Professional Documents
Culture Documents
SUMMER TRAINING AT
RELIANCE LIFE INSURANCE CO. LTD.
AT R. K. COLLEGE OF BUSINESS
MANAGEMENT, RAJKOT.
PREPARED BY :
GOSWAMI SONALI
V.
SUBMITTED TO :
Ms. VARSHA VIRANI
( FACULTY, RKCBM, RAJKOT)
PREFACE
Ahmedabad
Goswami Sonali
V.
ACKENOLEGEMENT
Sonali V. Goswami
EXECUTIVE SUMMARY
CERTIFICATE
for
Reliance Life -
the
requirement
Director
Prof. In charge
TABLE OF CONTENTS
Sr.
No.
1
CONTENTS
Page
No.
8 17
and
18-22
Product Mix
Traditional Plans
Unit Link Plan
23-40
41-48
Marketing Department
Distribution Channel
Sales Promotion Schemes
Comparative Analysis
49-59
Finance Department
Money Manager
Power of Compounding
Taxation
Fund Performance
60-64
Research Methodology
Data Source
Sampling Area
65-76
Sampling Method
Sample Size
Research Instrument
Method of Contact
Method off making an approach for sales
Suggestion
77
Conclusion
78
10
Bibliography
79
11
Annexure
Questionnaire
80-84
CHAPTER : 1
10
11
12
important that the proposer declares all the facts properly and in
utmost good faith.
The statement by the proposer was inaccurate or false.
Such an inaccurate or false statement related to a fact that
was material to the contract.
Such an inaccurate or false statement was deliberately and
fraudulently.
The proposer knew the correct facts at the time of making
the false statement.
2.Insurable Interest :
The requirement of Insurable interest dates back to the 18th
century. During that time, in order to carry out an insurance
contract the person insured need not be informed about it.
Therefore there 3rd parties insuring a person for a certain sum
without the insured knowing of it.
This arrangement was abused and subject to malicious
intentions. One should insure a 3rd party and get the insured
killed and benefit monetarily from the proceeds. Thus, the
objective of insurable interest is to prevent people from wagering
or gaming on the lives of others.
Relationship with the subject matter which is recognized in law
and gives a legal right to insure that person.
The insurable interest must be a monetary interest.
13
14
of
Life
Insurance
Corporation
15
of
Indias
corporate
amended
insurance
Act
looked
into
investments,
16
1818
British introduced the life insurance to India
with the
establishment of the Oriental Life Insurance
Company
in Calcutta.
1850
Non life insurance started with Triton
Insurance Company.
1870
Bombay Mutual Life Assurance Society is the
first India owned life insurer.
1938
1956
Nationalization took place. Government took
over 245 Indian and foreign insurers and provident
societies.
17
1972
Non-life business nationalized, General
Insurance Corporation (GIC) came into being.
18
and
Development
19
CHAPTER : 2
20
Dhirubhai H. Ambani
Founder Chairman,
Reliance Industries Limited, India
December 28, 1932 - July 6, 2002
Major Group Companies: Reliance
Industries Limited,
India's largest private sector company.
HISTORY
Reliance Life Insurance Company Limited is a part of Reliance
Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group.
Reliance Capital is one of Indias leading private sector financial
services companies, and ranks among the top 3 private sector
financial services and banking companies, in terms of net worth.
Reliance Capital has interests in asset management and mutual
funds, stock broking, life and general insurance, proprietary
investments, private equity and other activities in financial
services.
Reliance Capital Limited (RCL) is a Non-Banking Financial
Company (NBFC) registered with the Reserve Bank of India under
section 45-IA of the Reserve Bank of India Act, 1934.
Reliance Capital sees immense potential in the rapidly growing
financial services sector in India and aims to become a dominant
player in this industry and offer fully integrated financial
services.
