Post on 25-Sep-2015
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LIFE INSURANCE
#FamilyKaFarishta
ASHWIN NAIR
SAP ID 9028687
MARKETING INTERN
COMPANY REPORT
2
AKNOWLEDGEMENT
An endeavour over a period can be only with the advice and support of well-wishers. I take
this opportunity to express my gratitude and appreciation to all those encouraged me to
complete this tenure of Internship.
I express my profound and sincere thanks to Mr.Utpal who acted as an mariner's compass and
steered me to a right person.
I take this opportunity to express my deep regards to Mrs.Ranjeeta Tamang, Senior Manager
Marketing, Reliance Life Insurance Co. Ltd., for her cordial support, valuable information
and guidance, which helped me in completing this task through various stages.
I am obliged to staff members of Reliance Life Insurance, for the valuable information
provided by them in their respective fields. I am grateful for their cooperation during the
period of my assignment.
I shall be failing my duty if I don't acknowledge my debt to Mr.Sunil Somarajan, Head of
Human Resource, Reliance Corporate.
Lastly, I thank almighty, my parents and friends for their constant encouragement without
which this assignment would not be possible.
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PERFOMA OF REPORT
Founder's Revelation 4
INTRODUCTION 5
Competitor Analysis 7
SWOT Analysis 15
BCG - Cases 18
Recommendations 24
4
p
Few men in history have made as dramatic a contribution to their country's economic
progress as did the founder of Reliance, Shri. Dhirubhai H. Ambani. Fewer still have left
behind a legacy that is more enduring and timeless.
As with all great pioneers, there is more than one unique way of describing the true genius of
Dhirubhai: the corporate visionary, the unmatched strategist, the proud patriot, the leader of
men, the architect of India's capital markets, and the champion of shareholder interest.
But the role Dhirubhai cherished most was perhaps that of India's greatest wealth creator. In
one lifetime, he built from scratch, India's largest private sector enterprise.
Under Dhirubhai's extraordinary vision and leadership, Reliance scripted one of the greatest
growth stories in corporate history anywhere in the world, and went on to become India's
largest private sector enterprise.
Throughout this amazing journey, Dhirubhai always kept the interests of the ordinary
shareholder above all else; in the process making millionaires out of many of the initial
investors in the Reliance stock, and creating one of the world's largest shareholder families.
Founder Of Reliance
Group
5
Reliance Life Insurance Company (RLIC)
Vision
To be a Company people are proud of, trust in and grow with; providing financial
independence to every life we touch.
Mission
Create unmatched value for everyone through dependable, effective, transparent and
profitable life insurance and pension plans.
Goals
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
INTRODUCTION
6
Reliance Life Insurance Company (RLIC) is amongst the top five private sector life insurance
companies in terms of individual WRP (weighted received premium) and new business WRP.
The company has over 9 million policy holders with a strong distribution network of over
900 branches with over 100,000 agents as of March 31, 2014. Reliance Life offers life
insurance products targeted at individuals and groups, catering to four distinct segments:
protection, children, retirement and investment plans.
As of March 31, 2014, the Total Premium (net of re-insurance) was Rs. 4,283 crores, whereas
new business premium stood at Rs. 1,934 crores. The company achieved a profit of Rs. 359
crores. The company sold 5.8 lakh policies during 2013-14 with total managed funds valuing
to Rs. 18,328 crores, through a wide network of distribution with 900 offices and over
100,000 advisors.
Rated amongst the Top 4 Most Trusted Service Brands by Brand Equity A C Neilson Most
Trusted Brand Survey 2013, the company aims to emerge as a transnational life insurer of
global scale and standards.
Reliance Life Insurance is a part of Reliance Capital of the Reliance Anil Dhirubhai Ambani
Group. Reliance Capital is one of India's leading private sector financial services companies,
and ranks among the top private sector financial services and non-banking companies, in
terms of net worth. Reliance Capital 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 Group also has presence in Communications, Energy,
Natural Resources, Media, Entertainment, Healthcare and Infrastructure. Nippon Life
Insurance Company acquired 26% interest in equity share capital of the Company effective
October 7, 2011 subsequent to receipt of all regulatory approval.
