. Last but not the least the project completed by Mr. Sudhakar chourasiya is done under our guidence

Mrs. Sadhana shrivastav

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

I would like to thank Pro.. for supporting me during this project and providing me an opportunity to learn out side the class room.It was a truly wonderful learning experience. I would like to dedicate this project to my parents.Without their help and constant support this project would not have been possible. Lastly I would to thank all the respondents who offered their opinion and suggestion throught the survey that was conducted by me in Alwar. Once again my gratitude to me Reliance life insurance. For their kind cooperation

This is certificate that Mr. Sudhakar chourasiya is a student of Jabalpur College of computer & communication under the affrication of RDVV (Rani Durgavati vishwavadalaya Jabalpur MP) has prepared the Reliance life Insurance for the partial fulfillment of the degree of bachelor of business administration (BBA) He has prepared the concerned project report by our knowledge skill guidance and material palce & support. Mr.Sudhakar chourasiya is a man carry out project work with his hard work and strong dedication toward the fulfillment of this particular project By looking at his performance in the project we wish him for best in his near future endeavors.

HOD Mr. GANESH RATHODE

I, Sudhakar chourasiya here by declared that the project report research entitled Reliance life insuranceis an authentic, original and comprenhensic analyses that from a part of our study for the award of degree BBA (Bachelor of business administration). Further, I would like to add that the analysis and consequent suggested recommendations encapsulate in the project study has been my logic and creation in sight as were passed on to me during the study of the concern pertaining to management. I shall therefore, vouch that this study is nat duplicated, replicate of similar or as earlier research.

Mr. Sudhakar chourasiya BBA 3rd year

REFERENCE TO CONTENTS
TOPICS

Introduction Company profile Product profile Objective of study Result analysis & interpretation Claim overview Programme Terms and Conditions Resources of data Swot analysis Conclusion Suggestion questionnaire

Introduction

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

these types of policies will be taken up in detail in the forthcoming posts in this series. But non-life insurance companies have so far been restricted to pure risk cover itself.

History of Insurance in India

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

Current market Scenario

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

KEY MILETONES
1912:- The Indian life assurance companies Act enacted as the first statute to regulate the life
insurance business.

1928:- The Indian insurance companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance business.

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

1956:- 245 Indian and foreign insurers along with provident societies were taken over by the
central government and nationalized. LIC was formed by an Act of parliament LIC Act 1956with a capital contribution of Rs. 5 crore from the Governmental of India.;

Our Founder
Few men in history have made as dramatic a contribution to their countrys economic fortunes as did the founder of Reliance, Shri. Dhirubhai H Ambani. Fewer still have left behind a legacy that is more enduring and timeless. As with all great pioneers, there is more than one unique way of describing the true genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of men, the architect of Indias capital markets, the champion of shareholder interest. But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth creator. In one lifetime, he built, starting from the proverbial scratch, Indias largest private sector enterprise. When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300 (around ` 14,000). Over the next three and a half decades, he converted this fledgling enterprise

into a ` 60,000 crore colossusan achievement which earned Reliance a place on the global Fortune 500 list, the first ever Indian private company to do so. Dhirubhai is widely regarded as the father of Indias capital markets. In 1977, when Reliance Textile Industries Limited first went public, the Indian stock market was a place patronised by a small club of elite investors which dabbled in a handful of stocks. Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to participate in the unfolding Reliance story and put their hard-earned money in the Reliance Textile IPO, promising them, in exchange for their trust, substantial return on their investments. It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian markets. Under Dhirubhais extraordinary vision and leadership, Reliance scripted one of the greatest growth stories in corporate history anywhere in the world, and went on to become Indias largest private sector enterprise. Through out this amazing journey, Dhirubhai always kept the interests of the ordinary shareholder uppermost in mind, in the process making millionaires out of many of the initial investors in the Reliance stock, and creating one of the worlds largest shareholder families.

About Reliance
Reliance life insurance company limited is a part of reliance capital limited of the Reliance Anil Dhirubhai Ambani Group.Reliance capital is one of the Indias leading private sector financial services companies,and ranks among the top three private sector financial service and banking companies, in terms of net worth.Reliance capital has interests in asset management and mutual funds, stock broking, life & general insurance,proprietary, private equity and other activities in financial services. Reliance capital limited (RCL) is a non banking financial company(NBFC) registered with the reserve bank of India under section 45-IA of the reserve bank of India Act, 1934 Reliance capital sees immense potential in the rapidly growing financial service sector in India and aims to become a dominate players in this industry and offer fully integrated financial services. Reliance life insurance is another step forward for reliance capital limited to offer need based life insurance solution to individual and corporate.

