Professional Documents
Culture Documents
ON
A dissertation submitted in partial fulfillment of the requirements For the award of Bachlor of Business Administration Integral University Kursi Road,Lucknow
Submitted By Ashutosh kumar rai BBA 5rd sem Roll no. 0700129006
(2007-2010)
PREFACE
PREFACE
2
At present insurance Sector has emerged as one of the good business amongst other, everyone wants to get insure himself / herself because nobody knows that what will happen in future. Except in everyone wants to invest the money where it increases at a desirable rate with safety. These are the reasons why insurance sector is getting the Covent of people. Now Insurance sector is expanding its wings without carrying any boundary. Large number of companies are dealing in this field and trying to encase the potential customer. Now a day the fastest growing insurance sector has also affected the very big market & share. Reliance life Insurance is one the most renowned company in insurance sector. It is one of the Indias leading private life insurance companies.
ACKNOWLEDGEMENT
ACKNOWLEDGEMENT
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Success of my project depends upon two factors internal and external factor includes sincere efforts, dedication to the work and good potential whereas internal factors includes cooperation and support of Staff Members who patiently tell me about the schemes and plans of the company. Im heavily thankful towards H.O.D Mr. M.S.Khan of my institute Integral University Lucknow, Mr. M.S.Khan who gave me this great opportunity to do this summer training project work. Good guidance and cooperation from others are such external factor, which affects the percentage of success. Though in completing this project I tried my level best but it could not be possible without proper guidance of my guide Mr. Anisu Rahman and all the faculty members of Integral University. Im heavily indebted to Mr. Vinay Singh, Deputy Area Manager SMC Global Security Investment park road lko, for his valuable guidance and suggestions, which I sincerely value and appreciate.
TABLE OF CONTENTS
S. No PARTICULARS PAGE NO
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1-
INTRODUCTION
Research Objective Research Methodology Research Process Executive summary
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10
12 16 23 33
2-
COMPANY PROFILE
History of Reliance Life Insurance Co. Product of the Company
38 77 83
34-
5678910 11-
INTRODUCTION
ANATOMY OF PROJECT
FIRST OF ALL IT IS NECESSARY TO UNDERSTAND THE MEANING OF THE WORD PROJECT. 7
(P)
P STANDS FOR WORD PLANNING WHICH DEALS WITH IDEA OF THE THINKS, WHICH IS TO BE DONE BEFORE CONSTRUCTION OF WORK.
(R)
THE
R STANDS FOR OVERLOAD EXPANSDION OVER LOAD MEANS EXPANISON, WHICH MAY OCCUR, IN THE
ESTABLISHED
(O)
(J)
J STANDS FOR JOINT WORK WHICH HAS BEEN TO BE DONE BY THECOMMON JOINT EFFORT THE ART WORK.
PLANNED
(E)
FUNCTION
(C)
STANDS
FOR
CONSTRUCTION
WHICH
IS
VERY
NECESSARY PART OF LIFE. (T) T STANDS FOR TECHNIQUE SINCE UNDER THE TECHNIQUE
RESEARCH OBJECTIVE
RESEARCH OBJECTIVE
Research objective is the basis theme on which the survey is conducted and on which the whole report depends.
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The sub-objectives of this survey are: To study the investment pattern of people. To study the investment pattern of people in life Insurance. To observe the extent of the market. To recognize the target groups. To find out which type of insurance is preferred by the investors. To study the factors responsible for the low investment in Life Insurance. To study the different facilities of life Insurance given by different companies. To study the risk factor involved in insurance. To study which company is providing better services of insurance with higher returns. To study the behavior values and beliefs of customers.
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RESEARCH METHODOLOGY
RESEARCH METHODOLOGY
In order to carry out the study, it is important to take help of research methodology to complete the study properly.
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PLACE OF RESEARCH- The place of research was limited to the Reliance life
insurance, sitapur.
TYPE OF UNIVERSE- The universe consisted of the employees and worker of Reliance life insurance, sitapur.