21
OBJECTIVES :
1
Result Oriented
Performance Driven
Customer Focused
Employee centric
Human Resources
Finance
HEAD OFFICE
22
BRANCHES
1. ANDHRA PRADESH
VISHAKAPATNAM
OLD GAJUWAKA
KUNOOL
GUNTUR
SECUNDERABAD & MANY OTHER CITY
2. GUJARAT
AHMEDABAD
VADODARA
JUNAGADH
NADIAD
JAMNAGAR
23
BHAVNAGAR
SURAT
3. KARNATAKA
BANGALORE
JAYANAGAR
INDIRANAGAR
BELLARY
BHARWAD
GADAG & MANY OTHER CITY
4. NEW DELHI
5. KERALA
ERNAKULAM
ALLEPEY
PALAKKAD
KOLLAM
CALICUT
ALUVA
KASARGODE & MANY OTHER CITY
6. TAMILNADU
CHENNAI
ANNANAGAR
TAMBARAM
SALEM
DHARMAPURI
24
HOSUR
DINDUGUL
VELLORE & MANY OTHER CITY
FUTURE PLANS
2006-2007
Forty- four branches to be opened across the
country in the coming months; and a pan India
presence with 162 branches in the coming year.
A state of the art customer care centre will provide
continuous, responsive services to the caller and
promptly address queries, collate feedback and
suggestions from the caller, who may be both
prospective and existing clientele and from channel
partners in Chennai & Mumbai.
25
CHAPTER : 3
PRODUCT MIX
1.
2.
Traditional Plans
Unit Link Plan
1.Traditional Plans :
There are five sub plans in this plan.
26
27
MAXIMUM
Entry Age
65
Maturity Age
18
75
35 (regular
premium)
15 (single
premium)
Sum Assured
Rs 25,000
or as determined by the minimum
premium
Rs 5,00,000
(entry age below
18 years)
No Limit(entry
age 18 and
above)
Premium
Policy Term
No limit
No limit
The modes of payment of premiums permitted are yearly, halfyearly, quarterly and monthly. The policy can also be availed
28
1.02
and
1.04
The modes of payment of premiums permitted are yearly, halfyearly, quarterly and monthly. The policy can also be availed
under salary deduction scheme. When the mode of payment of
premium is half-yearly, quarterly and monthly, the premiums will
be rated up. The rating up factors are:
Half-yearly
Quarterly
Monthly
1.02
and
1.04
Sum Assured
Premium
Rebate
per
1,000
Sum
Assured
Rs 1,00,000 - Rs
2,49,000
Re 1
Rs 2,50,000 - Rs Rs 2
4,99,000
Rs 5,00,000 - Rs
9,99,000
Rs 3
29
Rs 10,00,000 and Rs 4
above
2. Reliance Special Endowment Plan (Subh Shree).
This insurance policy is designed for people who wish to
combine savings with extended security. The unique feature
of this policy is that life protection continues for five years
after you have stopped the payment of premium. Payment of
sum assured at the end of premium paying term and
extension of life cover thereafter for the full sum assured for
a period of 5 years, are characteristics of the policy. This
plan also participates in the profits.
The special benefit under this policy is that it ensures securing a
fund for the future when it is most needed and gives much
needed financial security for the family.
The unique feature of this policy is that the risk cover continues
for the full sum assured for an extended period of 5 years even,
after payment of the full sum assured at the end of the premium
paying term.
This policy also participates in the profits. Bonus is compounded
yearly (i.e. bonus declared in the previous year earns bonus in
the next year) and is payable at the end of the policy term. Any
healthy male or female, who has completed the age of 12 and is
not older than 65 can avail of this policy.
The minimum amount for which a Reliance Special Endowment
Plan policy can be taken is Rs.25,000. There is also a limitation
30
31
earlier death. If you have opted for additional benefits, these will
be available only so long as premiums are paid regularly. In any
case, Accident and Critical Illness benefits are not available
beyond the age of 64 years.
There is the usual exemption from tax, for premiums paid, as per
the IT Act. The money you have invested earns interest and
comes to you in the form of terminal benefits and Bonus, without
the insecurities attached to the ups and downs of the money
market. Further, at Reliance Life Insurance, we offer you the best
of courtesy, prompt service and a high level of financial security.
