Amir Final Report

8/3/2019 Amir Final Report

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ACKNOWLEDGEMENT

My Research project with Comparative Analysis between TATA AIG Life Insurance &

RELIANCE Life Insurance. proved to be highly valuable and informative. I got some

valuable insights from this exercise, which has definitely enabled me to hone my skills and

widen my perspective towards banking in its modern prospect.

We would like to take this opportunity to express our deep gratitude to Mr.Zafar

Azmi (SBDM), Tata Aig Life Insurance, for providing the facilities to get an exposure for

management system in organization.

I express my gratitude towards Dr. Vishnu Parkash Sharma

(Faculty) who gave me opportunity to complete my Research Project. I am also thankful to

her for providing me her able guidance, valuable suggestions and for sharing her experiences

with me without which this project may not have been successful.

I am also grateful to all my colleagues who continuously helped

me in my project and for their kind co-operation and by sparing their valuable time in

providing me the information needed.

Submitted by- Mohd Amir

Roll. No. 1001170058

United Institute of Management


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DECLARATION CERTIFICATE

I hereby certify that the work which is being presented in this training report entitled in

Comparative Analysis between TATA AIG Life Insurance & RELIANCE Life

Insurance partial fulfilment of the requirements for the award ofMBA ofUnited Institute

of Management Naini Allahabad is an authentic record of my own work carried under the

supervision of Dr.Vishnu Parkash Sharma, Faculty, MBA and Mr.Zafar Azmi (

SBDM, Tata Aig, Allahabad.)

Name of student

MohdAmir(1001170058)


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INDEX:- Pg. No

1. Objectives of the Study

2. Brief History of organization

i) Company Profile

Aims & Establishment of the Company

3 Comprehensive chapter about the area of research.

4. Review of Literatures

5. Research methodology

i). Scope of the Study..

ii) Research Design..

iii) Sampling Design..i

iv) Sources of Data Collection..

v) Data Collection Instruments.

vi) Tools & Techniques for Analysis of data.

vii) Limitations of Study

6. Data Analysis & Interpretation

7. Findings

8. Suggestions

9. Conclusions

10. Bibliography


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CHAPTER 1

OBJECTIVES OF STUDY


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1.1 OBJECTIVE OF THE STUDY

To analyse marketing strategy of TATA AIG.

To do comparitive analysis on market strategies between TATA AIG & RELIANCE

Life Insurance.

Increase need for more better information.

To facilitates scientific and methodological and logical thinking of all.

To have a clear understanding of the lnsurance Industry in India.


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BRIEF HISTORY OF ORGANISATION

TATA AIG Life Insurance is joint venture between TATA Group $ AMERICAN

INTERNATIONAL GROUP (AIG). It is one of the leading insurance company in the

world.

The Late Sir Dorab Tata, was the founder Chairman of New India Assurance Co. Ltd., a

group company incorporated way back in 1919. Government of India took over the

management of this company as a part of nationalization of general insurance companies in

1972. Not deterred by the move, Tata group have ventured into risk management services

having tied up with AIG group, back in 1977, with the incorporation of Tata AIG Risk

Management Services Pvt. Ltd.


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CHAPTER 2

COMPANY PROFILE


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COMPANY PROFILE

PROFILE OF INSURANCE INDUSTRY

Insurance is a must because of the uncertain future adversities of life. Accidents, illnesses,

disability etc are facts of life that can be extremely devastating. Other than the

hospitalization, medication bills these may run up its the aftermath of the incident, the

physical well being of the individual that has to be taken into consideration. Will the

individual be in a position to earn as before? A pertinent question. But what if he is not?

Disability can be taken care of by insurance. Your family will not have to go through the

grind due to your present inability.

You think twice before taking the plunge into buying insurance. Is buying insurance a

necessity now? Spending an 'extra' amount as premium at regular intervals where you do not

see immediate benefits does not seem a necessity at the moment. May be later well you could

be wrong. Buying Insurance cannot be compared with any other form of investment.

Insurance gives you a life long benefit and the returns will definitely come but only when you

need it the most i.e. at the right time. Besides buying insurance early in life is one of the wise

decisions you could take. Because the premium you would be paying would be comparatively

lower.


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CHAPTER 3

INTRODUCTION


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INTRODUCTION

My project topic is Comparative Analysis between TATA AIG Life Insurance &

RELIANCE Life InsuranceEvery asset has a value for its owner and also for those who arebenefited with the existence of that asset. Insurance is concerned with the protection of

economic value of assets.

All of us are interested in the creation of assets because:

1. All assets have values

2. They yield income to the owner.

3. They meet some other needs of the owner.

4. They may provide satisfaction of some needs and also yield income to the owner.

Purpose and need for insurance:-

Assets are likely to be destroyed or made non-functional due to accidental

occurrences called perils. Assets can, therefore, be insured. A few examples of perils

are :: fire, floods, breakdowns , lightning, and earthquake. Perils are the events. Risks

are the consequential losses or damages.

Possibility of damage to asset caused by any peril is the risk that asset is exposed to.

