UNIVERSITY OF MUMBAI PROJECT REPORT ON RELIANCE LIFE INSURANCE

SUBMITTED BY:STELLA BALASUBRAMANIAM T.Y.B.COM (BANKING & INSURANCE) (SEMESTER-VI) (2013-2014) PROJECT GUIDE:PROF. UMA DURGUDE SANPADA COLLEGE OF COMMERCE & TECHNOLOGY PLOTS NO: 3, 4 & 5, SECTOR 2, SANPADA (EAST) NAVI MUMBAI 400705

CERTIFICATE
This is to certify that Ms. STELLA BALASUBRAMANIAM of Bachelor T.Y.Bcom (Banking & Insurance) has undertaken and completed the project work titled RELIANCE LIFE INSURANCE during the academic year. 2013-2014 under the guidance of Prof. UMA DURGUDE submitted on ------------------------ to this college in fulfillment of the curriculum of Bachelor of T.Y.Bcom (Banking & Insurance) University of Mumbai.
This is a bonafide project work and the information presented is true and original to the best of our knowledge and belief.

PROJECT GUIDE

COURSE CO-ORDINATOR PRINCIPAL

(PROF. UMA DURGUDE) (PROF. SHERAWATI JAYRAJAN) (DR.F.A.SHAIKH)

External Examiner

DECLARATION:I Ms. STELLA BALASUBRAMANIAM student of Sanpada college of Commerce & Technology Fifth semester, hereby declare that I have completed this project on RELIANCE LIFE INSURANCE in the academic year 20132014.

The information submitted is true and original to the best of my knowledge.

Date :

Student Signature
(STELLA BALASUBRAMANIAM)

Place: NAVI MUMBAI

ACKNOWLEDGEMENT:Like every project needs direction this one is no exception. I would therefore, like to express my sincere gratitude to UMA DURGUDE for helping me in this project. Her valuable suggestions and insights have helped achieve much more than what was conceived of the project at its inception. I would also like to thank my friends who were also a great support while working on the project. I am sincerely thankful to our coordinator Mrs. SHERAWATI JAYRAJAN for her unconditional support and valuable thoughts. Her guidance and encouragement have been instrumental in making this project a learning experience. I am grateful to ORIENTAL Library for helping me and providing me with so many facilities without the help of which the completion of this project would not have been possible. I believe the project would have been incomplete without their support.

EXECUTIVE SUMMARY:-

Anil Dhirubhai Ambani Group (ADAG) announces the acquisition of 100 percent shareholding in AMP Sanmar Life Insurance Company Limited. Reliance Life Insurance Company Limited is officially launched on February 1, 2006. This was after obtaining the required regulatory approvals from the Registrar of Companies and the Insurance Regulatory and Development Authority. Reliance Life Insurance is the part of the Reliance Capital. Reliance Life Insurance has plenty of plans on the anvil. It has also 118 branches, with strong presence in South and a bouquet of products catering savings protection and investment need of individuals and corporate. The head-office of it is at Chennai. The company has already added 600 employees in addition to the 1000 plus staff of the erstwhile AMP Sanmar Life Insurance Company Limited. Reliance Life Insurance aims to be the consumers preferred life insurer by understanding and meeting his needs. Think Bigger, Think Better!

INDEX:SR.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 CONTENTS PAGE.NO.

30 31

RELIANCE LIFE INSURANCE:-

SECTION 1 INTRODUCTION:Reliance Life Insurance offers you products that fulfill your savings and protection needs. Our aim is to emerge as a transnational Life Insurer of global scale and standard. Reliance Life Insurance is an associate company of Reliance Capital Ltd., a part of Reliance Anil 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.

OBJECTIVES OF LIFE INSURANCE:-

Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. Maximize mobilization of people's savings by making insurance-linked savings adequately attractive. Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. Act as trustees of the insured public in their individual and collective capacities. Meet the various life insurance needs of the community that would arise in the changing social and economic environment. Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.

Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

R E L IA N C E L IF E IN S U R A N C E P L A N S
C H IL D P L A N P R O T E C T IO N P L A N S A V IN G P L A N R E T IR E M E N T P L A N

PROTECTION PLAN:Reliance Term Plan:Invest in the Reliance Term Plan, a pure life insurance plan that offers you comprehensive and affordable coverage for a limited period of time to suit your needs.

Reliance Simple Term Plan:Make a smart investment move by investing in the cost-effective Reliance Simple Term Plan, which offers you comprehensive coverage for a specified period of time to suit your needs.

Reliance Special Term Plan:Imagine a life insurance policy, which on maturity returns to you all the premiums you had paid for your basic policy. The Reliance Special Term Plan offers that and much more.

Reliance Credit Guardian Plan:The Reliance Credit Guardian Plan secures your family from any loan liabilities you have incurred in case of your untimely demise. On survival at maturity, you will be returned all the premiums paid for the basic policy.

Reliance Special Credit Guardian Plan:Invest in the Reliance Special Credit Guardian Plan and protect your family from any loan liabilities you have incurred. On survival at maturity, all premiums paid for the basic policy will be returned to you.

Reliance Endowment Plan:The Reliance Endowment Plan gives you financial independence by allowing you to decide the amount of Sum Assured based on your current financial position and expected future expenses dream.

Reliance Special Endowment Plan:Imagine an endowment plan that protects you for a certain period even after you have received your lump sumthat is exactly what the Reliance Special Endowment Plan offers you with other added benefits....

Reliance Connect 2 Life:The Reliance Connect 2 Life Plan gives you the option to upgrade your life cover to keep pace with your changing lifestyle. As your income grows, your family will have sufficient cover.

Reliance Whole Life Plan:Give your family a lifetime of timely financial support by investing in the Reliance Whole Life Plan. This will help you enjoy your life to the fullest..