Nippon Life Insurance (26% share), also called Nissay, is Japan's largest private life insurer
with revenues of Rs. 346,834 crore (US$ 80 Billion) and profits of over Rs. 12,199 crore
(US$ 3 billion). The Company has over 14 million policies in Japan, offers a wide range of
products, including individual and group life and annuity policies through various distribution
channels and mainly uses face-to-face sales channel for its traditional insurance products. The
company primarily operated in Japan, North America, Europe and Asia and is headquartered
in Osaka, Japan. It is ranked 81st in Global Fortune 500 firms in 2011.
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COMPETITOR
ANALYSIS
8
1000
50 0
100 100 12 15
70 80
200
0
200
400
600
800
1000
1200
Series1
Name (Company) Followers Frequency(month) Engagement
LIC 20,82,417 17 1000
SBI 2,14,376 4 50
Birla Life Insurance 373 0 0
Reliance Life Insurance 1,00,443 20 100
ICICI Life Insurance 40,480 18 100
Tata AIG 2,873 0 12
Exide Life Insurance 2,432 2 15
Bajaj Allianze 1,27,004 22 70
Max Life 6,66,969 20 80
HDFC 1,80,376 14 200
Engagement Chart
Statistics
NOTES :
Companies that are
highlighted yellow on
the table above, show
really poor engagement
and is really not
keeping their Facebook
profile updated (2013)
and haven't taken any
initiative to increase
their followers or brand
name in social media.
9
2082417
214376
373
100443
40480
2873
2432
102004
666469
180376
0
500000
1000000
1500000
2000000
2500000
1000
50 0
100 100
12 15 70 80
200
0
200
400
600
800
1000
1200
Series1
Facebook contents :
Photos
Quotes
TVC
Q & A
Quiz
puzzle
Brochure
Videos
Followers Chart
Frequency Chart
(Day)
Notes :
Frequency chart,
contains no. of
posts posted in
entire month.
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Name (Company) Tweets Followers P/V Frequency(month)
LIC 1,942 65 0
SBI 406 91 65 4
Birla Life Insurance 6 147 2 2
Reliance Life Insurance 814 17,600 136 70
ICICI Life Insurance 3,832 2,319 261 25
Tata AIG 5 166 2 0
Exide life Insurance 0 0 0 0
Bajaj allianze 10,700 5,631 1091 100
Max Life 4,860 29,300 404 250
HDFC 3,974 101,000 186 150
7 406
6
814
3832
5 0
10700
4860
3974
0
2000
4000
6000
8000
10000
12000
Statistics
All the brands that are
highlighted are doing
exceptionally good
work on twitter they
are quick,
spontaneous and
twitting at their best.
TWEETS Chart
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1942 91 147
17600
2319 166 0 5631
29300
101000
0
20000
40000
60000
80000
100000
120000
0 4 2
70
25
0 0
100
250
150
0
50
100
150
200
250
300
Followers Chart TWITTER CONTENTS
1.TVC
2.Photos
3.Brochure
4.Festive Tweets
5.Events
6.Puzzle
7.Crosswords
8.Contests
9.NEWS Updates
Frequency
CsdcsCahrChart(Day
s) Notes :
Frequency chart,
contains no. of
posts posted in
entire month.
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Name (Company) Followers Frequency (months)
Engagement
LIC 22,246 0 0
SBI 7,434 1 15
Birla Life Insurance 17,545 1 20
Reliance Life Insurance 597 3 5
ICICI Life Insurance 15,621 0 0
Tata AIG 4,589 0 0
Exide life Insurance 8,366 4 80
Bajaj allianze 1,482 12 15
qqMax Life 28,101 14 7
HDFC 34,145 24 5
22246
7434
17545
597
15621
4589
8366
1482
28101
34145
0
5000
10000
15000
20000
25000
30000
35000
40000
Notes:
All the brands that are
highlighted in yellow
are doing really poor
work on LinkedIn as
they have nil
engagement and nil
posts.