Vision
Empowering everyone live their dreams

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

Our Goal
Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below: Emerge as transnational Life Insurer of global scale and standard Create best value for Customers, Shareholders and all Stake holders Achieve impeccable reputation and credentials through best business practices

MARKET SHARE OF RELIANCE LIFE INSURANCE

Insurance plan available

Product (individual plan) Saving (endowment) Reliance endowment plan (Formerly Divya shree) Reliance special endownment plan (Formerly subha shree) Reliance cash flow plan (Formerly dhan shree) Reliance child plan (Formerly yuva shree) Reliance whole life plan (Formerly nithya shree)

Pension
Reliance golden years plan (Formerlybhagya shree)

Investment plan
Reliance market return plan

(Formerly kanaka shree)

Risk/ protection Reliance term plan (Formerly Raksha shree)

PRODUCT (Group/corporate plan)

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

Reliance EDLI scheme

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

Reliance Child Plan

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

Key Features
Risk protection for you during the term of the Policy Accumulated bonus at the end of the Policy Term

25% of Sum Assured payable every year as lump sum Benefit during the last four Policy Anniversaries All future premiums are waived in the event of unfortunate loss of life Guaranteed Fixed Benefits continue even after loss of life of the Policy holder More value for your money by way of High Sum Assured Rebate Choose to add the Benefit of two Riders - Critical Illness and Accidental Death Benefit and Total and Permanent Disablement Rider Policy participates in profit even after the loss of life of the life Assured

Reliance Wealth + Health Plan

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

There are times when late working hours take precedence over your health check-ups. And there are times when a visit to the doctor seems more important than dividends on your shares. In the rat race to make money, we often forget to take care of ourselves. We understand this predicament. Here is a plan that will ensure that your wealth keeps increasing constantly and yet your health does not take a backseat. The Reliance Wealth+Health Plan. A plan that gives you the benefits of wealth bhi. health bhi. Life changes. And as it does, so do your priorities. After all, the circumstances of your life can determine the type of health coverage you need. India has made rapid strides in the health sector. Since Independence, life expectancy has gone up markedly and survival rates have also increased, still critical health issues remain. Infectious diseases continue to claim a large number of lives. Perhaps you're a freshly minted graduate, a joyful newlywed, retiring early or between jobs. Maybe you're running your own business or raising a family or both. In any of the situations, GOOD or BAD, health cannot be taken for granted. All are affected by the rising costs of medical expenses. Thats why it is important to plan early and in advance.

Reliance Wealth + Health Plan, a health insurance plan underwritten by Reliance Life Insurance Company Limited, is designed to work in conjunction with contributions towards savings. The uniqueness of this plan is that it not only provides benefits for covered injuries but also for other injuries by encashment from the unit fund. This plan from Reliance Life offers the Hospitalization and Surgical Benefits and also covers Critical Illnesses. In short this plan provides you with a personalised quality health cover that fits your lifestyle.

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

Retirement Plans
You are a young and earning individual. The income you earn allows you to enjoy life, your only worry being whether you will be able to continue the same lifestyle after retirement. A Reliance Retirement Plan will help you save money for your retirement. It ensures that you continue to get some income after retirement thereby ensuring that you do not have to depend on any other person or make any compromises to maintain the same lifestyle. Invest in a Reliance Retirement Plan today and enjoy life after retirement on your own terms

Reliance Whole Life Plan

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 Features
Insurance protection till age 85. Choice of extending your insurance coverage till age 99. Convenient Premium Payment Term. Wealth creation through bonus additions. More value for your money by way of High Sum Assured Rebate Get Sum Assured plus Bonuses in case of your unfortunate death. Option to add two Riders Critical Illness and Accidental Death Benefit and Total and Permanent Disablement Rider. Policy Loan available after three full years premium payment.

Reliance Life Insurance Money Multiplier Plan

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

Key features Reliance Life Insurance Money Multiplier Plan

Double life cover This plan offers you a life cover of twice the basic sum assured. Increasing life cover every year Life covers which increases with time, through Guaranteed Loyalty Additions.