The research is not complete with just the collection of data. The data after a collection as to be processed and analyzed in accordance with the required it has been then on the following steps-
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1-EDITINGEditing of data process of examine the collected raw data to detect error and omission and to correct these if possible. Editing means done to assure that data is accurate in uniformly entered as possible and has been well arranged for coding and tabulation.
2- CODINGCoding refer to the process of assigning number of other symbols to answer so that responses can be put into a limited number of categories or classes, such classes should be the research problem under consideration.
3-CLASSIFICATIONMore research studies result in a large volume of row data which must be reduced into homogeneous group on the basis of following parameter-?
Job expectation.
Working condition.
Performance
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Personnel policies.
4-TABULATIONTabulation is the process of summarizing row data and displaying the same in compact from the future analysis.
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RESEARCH PROCESS
RESEARCH PROCESS
Problem Formulation
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Research Design
Sample Design
Field Work
Analysis and interpretation and Research Report In the planning of the project and survey, the entire schedule of work was divided in to 13 steps which are as follows:1234567891011Defining the objectives Defining the population Frame the sample units Data collection Questionnaire Methods of collecting data Non-respondent classification Selection of proper Sample size Organizing the field work Execution of the project Summery and analysis
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1213-
Let us understand all the 13 steps in detail: (1) DEFINING THE OBJECTIVE:The main objective is to find out the awareness of life insurance in general public. This survey is conducted to depict the behavior of the people in making investment, especially in insurance.
(2)
DEALING THE POPULATION:Population refers to the total items about which the information is desired.
Here in this project I have considered finite population that is we are taking one single individual as single unit, which is fixed the 50 questionnaires, each separately by the single individual.
(3)
FRAME THE SAMPLING UNITS:The elementary units or the group of such units may form the basis of sampling
process. A list containing all such sampling frames consists of a list of items form, which the sample is to be drawn. It is often impossible to draw a sample directly from the population. In case of this project I simple located the different areas of Sitapur district and conducted a survey by taking the information in the form of questionnaire.
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(4) DATA COLLECTION:There are several ways of collecting the data which different considerably in context of money, cost, time and other resources. In this project the data which was required gave details about the behavior of people who make investments in insurance, mutual funds, IPO, share market, etc.
(5) Questionnaire:To develop an effective questionnaire following points should be kept in mind:a) Keep in view the problem to be studied. b) Questions should be appropriate and simple and must be Constructed with a view to their forming a logical part of a well thought out tabulation plan. c) Proper sequencing of questions. d) Should be examined properly and if error found, should be removed.
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(7) NON-RESPONDENT CLASSIFICATION:It is very necessary to classify the respondents from the sample who didnt give proper reply while conducting the research. The reason for doing this is that it may create a systematic bias.
(8)SELECTION OF PROPER SAMPLE SIZE:A sample design is a definite plan for obtaining a result from the given population. In this project the sample size is of 50.
(9) ORGANIZE THE FIELD WORK:Fieldwork is done in this project individually with no biasness. The fieldwork comprises of filling of questionnaire by different sector individuals.
(10) EXECUTION OF THE PROJECT:Proper execution of the project is important. Steps should be taken to ensure that the survey is under statistical control so that the collected information is in accordance with the pre-defined standard of accuracy.
(11) SUMMARY AND ANALYSIS OF DATA:Once the data is collected the next task is to analyze it. The raw data should be classified into some purposeful usable categories. For example: tabulation, coding, etc
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Analysis work, after tabulation, is generally based on the computation of various percentage4s, coefficients, and etc. by applying various well-defined statistical formulae. Here in this report it is found that the investment pattern of people in private insurance companies is not satisfactory.
(12) INFORMATION GATHERED FOR FUTURE SURVEY:The information gathered for further survey is summarized as under: Very less number of people is interested to invest in private insurance companies. People prefer other options available of investing their money rather than Insurance. Very less number of people, in Sitapur city, knows about RELIANCE LIFE INSURANCE and its working. Maximum number of people expects low risk with high profits while investing in any financial product. Almost all the people take the insurance plan from Insurance agents.
(13) PREPARATION OF THE REPORT:Final report is prepared according to the work done. Following points must be kept in mind in this regard: The layout Report should be concise and simple Proper graphs and charts must be used for the explanation.