FOLLOWERS
CHART
13
0 1 1
3
0 0
4
12 14
24
0
5
10
15
20
25
30
Chart Title
0
15 20
5 0 0
80
15
7 5
0
10
20
30
40
50
60
70
80
90
Frequency
Chart(Days)
Engagement Chart
Notes:
Companies with
"Zero" no. of days
have no valid post
since the origin of
their LinkedIn
Page.
Notes :
Frequency chart,
contains no. of posts
posted in entire
month.
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Name (Company) SCORE
LIC 46
SBI 0
Birla Life Insurance 48
Reliance Life Insurance 46
ICICI Life Insurance 45
Tata AIG 0
ING Vysya 0
Bajaj Allianze 56
Max Life 47
HDFC 0
46
0
48 46 45
0 0
56
47
0 0
10
20
30
40
50
60
Notes :
All the companies
highlighted in blue
have not made
their KLOUT
profile.
Hence they have
NIL Score.
Score Graph
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SWOT
ANALYSIS
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Strengths 1. Conversational approach and consumer centric product.
2. Policy : INR 15/Day for a Rs 1 Crore cover.
3. We connect to consumers with our versatile theme
Ex: #FamilykaFarishta on of the best running theme by us;
4. We are in almost all social media sites :
a. Facebook - LinkedIn - Pinterest - Twitter- Klout
5. We have strong no. of followers in facebook.
Weakness
1. Any negative comments or remarks is public 2. So its a negative impact to a brand as we are heavily exposed in facebook
with 1lakh+ fan following, its bad because it leaves an negative impression
on a new customer who is going through our profile.
3. Consistency: yes we can counter it by solving their queries ASAP and setting an example of our customer service..
4. Lowest no. of Followers in LinkedIn in the bracket top 10 brands.
Opportunities
1. Creation of new themes. 2. We can't stretch #FamilykaFarishta to long.So can come with varieties : 3. #Barsaatkafaishta, - monsoon special 4. #DeshkaFarishta. - Soldiers special or Independence day special 5. PyaarKaFarishta - Valentines Day 6. Developing audience that auto nurtures itself.
7. We can create social media forums like GIFFGAFF
SWOT ANALYSES
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Threats :
1. The giants are close: Other stronger competitors that will be in social media too may result in your efforts having to double in order to reach out to your audience.
2. Consumer Do judge : your mistakes are noticed and the consumer WILL expose you.
3. How happy are your employees? You have to accept that your employees skills are more exposed: Either if they blog/facebook or have a strong
LinkedIn profile, their own views are out there for head-hunters to take them
away from you. Value the good people. Also, as everything gets more and
more social, this means that employees may talk about your brand online,
for the good or the bad. 4. Espionage? Your competitors are more likely to know what you are up to. 5. Loyalty of customers towards other brands.
SEGMENTATION TARGETING & POSITIONING
DEMOGRAPHIC Focus on growing shares in metropolitans and Tier 1 cities. Focus on developing share in Tier 2 and Tier 3 cities.
ATTRIBUTES Better customer service Better investment returns
INCOME < 4,00,000 5,00,000 - 10,00,000 10,00,000 >
AGE Married and starting family. Middle age. Retirement.
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BCG
CASES
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TELEMATICS - PAY AS YOU DRIVE
Telematics enables you to get information about the location,
movement, and state of your vehicle It also enables your
vehicle to communicate wirelessly, which opens up a wide
range of services. You can discover useful information about
your vehicle, even if your not beside it such as:
When your vehicle was last started.
When it was shut down.
Where it is at any point in time.
When your vehicle is sitting idling.
What speed its being driven at.