3. Reliance Cash Flow Plan (Dhana Shree).
This insurance policy is designed for those who have a
recurring need for reinvestment in business or look for shortterm investment channels. The advantage of the policy is
that they need not part with a sizable amount of money at
any one time, but create, through regular premium
payments, a periodic return of lump sums which become
available for reinvestment at higher returns, while providing
simultaneously, substantial life cover.
Alternatively, it can be used to meet any immediate financial
crisis in the family like your son's college admission, your
daughter's engagement, renovation of your home or perhaps,
a holiday abroad.
The money is payable in installments. The first installment
is paid at the end of the 4th year and thereafter at the end of
every 3rd year.
32
33
34
35
36
37
The policy will lapse immediately and all benefits will cease, since
no grace period is available beyond 30 days. However, the policy
can be reinstated any time during the term of the contract
subject to certain conditions. The accident benefit will be
available only so long as premiums are paid regularly. In any
case, the Accident benefit is not available beyond the age of 64
years.
As the amount to be insured is substantial you can pledge your
policy as a collateral security for housing/commercial loans.
The premiums paid are eligible for income tax relief under
Section 80C of I.T Act,1961. Also, all amounts received at the
time of claim are also exempted from tax under section 10(10D).
Further, at Reliance Life Insurance, we offer you the best of
courtesy, prompt service and a high level of financial security.
Even though you have paid your premiums only over a limited
premium paying term, the life cover continues up to age 85. You
have the option of extending the cover even after age 85.
On attaining your 85th birthday you can choose to terminate the
policy. In that case, you will be paid the sum assured as well as
the accrued bonuses. If you do not wish to avail of this maturity
option at age 85, then the risk cover continues till your 99th
birthday, or is terminated earlier in case of death.
38
An amount equal to the sum for which you have taken the policy
along with the accrued bonus till date of death will be paid to
your family immediately.
Yes, for a marginal additional premium payment, you can opt to
have the Accident benefit and/or the Critical Illness benefit.
Subject to certain conditions, if death of the policy holder is
caused by an accident, an additional lump sum is payable.
This benefit provides a lump sum payment in the event of a
specified serious illness like a stroke or heart attack suffered by
the Life Assured.
Provided premiums have been paid for three continuous years,
the sum assured as stated above will be reduced in proportion to
the premiums paid to the total amount of premiums payable.
Vested bonuses will not reduce but the policy will cease to
participate in future profits. The reduced sum assured along with
vested bonuses is payable on policy anniversary immediately
after age 85 or earlier death. If you have opted for additional
benefits, these will be available only so long as premiums are
paid regularly. In any case, Accident and Critical Illness benefits
are not available beyond the age of 64 years.
Loans can be taken against the surrender value of the policy,
after three years' premiums have been paid. This benefit comes to
you without taking away your valuable life cover.
There is the usual exemption from tax, for premiums paid, as per
the IT Act. The money you have invested earns interest and
comes to you in the form of terminal benefits and Bonus, without
the insecurities attached to the ups and downs of the money
39
40
41
42
43
balance is more than the sum insured, you can withdraw the
difference between the account balance and the sum insured
plus the Rs.5,000.
Higher withdrawals may be considered subject to underwriting
and evidence of good health. After each withdrawal unit account
balance should be at least Rs.10,000. You can make 2 such
partial withdrawals per policy year.
After 1 year of the policy being in force you can make 2 partial
withdrawals per policy year. If your unit account balance is less
than the sum insured you can withdraw a maximum of Rs 5,000,
leaving a minimum balance of Rs.10,000.
We will cancel units to the value of each withdrawal from the
unit-linked funds according to the proportions that you specify
from any of the investment funds you have opted for. Units
equivalent to your withdrawal amount will be deducted from your
account. The withdrawal amount will be paid to you after
deducting applicable charges.
Variable Return Your unit account can attract greater returns
depending on your choice of investment funds and their
performance in the market. Under current tax legislation, the
earnings on your investments accumulate free of tax.