Risk means uncertainty or unpredictability about future loss or damage, which may or

may not happen. This refers to the losses, which may happen suddenly and

unexpectedly.

This is because of uncertainty about the risk that insurance plays the role.

Insurance becomes relevant only if there are uncertainties of occurrence of event

leading to loss/es. Insurance is done against the contingency of the happening of such

events.


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Insurance as a social security tool:-

United Nations Declaration of human rights 1948 provides :

Every one has a right to a standard of living adequate for health and well-being of

himself and his family, including food, clothing, housing and medical care and

necessary social services and the right to security in the event of unemployment,

sickness, disability, widowhood, or other lack of livelihood in circumstances beyond

his control.

Where the breadwinner of a family dies, familys income stops to that extent affecting

the economic condition.

Life insurance helps in restoration of the adverse economic condition thus caused.

Thus life insurance business is complementary to the States efforts in social

management.

Social security is now a growing concern for all countries; however, the provisions

made in this field vary from country to country.

In India, Article 41 of our Constitution requires the State (within limits of its

economic capacity and development) to make effective provision for securing right to

work, to education and to provide pub Reliance assistance in case of unemployment,

old age, sickness and disablement.

Parts of the obligations under Article 41 are met by the State through the mechanism

of Life Insurance.

Some social security schemes have been made by the State for economically weaker

sections of the society.


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Role of insurance in economic development:-

Investments are necessary for economic development.

Life insurance plays a major role in mobilization of pub Reliance savings.

Savings out of life insurance fund are utilized in investments for economic growth.

In the absence of insurance cover against fire and engineering risks, business, industry

and trade would be seriously handicapped.

Advantages of life insurance:-

Secured targeted savingsa uniqueness

Life insurance is not merely an investment or a saving device-much more than that.

In any other investment or saving avenue, like bank deposits, savings certificates or

mutual funds or shares and stocks etc., amount of funds available at any time will not

be more than the amount saved, appreciation or interest earned till then. In life

insurance, the amount available is the one that one wished to have at end of the

savings period which may range up to 30 or even more years.

Life insurance has advantages over the other forms of savings:

Facility of nomination and assignment makes the claim settlement easy on

death.

Life insurance involves compulsory savings.

Tax benefits on premium paid as well as the amount received by way of

claim.

(specified poRelianceies) Protected against court attachments.

Loans can be raised against a life Insurance poReliancey.


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3.2HISTORY

INSURANCE HISTORY

The insurance sector in India has come a full circle from being an open competitive market to

nationalization and back to a liberalized market again. Tracing the developments in the Indian

insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

A brief history of the Insurance sector

The business of life insurance in India in its existing form started in India in the year

1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

Insurance industry, as on 1.4.2000, comprised mainly two players. First is Life

Insurer and second is General Insurers.

Life Insurers:

Life Insurance Corporation of India (RELIANCE) Popular Products: Endowment

Assurance (Participating) and Money Back (Participating). More than 80% of the life

insurance business is from these products.

General Insurers:

General Insurance Corporation of India (GIC)Fire and Miscellaneous insurance

businesses are predominant. Motor Vehicle insurance is compulsory.

GIC had four subsidary companies, namely with effect from Dec'2000, these subsidaries have

been de-linked from the parent company and made as independent insurance companies.

The Oriental Insurance Company Limited
http://www.licindia.com/http://www.licindia.com/http://www.gicoi.com/http://www.gicoi.com/http://www.orientalinsurance.nic.in/http://www.orientalinsurance.nic.in/http://www.gicoi.com/http://www.licindia.com/


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The New India Assurance Company Limited,

National Insurance Company Limited

United India Insurance Company Limited

.

In year 2000-2001 some companies is entered in insurance sector. There are sixteen

company is entered. Ten companies are entered in Life insurance and other six companies are

entered in General Insurance. These companies are...

Life Insurers -:

HDFC Standard Life Insurance Company Ltd.

Max New York Life Insurance Co. Ltd.

ICICI Prudential Life Insurance Company Ltd.

Kotak Mahindra Old Mutual Life Insurance Limited

Birla Sun Life Insurance Company Ltd.

Tata AIG Life Insurance Company Ltd.

SBI Life Insurance Company Limited

ING Vysya Life Insurance Company Private Limited

Bajaj Allianz Life Insurance Company Limited

Metlife India Insurance Company Pvt. Ltd.

General Insurers -:

Royal Sundaram Alliance Insurance Company Limited.

IFFCO Tokio General Insurance Company. Ltd.

TATA AIG General Insurance Company Ltd.

Bajaj Allianz General Insurance Company Limited.

ICICI Lombard General Insurance Company Limited.
http://www.niacl.com/http://www.nationalinsuranceindia.com/http://www.uiic.co.in/http://www.uiic.co.in/http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.omkotakmahindra.com/http://www.birlasunlife.com/http://www.tata-aig.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.metlife.co.in/http://www.royalsundaramalliance.com/http://www.reliancegeneral.co.in/http://www.tata-aig.com/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.bajajallianz.co.in/http://www.tata-aig.com/http://www.reliancegeneral.co.in/http://www.royalsundaramalliance.com/http://www.metlife.co.in/http://www.allianzbajaj.co.in/http://www.ingvysyalife.com/http://www.sbilife.co.in/http://www.tata-aig.com/http://www.birlasunlife.com/http://www.omkotakmahindra.com/http://www.iciciprulife.com/http://www.maxnewyorklife.com/http://www.hdfcinsurance.com/http://www.uiic.co.in/http://www.nationalinsuranceindia.com/http://www.niacl.com/


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Reliance General Insurance Company Limited.