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: Sitapur : 100 : Through Questionnaire : Through Internet, Brochures, Companys issues etc.
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EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
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In this competitive market where customer is the king, it is important to analyze the customer perception about the product. Companies, by conducting various market researches, try to improve their products and provide customers better and more services. As without putting customers on the top no company can get success. For achieving success every company should target customers because the market is totally market oriented. The report is prepared for the partial fulfillment of MBA programmed and as a part of curriculum. The report is an attempt to find out the Awareness of Life insurance in General Public with special reference to Bajaj Allianz Life Insurance Company Ltd. This exploratory research is being conducted by survey on the people of Sitapur. The survey was conducted through questionnaires by personally interviewing each respondent on a number of queries structured in questionnaire. The data thus collected through survey was organized in a database, which could be referred for future endorsements. The data thus collected was the subjected to analysis by a mixture of common and advanced statistical technique. The above-mentioned survey was conducted on 100 respondents. The respondents were selected from different parts of Sitapur. The respondents were taken from various sectors viz.-Servicemen, businessmen, housewives, students, etc.
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The study has been divided into various chapters all explaining Reliance Life Insurance hegemony in the current market, its foray into the Indian market and its present conditions. It was found in the survey that many people are not of the modern Life insurance Investment Schemes. It is found that still LIC is the strongest competitor for the private insurance companies like:- Birla Sun Life, Tata AIG, HDFC, ICICI Prudential, AVIVA etc.
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(IRDA) INSURANCE
REGULATORY
AND
Branding is more important in the financial services market which not only faces the problem of securing and retaining customers in an increasing competitive market
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place but also experience the need for heightened relevance of the brand positioning in a world where brand has been termed as new religion.
TEMPORARY NEED/THREATS:
The original purpose of life insurance remains an important elements, namely for replacement of income on death etc.
REGULAR SAVINGS:
Providing for ones family & oneself, as a medium to long term exercise (through a series of regular payment of premiums). This has become more relevant in recent times as people financial independence for their family.
INVESTMENT:
Put simply, the building up of saving while safeguarding it from the ravages of inflation. Unlike regular saving products, investment products are traditionally lump sum investment, where the individual makes a one off payment.
RETIREMENT:
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Provision for later years becomes increasingly necessary, especially in a cultural and social environment. One can buy a suitable insurance policy, which will provide periodical payments in ones old age.
India is having population of 1 billion with a middle class population estimated up to 300 million. It has being the 5th largest economy in the world in terms of purchasing Power Parity (PPP) has a GDP growth rate of over 6% per year on an average for the last decade. The saving rate is estimated to be about 26% of the GDP. In the total population, the insured the population is estimated to be about 70 million.
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PRIVATIZATION OF INSURANCE
The Indian insurance sector has finally opened up and it is with much anticipation that new players are awaiting their share of market. License have been issued to both Indian and foreign Players- Reliance life insurance, HDFC Standard-life, Max India-New York, Royal Sundaram Alliance, ICICI Prudential, IFFCO- Tokyo marine, Bajaj allianz, Birla sunlife, Tata AIG, AVIVA Life Insurance, SBI Life, Om Kotak mahindra are some of the entrants into the newly liberalized Indian Insurance market.
ICICI Prudential and HDFC- Standard life have issued their life have issued their life policies from the private sector after 45 years.
The first move for the liberalization came with the malhotras Committee Report in 1993 which recommended the privatization of insurance, setting of an insurance regulatory authority and restructuring the government monopoly LIC and GIC and its subsidiaries IRDA Act passed in November 1999 had set ball rolling for the entry of private players in domestic sector.
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Liberalization commitment of the country to help in disciplining future economic policies will include the reforms. When world over insurance market has been opened up. India cannot remain in isolation. History has shown that it is very difficult to proper in isolation.
Globalization is the new economic reality, which is here to stay, healing a new era of insurance in India. With the opening of the insurance industry, India stands to gain with the following major advantages.
Globalization will provide opportunities to the consumer for the better production. With more reasonable and affordable pricing.