Reliance Wealth + Health Plan:Invest in the Reliance Wealth Health Plan and balance your health needs and wealth needs, without compromising.

SAVING PLAN:Reliance Super Invest Assure Plus Plan:Reliance Super Invest Assure Plus Plan is an ultimate investment plan that offers the benefit of life insurance cover along with flexible investment options. What makes it even more attractive is that it offers additional allocation of units every year to enhance your investment, thereby enabling you to enjoy potentially higher returns without compromising on the security of your family!

Reliance Super Invest Assure Plan:Reliance Super Invest Assure is a complete plan which addresses your vital needs like Flexibility, Security, Investment Return and Financial Planning. With all its key benefits, it is here to ensure that there will always be more than you can ask for.

Total Investment Plan I - Insurance:Reliance TIPS -Series I- Insurance is a Unit Linked Investment + Insurance Plan that helps you meet all your financial needs, without the complexity of managing multiple products.

Reliance Wealth + Health Plan:Invest in the Reliance Wealth Health Plan and balance your health needs and wealth needs, without compromising on either health or wealth.

Reliance Super Automatic Investment Plan:The Reliance Super Automatic Investment Plan is an enhanced unit linked plan that allows you to choose the right investment mix to reap maximum benefits. It also provides you with enhanced Life Cover..

Reliance Money Guarantee Plan:To reap the benefits of a rising market and to protect yourself from any market decline, invest in the unit linked Reliance Money Guarantee plan that gives you the perfect balance between Protection and Savings..

Reliance Super Market Return Plan:The Reliance Super Market Return Plan gives you insurance protection and allows you to benefit from investment growth. It works through your life and meets the changing requirements you may have from time to time.

Reliance Endowment Plan:The Reliance Endowment Plan gives you financial independence by allowing you to decide the amount of Sum Assured based on your current financial position and expected future expenses.

Reliance Special Endowment Plan:Imagine an endowment plan that protects you for a certain period even after you have received your lump sumthat is exactly what the Reliance Special Endowment Plan offers you with other added benefits..

Reliance Whole Life Plan:Give your family a lifetime of timely financial support by investing in the Reliance Whole Life Plan. This will help you enjoy your life to the fullest.

RETIREMENT PLANS:-

Total Investment Plan II - Pension:When you invest in the Reliance Total Investment Plan, you give yourself the assurance that you will make each one of your dreams come true!

Reliance Super Golden Years Plan:THE Reliance Super Golden Years Plan helps you save systematically and generate the much-needed corpus to help you enjoy life after retirement.

Reliance Super Golden Years Plan - Value:Realize all your dreams of playing golf, or going for a world tour after retirement by investing in the Reliance Super Golden Years Plan Value, which helps you generate the amount you will need for the future.

Reliance Super Golden Years Plan - Plus:Invest in the special Reliance Super Golden Years Plan Plus that not only helps you build the corpus you need after, but also collects a basic minimum amount in case something were to happen before you realize your dreams.

Reliance Wealth + Health Plan:Invest in the Reliance Wealth Health Plan and balance your health needs and wealth needs, without compromising on either health or wealth.

Reliance Super Automatic Investment Plan:The Reliance Super Automatic Investment Plan is an enhanced unit linked plan that allows you to choose the right investment mix to reap maximum benefits. It also provides you with enhanced Life Cover.

RELIANCE PAYS PREMIUM:Optima:Pay online via credit card or net banking. Just log into your Lifeline Account. SBI:- Your premiums on the go, in 3 easy steps! *Temporarily this payment service is unavailable till further notice by RBI.

ECS:- Instruct your favorites bank to pay your premiums directly from your
card on the due date.

account.

CREDIT CARD:- Never miss a payment! Have your premium debited from your credit

Nearest branch:- Visit your nearest Reliance Life Insurance branch and pay over the
counter!

Easy Bill Outlets:- you have the option of paying your Renewal Premium by cheque at
any of the Easy Bill Outlet located in your account.

Bill Desk:Pay Online, Log into your Bill desk account and authorize your payments.

Bill Junction:Pay Online, Log into your Bill Junction account and auth.

Electronic Bill Payment Process:Log into your Net Banking account and pay your Renewal Premium Online! Orize.

SECTION- 2 CAREER OF RELIANCE:-

Our Belief
We believe that you are the force behind the company. And with your growth will come the drive that can take this company to higher and stronger levels. Creating a huge wave of satisfaction, not only for our customers and us, but for your career.

Why Us?
Whatever your career goal, Reliance Life Insurance is a company big enough for your dreams. We, along with the other businesses of Reliance Capital, enjoy a strong position in the financial services category. And this may be the place where you can have the career you always wanted. We endeavor to be unique in creating an environment that makes pitting your skills against the world a challenging, stimulating and energizing experience. Here, we believe that bigger the challenges that we set for ourselves, the higher they will take us. And finding resonance with this credo is our ever-increase.

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group. Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need based Life Insurance solutions to individuals and Corporates. Reliance Capital Ltd. is one of Indias leading and fastest growing 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 Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services.

ACHIEVEMENTS OF RELIANCE LIFE INSURANCE:-

RLIC closed the last financial year with a New Business Premium of Rs 3513 Crores. For 3 successive years, since inception, the Company has been amongst the fastest growing Companies in the Life Insurance Industry achieving a growth rate of 28% in the last financial year against a market growth of -6%. In the Individual Business segment, the company achieved a growth rate of 59% in terms of WRP against the private industry growth of 1%. Reliance Life has been one of the fastest gainers in market share growing from 1.9% amongst private players in Mar'06 to 10.3% as of Mar'09. This has resulted in the Company growing to becoming the 4th largest private player in just two years starting at position of 11. The Company has been the fastest company to reach the 3 million policy mark and was the 3rd largest private insurer in terms of Policy count in 2008-09 Reliance Life has accomplished a large distribution ramp-up in the Industry in a short span of time by opening 1145 branches in just over 2 year. RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 9001:2000 for all the processes. Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP).