How Does Telematics Car Insurance Work?
Black Box insurance allows drivers flexibility to choose,
when, where and how to drive in order to reduce premiums
and also to maximize their security (from accidents). The data
collected also records the exact position of the vehicle device
at any time useful, for example, to deter theft, though
creating a privacy issue which all insurers are addressing. This
kind of insurance relies on small databox (black box) the size
of a cell mobile phone fitted into your car by the insurance
company. This box does not tamper with the normal car
operations nor does it affect the warranty. Moreover less
energy is required to power this device (less energy than your
car radio) so you shouldnt worry about your car battery being
drained.
What Data Is Collected by the Black Box?
The distance the car travels
The period of time the car is used
The location of your car all times
What type roads is the driver travelling in.
The drivers speed
What Is Telematics?
Telematics is a general
term that refers to any
device which merges
telecommunications and
infomatics. Telematics
includes anything from
GPS systems to navigation
systems. It is responsible
for many features in
vehicles from OnStar to
hands free mobile calling.
Car Insurance
Telematics insurance is
enabling drivers to
experience substantial
savings on their car
insurance by getting
premiums solely based on
how well they drive. How it
works is your car is
outfitted with a Telematic
device that tracks your
driving behaviour.
It looks for many different
signs of bad behaviour like:
Sharp turns
Tailgating
Sudden stops
Speeding
You are assigned a score
between 1.0 to 5.0 and your
insurance premium is based
on the score. The better your
score is, the lower your
premium will be. This is
enabling drivers to pay
exactly how much they
should pay based on their
driving ability not on others
abilities.
Article :
http://www.thehindu.com/bus
iness/Industry/telematics-at-
sweet-spot-say-
experts/article6214172.ece
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How Is The Collected Data Used?
The collected data is analysed by the insurance company and helps them in charging
the insurance premiums and a multiplicity of other uses which include:
1. Mileage Policies The insurance company recognises that some drivers rarely use their cars and if they do, they
use them for local or short journeys, or maybe it is because they are trying to save on fuel.
Such drivers drive their cars only a few thousand miles a year. The mileage policy is
generally suitable for any type of a car where premiums are charged according to the number
of miles you drive.
2. Assess My Driving Some insurance companies use the black box technology to assess the drivers acceleration, cornering and braking and use the information collected from assessment to offer discounts
or premium loads depending on the scheme. Features offered in various schemes include:
Higher mileage rates charging for use during peak/rush hours; Higher mileage rates charges for young drivers during night hours especially during the weekends;
Higher mileage rates charges on dangerous routes; Lower mileage rates charges to the drivers who adhere to speed limits and avoid sharp braking.
3. Accident rescue
In case you are involved in an accident in your car, the black box immediately alerts your
insurance company of a sudden alteration in g-forces. The device can also be used as a
telephone, thus they call you to check on your status and to establish whether you require any
emergency assistance. Moreover, the insurance company can immediately take down the
details of the accident, which will hasten the claims process and deter probability of any
fraudulent claims by the other party involved in the accident.
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Q & A:
Why choose telematics ?
According to industry experts, more and more companies are gradually coming into contact
with Telematics as they have started believing that Telematics is not just about monitoring,
but it is all about achieving more efficiency and transparency in business processes.
Expert Say's :
Anush Gopalan, Chief Executive Officer of Hetrogenous Communications
Technologies, said that In the last two years, a lot of consolidation has happened in the Indian Telematics industry, which has seen more quality players coming into the market.
These developments will definitely change the face of the industry in the coming months.
Futuristic :
According to estimates, the market size for Telematics is projected at $30 billion globally
over the next 3-4 years. In India, however, it is still in nascent stage, and is estimated to reach
$150 million over the next few years.
Industry experts pointed out that regulatory interventions would also be critical, and
favourable laws would accelerate the adaption of Telematics.