Triple survival benefits (on Maturity):

Basic sum assured. Accrued Guaranteed Loyalty Additions. Guaranteed Maturity Addition. Longer the commitment, higher the benefits through an increasing Guaranteed Loyalty Additions every year and Guaranteed Maturity Additions with policy term.

Reliance Traditional Group Gratuity Plan

Reliance Traditional Group Gratuity Plan is a yearly renewable, traditional group gratuity scheme. It enables employers / trustees to outsource the management of their employees gratuity funds and the related administration to Reliance Life Insurance Company Ltd.

Key Features
The scheme will assist the corporate to manage their gratuity liabilities. Option to enhance protection through riders Tax benefits as applicable

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

What are the Key Features Reliance Jan Samriddhi Plan?

Facilitate and Encourage long term savings to earn periodic returns. Extremely affordable premium installment amounts Life cover to protect the family against financial liabilities like loss of income, outstanding loans, etc. Extra Protection on Accidental Death Double the face amount, at no extra premium. Convenient and Hassle free enrolment.

Which target segment is the plan best suited for?

Any Group i.e. Employers/Associations/Co-operatives/Micro Finance Institutions (MFI) etc., Affinity, Agricultural laborers, Small and Medium Scale Farmers, Village Craftsmen and Cottage Industry employees amongst others can be offered this plan to reap the twin benefits of protection and savings.

Group Term Insurance Plan (EDLI)

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

So what does it mean?

Using the example of an employee earning `10,000 as basic salary per month, the PF contribution is Rs 2,400 per month (1,200 from employer +1,200 from employee). The average balance in the last 12 months therefore would be Rs 15,600 [i.e.(2400x1+2400x2+2400x3++2400x12)/12] Thus this employees family on his death would receive `15,600 as the EDLI benefit for the premium of Rs .600 (0.5% of this basic salary) paid towards it in the last 12 months, assuming the salary has not changed in the same period.

Reliance Life Insurance Group Term Life In Lieu of EDLI

Under Section 17(2A) of the act, the Employer may be exempt from contributing to this scheme, if he/she has provided for better insurances benefits than the cover offered by the Employee Provident Fund Organization (EPFO) through a life insurer. Reliance Life Insurance Group Term Life in Lieu of EDLI has been approved by the Central Employee Provident Fund Organization as a better alternative.

The benefit we provide under this scheme is a minimum of `62,000 and a maximum of `1, 50,000. A Double Accident Benefit rider can also be provided

HEALTH PLAN
"We Protect, We Care" We are sure you would like to do too Convey that you care for your family through Reliance Life Insurance Health Plan

What makes the Reliance Life Care for You Plan unique?
The uniqueness lies in its nature and capacity to provide financial protection, when you most need it. When an unexpected diagnosis of a serious illness or hospitalization of a loved one takes its toll on you mentally as well as financially, this plan helps you to confront the situation with courage and confidence. With the Reliance Life Care for You Plan you neednt worry, as it offers an extensive list of unique features unlike any other policy. Cashless facility at 4000 hospitals across the country Single sum assured covers the entire family Day Care Treatment covered Covers parents and in-laws Maternity Benefit (available under family floater cover) Fixed premium guarantee for a period of 3 years 5% increase in Sum Assured without paying any extra premium for every claim free year.

Who is eligible under this cover?

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

Isnt this cover expensive? Actually its quite the opposite.

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

Why Reliance Life Insurance should be your first choice?

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

At Reliance Life Insurance, we not only protect you, but we care for you too... What this plan brings for you? Key Features and Benefits:
Reimbursement of all admissible medical expenses when you are in hospital. Maternity Benefit (available under family floater cover)

Pre existing illness covered after 4 continuous years of membership. 150 Day Care Treatment covered Pre & Post hospitalization expenses are covered. Ambulance charges payable. Income Tax benefit under section 80(D) Entire family covered under a single umbrella of protection. Cover your Parents & parents-in-law Guaranteed Renewability Cashless facility at 4000 hospitals across the country. Sum Insured is increased by 5% without paying any extra premium, for every claim free year. Guaranteed fixed rate of premium for 3 years. Renewal discount of 15% on premium at the time of term renewal as a token of appreciation for your continued faith in us. Wide range of Sum Insured ranging from `2 lacs to ` 10 lacs.