The customer will get quicker services. Long term funds for infrastructure development will be available to the country. It will enhance the saving rate It will secure for India larger inflow of foreign capital need to sustain our GDP growth.
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ADVANTAGES OF LIBERALIZATION
The opening up will enable the country to save more and invest more for the development in infrastructure. With new insurance intermediaries and more distribution channels the market is bound to develop by leaps and bounds. In the next few years it is established that the Indian insurance sector will develop a better understanding of consumer requirement leading to more satisfaction of consumers. Social and rural obligations will also be served as IRDA has come out with clear regulation in this regard, which makes the development in this area mandatory. Global competition will help in building expertise with their global practice.
The IRDA governs the critical aspect of Insurance Sector including: The number and role of private sector operates including- Roman area intermediaries. Regulate covering investment, solvency norms. Product range. Accounting practices. Consumer protection Norms Ensuring the Rural and Health Insurance are developed.
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Perhaps all the most critical regulation is the 26% equity capital of foreign insurers. This regulation in issues regarding management control and one of the reasons for joint venture breaking up Cubb-Kotak, liberty-Dabur, Allstate-Dabur, Manu Life-UTI are some of the broken up alliances.
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COMPANY PROFILE
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Reliance Capital Limited (RCL) is non-Banking Financial Company (NBFC) registered with Reserve bank of India under section 45-IA of the Reserve bank of India Act, 1934.
Reliance Capital sees immense potential in the rapidly growing financial services sector in India and aims to become a dominant player in this industry and offer fully integrated financial services.
Reliance life insurance is another step forward for Reliance Capital Limited to offer need based Life Insurance Solution to individuals and Corporate.
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Reliance Life Insurance is an associate company of Reliance Capital Ltd. Which along
with its associates has acquired 100% shares in AMP Samna Life Insurance Co Ltd.
Reliance Life Insurance has a pan presence and a range of products catering to
requirements
Reliance Life Insurance would strive hard to achieve the following goals :
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Guiding Principles .
Reliance Life Insurance is another step forward for Reliance Capital Limited to offer
need based life Insurance solution to individuals and corporate . There are various plans
which are offered for individuals & employees by Reliance Life insurance . They plans
are as follows:
CORPORATE PROFILE:
CEO - Mr. P nandagopal CFO Mr. Rajesh Bahl
CMO - Mr. Rohit Gaurav Mull
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CEO
Mr. Pnandagopal joined Reliance Life insurance Company Limited as CEO on October 4th, 505-the day the share holding of AMP Sanmar was transferred to Reliance Capital Group.
CFO
Mr. Rajesh Bahl is the Chief Financial Officer (CFO) of Reliance Life Insurance Company Limited. In his role as CFO, Mr. Bahl is responsible for the overall finance and accounts operations.
CMO
Mr. Rohit Gaurav Mull is the Chief Marketing Officer at Reliance Life Insurance Company Limited. In this role Mr. Mull is responsible for the overall sales and 37
marketing operations and heads the 5 sales channels, product, training and marketing team at Reliance Life Insurance.
COO
Mr. K.V. Srinivasan is the Chief Operating Officer of Reliance Life Insurance Company Limited. In this assignment with Reliance Life Insurance, he heads the Operations, Finance, IT, Legal & Secretarial departments.
APPOINTED ACTUARY
Ms. Pournima Gupte is the Appointed Actuary at Reliance Life Insurance Company Limited and heads the Actuarial Department.
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team is to give best possible return on investments, keeping in view the risk appetite of the Shareholders and Policyholders.
HEAD-HR
Ms. Maneesha Thakur heads the Human Resources Department at Reliance Life Insurance Company Limited. In this role, Ms. Thakur is responsible for developing a performance driven culture and ensuring manpower availability as per budgeted numbers with required competencies. She is also working on increasing media presence in people related areas by positioning key hires and social initiatives at local levels. She has also undertaken marketing and branding campaigns for key HR initiatives. One of the most challenging tasks for her is to build organizational-people capabilities and developing leaders
PRODUCTS
Insurance Plans
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Life is unpredictable, but in face of adversity, our responsibilities towards our parents, children and loved ones need not be compromised. Insurance planning equips you to smooth out the uncertainties and adversities that life might send you way, so that the best that life has to offer, secure in the knowledge that you beloved ones are well provide for.