ABOUT INSURANCENeed For Life Insurance

The need for life insurance comes from the need to safeguard our family. If you care

for your familys needs you will definitely consider insurance.

Today insurance has become even more important due to the disintegration of the

prevalent joint family system, a system in which a number of generations co-existed in

harmony, a system in which a sense of financial security was always there as there were more

earning members.

Times have changed and the nuclear family has emerged. Apart from other pitfalls of

a nuclear family, a high sense of insecurity is observed in it today besides, the family has

shrunk. Needs are increasing with time and fulfillment of these needs is a big question mark.

Insurance provides a sense of security to the income earner as also to the family.

Buying insurance frees the individual from unnecessary financial burden that can otherwise

make him spend sleepless nights. The individual has a sense of consolation that he has

something to fall back on.

You think twice before taking the plunge into buying insurance. Is buying insurance a

necessity now? Spending an 'extra' amount as premium at regular intervals where you do not

see immediate benefits does not seem a necessity at the moment.

Well you could be wrong. Buying Insurance cannot be compared with any other form

of investment. Insurance gives you a life long benefit and the returns will definitely come but

only when you need it the most i.e. at the right time. Besides buying insurance early in life is
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one of the wise decisions you could take. Because the premium you would be paying would

be comparatively lower.

Most important of all it provides you with that unique sense of security that no other

form of investment provides. It gives you a sense of financial support especially during that

time of crisis irrespective of the fluctuations in the stock market. Insurance provides for your

career goals right from your childhood years.

If the earning member of the family is no more your child's educational needs will not

suffer. In fact his higher education too will be provided for. You need not spend sleepless

nights thinking about how to save for your child's marriage. Life Insurance will take care of

that typical once-in-a-life-time spending on marriages.

An accident or a disability may be devastating but an insurance poReliancey can be of

utmost support for the family during such times too. Besides it provides for additional

benefits such as bonuses. You need not worry about your retirement years. The rising prices,

taxes, and your lifestyle will be taken care of easily. And you can relax and spend your old

age in comfort and peace.

When is the right time to buy life insurance?

Buying Life Insurance cannot ever be compared with other investment decisions since it is

very much in contrast with those stock market investments where you wait for the right time

to buy and sell. Neither is this like receiving tips on particular scrip doing well in the market

and holding great future prospects.

This is because the future is always uncertain. Just as buying insurance is a necessity

so also buying insurance early in life is important too. With proper financial planning one can

work out as to how much money an individual is entitled to after the end of a particular term.

A poReliancey that will fulfill your child's future educational needs would have to be timed
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appropriately so that he receives the poReliancey amount at that time when he needs it the

most.

By taking a poReliancey early in life you not only benefit in forking out a lower

premium amount but also make a wise decision as far as insuring risks to yourself and your

family is concerned. The proceeds accruing from Life Insurance can be utilized for -:

a. Final Expenses resulting from death

b. Guaranteed maintenance of lifestyle

c. Replacement of income

d. Mortgage or liquidation payment

e. Costs of education

f. Estate and other taxes

g. Final expenses resulting from death

Continuity & security of interests

After an individual's untimely death, his survivors and heirs are entrusted with the

responsibility of conducting his last rites according to customs and traditions as propagated

by religion. Almost all religious sects follow certain rules that need to bidden regardless of

the social circumstances.

Guaranteed maintenance of lifestyle -:

As long as there is a steady and assured supply of income, an individual's family and

dependants are able to keep a self-professed standard of living. The family's eating and

drinking habits, entertainment and lifestyle expenses are maintained at a certain level during

their earning member's lifespan.

In case of the unexpected death of the earning member, his or her family will be hard-

pressed in trying to arrange for funds that would assist them in maintaining the standard of
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living that they've grown accustomed to. After all, no one really likes to make sacrifices,

despite their miniscule fiscal value.

Costs of Education -:

Most families start planning for their child's future education costs as so soon as he

clears his kindergarten papers. After all, every parent wants his or her child to grow and

become a professionally qualified engineer or physician or likewise. And this is a fairly mean

task since year after year since capitation fees charged by even run-of-the-mill colleges come

up to lakhs of rupees.

In case either of the child's guardians or parse, every parent wants to plan for his

children's future and security.

And to achieve success in this plan, it is vital that the guardian or parents uses insurance as a

tool to plan for his children's future, regardless of his or her presence. In case of the demise of

a parent, the proceeds from his or her insurance can be channeled into their dependant

children's education fund.

Estate and other Taxes -:

Normally after a family member's death, his family or dependants are usually flooded

with notices from creditors or taxation officers. At a time like this when the family is

struggling to recover from such a severe shock, it might seem inhuman for them to be

subjected to such humiliation.