My View :
" As world is being taken over technologies, why shouldn't we go with the trend and think a
decade down the line. As Telematics is a new cherry to the creamy world of insurance I
think we should grab that opportunity and start with this unique concept and be the first
one to hold such a versatile technology in the Indian market. "
Advantages if we use this :
Easy handling of revenues and policies would become more simpler.
Time Saving :Accidents would be claimed in fraction of minutes, as the equipment would
store.
Transparency, of premium rates.
Free Marketing, News Channels would cover us for adapting with a new concept.
SocialMedia Hype, for sure. We can come up with so many more themes which can
differentiate us from others in the market.
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FRIENDSURANCE - peer to peer insurance.
Friendsurance
Friendsurance is the first company to add social networks to the
insurance equation. Through connecting on our platform, policy
holders can build up a network deductible and thereby significantly lower their insurance costs.
How it works
On our platform, people can find their individual insurance
coverage, selecting from a broad range of providers. In most cases,
they can already lower their costs significantly through this
comparison.
People then can connect to each other. This process is similar to,
and facilitated by social networks: send invitation, accept
invitation, done. In this process, people can connect regardless of
the scheme or the provider they choose. When two people connect,
they agree to support each other with a small amount of money in
case of a claim (e.g. max. 30). The more connections a user has, the higher his support in case of a claim. The insurance provider
only has to regulate the part of the claim, which lies above the
network support, and he rewards the policy holder with a payback.
With about 10 connections, a payback of 50% of the insurance
fees can be achieved.
Friendsurance- group
of friends are allowed to
create groups online ,
pooling funds to share
limit risk. This model
helps both customers and
insurers, enabling
reduced fraud, better risk
selection, low processing
costs ,lower cost of sales
and lower premium for
customers.
Peer-to-peer insurance
start-ups Friendsurance
has announced two new
investors: the Hong
Kong billionaire Li Ka-
Shing and his technology
focused Horizons
Ventures, plus
VantageFund from
Australia. The funding
round was undisclosed
but we understand the
round is in the millions of Euros. The company already has funding from
private investors
including e.ventures.
In January, 94 percent of
customers on
the Friendsurance
network received cash
back. The Friendsurance
cashback is currently
available on a range of
retail products.
The business has grown
to over 40 staff since
launch in 2010 and is
headquartered in Berlin,
Germany.
Aritcle :
http://techcrunch.com/20
14/04/03/innovative-
crowd-sourced-insurance-
startup-friendsurance-
raises-new-cash/
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Additional perk: They built in a stop loss, which guarantees each customer, that the support
he has to provide to others never exceeds his premium payback. Everybody can only win
through our system.
Why it works :
Friendsurance has found that connecting people leads to a number of cost decreasing effects,
which include:
Reduced fraud Fraud reduces the payback of a policyholders network, causing a strong moral blocker for fraudulent cases.
Better risk selection Policyholders use private information to decide whom to connect with, shutting out bad risk profiles.
Reduced process costs Small claims can be handled without using the insurance company, using the networks payback.
Reduced cost of sales our model offers incentives for viral growth, reducing the customer acquisition costs and thus the cost of sales.
CONCLUSION
Utilizing Friendsurances services benefit both the policyholders and
insurance providers on different levels.
The insurance provider receives a new
mode of distribution, increasing their
accessibility to attractive groups, as
well as simultaneously reducing their
claim ratios. Friendsurance offers
policyholders high discounts in
insurance premiums and provides users
with tools including an accessible,
friendly website and helpful support
staff.
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RECOMMENDATION
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APP - Tech For Reliance Life.
APP's- these platforms not only improves sales but
also increase customer engagement and improve
operational efficiency.
Description :
Store complete medical histories.
Keep critical and hard to remember information on the hand
all the time.
Ex: Medications, allergies, track of Hospitalisation, family
history, Health Insurance.
An organised database that is yours to control.
It will also store the important contacts that is required for the
patient.
Ex: Ambulance, Doctors, Blood donation camps, Specialist.