If your unit account value is less than the unit value of the sum
total of all charges due from you (insurance charges + investment
charges + monthly administration charges) then the policy can
lapse and you will not enjoy the benefits.
The Reliance Market Return Fund unit-linked policy provides
death benefits with flexible options. Your premiums are invested
44
45
Revision of Charges
We may increase the investment management charges at any
time but they will not exceed 2% pa for the Capital Secure Fund
and 2.5% pa for the other funds. Any changes made to the
charges or fees under this policy will be subject to IRDA approval.
15
day
free
look
period
You are entitled to a free look period of 15 days. If at the end
of this time you do not wish to continue this policy then you
may write a letter requesting us to cancel the policy. We will
refund the premium paid by you after deducting a
proportionate premium for the cover we provided you during
that time. We will also deduct any expenses, medical
examination costs and stamp duty charges incurred by us in
respect of your policy.
CHAPTER : 4
46
RECRUITMENT :
47
SELECTION PROCEDURE :
Selection Procedure is done for the Sales Managers of the
company. Reliance Life Insurance Company Limited has done
selection procedure as under:
48
49
For Advisors1. After getting the code & license by the company the
company provides 100 hrs. training for the knowledge of
Insurance industry.
2. Company provides another product training for the
knowledge of the product (policy) for doing the business.
3. The development of the advisor has done by the Sales
Manager like give guidance etc.
4. For the development & motivate the advisor the company
gives different types of commission incentives & gifts also.
CAREER PLANNING :
1. The Sales Managers has to plan their career for job. The
Sales Managers has to plan how they work for the company.
2. The Sales Manager has to plan for the whole month that the
targets given by the company.
3. For the betterment of the career the Sales Manager try to
achieve their targets.
Opportunity has a new name Reliance Life Insurance Company
Limited. If you have been waiting for that one job which will
50
enrich your professional and personal life then you are at the
right place. At Reliance Life Insurance Company Limited our
mission is to be the best in every sphere - business results,
customer care and employee focus. Some of our core values are:
Result Oriented
Performance Driven
Customer Focused
Employee centric
PERFORMANCE APPRAISAL :
1. Performance Appraisal means to check the performance of
the all employees working in the company.
2. The Sales Managers performance is appraised every 3
months & every 6 months & yearly also. So, that the
company can know what is the situation of the company in
the market.
3. The performance is appraised on the basis of the business
done by the Sales Manager performance appraisal is
necessary for the company.
ORGANISATION CHART
51
C.E.O.
C.M.O
52
is given
CHANNEL HEAD
REGIONAL MANAGER
BRANCH MANAGER
MAIN BRANCH
Sales
Manager
Sales
Manager
Sales
Manager
Sales
Manager
Sales
Manager
SUB BRANCH
Advisors
Advisors
COMMUNICATION :
Advisors
Advisors
Advisors
REGIONAL
BRANCH
C.M.O
53
C.E.O
SUB BRANCH
REGIONAL
BRANCH
54
CHAPTER : 5
MARKETING DEPARTMENT
55
INSURANCE
Agency
Bank
Corporate
Rural Benefit
Web world
56
The table given below is present the different gifts if the Advisors
collect the premium.
57
ACHIEVERS
SLAB (WRP)
REWARD
30000
50000
75000
Leather Bag
100000
150000
200000
DVD/VCD/MP3 Player
300000
SLAB (WRP)
REWARD
500000
750000
1000000
1500000
2000000
58
STAR ACHIEVERS
SLAB (WRP)
REWARD
5000000
7500000
10000000
GM Aveo 1.4LS
New Advisor Incentive ProgramIt provide the new Advisors the right and confident start to their
business. Bring out a sense of achievement and confidence to the
new Advisors. Ensure that the Advisors see money in the
business and spend more time towards this business.
Benefit- If the Advisors is collect three policies issued within the
first 30days of licensing than they can earns points worth
Rs.1000/-. A Certificate of Appreciation. If the Advisor is collect
59
five policies issued within first 60days of licensing than they can
get advisor earns points worth Rs.2000/- and a certificate of
appreciation and trophy.