However in today's materialistic world, chivalry is no longer in demand. In case of an

emergency, women and children rarely come first but creditors always do. Not only is it

prudent for any individual to clear his debts prior to his demise but it would also spare his or

her family the shame of having to clear debts that they did not incur, at least directly.
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Since no one knows when his or her time may come, there is always a chance that the

dependants will have to pay the existing dues regardless of their economic status. Thanks to

insurance, all existing debts and taxes can be cleared from the proceeds in no time at all. And

the dependent family will be spared from the ignominy of having to pay what they did not

owe, in the first place.

Continuity & Security of Interests -:

At times after an individual's death, his family might have to sacrifice their interests in

business or investments to arrange for their expenses and maintain a decent standard of

living. In extreme cases, the dependent spouse might also have to suffer and sacrifice

everything the family owns in a desperate bid to maintain the family name and crest above

everything else.

After all, India is still a country where honour is regarded higher than life itself.

Surely, making prudent investments in insurance from time to time can aid in averting such a

disgraceful situation for any self-respecting individual's family. Only then will the family be

able to maintain its standard of living prior to the demise of the head of the family.

Obviously, the proceeds from insurance will help secure the family's status and

position in society as well as maintain their socio-economic level in life. Thus insurance

serves the perfect hedging tool for securing the interests of the family and maintaining the

continuity of their interest.
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3.3 VISION,MISSION & GOALS

VISION

To be a world class provider of financial security to individuals and corporate and to be

amongst the top three private sector life insurance companies in India.

MISSION

To be the first preference of our customers by providing innovative, need based life insurance

and retirement solutions to individuals as well as corporates. These solutions will be made

available by well-trained professionals through a multi channel distribution network and

superior technology.

Our Endeavour will be to provide constant value addition to customers throughout their

relationship with us, within the regulatory framework. We will provide career development

opportunities to our employees and the highest possible returns to our shareholders
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CHAPTER 4

COMPREHENSIVE CHAPTER ABOUT AREA OF

RESEARCH
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Tata AIG Life Insurance Company Limited

TATA Group

Tata Enterprises with 82 companies, spread over seven sectors and with an annual turnover

exceeding US $ 8.8 billion, employs more than 262,000 people. Tata Group has shown over

years that it is a value driven company and has pioneering contributions in various fields

including insurance, aviation, iron and steel. Tata companies have forged a number of global

alliances with eminent international partners in several fields. In terms of capital market

performance as many as 40 listed Tata companies account for nearly 5% of the total market

capitalization of all listed companies. The Group has had a long association with India's

insurance sector having been the largest insurance company in India prior to the

nationalisation of insurance.

TATA Group in Insurance

The Late Sir Dorab Tata, was the founder Chairman of New India Assurance Co. Ltd., a

group company incorporated way back in 1919. Government of India took over the

management of this company as a part of nationalization of general insurance companies in

1972. Not deterred by the move, Tata group have ventured into risk management services

having tied up with AIG group, back in 1977, with the incorporation of Tata AIG Risk

Management Services Pvt. Ltd.
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AIG

American International Group, Inc is the leading U.S. based international insurance and

financial services organization and the largest underwriter of commercial and industrial

insurance in the United States. Its member companies write a wide range of commercial and

personal insurance products through a variety of distribution channels in over 130 countries

and jurisdictions throughout the world.

AIG's Life Insurance operations comprise of the most extensive worldwide network of any

life insurer. AIG's global businesses also include financial services and asset management,

including aircraft leasing, financial products, trading and market making, consumer finance,

institutional, retail and direct investment fund asset management, real estate investment

management, and retirement savings product.

The Joint Venture

Tata AIG Life Insurance Co. Ltd. is capitalised at Rs. 185 crores of which 74 per cent has

been brought in by Tata Sons and the American partner brings in the balance 26 per cent. Mr.

George Oommen has been named managing director of Tata AIG Life.

Tata-AIG plans to provide broad array of life insurance plans to cover to both individuals and

groups.

AREAS OF BUSINESS

Tata AIG Life Insurance products include a broad array of life insurance coverage to both

individuals and groups. For groups, the company has life products whereas for individuals, it

has term products, endowment products as well as money-back products. For groups and


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individuals, various types of add-ons and options are available to give consumers flexibility

and choice. The company has also designed specific products for the financially challenged

and underpriviledged.

VALUES

a. Integrity

b. Transparency

c. Customer focus

d. Excellence

e. Innovation

f. Meritocracy

g. Respect for the individual
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Key Developments

Tata AIG Life Insurance Company Ltd. Launches Unit-Linked Insurance Plan

07/18/2007

Tata AIG Life Insurance Company Ltd. has launched 'InvestAssure Gold,' a whole life unit-

linked insurance plan (ULIP), in Chennai. The company announced that the product offered

the advantage of combining protection and tax advantages with the prospect of investing in

different kinds of securities through multiple fund options. There is the option to pay

premiums for only five years, besides the enhanced entry age up to 70, to ensure that the

elderly population is not excluded. The poReliancey provides life cover till the age of 100.