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

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

Major Player in the Insurance in the India

LIC

- The Life Insurance Corporation of India (LIC) is the largest state-owned life

insurance company in India and also the country's largest investor. It is fully owned by India, the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It . has assets estimated of 9.31 trillion ( (US$206.68 billion).It was founded in 1956 with the 206.68 merger of more than 200 insurance companies and provident societies. Headquartered in Mumbai financial and commercial capital of India,[3] the Life Insurance Mumbai, Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with located satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public.

GIC - The entire general insurance business in India was nationalized by General Insurance Business (Nationalization) Act, 1972 (GIBNA). The Government of India (GOI), through Nationalization took over the shares of 55 Indian insurance companies and the undertakings of 52 insurers carrying on general insurance business. General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. As soon as GIC was formed, GOI transferred all the shares it held of the general insurance companies to GIC. Simultaneously, the nationalized undertakings were transferred to Indian insurance companies. After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GIC (1) National Insurance Company Limited, (2) The New India Assurance Company Limited, (3) The Oriental Insurance Company Limited, and (4) United India Insurance Company Limited The next landmark happened on 19th April 2000, when the Insurance Regulatory and Development Authority Act, 1999 (IRDAA) came into force. This act also introduced amendment to GIBNA and the Insurance Act, 1938. An amendment to GIBNA removed the exclusive privilege of GIC and its subsidiaries carrying on general insurance in India.

HDFC Standard Life - HDFC Standard Life, one of India's leading private life insurance
companies, offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), India's leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom. HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the joint venture, while the rest is held by others. HDFC Standard Life's product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health. Customers have the added advantage of customizing the plans, by adding optional benefits called riders, at a nominal price. The company currently has 32 retail and 4 group products in its portfolio, along with five optional rider benefits catering to the savings, investment, protection and retirement needs of customers.

HDFC Standard Life continues to have one of the widest reaches among new insurance companies with 568 branches servicing customer needs in over 700 cities and towns.

The company has a strong presence in its existing markets with a base of 2,00,000 Financial Consultants.

Max New York Life Insurance Company - Max New York Life Insurance Company
Ltd. is a joint venture between Max India Limited, one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. Incorporated in 2000, Max New York Life started commercial operation in April 2001. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital as on 31 st August, 2010 is Rs 1,973 crore.

List of all insurance companies in India and which one is the best of them?

Following is the list of all life insurance company granted permission by IRDA.
1. Bajaj Allianz Life Insurance Company Limited 2. Birla Sun Life Insurance Co. Ltd 3. HDFC Standard Life Insurance Co. Ltd 4. ICICI Prudential Life Insurance Co. Ltd. 5. ING Vysya Life Insurance Company Ltd. 6. Life Insurance Corporation of India

7. Max New York Life Insurance Co. Ltd 8. Met Life India Insurance Company Ltd. 9. Kotak Mahindra Old Mutual Life Insurance Limited 10. SBI Life Insurance Co. Ltd 11. Tata AIG Life Insurance Company Limited 12. Reliance Life Insurance Company Limited. 13. Aviva Life Insurance Co. India Pvt. Ltd. 14. Sahara India Life Insurance Co, Ltd. 15. Shriram Life Insurance Co, Ltd. 16. Bharti AXA Life Insurance Company Ltd. 17. Future Generali Life Insurance Company Ltd. 18. IDBI Fortis Life Insurance Company Ltd. 19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd 20. AEGON Religare Life Insurance Company Limited. 21. DLF Pramerica Life Insurance Co. Ltd. 22. Star Union Dai-ichi Life Insurance Comp. Ltd.

Tax benefits for the Citizen

INCOME-TAX AND TAX BENEFITS FROM LIFE INSURANCE
INCOME-TAX RATES FOR ASSESSMENT YEAR 2011-2012 (FINANCIAL YEAR 2010-2011)

Income Slabs Individual & HUF below age of 65 years Income up Rs.1,60,000 Rs.1,60,001 Rs.5,00,000 Woman below age of 65 years Individual above age of 65 years to to to

Tax Rates

to Income up Rs.1,90,000 to Rs.1,90,001 Rs.5,00,000

to Income up Rs.2,40,000 to Rs.2,40,001 Rs.5,00,000 to Rs.5,00,001 Rs.8,00,000

NIL 10% 20% 30%

Rs.5,00,001 to Rs.5,00,001 Rs.8,00,000 Rs.8,00,000 Above Rs.8,00,001

Above Rs.8,00,001 Above Rs.8,00,001

TAX BENIFITS

Income Tax section Sec. 80C

Gross annual salary Accros all income Slabs

How much tax can HDFC standard life you save Plans Upto Rs. 33,990 saved on investment of 1,00,000 Upto Rs. 33,990 saved on investment of 1,00,000 Upto Rs. 3,399 saved on investment of 10,000 All the life insurance plan

Sec. 80 CCC

Accros all income Slabs

All the pension plans.