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in Feb 2008 for its work on promoting 'self help channels for service'

DIRECTORS OF RELIANCE LIFE INSURANCE:BOARD OF DIRECTORS:Gautam Doshi, Director Gautam is the Group Managing Director of Reliance Anil Dhirubhai Ambani Group and Director of Reliance Life Insurance Company Limited. In his long and illustrious career spanning 30 years, Gautam has held key positions in various organizations such as M/s. Bansi S. Mehta, RSM & Co. and Ambit Corporate Finance Pvt. Ltd. Presently, as a Board member of various reputed public limited companies, Gautam continues to power the industry with his profound knowledge and expertise. Gautam, a qualified Chartered Accountant, has served as the Chairman of the Institute of Chartered Accountants of India for the year 198283. He was also elected to the Council of the Institute of Chartered Accountants of India for two consecutive terms spanning over 1992 to 1998.

Satya Pal Talwar, Director Satya Pal is the Director of Reliance Life Insurance Company Limited. He holds an experience of more than 35 years in operations and policy formulation. THROUGH his distinguished service in the financial industry, Satya Pal has served as the Chairman and Managing Director of renowned organizations such as Bank of Baroda, Union Bank of India and Oriental Bank of Commerce. His in-depth knowledge of the sector has seen him rise quickly into pivotal positions at advisory and board levels in Indian and as well Global organizations such as SEBI, IDBI and MasterCard International. He has also held the coveted position of Deputy Governor of RBI from 1994 to 2001. Satya Pal holds a degree in Law. He is a Certified Associate of the Indian Institute of Bankers and a member of the Indian Council of Arbitration.

Saumen Ghosh, Group President Saumen is currently the Group President of Reliance Capital Limited. Saumen has worked in the UK for one of the leading Chartered Accountancy firms and then moved to Australia to join a subsidiary of the Allianz Group where he held various senior positions in the finance and international division. In his immediate past assignment, before joining Reliance Capital Limited, Saumen was responsible for the overall Allianz operations in India and Middle East. Saumen is a qualified Chartered Accountant and is a member of the Institute of Chartered Accountant in England & Wales and Australia.

SECTION-3

LIC PLANS:INSURANCE PLANS

PENSION PLAN

UNIT PLAN

INSURANCE PLANS:As individuals it is inherent to differ. Each individuals insurance needs and requirements are different from that of the others. LICs Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.

Jeevan Anurag
CDA Endowment Vesting At 21 CDA Endowment Vesting At 18

Jeevan Kishore
Child Career Plan Child Fortune Plus

Jeevan Aadhar
Jeevan Vishwas

The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan) Jeevan Anand

Jeevan Shree-I Jeevan Pramukh

PENSION PLAN:Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.

Jeevan Nidhi

Jeevan Akshay-VI

New Jeevan Dhara-I

New Jeevan Suraksha-I

DATE OF LIC ESTABLISHMENT:-

Date of Establishment:Revenue:Market Cap:Address:-

1956 Not Available Not Available 1st Floor, West Wing, Mumbai Do-Iv, Yogakshema, Jeevan Bima Marg, Mumbai - 400 021, India 8 Zonal Offices and 101 Divisional Offices T.S. Vijayan - Chairman D.K. Mehrotra - MD, LIC Thomas Mathew T - MD, LIC A K Dasgupta - MD, LIC Arun Ramanathan - Secretary, Financial Services, Dept.

Branches:Management Team:-

of Financial Services, Ministry of Finance, Govt of India Sindhushree Khullar - Addl. Secretary, Dept of Economic Affairs, Ministry of Finance Yogesh Lohiya - Chairman cum MD, GIC of India T.C. Venkat Subramanian - Chairman & MD, Export Import Bank of India. Overview:-

The largest life insurance company in India, Life Insurance Corporation is fully owned by the government. It provides individual life insurance, group insurance and pension plans. Its subsidiaries include Life Insurance Corporation of India International, LIC Nepal, LIC Lanka, LIC Housing Finance and LICHFL Care Homes. It has over 12 million policy holders and over 9 lakh agents. It has underwritten more than 120 million policies. company is on the Internet and is utilizing. Information Technology in servicing its clients. It has bagged various award including Loyalty Awards 2008 in Insurance .Sector,.NDTV Profit Business Leadership Award 2007, CNBC Awaaz Consumer Awards 2007 and Outlook Money NDTV Profit Awards 2007.

SECTION-4

ROLE OF LIFE INSURANCE CORPORTION:Insurance is an attractive option for investment. While most people recognize the risk hedging and tax saving potential of insurance, many are not aware of its advantages as an investment option as well. Insurance products yield more compared to regular investment options, and this is besides the added incentives (read bonuses) offered by insurers. You cannot compare an insurance product with other investment schemes for the simple reason that it offers financial protection from risks, something that is missing in noninsurance products.