The company announced that nearly 55 to 60% of the premium was through sale of ULIPs

while the balance came from term, pension, health and endowment products.

Tata AIG Life Insurance Company Ltd. Announces Expansion Plans

06/28/2007

Tata AIG Life Insurance Company Ltd. has announced major expansion plans in Kerala by

opening seven new full service branches in the State. The seven new offices will be in

Pathanamthitta, Thrissur, Kollam, Kozhikode, Palakkad, Alappuzha and Kasargod. The

current expansion in Kerala is part of an increased thrust towards expanding the presence of

Tata AIG Life offices across the southern zone. The opening of these new branch offices

across Kerala is an integral part of the overall retail thrust and the company's strategy to

continue to reach regional commercial centres. Strengthening its distribution network will

enable the company to deepen its market penetration and cater to a wider spectrum of

customers in the State and the southern region.
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Tata AIG Life Insurance Company Ltd. to Expand Network

06/28/2007

Tata AIG Life Insurance Company Ltd. has embarked on a national accelerated growth

strategy with the vision of opening 120 offices in the country by August 2007 for a pan-India

presence of 200 offices across 102 locations. The company also plans to invest in

infrastructure and wants to capitalize on the insurance potential in West Bengal and the rest

of the eastern region. The expansion in Bengal is part of the thrust towards expanding the

Tata AIG Life offices across the eastern zone. Four full-service branches are to be opened in

the state which would consolidate market penetration. It would also cater to a wide spectrum

of customers in the state and eastern region, thus providing clients with efficient service and

enhanced support.
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RELIANCE

Its Chairman, Shri Dhirubhai Ambani was an exceptional human being and an outstanding

leader. A man far ahead of his times, he epitomised the dauntless entrepreneurial spirit. He

dared to dream on a scale unimaginable before in Indian industry. His life and achievements

prove that backed by confidence, courage and conviction, man can achieve the impossible.

From a humble beginning, he went on to create an enviable business empire within a span of

just 25 years. The Rs.60,000 crore Reliance Group is a living testimony to his indomitable

will, single-minded dedication and an unrelenting commitment to his goals.

Under Shri Dhirubhai Ambani's visionary leadership, the Reliance Group emerged as the

largest business conglomerate in India, and carved out a distinct place for itself in the global

pantheon of corporate giants. The Group's track record of consistent growth is unparalleled in

Indian industry and perhaps internationally too. Today, the Group's turnover represents nearly

3 percent of India's GDP

Shri Dhirubhai Ambani was not just firmly rooted in traditional Indian values, but was also

the quintessentially modern man, the man of the new millennium. This was clearly reflected

in his passion for mega-sized projects, the most advanced technology and the highest level of

productivity. The corporate philosophy he followed was short, simple and succinct - "Think

big. Think differently. Think fast. Think ahead. Aim for the best. He inspired the Reliance

team to do better than the best - not only in India but in the world.


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RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance -

Anil Dhirubhai Ambani Group. 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 investments, 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 services sector

in India and aims to become a dominant player 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 solutions to individuals and Corporates. Opportunity has a new name

Reliance Life Insurance Company Limited. At Reliance Life Insurance Company Limited

our mission is to be the best in every sphere - business results, customer care and employee

focus. Some of our core values are:
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1 Result Oriented

2 Performance Driven

3 Customer Focused

4 Learning & Development Oriented

5 Employee centric

6 Informal & fun
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RELIANCE FOUNDER

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

economic fortunes as did the founder of Reliance, Sh. 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 Rs 14,000). Over the next three and a half decades, he converted this fledgling

enterprise into a Rs 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 pubReliance, 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


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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.

TATA AIG (PRODUCT)

TATA AIG Life insurance provides individual as well as group life insurance solutions

aimed at the corporate sector:

INDIVIDUAL LIFE PLANS

Flexi Save Plus: Unit Linked Endowment Plan

Star kit plan

Maha Life Gold Plan

Investment assure premier plan

Health protecter

Hot Selling Products in TATA AIG life Insurance

Maha Lifegold-

The whole life plan

TATA AIG lifes Maha life gold plan is truly one of a kind for starters,

It offers you the following benefits;
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1. Only a 15year premium paying period for life time coverage.

2. Guaranteed annual cash payment of 5% of sum assured from the 10th

PoReliancey anniversary on wards.

3. on death or at maturity at age 100, the entire sum assured will be paid.

4. Tax benefits as per current tax laws and subject to amendments made

From time to time.

WHO IS ELIGIBLE FOR THIS PORELIANCEY?

One is eligible for this policy right from birth. Which means?

If you buy this policy for your child, you only have to pay premium

For 15 years, after which the child gets an income as well as coverage

For his entire life.

The maximum age at entry is 60 years .This makes the policy ideal

For providing lifelong income and protection.

MAHA LIFE GOLD ALSO OFFERS YOU A HOST OF ADDITIONAL FEATURES

Option to attach any of TATA AIG lifes other benefits like accident benefits, disability

benefits, term benefits or critical illness benefits

To this plan at nominal extra cost.