RETIREMENT
Reliance golden years plan Reliance golden years plan value Reliance golden years plan plus
UNIT LINKED
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Reliance automatic investment plan (new) Reliance money guarantee plan Reliance market return plan
RISK/PROTECTION
Reliance term plan Reliance simple term plan Reliance special term plan Reliance credit guardian plan Reliance credit guardian plan
PENSION
Reliance group gratuity policy Reliance group superannuating policy
How much insurance does customer need? How can customer buy insurance? Help me choose a product
As an individual, for the extent of financial protection you need is different from that as a married man which in turn is different from that as a parent. At each life stage, it is necessary to re-evaluate the amount of protection and provision you require and adjust for the same. Below are some of the events in you life for which you should reevaluate and plan your life insurance needs.
Life Stages
Marriage Birth of a child Schooling of child College education of child Marriage of child
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1-
UNDER
THIS
PLAN
THE
INVESTMENT
RISK
IN
THE
Yes, its a trio the pace setter plan, which promises Life Protection, an opportunity to gain control over your investments along with protection of downside risk. For the select few like you, the Reliance money Guarantee plan is a unit Linked product addressing comprehensive need to strike that prefect balance of Protection and Savings that you deserve as you grow successfully. The Reliance money Guarantee plan is a Regular premium Unit Linked Policy which guarantees the entire premium (including premiums for top-ups) paid by you. This is a plan, which helps you reap all the benefits of a rising market simultaneously protecting you from the downside risk of the market.
Capital Guarantee the sum of all premiums paid is guaranteed on maturity or on death before the maturity.
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Capital Guarantee is available on both the basic premiums as well as on top-on premiums
Unique Return Shield feature to protect your returns. Choice to invest from 3 pre-packaged investment fund options. Unmatched flexibility through our Exchange option to move between the Reliance money Guarantee suite of products offered, as you grow up the ladder
Liquidity in the form of partial withdrawals from top-up fund Option to package with Accidental Death & Disability and Term Insurance riders
Benefits in Details Capital Guarantee: The plan offers Capital Guarantee provided the Policy is kept
in full force by payment of due premiums on time.
Capital Guarantee under the Basic Plan: Premiums paid under the Basic
Plan are guaranteed on the maturity of the Policy or on death during the Policy Term.
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Life Cover Benefit: The amount of Death Benefit depends on the age of the Life
Assured at the time of death i. If the age of the Life Assured at the time of death is more than 12 years last birthday while the Policy is in force, the Company will pay the sum of: 1. Higher of (Sum Assured, Fund Value as on date of intimation of death under Basic Plan, Premiums paid under the Basic Plan excluding any extra or additional premiums paid.) 2. Higher of (Fund Value as on date of intimation of death under top- ups and top-up premium paid provided no partial withdrawal is made from that top-up) ii. However if the Life Assureds age at the time of death is less than or equal to 12 years last birthday while the Policy is in force, the Death Benefit will be the sum of: 1. Higher of (Fund Value as on date of intimation of death under Basic Plan and premiums paid under the Basic Plan excluding any extra or additional premiums paid) and 2. Higher of (Fund Value as on date of intimation of death under top- ups and top-up premium paid provided no partial withdrawal is made from that top-up) iii. The Policy terminates on payment of the Death Benefit.
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1. Higher of (Fund Value under Basic Plan and Premiums paid under Basic Plan excluding any extra or additional premiums paid)
2. Maturity Benefit under Top-Up If Policy Term is greater than ten years, the Maturity Benefit under top-up is the higher of (Fund Value under the top-up and top-up premium paid provided there is no partial withdrawal from that top-up) If Policy Term is ten years; the Maturity Benefit under the top-up is the Fund Value under the top-up. The Policy Terminates on payment of the Maturity Benefit.
Sum Assured
The fixed Sum Assured under the Basic Plan would be calculated as the amount of annual premiums payable for half the Policy Term
Rider Benefit: You can add Accidental Death & Accidental Total and Permanent
Disablement Benefit Rider & Term Life Insurance Benefit Rider.