Board Of AdvisorsA recognition based program, where the top advisors get to
represent their fraternity and provide suggestion to the company.
Provide a platform to the advisors to meet the Management at
various levels & contribute. An great opportunity for the
Management to interact with the Actual Sales Force. They get to
meet the CEO along with some of the top Management staff.
There will be three levels of qualification to the Board of Advisors:
(A) Regional Board of Advisors (B) National Board of Advisors (C)
Executive Board of Advisors.
During each of the Board Meeting, the best suggestion will be
recognized and the advisor will be a given a Certificate of
Appreciation. Advisors will get points credited into their account
on qualifying for each of the slabs.
Annual Discovery SeriesThe Discovery Series will be an annual event, which will provide
an opportunity to
Discover ways for Self Development
Discover new places across the Globe and India
Discover new areas of interest
60
61
COMPERATIVE ANALYSIS
No Insurer
Premium
%
LIC
71.44
Bajaj Allianz
7.56
HDFC
Life
SBI Life
2.31
Birla SunLife
1.89
Tata AIG
1.29
Standard
2.87
62
1.23
Aviva
1.14
10
Kotak Mahindra
1.11
OLD Mutual
11 ING Vysya
0.79
12 Reliance Life
0.54
13 MetLife
0.40
14 Sahara Life
0.06
15 Shriram Life
0.03
63
Capital Fund
ICICI Prudential
375
250
218
Bajaj Alliance
200
Tata AIG
183
180
Aviva
155
OM Kotak
153
Reliance Life
126
SBI Life
125
Met Life
110
ING Vysya
110
64
3. COMPRATIVE ANALYSIS
DIFFERENT COMPANIES
OF
MARKET
Marketshare
1
2
3
4
5
6
7
8
9
10
11
12
13
(%)
82.30
5.63
2.56
2.03
1.80
1.36
1.29
0.90
0,79
0.51
0.37
0.26
0.21
LIC
ICICI Prudential Life
Birla Sunlife
Bajaj Allianz
SBI Life
HDFC Standard
Tata AIG
Max New York
Aviva
Kotak Mahindra
ING Vysya
Reliance Life
Met Life Insurance
65
SHARES
OF
Here we can see from the diagram that LIC is the market leader
and it commands the major part of the total life insurance
market. Its market share was approximately 98% before 2000 but
after the entry of private players it has significantly decreased.
Among private players ICICI Prudential stands first. It has the
market share of approximately 5.7% in the total market and it
constitutes 40% of the market share among private players.
66
4. STRATEGIC PARTNERS
Company
Foreign
Indian Share
Shareholder
Allianz
Sun Life of Canada
holder
Bajaj Auto
Reliance Capital
Birla Global
CGNU
Standard Life
Finance
Dabur
HDFC
Prudential (UK)
ING
New York Life
MetLife
ICICI
Vysya Bank
Max India
Jammu & Kashmir
OM KOTAK
Old Mutual
Bank
Kotak Mahindra
Mahindra
SBI Life
Tata AIG
Cardiff
AIG
SBI
Tata
67
CHAPTER : 6
FINANCE DEPARTMENT
1. Money Manager:
In the broadest sense, anyone who earns an income and pays
bills does financial planning. Financial planning is the process
of meeting your life goals. Life goals can include buying a
house, saving for your childs higher education or planning for
retirement. Financial planning is the process of meeting your
life goals through the proper management of your finances.
2. Power of Compounding
Beside inflation, you also have to keep in mind the effect of
compounding. On one hand, while inflation is working at
eroding your income, it is the power of compounding that
works in the opposite direction and looks to maximize the
returns on your investment. Like stated earlier, when you
reinvest an amount of money, there is a snowball effect that is
created, which can benefit you in the long-run. For instance, if
you invest Rs.1000 at say, 8 percent annual interest, you will
receive Rs.1080 which if you reinvest, along with the returns,
after 5 years you will receive around Rs.1469.33 as shown in
the table below :
68
Year
Amount
Invested
Returns
at 8% pa
Total
1000.00
80.00
1080.00
1080.00
86.40
1166.40
1166.40
93.31
1259.71
1259.71
100.78
1360.49
1360.49
108.84
1469.33
69
bank deposits. The net return credited to policy holders and the
asset composition ratios are given in the boxes below.