In fact, the premium you pay for an insurance policy is an investment against risk. Thus, before comparing with other schemes, you must accept that a part of the total amount invested in life insurance goes towards providing for the risk cover, while the rest is used for savings. In life insurance, unlike non-life products, you get maturity benefits on survival at the end of the term. In other words, if you take a life insurance policy for 20 years and survive the term, the amount invested as premium in the policy will come back to you with added returns. In the unfortunate event of death within the tenure of the policy, the family of the deceased will receive the sum assured. Now, let us compare insurance as an investment options. If you invest Rs 10,000 in PPF, your money grows to Rs 10,950 at 9.5 per cent interest over a year. But in this case, the access to your funds will be limited. One can withdraw 50 per cent of the initial deposit only after 4 years. The same amount of Rs 10,000 can give you an insurance cover of up to approximately Rs 512 lakh (depending upon the plan, age and medical condition of the life insured, etc) and this amount can become immediately available to the nominee of the policyholder on death. Thus insurance is a unique investment avenue that delivers sound returns in addition to protection. Insurance is an attractive option for investment. While most people recognize the risk hedging and tax saving potential of insurance, many are not aware of its advantages as an investment option as well. Insurance products yield more compared to regular investment options, and this is besides the added incentives (read bonuses) offered by insurers. You cannot compare an insurance product with other investment schemes for the simple reason that it offers financial protection from risks, something that is missing in noninsurance products. In fact, the premium you pay for an insurance policy is an investment against risk. Thus, before comparing with other schemes, you must accept that a part of the total amount invested in life insurance goes towards providing for the risk cover, while the rest is used for savings. In life insurance, unlike non-life products, you get maturity benefits on survival at the end of the term. In other words, if you take a life insurance policy for 20 years and survive the term, the amount invested as premium in the policy will come back to you with added returns. In the unfortunate event of death within the tenure of the policy, the family of the deceased will receive the sum assured.

Now, let us compare insurance as an investment options. If you invest Rs 10,000 in PPF, your money grows to Rs 10,950 at 9.5 per cent interest over a year. But in this case, the access to your funds will be limited. One can withdraw 50 per cent of the initial deposit only after 4 years. The same amount of Rs 10,000 can give you an insurance cover of up to approximately Rs 512 lakh (depending upon the plan, age and medical condition of the life insured, etc) and this amount can become immediately available to the nominee of the policyholder on death. Thus insurance is a unique investment avenue that delivers sound returns in addition to protection.

Types of life insurance corporation:-

Term Life Insurance:Term Life Insurance is a type of insurance policy whereby the insured pays a fixed sum for a period of time. This sum remains constant. The premium charged is very nominal. The Policy holders normally survive even after its expiry unless they are affected by fatal disease or injured in an accident. This policy does not cost much. Once the policy expires the insured is also at liberty to renew the same but he will have to pay the revised rates of premium. Such a change could sometimes be too high. This is one of the drawbacks of this policy. But for this factor, it is economical and highly recommended for the salaried youth and middle men. Whole term insurance policy is another classification in term life insurance. In a whole term insurance the insured pays the fixed amount throughout his life. The different categories of term life insurance policy are as follows:-

Group Term Life Insurance:TYPE of insurance is taken by the employer for his employees. The employer either pays the premiums from his kitty or by deducting the appropriate amount from the salary of individual employees. This policy provides lot of benefits but it cannot be relied solely to meet your insurance needs. This type of insurance is gaining significance in the developing countries.

Level term Life Insurance:This type of insurance requires you to select a particular period and pay premiums for the selected period. The policy automatically matures on the attainment of the selected period. Once you select the term say 5 10 or 15 years you cannot revoke it. This type of insurance is ideal for those people who are not able to make long term financial plans.

Permanent insurance:-

Life Insurance is an expensive Policy. This Policy cannot be stopped on any occasion as long as the premiums are paid regularly and you don't want to end the policy. In a permanent Life Insurance policy you pay premiums for an indefinite period irrespective of the fact they exceed the amount to be distributed to your dependents in case of death. Such surplus will be deposited by the company in a separate account. They will yield higher returns if the company performs well. A share of the profits is periodically dispatched to you. You have the option of raising loans out of those funds or accumulate them back in the account. In case you decide to end the policy you will paid back with the surrender value .If the insurer decides to retain the profits made from your investment with him then you are not required to pay income tax for that amount. There is a possibility like, when you withdraw certain amount of money within the given limit you need not pay income tax for that amount. But when you deposit money in the bank you have to pay income tax irrespective of the fact you utilize it or not. If the insurer decides to retain the profits made from your investment with him then you are not required to pay income tax for that amount. There is a possibility like, when you withdraw certain amount of money within the given limit you need not pay income tax for that amount. But when you deposit money in the bank you have to pay income tax irrespective of the fact you utilize it or not. It is however advised not to choose permanent insurance if your motive is solely investments and tax exemptions. In that case it is advised to invest in some form of cheap investments and make use of other financial instruments for saving tax because the basic objective of insurance is neither investment nor tax exemption.

SECTION-5

HDFC Standard Life Insurance:-

A little about HDFC Standard Life Insurance:HDFC Standard Life Insurance is a new Indian life insurance company that operates out of 52 locations. It offers clients a range of insurance plans to meet their savings, investment and protection needs. In the financial year 2002-03, the company registered a year-on-year growth of over 260%. It is also the first new life insurance company to declare its third successive bonus for participating policy holders.

The company's growing pains. In order to survive in the insurance segment, HDFC had to introduce new products. They wanted to launch a Unit Linked Insurance Scheme in 2 months. They were looking for a robust and integrated solution to support the new product. HDFC was also facing numerous problems with their current systems in terms of performance, reliability and scalability. IBM was the right choice. The IBM solution. The financial community in India and all over the world had opted for the IBM e Server I Series. HDFC Standard Life Insurance decided to do.

the same. The solution recommended by IBM included an server I Series model 810 Enterprise Edition for production and a Model 800 Standard for testing and development. Both the systems currently run LifeAsia/400.

The result - Life is secure. With CSC Life Asia and the series, HDFC could complete projects much ahead of their deadlines. They found the IBM I Series a highly integrated system that made implementation faster and more efficient.