Sec. 80 D

Accros all income Slabs

All the health insurance riders available with the conventional plans.

TOTAL SAVING Rs.37,389 POSSIBLE Rs. 33,990 under sec. 80C and under Sec. 80CCC,Rs.3,399 under Sec. 80 D, calculated for a male with gross annual income Exceeding Rs. 10,00,000

Sec.10 (10)D

Under sec. 10(10d), the benefits you receive are completely tax-free, subject to the condition laid down therin.

DATA ANALYSIS & INTERPRETATION

DATA GIVES PREFERENCE OF RESPONDENT OF INSURANCE COMPANIES COMPANY NAME L.I.C. RELIANCE LIFE INSURANCE ICICI PRUDENTIAL SBI HDFC TOTAL NO. OF RESPONDENT 78 3 10 7 2 100 SHARE (%) 78 3 3 7 2 100

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

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

DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDETS BENEFITS Cover future uncertainty Tax deductions Future investment Tax NO. OF RESPONDENTS 55 20 25 100 SHARE(%) 55 20 25 100

DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDETS

Cover future uncertainty 55% Tax deductions 20 % Future investment 25%

INTERPRETATION

55 % OF THE RESPONDENTS BELIEVE THAT COVERING FUTURE UNCERTAINTY IS THE BIGGEST BENEFIT AN INSURANCE POLICY Whereas, 205 and 25 % of them believe that the other benefits are tax deduction and future investments respectively

DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTIVE RESPONDENTS

FEATURE Money back guarantee Larger risk coverance Easy access to agent Low premium Companys reputation Total

NO. OF RESPONDENTS 15 37 7 30 11 100

SHARE (%) 15 37 7 30 11 100

DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTIVE RESPONDENTS

Money back guarantee 15% Larger risk coverance 37 % Easy access to agent 7 % Low premium 30 % Companys repution 11 %

INTERPRETATAION

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

DATA SHOWS BUYING PROCESS OF THE PEOPLE

BUYING PROCESS Customer approached insurance company agents Company/agent approached customer Total

NO. OF RESPONDENTS 45

SHARE (%) 45%

55 100

55% 100%

DATA SHOWS BUYING PROCESS OF THE PEOPLE

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

INTERPRITATAION
44.5 % of the respondents approached the insurance company/agent. Whereas 55.5% of the respondents were approached by the company/agent

DATA SHOWS RESPONDENTS INVESTMENTS FOR TAX SAVING

INVESTMENT LIC NSC BONDS PPF PF EPF

NO. OF RESPONDENT 51 33 32 25 21 11

SHARE (%) 51% 33% 32% 25% 21% 11%

DATA SHOWS RESPONDENTS INVESTMENTS FOR TAX SAVING

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

INTERPRETATION

51 % of the the respondents save their tax by investing in LIC, which is the highest among all investment. This shows that most people for getting taxes benefits in invest in LIC. 33.25% of the respondents do their tax saving by investing in NSC

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

DATA GIVES PEOPLES PERCEPTION ON APPRIATE AGE FOR BUYING INSURANCE RESPONSE After 25 yrs After 35 yrs After 45 yrs Anytimes NO.OF RESPONDENTS 29 10 0 60 SHARE (%) 29% 10% 0% 60%

DATA GIVES PEOPLES PERCEPTION ON APPRIATE AGE FOR BUYING INSURANCE

After 25 yrs 29% After 35 yrs 10 % After 45 yrs 0% Any times 60%

INTERPRETATAION

29% of the respondents are with the view that insurance should be bought after the age of 25 years. 10.5% of the respondents are with the view that insurance should be buyed after the age of 35 years Whereas, 60.5% % of the respondents are with the view that buying of insurance do not have anything to do with age I.e., there is no age limitation. It can be purchased any time according to need.