It can also link with your calendar.
So that you are updated with your checkups as well as your
premiums.
Data gets stored in your device and also to your icloud account
and Dropbox so that even if you lose your device you can
access it online and sync to your new phone by your email
address and password.
We can make an app which meets the industry standard
Continuity of Care Record (CCR) format of personal medical
record transmission between systems.
The long and short of it : if you already have records in other
systems like Google Health or Microsoft Health Vault, then
it's a breeze to automatically move much of that data to our
app instead of having to manually retype it.
Basic FAQ :
What information can I
keep in the app?
Can I customize the section
in the app?
Will app work offline?
How often do you update
app?
How can I sync my info on
all devices.?
Is Dropbox sync secure?
Will it cost to update?
What file types are
supported?
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This would get linked with our(Insurance) database and accordingly your premiums will be
taken.
With this app customers can easily then instantaneously complete the purchase of policy on
their mobile devices.
My View :
" As world is being taken over technologies, why shouldn't we go with the trend and think a
decade down the line. As Apps will soon become new cherry to the creamy world of
insurance I think we should grab that opportunity and start with this unique concept and be
the first one to hold such a versatile app in the Indian market. "
Key research Areas :
Easy handling of revenues and policies would become more simple.
Time Saving :Accidents would be claimed in fraction of minutes, as the equipment would
store.
Transparency, of premium rates.
Free Marketing, News Channels would cover us for adapting with a new concept.
SocialMedia Hype, for sure. We can come up with so many more themes which can
differentiate us from others in the market.
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IDEAS for Branding
I - Materialistic Branding
: Railway indicators (1000 of people look at railway
indicators at a time, why not use it as an opportunity)
: Bus Handles (an important accessory of the bus which is being used by all . .
who use the bus transport , why not use as a branding option.)
: Raincoats and Umbrellas with RLI logo - (IDEA) #Barsaat ka FARISHTA
"10 min for your next
train.
10 min is all you need to insure your family"
-Reliance Life
"HOLD ME AND U
WON'T STUMBLE."
JOURNEY OF LIFE.
- Reliance Life.
"Our products can
protect you from RAINS,
but policy from all
calamities."
- Reliance Life
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II ) Tapri Marketing : We can make hording for Tapri shops (cigarette shops) and
brand our product by means of an awareness(Smoking Kills), by showing we care, obviously
in a day a Tapri guy has more customers than a restaurant.
a) Why would they allow us to keep our brands hording?
Ans: We will give them customised one with their store name on our hording.
b) When do we do it?
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Ans : This is the perfect season for Tapri Shops and this season they need good hording to
just defend their shops from rains.
2) HIGHWAY Marketing : Banners and hording "DRIVE SAFE" - #familykafarishta.
III - Social Media Branding :
1)Highlight your Brand by helping an NGO with your scheme and takeover NEWS channels.
2)An initiative to help students who wants to go abroad for education. A scheme Idea (A
brand which every NRI wants to have.)
3)RLI - THEME (RELY on us)
Reliance Life Insurance , with your FARISHTA.
RLI, with your FARISHTA.
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4)TWITTER : Define your family in a word and #FamilyKaFarishta.
ex; Religious #FamilyKaFarishta; Sweet #FamilyKaFarishta; Happiness#FamilyKaFarishta
5)We can create a Farishta Quiz :
Brand engagement contest
- Farishta term was evolved from____________
- Name 3 bollywood movies named with Farishta .
- What does Farishta mean in English ?
6)A brochure idea :
- Have you ever being a Farishta for some one.
------YES -------------------: THIS IS THE PLAN TO CONTINUE YOUR STREAK. (LINK)
------NO --------------------: EXPERIENCE THE FEELING OF BEING ONE. (LINK)
7) HERE Comes Ganesha - #FamilykaFarishta#
"God would surely do his part, but did you do yours". - Reliance Life Insurance
-Ashwin Nair
31