ORIGIN OF HDFC LIFE INSURANCE:-

HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.) India and UK based Standard Life Company. Both the joint venture partners being one of the leaders in their respective areas came together in this 81.4:18.6 joint venture to form HDFC Standard Life Insurance Company Limited. The MD and CEO of HDFC Standard Life Mr. Deepak Satwalekar, has given the company new directions and has helped the company achieve the status it currently enjoys. HDFC Standard Life brings to you a whole range of insurance solutions be it group or individual or NAV services for corporations; they can be easily customized as per specific needs. HDFC Standard Life Insurance India boasts of covering around 8.7 lakh lives by March'2007. The gross incomes standing at a whopping Rs. 2, 856 Crores, HDFC Standard Life Insurance Corporation is sure to become one of the leaders and the first preference for any life insurance customer. The Banc assurance partners of HDFC Standard Life Insurance Co Ltd are HDFC, HDFC Bank India Limited, Union Bank of India, Indian Bank, Bank of Baroda, Sara swat Bank and Bajaj Capital.

Factors Affecting Insurance Quotes:Some of the factors that affect life insurance quotes are as follows

Health:This happens to be an important parameter not only for life insurance but also for other form of insurance like disability insurance, health insurance. The health of a person is inversely directly proportional to the insurance premiums. A person who enjoys a good health will generally pay a lower insurance compared with the person who suffers from some sort of chronic illness and fatal disease.

Age and Income:This factor has a close relation with the previous one. The age of a person speaks for his health the number of years he is expected to live and so on. A young person is likely to pay lesser premium. The reverse is also equally true. A person with higher income may not be expected to pay a higher premium because his payments are guaranteed. This is also to decide term life insurance quotes and affordable life insurance quotes.

Physical Features:-

However the insurer levies a moderate amount of premiums as far as person with lower incomes are considered to ensure that there is a prompt settlement of premiums. Similarly there is no upper limit for a person with higher income. The insurance company will accept any amount that he is willing to pay as long as they fall in line with the policy rules and regulations or are not forbidden by any other contract of law operating in this context.

Some factors like height and weight have a great role to play in deciding an insurance quote. Insurance companies also require the insured to meet certain minimum requirements in some cases. These stipulations are to help the insurer in deciding the life insurance quote on the basis of physical features that have a reasonable influence on the life span of an individual either directly or indirectly.

Family Details:The insurer also considers the marital status of the individual, the number of children and dependents. In addition the health history of the family and dependents will also be collected. The premium tends to be higher as long as the number of dependents and family members are high. The medical history of the family members and dependents influences the rate of premiums.

SECTION-6

BAJAJ LIFE INSURANCE:-

Bajaj Allianz Life Insurance Co Ltd is a unique joint venture among the global giants Allianz Group (AG) and Bajaj Auto. Allianz AG's world ranking establishes it among the top insurance companies in the world. Bajaj is the biggest two and three wheeler manufacturer in the world. Bajaj Allianz Life Insurance Company boasts of a nationwide presence with 876 offices and over 4 million satisfied customers. The various insurance products ARE:

Individuals Plans:

Unit Gain Insurances Lifetime Care Insurance Policy Business Insurance Policies Savings And Security Policies For You And Your Family Rural Insurance Plan Healthcare Insurance Financial Insurance Pension Plus Retirement Plans Children's Policies Endowment Plans and many more.

Group Insurance Schemes:

Insurance For Employee-Employer Groups Insurance For Non-Employer - Employee Groups Employees Deposit Linked Insurance New Group Superannuation Scheme . NEW GROUP Gratuity Care Scheme.

Special Insurance Policies for NRI's:

Invest gain Endowment Plan Cash gain Money Back Plan Child gain Kids Special Plan. SWARNA Vishranthi.

Bajaj Allianz India offers convenient premium payment and receipt options. The payments can be direct through cheques, DD's or directly from your accounts or through credit card. The premiums can also be paid online. The insurance policy holders who also have an account with Standard Chartered Bank can avail the direct debit mandate facility. The Bajaj Allianz Life Insurance website offers human life value estimator, child education cost calculator, retirement solutions and required pension estimator and premium calculator online. The Bajaj Allianz insurance agents will guide you about the general life insurance policies best suited to your needs. The insurance agent also briefs you about the insurance quote and the terms on the policy quotes.

Allianz Bajaj Life Insurance Company Limited:Bajaj Auto Ltd:Bajaj Auto Ltd the flagship company of Bajaj Group was incorporated in 1945 as Bachraj Trading Corporation. Initially it started by assembling two and three wheelers in collaboration with Piaggio of Italy. After the expiry of the agreement in 1971 the two and three wheelers acquired the brand name of Bajaj. The strength of the company lies in its strong brand image and ability to offer value for money products leveraging on its large-scale operations.

Allianz AG:Allianz group was founded in 1890 and is one of the world's leading insurance companies with over 100 years' experience in insurance and related services. It is also the largest insurer in Europe. Allianz group has multi-local structure and presence in over 70 countries. The key business areas of Allianz group include General Insurance (property, engineering, marine, motor, casualty and miscellaneous), Reinsurance, Risk Management, Life & health insurance, Asset Management and Pension Funds Management. Cornhill Insurance in the United Kingdom, Fireman's Fund in the United States of America, AGF in France, RAS spa in Italy, MMI in Australia are some companies under Allianz group. Rated 'AAA' by S&P it has assets over 670 billion DM (Rs. 17,160 billion) under its management with employee strength of over 1,05,700..

The Joint Venture:Allianz Bajaj Life Insurance Co. Ltd. company is a joint venture between Allianz AG and Bajaj Auto Limited. Characterized by global presence with a local focus and driven by customer orientation to establish high earnings potential and financial strength, Allianz Bajaj Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the

Insurance Regulatory and Development Authority (IRDA) Certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India.