How to registered the

Critical Illness Accidental Death Benefit / Total & Permanent Disability Death

Critical Illness

Documents required for Critical Illness claim

Critical Illness Claim form A - to be filled by the Life Assured Claim form B - Certificate of illness to be filled, signed and stamped by the attending doctor. Original policy documents All hospital reports (certificate of diagnosis, lab reports, attended physician report, biopsy reports if any, discharge summary, first consultation notes etc)

Accidental Death Benefit / Total & Permanent Disability

Documents required for Death claim

1-Claim forms (A & B).
2-All hospital reports (certificate of diagnosis, attended physician report, discharge summary, first consultation notes etc). 3-Original policy documents 4-FIR and Police Investigation Report. 5- News paper cutting on the accident, if available

Death
Documents required for Death claim 1-Claim form A: This form need to be filled by the nominee or claimant 2-Claim form B - Certificate of last illness to be filled, signed and stamped by the doctor in attendance during the last illness of the deceased life assured. 3-Original policy documents 4-Original death certificate by Death and Birth Registrar

Claims Process Reliance Wealth + Health Plan.

As a part of the Welcome Kit, you will receive the following: 1-Health Card. 2-Network Hospital List with contact details.

3-Claims and Pre-Authorization Forms

Your Health Identity Card:

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

How to get admitted in a Network Hospital /Nursing Home

Pre authorization is absolutely necessary without which the Network provider will refuse cashless service. Please send the Hospital request note from the attending physician stating the following to TPA via fax/courier/e-mail/messenger. 1) 2) 3) 4) 5) 6) 7) 8) Ailment and its duration. Known past illness, if any. Hypertension or diabetes. The name of the Hospital /Nursing home and consultants contact no. The proposed date of admission Class of accommodation. The approximate duration. Treatment plan.

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

Admission Procedure :

In order to secure admission on the appointed day, you are advised to register your name with the hospital well in advance. Approach the admission / Reception counter of the hospital on the day of admission with the Authority Letter and your ID card. The Hospital/nursing home will admit you and extend the credit facility up to the amount guaranteed by RLIC subject to availability of bed.

When Cashless Access to Hospital Can be Denied :

A) In the event sufficient information in the prescribed format is not given by the insured person(s) B) In the event of ineligible disease or vague symptoms as per the medical practitioner (pre-authorization for cashless can be denied). About 95% of admission in the hospitals is planned, therefore it is necessary to obtain Authority Letter in advance. The denial of Authorization for cashless access does not mean denial of treatment and does not in any way prevent you from seeking necessary medical attention or hospitalization. In such cases you are advised to file your claim for reimbursement and TPA will settle the claim as per policy eligibility and policy coverage under Reliance Wealth + Health plan.

What to do After Discharge From Hospital :

You have to send the following document s in original to TPA office within 7 days after the discharge. 1) Hospitalization claim form duly signed by the insured person(s)/policy holder. 2) Discharge card/discharge summary. 3) Reports of all investigations. You are advised to keep photocopy of discharge card and reports. The above list is not exhaustive; TPA/RLIC may request additional documents / information, if any, for processing the claim.

Emergency Hospitalization:

1- In the event of emergency, you could first admit the patient in the Hospital and then inform TPA, within 12 hours of admission and for this purpose you would need to provide ADMIT IMMEDIATELY advice from a qualified doctor/medical practitioner. You could call up the number provided on the reverse of the ID card. 2- As it is an emergency, you have the facility of collecting the pre-authorization form from the treating hospital or you could even download the PDF format from the TPA website. 3- Insured should show the ID/Health card to the network hospital and also submit the pre-authorization form to the treating hospital.

Payment of Hospitalisation benefits for treatment in a Non Network Hospital:

While it is suggested that you choose a network hospital, you are at liberty to choose a Non-network hospital only in the event of an emergency and as advised by your doctor. Prior approval of TPA is a must even in respect of admission to a Non Network Hospital. In the event you choose to get treated in a Non-Network, you will have to submit the following documents in original to TPA to obtain reimbursement of eligible claim amount. 1) Hospital Bill and Receipt for payment. 2) Claim form duly signed. 3) Discharge card/discharge summary.. 4) Reports of all investigation.

Programme Terms and Conditions

RLIC holds the complete right and jurisdiction to amend the Shooting Star criteria and other contests criteria.

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

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

All the gifts redeemed will be dispatched to the Program members address within 30 days of the date of redemption.