TATA AIG lifes mahalife gold plan has been uniquely designed to Ensure maximum

dividend while giving you coverage for an entire Life time.
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GRASE PERIOD

TATA AIG life allows a grace period of 31 days for all modes of Payment from the due date

for you to make the premium payment The policy will remain in force during a period. The

policy shall Lapse and have no further value if premium is not paid within the Grace period,

except if it has acquired any cash value.

REINSTATEMENT

In case your policy has lapsed, you may reinstate the same at the Absolute discretion of

TATA AIG life within five years after the due Date of the premium in default. However the

company would require

a) A written appreciation from you for reinstatement.

b) Current health certificate and other evidence of insurability

c) Payment of all overdue premiums with interest.

HEALTH PROTECTOR

ACCIDENTAL DEATH BENEFIT

With increasing number of accidents occurring day after day, it is Better to be safe than sorry.

So it will be prudent to be prepared For this uncertainty. Under this benefit, in case an

unfortunate Accident causes your death; your family will receive a sum assured For up to Rs

1 crore.


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MahaLife

This distinctive policy provides a steady income and insurance coverage for life.

Premiums are payable only for the first 12 years. You can even use this to cover

future expenses of your children.

Key features include:

A guaranteed annual coupon of 5% of sum assured, every year for the rest

of the insureds life from the 12th policy anniversary onwards.

If Tata AIG Life performs well, you get yearly cash dividend from the 6th

policy anniversary onwards.

On death or at maturity at age 100, the entire sum assured will be paid tax-

free according to current Income Tax Laws.

Tax Benefits, Riders and Age Eligibility

Premiums paid under this plan are eligible for tax benefits under Section

80C of the Income Tax Act, 1961. Any sum received under this plan is

exempt from tax under section 10(10D) of the Income Tax Act, 1961.*

Attach Disability, Accident, Term and Critical Illness riders to this policy

for added protection, at a nominal extra cost. (For juveniles, only Payor

Benefit Rider is available).

You have to be aged between 0 years and 60 years to qualify.
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ShubhLife

Have you been delaying getting life insurance because you cannot afford to pay high

monthly premiums? Then we have the ideal product for you.

ShubhLife provides you 100% life insurance protection and a range of bonuses but the

premiums you pay are among the lowest of any similar endowment poReliancey.


Term policy just give you death cover. This policy gives you bonuses along with

death cover.

You can choose a term of 10, 15, 20, 25 or 30 years.

Apart from full premium paying term, you can pay your premiums over 3, 5, 7 or

10 years.

Guaranteed addition of 3% of sum assured of the Basic Policy is added on the first

(1st) policy anniversary and on every alternate policy anniversary thereafter up till

a maximum of half the policy term. The GA will be payable if the insured dies while

the policy has been in force or if the policy matures.

A simple reversionary bonus will be credited from the sixth policy anniversary until

the end of the plan term depending on the performance of our Company.


Premiums paid under this plan are eligible for tax benefits under Section 80C of

the Income Tax Act, 1961. Any sum received under this plan is exempt from tax

under section 10(10D) of the Income Tax Act, 1961.*
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Attach Disability, Accident, Term, Waiver of premium and Critical Illness riders to this

policy for added protection.

Endowment Plan Age Eligibility

10 Years 18 to 65 Years





Assure 21 years Money Saver

This savings plan gives you the cash payments at specified intervals to fund your familys

needs at critical milestones or support your financial obligations. You get the dual benefits

of life insurance coverage plus the flexibility of periodic payments.

LIFE Plus

If you outlive the 20-year term of a LifePlus policy, all of your premium payments will be

refunded; if you die by natural causes while the policy is in force, your beneficiaries will

receive the sum assured; should you die due to accidental causes, your beneficiaries will

receive double the sum assured.

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All premiums paid are returned (without interest) in the event you outlive the policys

20-year term.

Premiums are payable only for the first 15 years of the 20-year term.


Premiums paid under this plan are eligible for tax benefits under Section 80C of the

Income Tax Act, 1961. Any sum received under this plan is exempt from tax under

section 10(10D) of the Income Tax Act, 1961.*

Policy available for persons between 18 and 60 years of age.


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Starkid

Do you want your child to get the best? A professional education could cost

around Rs. 10 lakhs. Marriage expenses could also cost another Rs. 12 lakhs.

Have you saved enough to cover these costs?

Star Kid is an exceptional Child Endowment Policy that will ensure that you can

afford to give your child everything he needs.


Your child will receive cash benefits to the equivalent of 20% of the

sum assured at the age of 18, 19, 20, 21 & 22.

Flexible and affordable premiums, which can be paid annually, semi-

annually, quarterly, or even monthly.

No medical examination of your child is needed.

Free Look Period - A money-back guarantee, which allows you to return

the policy within 15 days of receipt for a full refund (minus nominal

administrative charges).


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Invest Assure II

InvestAssure II is a unique, flexible insurance plan which combines the security of

a life insurance policy with the opportunity to exploit the upside of market

returns by investing in different kinds of securities through multiple fund options.

