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On

Submitted to

RDVV University, Jabalpur

In the partial fulfillment

Of the award of the degree of

BBA (Bachelor of business administration)

Project guide:- Submitted by:-

Mr.Ganesh rathour Sudhakar chourasiya

BBA 3rd

year

Jabalpur college of computer & communication Jabalpur

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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 takingfull 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

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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 co-operation

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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

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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 consequentsuggested 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

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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

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Introduction

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Introduction

Overview of Insurance Sector in India

Introduction

Its now been more than a decade since the opening up of the insurancesector 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 evencalled 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

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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 MILETONES1912:- The Indian life assurance companies Act enacted as the first statute to regulate the life

insurance business.

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

1938:- Earlier legislation consolidated and amended by the insurance act with the objective ofprotecting 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 1956-

with a capital contribution of Rs. 5 crore from the Governmental of India.;

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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

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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 AnilDhirubhai 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.

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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

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MARKET SHARE OF RELIANCE LIFE INSURANCE

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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

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(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 much-

needed 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

http://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/ChildPlan/RCP_reliance_child_plan.aspxhttp://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/ChildPlan/RCP_reliance_child_plan.aspx

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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.

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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

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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.

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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 long-

term 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.

http://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/MoneyMultiplier/RLMMP_MoneyMultiplier.aspxhttp://www.reliancelife.com/RLIC/Products/SolutionsforIndividuals/Plans/MoneyMultiplier/RLMMP_MoneyMultiplier.aspx

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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 isborne 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 enjoyinginsurance 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.

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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.

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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.

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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 continuousyears 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)

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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.

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The main of the present study

Proper understanding and

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life insurance

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city.

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LIC- The Life Insurance Cinsurance company in Indi

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has assets estimated of 9

merger of more than 200 iHeadquartered in Mumbai

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result thus obtained make a report on that researce well reputed company in India its great chance fo

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nderstand the overall working of the life insurance

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round, occupation, social relation, Qualification, a

er in the Insurance in the Indi

rporation of India (LIC) is the largest state-owned l

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t also funds close to 24.6% of the Indian Governme

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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 InsuranceCompany 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.

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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 CompanyLtd. 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 stAugust, 2010 is Rs 1,973 crore.

List of all insurance companies in India andwhich 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

http://www.itrust.in/forum/life-insurance/list-of-all-insurance-companies-in-india-and-which-one-is/2023.page;jsessionid=BE6477936FB8EF42B779C5EBEA09013Ehttp://www.itrust.in/forum/life-insurance/list-of-all-insurance-companies-in-india-and-which-one-is/2023.page;jsessionid=BE6477936FB8EF42B779C5EBEA09013Ehttp://www.itrust.in/life-insurance.actionhttp://www.itrust.in/life-insurance.actionhttp://www.itrust.in/forum/life-insurance/list-of-all-insurance-companies-in-india-and-which-one-is/2023.page;jsessionid=BE6477936FB8EF42B779C5EBEA09013Ehttp://www.itrust.in/forum/life-insurance/list-of-all-insurance-companies-in-india-and-which-one-is/2023.page;jsessionid=BE6477936FB8EF42B779C5EBEA09013E

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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.

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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 SlabsTax

Rates

Individual &

HUF below ageof 65 years

Woman below

age of 65 yearsIndividual above

age of 65 years

Income up to

Rs.1,60,000

Income up to

Rs.1,90,000

Income up to

Rs.2,40,000

NIL

Rs.1,60,001 to

Rs.5,00,000

Rs.1,90,001 to

Rs.5,00,000

Rs.2,40,001 to

Rs.5,00,000

10%

Rs.5,00,001 to

Rs.8,00,000

Rs.5,00,001 to

Rs.8,00,000

Rs.5,00,001 to

Rs.8,00,000

20%

Above

Rs.8,00,001

Above Rs.8,00,001 Above Rs.8,00,001 30%

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TAX BENIFITS

Income Tax

section

Gross annual

salary

How much tax can

you save

HDFC standard life

Plans

Sec. 80C Accros all income

Slabs

Upto Rs. 33,990

saved on

investment of

1,00,000

All the life

insurance plan

Sec. 80 CCC Accros all income

Slabs

Upto Rs. 33,990

saved oninvestment of

1,00,000

All the pension

plans.

Sec. 80 D Accros all income

Slabs

Upto Rs. 3,399

saved on

investment of

10,000

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.

