“A COMPARATIVE STUDY ON

THE OFFERINGS OF
INSURANCE PRODUCTS
BETWEEN
RELIANCE LIFE INSURANCE
COMPANY LTD
VS
LIFE INSURANCE
CORPORATION OF INDIA”
BY:
RAJENDER SINGH
Insurance
vInsurance is defined as the equitable
transfer of the risk of a loss, from one
entity to another, in exchange for a
premium.
vLife 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.
 History of life insurance in India

vAdvent of life insurance business in India in

1818 Oriental Life Insurance Company in
Calcutta.
vIn 1829, the Madras Equitable named
Madras Presidency.
v1912 - The Indian Life Assurance
Companies Act enacted as the first statute
to regulate the life insurance business.
vAn Ordinance was issued on 19th January,
1956 nationalizing the Life Insurance
 History cont…
vLife Insurance Corporation came into
existence in 1 sep. 1956.
vThe LIC absorbed 154 Indian, 16 non-
Indian insurers as also 75 provident
societies—245 Indian and foreign
insurers in all.
vThe LIC had monopoly till the late 90s.
vThe Govt. of India, then introduced the
Insurance Regulatory and
Development Authority Act in 1999,
thereby de-regulating the insurance
sector and allowing private companies
into the insurance.
Existing Insurance
Companies.
 1. HDFC Standard Life Insurance Company Ltd.
 2. Max New York Life Insurance Co. Ltd.
 3. ICICI Prudential Life Insurance Company Ltd.
 4. Kotak Mahindra Old Mutual Life Insurance
Limited.
 5. Birla Sun Life Insurance Company Ltd.
 6. Tata AIG Life Insurance Company Ltd.
 7. SBI Life Insurance Company Limited.
 8. ING Vysya Life Insurance Company Private
Limited.
 9. Met life India Insurance Company Ltd.
 10. Royal Sundaram Life Insurance Company
Limited.
 11. Aviva Life Insurance Co. India Pvt. Ltd.
 12. Sahara India Insurance Company Ltd.
 13. Shriram Life Insurance Company
Ø To know where Reliance life insurance
Company limited & life insurance
Corporation of India companies stands in
the market.
Ø Find out the strength and the weakness of
their plans.
Ø And making comparative analysis between
the products of Reliance life insurance
Company limited with Life insurance
Corporation of India.
Life insurance Corporation of India

v LIC of India is one of India’s leading financial

institutions, offering complete financial solutions that
encompass every sphere of life. From commercial
banking to stock broking to mutual funds to life
insurance to investment banking, the group caters to the
financials needs of individuals and corporate.
v Life Insurance Corporation of India currently
has 8 zonal Offices
v 101 divisional offices located in different parts
of India, at least 2048 branches located in
different cities and towns of India along with
satellite Offices attached to about some 50
Branches, and has a network of around one
million and 200 thousand agent.

7
Reliance Life Insurance Company
Limited
v 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
Corporate.

v Reliance Capital Ltd. is one of India’s 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.
v Reliance Capital Ltd. has interests in asset
management, life and general insurance,
8
Reliance Life Insurance cont…

Ø Minimum age of entry 30 days

Ø Maximum age of entry 65years
Ø Age of maturity 80 years.
vProducts….
Ø Protection plan
Ø Saving and investment plan
Ø Retirement plan
Ø Child plan
 Reliance Super Market Return Plan:
Ø Twin benefit of market linked return and
insurance protection.
Ø A Unit Linked Plan, different form
traditional Life Insurance products, with
maximum maturity age of 80 years.
Ø Option to create your own portfolio
depending on your risk appetite Choose
form eight different investment funds.
Ø Flexibility to switch between funds.
Ø Option to pay regular as well as single
premium & Top-ups.
Ø Liquidity through partial withdrawals.
SWOT ANALYSIS

vStrengths:
 Dedicated Employees.
 Well Efficient Management.
 Technology.
 Diversification of funds.
 Strong and popular brand name.
 Adaptability to changes.

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Weakness

 Lack of good services.

 Lack of awareness about insurance among
people.
 Less coverage in Rural Areas
 Late entry in market.

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 Opportunities
 Fast growing economy.
 Increasing per –capita income in India.
 Saving behavior.
 High growth of ULIP industry.
Threats
 Strong competition by HDFC SLIC, BAJAJ
ALLIANZ, BIRLA SUN LIFE and LIC.

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The functions of Insurance.

 Provide Protection and Collective

bearing of risk.
 Provide Certainty ,
 Prevention of Losses
 Small capital to cover larger risks
 Contributes towards the development
of larger industries.
 Means of savings and investment
Conclusion

vReliance ULIP plan is better

product in these days according
to the need of customer.
vThis offer saving as well as
investment option to the
customer.
 a n k y o u
Th
By r a j
2 1 @ i n . c
raaz
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