You can direct the investments by creating your own investment fund portfolio

from a range of options to suit your needs and preferences.


Policy terms of 15, 20 or 30 years.

No penalty for surrendering the policy any time after the 6th year.

The Sum Assured is a multiple of the Annual Regular Premium payable.

The multiple varies according to age at entry and policy term. You have a

choice of premium multiples to choose from.

Any premium not deducted for coverage and charges may be invested in

a wide range of investment vehicles, including: an Equity Fund, Income

Fund, Aggressive Growth Fund, Stable Growth Fund and a Short Term

Fixed Income Fund.

InvestAssure II also offers the flexibility to switch between funds, premium top-

ups, partial withdrawal, premium holiday, policy reinstatement, and multiple

premium payment modes.
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Individuals

Are hospitalized or have a prolonged illness? See Tata AIG Health First & Tata AIG

Life Health Protector - 5 Year Guaranteed Renewal Accident and Health Plan

Dont want to face financial risk, but cant afford high premiums? See Assure One

year/ Five Years/10 Years/ 15 Years / 20 Years / 25 Years Lifeline Plans, and Term to

age 60 known as Assure Lifeline to Age 60

Want your money back if you outlive your policy? See LIFE Plus

Want coverage and the flexibility to get your money when you need it? See Assure 21 years

Money Saver

Tata AIG Life realizes that you want the best for your children. We can help you ensure they

have:

Ample money available to pay for education or marriage with Assure 21 years

Money Saver

A steady, lifetime income withMahaLife Gold

Want a safety net and more control over your returns? SeeInvestAssure II





Attach Accident, Waiver of premium, Payor Benefit (for juvenile policy) and Critical

Illness riders to this policy at a nominal extra cost for added protection.
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Want a unit-linked policy with a single-premium paying term? SeeInvestAssure Plus

Want a participating plan with premium payment period for 9 years? SeeTata AIG Life

Nirbhay Life

The money they need to start a successful career withAssure Career Builder

Financial support to receive the best education possible withAssure Educare at 18 &

Assure Educare at 21

Want a policy that gives your child a guaranteed income for lifeMahaLife

The very best college & post graduate education withStarkid

With prices on the rise, its important that you start planning for retirement now. We can

ensure that your Golden Years are truly Golden by offering insurance plans that:

Keep your capital safe and growing withAssure Golden Years Plan

Want a policy that gives you a guaranteed income for life? SeeMahaLife

Provide a stable, lifetime income for you and your family withMahaLife Gold

Give you the flexibility to choose when to retire withNirvana

Want a safety net and more control over your returns? SeeInvestAssure II

Reap attractive rewards for a lifetime with a whole life unit linked plan. See

InvestAssure Gold

Guarantee additions to your sum assured withNirvana Plus
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MahaLife Gold

This unique policy is an ideal planning vehicle to fund your retirement. It provides a steady

income and insurance coverage for life. Premiums are payable only for the first 15 years,

and can be used to cover the future expenses of your children.


A guaranteed annual coupon of 5% of the sum assured every year for the rest of the

insureds term from the 10th policy anniversary.

Yearly cash dividends are available from the 6th policy anniversary onwards

(depending on Company performance).

The entire sum assured is paid tax-free as per current Income Tax Laws.


The guaranteed 5% coupon and non-guaranteed cash dividends are tax free as per

current Income Tax Laws.




Disability, Accident, Term and Critical Illness riders are available for added protection

at a nominal extra cost. (For juveniles, only Payor Benefit Rider is available).

Policy available for persons between 0 years and 60 years of age.


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Enables you to enjoy market-linked returns with a potential for higher growth.

Opportunity to bring you additional income on funds that might have otherwise

given you minimum returns in your savings account, subject to market performance.

Loyalty Benefit: Additional 0.25% of units under the Regular Premium Account every

5 years provided the policy is in force.





You may attach Accidental Death Benefit, Accidental Death and Dismemberment,

Payor benefit or Critical Illness Riders at an extra cost.

Policy is available for persons between 30 days and 70 years of age. The policy

matures at age 100.


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TATA AIG LIFE INSURANCE PRODUCTS

Table: 4

Sr. No. Products Probable Profile of

Prospect

Selling Points

1. Flexi Save Plus: Unit

Linked Endowment

Plan

*Newly married couples.

* Finance conscious

individuals.

* Planning for events at

defined intervals- childs

education, marriage etc.

*Long term savings

*Lump sum amount

during retirement.

2. Star kit plan *Couple with newborn

baby.

*Want to buy property-

new house, car etc.

*No compulsion to

withdraw policy as per

policy terms.

*Money continues to

earn market-linked

returns.

3. Maha Life Gold Plan *Parents who want to

create assets for the child

future.

*Working class people

who want tax-free pension

facility.

*Desire for flexibility to

manage the policy based

*Plan various events

during an individuals

life cycle.

*Creating huge asset for

dependent.

*Can also be used as a

pension plan.


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on changing needs.

4. Investment assure

premier plan

*Investment savvy

customers.

*Willing to pay minimum

Rs. 12000/- per year.

*Want investment along

with protection.

*Want to maximize

returns based on market

conditions.