SECTION-7

WHAT IS LIFE INSURANCE:Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is a loss of income to the household. The family is put to hardship. Sometimes, survival itself is at stake for the dependants. Risks are unpredictable. Death/disability may occur when one least expects it. An individual can protect himself or herself against such contingencies through life insurance. Life insurance is insurance on human beings. Though Human life cannot be valued, a monetary sum could be determined which is based on loss of income in future years. Hence in life insurance, the Sum Assured (or the amount guaranteed to be paid in the event of a loss) is by way of a benefit in the case of life insurance. Life insurance products provide a definite amount of money to the dependants of the insured in case the life insured dies during his active income earning period or becomes disabled on account of an accident causing reduction/complete loss in his income earnings. An individual can also protect his old age when he ceases to earn and has no other means of income by purchasing an annuity product. There are a number of life insurance products which offer protection and also coupled with savings. A term insurance product provides a fixed amount of money on death during the period of contract.

A whole life insurance product provides a fixed amount of money on death. An Endowment Assurance product provided a fixed amount of money either on death during the period of contract or at the expiry of contract if life assured is alive. A money back assurance product provides not only fixed amounts which are payable on specified dates during the period of contract, but also the full amount of money assured on death during the period of contract. An annuity product provides a series of monthly payments on stipulated dates provided that the life assured is alive on the stipulated dates. A linked product provides not only a fixed amount of money on death but also sums of money which are linked with the underlying value of assets on the desired dates. There are a variety of life insurance products to suit to the needs of various categories of peoplechildren, youth, women, middle-aged persons, old people; and also rural people, film actors and unorganized labourers. Life insurance products could be purchased from registered life insurers notified by the IRDA. Insurers appoint insurance agents to sell their products. Public who are interested to buy life insurance products should receive proper advice from insurance agents/insurer so that a right product could be chosen to suit particular financial needs. Thus life insurance policies offer protection and security to families and provide happiness to society.

LIFE INSURANCE CORPORTION:The Life Insurance Corporation (LIC) of India founded in 1956 is the largest life insurance company in India owned solely by the Government of India. Headquartered in Mumbai, which is considered the financial capital of India, LIC presently has 7 Zonal Offices and 100 Divisional Offices situated all around the country. In addition to an even distribution of 2048 branches located in different towns and cities of India, LIC also has a network of around one million agents. Life Insurance is insurance for you and your family's peace of mind. Life insurance is a policy that people buy from a life insurance company, which can be the basis of protection and financial stability after one's death. Its function is to help beneficiaries financially after the owner of the policy dies. It can also be a form of savings in the long run if you purchase a plan, which offers the option of contributing regularly. Additionally, a little known function of life insurance is that it can be tied in with a person's pension plan. A person can make contributions to a pension that is funded by a life insurance company. These are considered PRIVATE PENSION

HISTORY OF LIFE INSURANCE:-

The first two decades of the twentieth century saw lot of growth Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period.

Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. Re-organization of LIC took place and large numbers of new branch offices were opened. As a result of reorganization servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 Crores of New Business in 1957 the corporation crossed 1000.00 Crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organization happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies. Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. LICs Wide Area Network covers 100 divisional offices and connects.

TYPES OF LIFE INSURANCE:-

Term Insurance Policy:

A term insurance policy is a pure risk cover for a specified period of time. What this means is that the sum assured is payable only if the policyholder dies within the policy term. For instance, if a person buys Rs 2 lakh policy for 15-years, his family is entitled to the money if he dies within that 15-year period.

What if he survives the 15-year period? Well, then he is not entitled to any payment; the insurance company keeps the entire premium paid during the 15-year period.

Whole Life Policy:As the name suggests, a Whole Life Policy is an insurance cover against when it happens. , irrespective of

Under this plan, the policyholder pays regular premiums until his death, following which the money is handed over to his family.

This policy, however, fails to address the additional needs of the insured during his postretirement years. It doesn't take into account a person's increasing needs either. While the insured buys the policy at a young age, his requirements increase over time. By the time he dies, the value of the sum assured is too low to meet his family's needs. As a result of these drawbacks, insurance firms now offer either a modified Whole Life Policy or combine in with another type.

ENDOWMENT POLICY:-

In an Endowment Policy, the sum assured is payable even if the insured survives the policy term.

If the insured dies during the tenure of the policy, the insurance firm has to pay the sum assured just as any other pure risk cover. A pure endowment policy is also a form of financial saving, whereby if the person covered remains alive beyond the tenure of the policy, he gets back the sum assured with some other investment benefits.

In addition to the basic policy, insurers offer various benefits such as double endowment and marriage/ education endowment plans. The cost of such a policy is slightly higher but worth its value.

TYPES OF LIFE INSURANCE:-

Term Insurance Policy.

Whole Life Policy.

Endowment Policy.

Money Back Policy.

Annuities And Pension

Life insurance as "Tax planning"

Insurance serves as an excellent tax saving mechanism too. The Government of India has offered tax incentives to life insurance products in order to facilitate the flow of funds into productive assets. Under Section 88 of Income Tax Act 1961, an individual is entitled to a rebate of 20 per cent on the annual premium payable on his/her life and life of his/her children or adult children. The rebate is deductible from tax payable by the individual or a Hindu Undivided Family. This rebate is can be availed upto a maximum of Rs 12,000 on payment of yearly premium of Rs 60,000. By paying Rs 60,000 a year, you can buy anything upwards of Rs 10 lakh in sum assured. (depending upon the age of the insured and term of the policy) This means that you get a Rs 12,000 tax benefit. The rebate is deductible from the tax payable by an individual or a Hindu Undivided Family.