Net Returns during last 1 months (Mar.06)
0.36%
1.10%
4.09%
3.89%
Asset Allocation
Capital Secure Fund
39%
61%
Gilts
Bank Deposite
70
To reflect our bearish view on the debt market the duration of the
fixed income portfolio, allocation to Gilts was higher than
corporate bonds. All the bonds in the portfolio are top rated. The
asset composition, the details of the portfolio and the net returns
are disclosed below :
Net Returns during last 1 month (Mar.06)
2.47%
4.07%
13.83%
13.10%
Asset Allocation
Balanced Fund
5%
20%
Equity
Corporate
Gilts
22%
53%
71
Bank Deposite
Asset Allocation
Growth Fund
6%
40%
45%
9%
Equity
Corporate
Gilts
Bank Deposite
72
1.07%
98.93%
Equity
MF/BD
CHAPTER : 7
73
RESEARCH METHODOLOGY
Data Source :
The data would be collected from both primary as well as
secondary data. Customers would be asked to fill questionnaires
to arrive at the information. Various secondary sources of data
as magazines, journal internet etc., would also be explored.
Sampling Area:
I am choosing different areas of Ahmedabad city for the
research to be carried out.
Sampling Method :
I am choosing the sample
on the convenience Sampling
basis. We are choosing respondents who have taken a life
insurance.
Sample Size :
I am choosing 50 respondents from different areas of
Ahmedabad city.
Research Instrument :
I am choosing questionnaire as a research instrument as
this can help me knowing the perception of the people about the
life insurance at the least possible cost.
74
Method of Contact :
The method of contact would be personal and direct as this
would help to qualify the customer issues while filling up the
questionnaires and also help them if they do not have the
knowledge about any insurance plan of the company.
OBJECTIVES
To know the perception of the consumer about life insurance.
To improve our ability to sell a financial product like life
insurance.
To get some good market exposure by dealing with the
prospects face to face.
To get a deep knowledge of the financial product like
insurance.
75
45
No
05
50
40
Life Insurance
Holder
30
Yes
20
No
10
0
76
Companys Name
No. of Policies
LIC
25
08
HDFC
01
ICICI Prudential
05
Tata AIG
01
01
OM kotak
01
01
03
Alliance Bajaj
01
03
77
LIC
Reliance Life Insurance
HDFC
ICICI Prudential
Tata AIG
New York Max Life
OM kotak
Met Life insurance
Birla sun life
Alliance Bajaj
Aviva Life insurance
30
25
20
15
10
5
0
No. of Policies
Analysis : From the above chart we can easily say that according
to my research the LIC of India is the current market leader. The
second largest share goes to Reliance Life Insurance being a
private company. The Reliance Life Insurance Company has able
to snatch some market share of LIC of India. Though LIC of India
is the oldest & the biggest Insurance Company in India, but in
term of pace of growth and development Reliance Life Insurance
is much ahead.
Q.3 What priorities would you consider most important, while
purchasing?
Ranks
II
III
IV
Death
Benefit
14
15
Childrens
Education
10
13
10
Retirement
Benefit
15
10
11
78
Tax
Planning
15
14
10
Financial
Planning
11
14
14
Death Benefit
20
Childrens
Education
Retirement
Benefit
Tax Planning
15
10
5
0
I
II
III
IV
Financial
Planning
Analysis : In the above diagram we can make out that the factor
getting rank 1 the maximum number of times is Retirement
benefit and Tax Planning. The factor getting rank 2 the maximum
number of times is come anytime. For rank 3 tax planning has
again been given importance but here we would consider
childrens education as rank 3 as one factor death benefit. This
shows that people dont take life lightly as it seems that they have
realized that nothing in life is certain except death that cannot
achieve to ranks at the same time. The factor being given rank
for by most number of respondents is financial planning.