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

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

Member Information
The gifts and other programme material would be dispatched to the branches to which the

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

Members Account, Password and Security

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

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

Accumulate points
The member of the Shooting Star Programme shall become eligible to accumulate points upon qualifying for various contests conducted monthly, bi-monthly and meeting Shooting Star for SM by RLIC. All accumulated points can be redeemed by selecting gifts from gift gallery, which is viewable on the Shooting Star programme website. All accumulated points not redeemed till September 302008 is converted into gift vouchers worth the points outstanding as on March 302008. Points are non-transferable and cannot be converted into cash. Points can only be redeemed for items catalogued in the Gallery micro site. RLIC reserves the right to remove or replace any goods or services from the list without prior notice. The entry into the program will be based on issued WRP during a financial year with minimum persistency (Total Premium collected / Total Premium Due X 100) criteria of 70%.

Withdrawal of Privilege

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

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

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

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

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

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

Terms & conditions for accepting the good /services so entitled

Reward Points will be added at the end of every quarter or at the end of any contest conducted for the SM/CDA of RLIC Point Redemption will happen as & when the programme member redeems a gift. Redemption will be cancelled automatically in the event of violation of these terms and conditions. Once redemption has been accepted by RLIC, it cannot be changed, modified or cancelled. RLIC reserves the right to change the terms and conditions herein from time to time without prior notice. Delivery of goods and services to the Shooting Star programme user(s) will be within 4 weeks to 6 weeks of receiving redemption request and depends on the category / nature of goods selected. Any delay shall be informed to the Shooting Star Programme member. All goods and services are subject to availability and supplier restrictions. RLIC may, without notice, withdraw or substitute any goods and services for any another goods and services of comparable value and nature. For an exact model / brand of merchandise mentioned in the goods and services brochure not being available at the time of redemption, RLIC may provide an alternate equivalent brand / model of the product or refund / reinstate points. Gift item

images are indicative in nature and RLIC reserves the right to change the gift item without giving prior notice.

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

RESOURSES OF DATA

Company & its staff member Experts opinion College professors Business world Internet & website www.reliancelife.com Books ,magazines,insurence watch Money outlook

DISCRIPTION

STENGHT
A strength could be low overhead compared to their competitors Reliance Life is Indias fourth largest life insurer and managed assets worth over Rs. 17,000 crore as on December 31 and now after this deal it valuation is around Rs. 11,500 crore ($2.6 billion) The total number of agents of Reliance Life at the end of September stood at 211,293. By December-end, the numbers were down by 68,450 to 142,843, according to an investor presentation made by the company. Hires around 7,000 in Q4 after sacking 69,000 agents in Q3 Reliance Capital's CEO Sam Ghosh told Business Standard that the company has terminated the contracts of those agents who failed to give us any business during the last 12 months.

Weaknesses
Reliance Capital sold 26% in Reliance Life Insurance to Nippon life Insurance Company for Rs. 3,062 crore. It is the largest foreign direct investment (FDI) in Indias financial services sector. Luck of awareness of people about Insurance Lack of board advertisement

OPPERTUNITIES
Company must do some board advertisement about unique Insurance plans Through customer opinion after sales could improve in the future

THREATS

Advertisement like others competitors Claim after accident condition

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

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

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

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

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

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

QUESTIONNARIE
Name of respondent - . Address -.. Phone -

Age of respondent? Below 18 18-25 25-35 35-above Kinds of occupation? Service Business Professional Others Current using insurance? Reliance life insurance Aviva life insurance SBI HDFC Purpose of choosing this insurance?

Commute For family For gift For future How did you come to know about this insurance? Advertise & media Dealers Friends others Income of customer (per month in thousands)? 5 5-8 8-20 >20 Facility do you like in this insurance? For future Profit Region able Others

Would you like to invest in this insurance? Yes No

Where have you invested for tax saving? LIC NSC

 BONDS PPF WHICH IS THE BEST FORM OF INVESTMENTS? FIXED ASSETS BANK DEPOSITES SECURITIES SHARES INSURANCE

DO YOU PAY TAX? YES NO WHATS THE RIGHT AGE TO BUY INSURANCE? AFTER 25 YRS AFTER 35 YRS AFTER 45 YRS ANY TIME

ARE YOU SATISFIED WITH THE SERVICE AGENT? SATISFIED SAVING TOOL NOT SATISFIED DO YOU HAVE ANY INSURANCE POLICY? YES NO