Life insurance as "Risk cover"

First and foremost, insurance is about risk cover and protection - financial protection, to be more precise - to help outlast life's unpredictable losses. Designed to safeguard against losses suffered on account of any unforeseen event, insurance provides you with that unique sense

of security that no other form of investment provides. By buying life insurance, you buy peace of mind and are prepared to face any financial demand that would hit the family in case of an untimely demise. To provide such protection, insurance firms collect contributions from many people who face the same risk. A loss claim is paid out of the total premium collected by the insurance companies, who act as trustees to the monies. Insurance also provides a safeguard in the case of accidents or a drop in income after retirement. An accident or disability can be devastating, and an insurance policy can lend timely support to the family in such times. It also comes as a great help when you retire, in case no untoward incident happens during the term of the policy. With the entry of private sector players in insurance, you have a wide range of products and services to choose from. Further, many of these can be further.

Insurance Companies In India:-

Birla Sun Life Insurance Co. Ltd HDFC Standard life Insurance Co. Ltd ICICI Prudential Life Insurance Co. Ltd. ING Vysya Life Insurance Company Ltd. Life Insurance Corporation of India Max New York Life Insurance Co. Ltd Met Life India Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited SBI Life Insurance Co. Ltd Tata AIG Life Insurance Company Limited Reliance Life Insurance Company Limited.

Aviva Life Insurance Co. India Pvt. Ltd. Shriram Life Insurance Co, Ltd. Sahara India Life Insurance Bharti AXA Life Insurance Future Generali Life Insurance IDBI Fortis Life Insurance Canara HSBC Oriental Bank of Commerce Life Insurance Religare Life Insurance DLF Pramerica Life Insurance Star Union Dai-ichi Life Insurance Agriculture Insurance Company of India Apollo DKV Insurance Cholamandalam MS General Insurance HDFC Ergo General Insurance Company ICICI Lombard General Insurance IFFCO Tokio General Insurance National Insurance Company Ltd New India Assurance Oriental Insurance Company Reliance General Insurance Royal Sundaram Alliance Insurance Shriram General Insurance Company Limited Tata AIG General Insurance United India Insurance Universal Sompo General Insurance Co. Ltd

TATA AIG LIFE INSURANCE PLAN:-

TATA AIG JEEVAN LAKSHYA PLAN:-

KEY FEATURES:-

. MINIMUM ISSUE AGE OF 0 (30DAYS) AND MAXIMUM AGE OF 60 YEARS WITH MAXIMUM MATURITY AGE OF 75 YEARS. . POLICY TERM: 15/20/25/30 YEARS. . PRENIUM PAYING TERM: SAME AS POLICY TERM. . MINIMUN ANNUALIZED PRENIUM: RS.18000. . MAXIMUN ANNUALIZED PRENIUM: RS.50000. . SUM ASSURED: 5 TIMES THE ANNUALIZED PREMIUM.

. SIX INVESTMENT FUND OPTIONS.

BENEFITS UNDER JEEVAN LAKSHYA PLAN:-

DEATH BENEFIT

MATURITY BENEFIT

ADDITIONAL ALLOCATION

SETTLEMENT OPTION

DECREASE THE TOP- UP SUM ASSURED

WHERE THE MONEY INVESTED?

EQUITY FUND

INCOME FUND

AGGRESSIVE GROWTH FUND

STABLE GROWTH FUND

SHORT TERM FIXED INCOME FUND

HOW NAV IS CALCULATED?

NAV MEANS NET ASSET VALUE. IT CAN BE CALCUTED AS NAV PER UNIT = (MARKET/ FAIR VALUE OF THE INVRSTMENT HELD BY THE UNIT FUND + EXPENSES INCURRED IN THE PURCHASE OF THE ASSET + VALUE OF CURRENT ASSET + ACCRUED INCOME NET OF FUND MANAGEMENT CHARGES CURRENT LIABILITIES / TOTAL NO OF UNITS EXITING IN THE UNIT FUND. POLICY YEAR 6 7 8 9+ X% 10 15 20 NR

SWARANA JEEVAN

PRENIUM PAYMENT OPTION MIN./MAX.ISSUE AGE MIN. VESTING AGE MAX.VESTING AGE MINIMUM ANNUALIZED PRENIUM

REGULAR LIMITED PERIOD:5 YEARS 18 YEARS/65 YEARS 45 YEARS 75 YEARS RS 20,000

AGE BAND 18-25 26-30 31-35 36-40

FUTURE EQUITY PENSION FUND 85% 80% 75% 70%

FUTURE INCOME PENSION FUND 15% 20% 25% 30%

FEATURES OF SWARANA JEEVAN:-

FLEXIBILITY OF POLICY TERM. FLEXIBILITY TO CHOOSE OPTION OF INCRESING PRENIUM EVERY YEAR TOOL TO FLIGHT INFLATION. EASY TO PURCHASE OPTION WITH SWARNA JEEVAN CERTIFICATE. REGULAR INCOME POST RETIREMENT.

HDFC LIFE INSURANCE PLANS:-

. PROTECTION PLAN . CHILDREN PLAN . HEALTH PLAN

PROTECTION PLANS:-

Protection Plans help you shield your family from uncertainties in life due to financial losses in terms of loss of income that may dawn upon them incase of your untimely demise or critical illness. Securing the future of ones family is one of the most important goals of life. Protection Plans go a long way in ensuring your familys financial independence in the event of your unfortunate demise or critical illness. They are all the more important if you are the chief wage earner in your family. No matter how much you have saved or invested over the years, sudden eventualities, such as death or critical illness, always tend to affect your family financially apart from the huge emotional loss. For instance, consider the example of Amit who is a healthy 25 year old guy with a income of Rs. 1,00,000/- per annum. Let's assume his income increases at a rate of 10% per annum, while the inflation rate is around 4%; this is how his income chart will look like, until he retires at the age of 60 years. At 50 years of age, Amits real income would have been around Rs. 10,00,000/- per annum. However, in case of Amits unfortunate demise at an early age of 42 years, the loss of income to his family would be nearly Rs. 5,00,000/- per annum.