Q.4 Do you have any knowledge about Unit Linked Insurance
plans?
79
Yes
18
No
32
36%
Yes
No
64%
11
Traditional
31
80
26%
Unit Linked
Traditional
74%
11
No
39
11
Yes
No
39
81
Analysis : Here from the data its self we can see that about 39
respondents have no plans of purchasing an insurance plan in
the near future. But still they are the prospect for us. We would
definitely approach them after analyzing their needs from the
questionnaire.
Q.7 Are your needs satisfied with your current investment in
insurance?
Yes
35
No
15
15
Yes
No
35
No. of Respondents
High Premium
82
Low Return
Poor Service
8
6
High Premium
Low Return
Poor Service
2
0
No.of Respondents
Analysis : From the above diagram we can make out that the
reason of 7 respondents being dissatisfied from their current
investment in insurance is high premium. Due to high premium
it had become difficult for them to continue their policy. As a
result of this some of them even had to surrender their policy
and the policy of some respondents had lapsed. The other 5
respondents were dissatisfied with their current investment in
insurance because of the low returns from the investment. 3
respondent was dissatisfied with his current investment in
insurance because of poor service from the company.
Q.9 Do you know anything about Reliance Life Insurance?
Yes
35
No
15
83
15
Yes
No
35
T.V.
05
News Paper
10
Radio
00
Hoardings
10
Internet
10
84
Magazine
05
Sales Representative
10
T.V.
10
News Paper
8
6
Radio
4
Hoardings
2
0
Internet
Magazine
Analysis : From the figure above we can say that the most
effective to reach the prospects is through Sales Representatives.
These are the recruits who can be a an MBA students doing their
summer training, graduate student looking for a part time job,
etc. This force is really effective in bringing in the prospects
notice not only the company but also its products and their
benefits. The second most effective instrument is newspaper.
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PERSONAL INFORMATION
Q.1 Age Group :
Age Group
No. of Respondents
18-25
25-35
35-45
15
45-55
26
55-Above
Analysis: From the above data we can see that the highest
number of respondents fall in the age group of 45 to 55 years. 26
respondents fall in this age group.
The 2nd largest number of respondents falls in the age group of 35
to 45 years. The 3rd largest group has 7 respondents. The age
group of this group is 25 to 35 years.
86
38
Female
12
44
Business
Analysis : From the above data we can make out that 44 of our
respondents include service people as they want to have tax
benefit. As far as the business people are concerned they prefer
putting the money in the business rather than investing in
insurance policies.
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CHAPTER : 8
SUGGETIONS
There is a requirement of a branch office to be opened
in Gujarat for the convenience of the customer.
The depth of the company in terms of the area is not
so impressive. The company needs to enter and create
some awareness in rural and semi urban areas where
LIC of India is already having a strong hold.
88
CHAPTER : 9
CONCLUSION
89
CHAPTER : 10
BIBLIOGRAPHY
1. www.reliancelifeinsurance.co.in
2. www.bimaonline.com
3. www.indiainfoline.com
4. Life First Magazine by Reliance
90
CHAPTER : 11
ANNEXURE
Questionnaire :
Q.1 Do you have Life Insurance Policy ?
Yes
No
Q.2 If Yes which companys insurance policy do you have?
Companys Name
LIC
Reliance Life Insurance
HDFC
91
ICICI Prudential
Tata AIG
New York Max Life
OM kotak
Met Life insurance
Birla sun life
Alliance Bajaj
Aviva Life insurance
Ranks
Death
Benefit
Childrens
Education
92
Retirement
Benefit
Tax
Planning
Financial
Planning
93
Yes
No
94
No
Q.10 If Yes, from where did you come to know about the
company?
Media
T.V.
News Paper
Radio
Hoardings
Internet
Magazine
Sales Representative
PERSONAL INFORMATION
Q.1 Age Group :
Age Group
95
18-25
25-35
35-45
45-55
55-Above
Q.2 Gender :
Male
Female
Q.3 Occupation :
Service
Business
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