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DATA ANALYSIS & INTERPRETATION

DATA GIVES PREFERENCE OF RESPONDENT OF INSURANCE COMPANIES

COMPANY NAME NO. OF RESPONDENT SHARE (%)

L.I.C. 78 78

RELIANCE LIFE

INSURANCE

3 3

ICICI PRUDENTIAL 10 3

SBI 7 7

HDFC 2 2

TOTAL 100 100

L.I.C. 78%

RELIANCE 3%

ICICI PRUDENTIAL 10%

SBI 7 %

HDFC 2%

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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 NO. OF RESPONDENTS SHARE(%)

Cover future uncertainty 55 55

Tax deductions 20 20

Future investment 25 25

Tax 100 100

INTERPRETATION

DATA GIVES BENEFITS OF INSURANCE

PERCEIVED BY RESPONDETS

Cover future uncertainty 55%

Tax deductions 20 %

Future investment 25%

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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 NO. OF RESPONDENTS SHARE (%)

Money back guarantee 15 15Larger risk coverance 37 37

Easy access to agent 7 7

Low premium 30 30

Companys reputation 11 11

Total 100 100

INTERPRETATAION

DATA PROVIDES FEATURES OF INSURANCEPOLICY THAT ATTRACTIVE RESPONDENTS

Money back guarantee 15%

Larger risk coverance 37 %

Easy access to agent 7 %

Low premium 30 %

Companys repution 11 %

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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 NO. OF RESPONDENTS SHARE (%)

Customer approached

insurance company

agents

45 45%

Company/agentapproached customer

55 55%

Total 100 100%

DATA SHOWS BUYING PROCESS OF THE

PEOPLE

Customer approached

insurance company agents 45 %

Company/agent approached

customer 55%

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INTERPRITATAION

44.5 % of the resp Whereas 55.5% of

DATA SHOWS RESPON

INVESTMENT

LIC

NSCBONDS

PPF

PF

EPF

INTERPRETATION

DATA

INVEST

ndents approached the insurance company/agent.

the respondents were approached by the company

ENTS INVESTMENTS FOR TAX SAVING

NO. OF RESPONDENT SHARE (%)

51 51%

33 33%32 32%

25 25%

21 21%

11 11%

SHOWS RESPONDENTS

MENTS FOR TAX SAVING

LIC

NS

BO

PP

PF

EP

/agent

51 %

C 33 %

NDS 32 %

F 25 %

21%

11%

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51 % of the the reamong all investm

in LIC.

33.25% of the resp

32.255 Of the resp

DATA GIVES PEOPLESINSURANCE

RESPONSE

After 25 yrs

After 35 yrs

After 45 yrs

Anytimes

INTERPRETATAION

DATA GIVE

APPRIATE A

pondents save their tax by investing in LIC, which is

ent. This shows that most people for getting taxes b

ondents do their tax saving by investing in NSC

ondents to their tax saving by investing in BONDS.

ERCEPTION ON APPRIATE AGE FOR BU

NO.OF RESPONDENTS SHARE (%)

29 29%

10 10%

0 0%

60 60%

PEOPLES PERCEPTION ON

GE FOR BUYING INSURANCE

After 2

After 3

After 4Any tim

the highest

enefits in invest

ING

yrs 29%

yrs 10 %

yrs 0%es 60%

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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.

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Howto registered the

Critical Illness

Accidental Death Benefit / Total & Permanent Disability

Death

Critical Illness

Documents required for Critical Illness claimCritical 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

http://www.reliancelife.com/rlic/Claims/ClaimsOverview/claims_overview.aspxhttp://www.reliancelife.com/rlic/Claims/ClaimsOverview/claims_overview.aspxhttp://www.reliancelife.com/rlic/Claims/ClaimsOverview/claims_overview.aspxhttp://www.reliancelife.com/rlic/Claims/ClaimsOverview/claims_overview.aspx

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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

DeathDocuments 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.

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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) Ailment and its duration.

2) Known past illness, if any.

3) Hypertension or diabetes.

4) The name of the Hospital /Nursing home and consultants contact no.

5) The proposed date of admission

6) Class of accommodation.

7) The approximate duration.

8) 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 :

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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 notexhaustive; TPA/RLIC may request additional documents / information, if any, for

processing the claim.

Emergency Hospitalization:

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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 NonNetwork 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.

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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 30days 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. Anytransaction 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

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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 ofeach 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 toredeem 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

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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

.

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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 soentitled

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 cancelledautomatically 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

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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 partiallyused.

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RESOURSES OF DATA

Company & its staff member

Experts opinion

College professors

Business world

Internet & website www.reliancelife.com

Books ,magazines,insurence watch

Money outlook

http://www.reliancelife.com/http://www.reliancelife.com/

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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

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Advertisement like others competitors

Claim after accident condition

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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.

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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 forinsurance sector to capture the market.

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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?

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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

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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

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