HDFC Childrens Plan:-

As a parent, your priority is your childs future and being able to meet your childs dreams and aspirations. With our HDFC Childrens Plan, you can start building your savings today and ensure a bright future for your child. This With Profits plan is designed to secure your childs future by giving your child (Beneficiary) a guaranteed lump sum on maturity or in case of your unfortunate demise, early into the policy term.

Features:.

Advantages:

Lets you customize an ideal plan for your child and provide invaluable financial support The Double Benefit Plan Option helps you secure your childs immediate and future needs. In case of your unfortunate demise, we will pay the Sum Assured to your child (Beneficiary). Your family need not pay any further premiums and the policy continues. And on maturity of the plan, we will pay you the Sum Assured plus Bonuses Declared You can choose to pay your premium as either Annually, Half-Yearly or Quarterly depending on your convenience. You also have a range of convenient auto premium payment options Tax benefits are offered under section 80C and 10(10D) of the Income Tax Act, 1961.

BAJAJ LIFE INSURANCE PLANS:Unit Linked Plans:-

Regular Premium
New Unit Gain Super Unit Gain Plus Gold New Unit Gain Plus New Unit Gain Young Care Young Care Plus New Family Gain-R

Single Premium
New Unit Gain Premier SP New Unit Gain Plus SP

Pension Plans:Annuity

Pension Guarantee Retirement Future Income Generator Swarna Vishranti New Unit Gain Easy Pension Plus RP New Unit Gain Easy Pension Plus SP Future Secure Traditional Plans:-

Endowment Invest Gain Save Care Economy SP Life Time Care Super Saver Money Back Cash Gain

Term Plans

Protector Term Care

New Risk Care

Women Insurance Plans

House Wives Working Women

Health Plans

Care First Health Care Family CareFirst

Children Plans

Child Gain

Group Plans

Non Employer Employee

Credit Shield Group Term Life(Non Employer Employee) Group Suraksha Swayam Shakti Suraksha Group Loan Protector Group Income Protection

Employer Employee
Group Term Life(Employer Employee) New Group Gratuity Care New Group Superannuation Care Group Save Plus Group Term Life in lieu of EDLI Group Leave Encashment Scheme Group Annuity Group Superannuation Gold Group Gratuity Gold

Micro Insurance

Alp Nivesh Yojana Jana Vikas Yojana Saral Suraksha Yojana

Other Plans

Family Assure Fortune Plus Capital Shield Century Plus II

FINDINGS:-

SUGGESTIONS AND RECOMMENDATION:1. Reliance Life Insurance Should give more attention on its Quality and method of Recruitment & Selection because it helps the company in reducing attrition rate and selecting the right candidate to serve the company for a long period. 2. Reliance Life Insurance should give more advertisement in Magazines & Newspapers regarding the New Hire Process and New Recruitments. 3. Reliance Life Insurance

should maintain the communication through feedback. They should take time-to-time feedback regarding customer satisfaction to know about the customer perception about their insurance products. 4 .Budget required for Recruitment & Selection Process must be economical. 5. Reliance Life Insurance should find out the factors for which the customers are purchasing their policies.This will help it in making appropriate message in advertisement so that that advertisement will much focused and targeted and may attract excellent candidates to serve the company. 6 .Reliance Life Insurance Which prefer remote areas also for selling its policies must hire from there to due to localize expertise? 7. Reliance Life Insurance should make the provision for change in Recruitment & Selection Methodology with the advent of time and newer technology. 8. Reliance Life Insurance should provide all details related to any promotions, company schemes and Packages at the time of Final Selection. 9. The person conducting the Interview should make sure that candidate being interviewed shows better ability to listen, understand and answer queries. 10. Reliance Life Insurance should ensure that the company is innovative and introduces new products to meet new customers needs and keeps on check with the competitors too.

LIMITATIONS OF THE RESEARCH:-

1. T h e r e s e a r c h i s c o n f i n e d t o a c e r t a i n p a r t s o f D e l h i a n d d o e s n o t necessarily shows a pattern applicable to all of Country. 2. Some respondents were reluctant to divulge personal information which can affect the validity of all responses. 3. In a rapidly changing industry, analysis on one day or in o n e segment can change very quickly. The environmental changes are vital to be considered in order to assimilate the findings.

CONCLUSION:1 .Our exhaustive research in the field of life insurance threw up some interesting trends which can be seen in the above analysis. 2. A general impression that we gathered during data collection was the immense awareness and knowledge among people about various companies and their insurance products. 3. People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money. 4. People in general have been impression by the marketing and advertising campaigns of insurance companies. 5. A high penetration of print, radio and television ad campaigns over the years is beginning to have its impact now.

6. The general satisfaction levels among public with regards to policy and agents still requires improvement. 7. But there in lays the opportunity for a relative new comer likening. 8. LIC has never been known for prompt service or customer oriented methods and reliance can build on these factors.

BIBLOGRAPHY:1. BOOKS/ MAGAZINES REFERRED: 2. STUDY GUIDEPRINCIPLES & PRACTICES OF LIFE/ GENERAL INSURANCE, by AIMA. BOOKS PUBLISHED BY INSURANCE INSTITUTE OF INDIA. LIFE-INSURANCE, BY MC GILL. INSURANCE WATCH. MONEY OUTLOOK. 3. WEBSITES REFERRED:

WWW.RELIANCE LIFE.CO.IN WWW.CIFAINSURANCECOM WWW.MONEYOUTLOOK.COM WWW.INSURANCE.IND.COM