*Six fund options.

*Competitive charges.

Choice to invest in

different proportions in

6 funds.

5. Health protecter *Those who save in Govt.

securities and traditional

insurance plans.

*Families with moderate-

income level.

*Focused on investing in

Life Insurance to save

income tax.

*Planning for events.

*Built-in accidental

death benefit.

*Compulsory Saving

habit.

*Market Linked return

on investment.

In TATA AIG life insurance Company suppose you are taken any plan, you can take these

all facilities.

Top Up Your Policy Fund

You can top up your PolicyFund with additional amounts whenever you have extra savings.

Top up premiums will increase the savings portion of your policy without affecting the Face

Amount. The top up premiums that can be deposited will be subject to the prevailing

administrative rules of BSLI.


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Vary Your Plan Face Amount

Depending on your changing needs for Life Insurance during your lifetime; you have the

option of varying the Life Insurance cover under your policy once in every five policy years.

The minimum amount of change will be Rs. 50,000 and will be subject to underwriting and

other rules of TALI prevailing at the time of change. This change will result in a change in the

premiums to be paid. This change will be subject to the permissible limits of minimum Face

Amount.

Electronic Clearing Service (ECS):

The ECS is a convenient and hassle-free method of paying your premiums through an

electronic debit to your bank account.

RIDERS

Accidental Death and Dismemberment Benefit Rider -:

It provides 100% of coverage in case of death due to accident; loss of more than one

limb or sight in both the eyes or in case of loss of one limb and loss of sight in one eye limb

and loss of sight in one eye; 50% coverage in case of loss of one limb or sight in one eye.

Term Rider -:

It provides additional amount of cover in the event of death of the life insured.

Critical Illness Rider -:

It provides a cover in the event of life insured being diagnosed as suffering from any

of twelve illnesses specified under the Critical Illness Rider.


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Critical Illness plus Rider -:

It provides a cover in the event of life insured being diagnosed as suffering from any

of the twelve illnesses specified under the Critical Illness plus Rider.

Waiver of Premium -:

This rider waives payment of future premiums on the happening of any of any of the

unforeseen events as covered under this rider.

Maximum Age at Maturity -:You can further customize your TATA AIG Life Insurance Plan by

adding riders.

RELIANCE LIFE INSURANCE

These are the products offered by Reliance life insurance:-

Health

a. Individual Med claim

b. Group Med claim

c. Reliance HealthWise PoReliancey

Personal Accident

a. Personal Accident

b. Group Personal Accident

Fire

a. Standard Fire and Special Perils

b. Consequential Loss (Fire)

c. Industrial All Risks

Engineering
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a. Erection All Risks/Storage-cum-Erection

b. Contractors All Risks

c. Contractors Plant and Machinery

d. Machinery Breakdown Insurance

e. Machinery Loss of Profits Insurance

f. Boiler and Pressure Plant Insurance

g. Electronic Equipment Insurance

Marine

a. Marine Cargo Insurance

Motor

a. Private Car Comprehensive

Liability

a. Directors and Officers Liability

b. PubReliance Liability (Act)

c. PubReliance Liability

d. Product Liability

e. Professional Indemnity

f. Workmens compensation

Miscellaneous

a. Industry Care

b. Commercial Care

c. Office Package

d. Fidelity Guarantee
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e. Burglary and Housebreaking

f. Money Insurance

g. Householders Package

h. Shopkeepers Package

Travel

a. Individual and Family

b. Asia

c. Student

d. Corporate

RELIANCE VARIOUS PLANS

RELIANCE has a family of schemes for you and your family.

1) Basic Life Insurance Plans

Whole Life Assurance Plan: A low cost insurance plan where Sum Assured is

payable on death of the life assured and premiums are payable throughout life.

Endowment Assurance Plan: Under this plan Sum Assured is payable on the

date of maturity or on death of the life assured, if earlier.

Both these plans are available with facility of paying the premiums for a

limited period.

II) Term Assurance Plans:

Two Year Temporary Assurance Plan: Term assurance for 2 years is available

under this plan. Sum assured is payable only on death of the life assured during

the term.
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Convertible Term Assurance Plan: It provides term assurance for 5 to 7 years with

an option to purchase a newLimited Payment Whole Life PoReliancey or an

Endowment Assurance PoReliancey at the end of the selected term provided th

poReliancey is in full force.

Bima Sansh: This is basically a Term Assurance Plan with the provision for return

of premiums paid on survivig the trm.

Bima Kiran: This plan is an improved version of Bima Sandesh with an added

attraction of loyality Addition, in built accident cover an Free Term Cover after

maturity, provide the poReliancey is, then in full force.

III) Plans for Children:

Various childrens Deferred Assurance Plans are available viz CDA, CAP, Jeevan Balya,

New CDA and Jeevan Sukanya is a plan especially designed for girls. Childrens Money

Back Assurance Plan is especially designed to provide for childrens higher educational

expenses with added attractions of Guaranteed Additions. Loyalty Additions and optional

family benefit.

IV) Pension Pla

Amir Final Report

Documents

Transcript of Amir Final Report