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b. Funds available in respect of Return Shield Option Return Shield Fund will be available if Return Shield Option is selected. The returns earned under the Basic Plan and top-ups will be transferred to Return Shield Fund if Return Shield option is selected. c. Funds available during settlement period If you have opted for the settlement option, then Fund C would apply by default during the settlement period.
Twin benefit of market linked return and insurance protection A Unit Linked Plan, different form traditional Life Insurance products, with maximum maturity age of 80 years
Choose from 4 different investment funds Flexibility to switch between funds Option to pay regular as well as single premium & Top-ups Option to package with Accidental riders Flexibility to increase the Sum Assured Liquidity through partial withdrawals
Benefits Life Cover Benefit: You can choose the basic Sum Assured within the minimum and
maximum levels mentioned below
Regular Premium: Annualized Premium for 5 years or for half the Policy term Single Premium: 125% of the single premium
Maximum Sum Assured: No Limit (Rs 500,000 for age up to 12 years) In case of unfortunate loss of life, your Beneficiary will get sum Assured or Unit Account Value whichever is higher. Maturity Benefit: On survival, at maturity the value of your Unit Account will be paid out. Rider Benefit: You can add the Accidental Death & Accidental Total and Permanent Disablement Benefit Rider (available only with regular premium option).
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This benefit doubles the life coverage in case of accidental death or accidental total and permanent disablement at a very nominal additional cost. The maximum cover is Rs. 50,00,000 per life. In case of accidental total and permanent disablement, 1/10th of the Sum Assured will be paid at the end of each year for ten years. If the total and permanent disablement has commenced, the Accidental Death Benefit Cover ceases. In case of maturity or on death of the Assured, after payment of installments of Accidental Total and Permanent Disablement Benefit, the remaining unpaid installments if any will be paid in one lump sum. Accidental total and permanent disablement means disability caused by bodily injury, which causes permanent inability to perform any occupation or to engage in any activities for remuneration or profits. This disability should last for at least 6 months before being eligible for Accidental Total and Permanent Disablement Benefits. Total and permanent disablement includes loss of both arms or both legs or one arm and one leg or of both eyes. Loss of arms or legs means dismemberment by amputation of the entire hand or foot. Loss of eyes means entire and irrecoverable loss of sight.
Exclusions to Rider Benefit
Reliance Life Insurance will not be liable to pay any Accidental Death Benefit Claim or Total and Permanent Disablement Claim which results directly or indirectly from any one or more of the following:
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An act or attempted act of self injury Participation in any criminal or illegal acts Being under the influence of alcohol or drugs Racing or practicing racing of any kind other than on foot Flying or attempting to fly in, or using or attempting to use, an aerial device of any description, other than as a fare paying passenger on a recognized airline or charter service.
Participating in any riot, strike or civil commotion, active military service, naval air force, police or similar services or
War, invasion, act of foreign enemies, hostilities or war like operations (whether war be declared or not), civil war, mutiny, military rising, insurrection, rebellion, military or usurped power or any act of terrorism.
A smart plan which adapts to your changing risk profile with increasing age
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Option to lower the average cost of units through systematic transfer of your funds
Flexibility to switch between funds and plans Options for additional Insurance cover available through riders
Two plan options to choose from Ready-made and Tailor-made Life Stage asset allocation to ensure automatic change in investment patterns, under the Ready-made Plan option
Freedom to decide your own fund mix based on your risk profile under the Tailormade Plan
Regular, limited, single premium paying options Unmatched flexibility through our Exchange Option Liquidity in the form of partial withdrawal Option to avail of Accidental Death Benefit, Accidental Total, Premium Disability and Term Insurance riders
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The Fund Value is the total value of units that you hold in the fund/ funds. The Mortality Charges and Policy Administration Charges are deducted through cancellation of units, whereas the Fund Management Charge is priced in the Unit Value.
Age at Maturity 18 years last birthday Premium Paying 5 years Term Min Sum Assured Max Sum Assured
Regular / Limited Premium: Annualised Premium for 5 years or Annualised Premium for half of the policy term, whichever higher Single Premium 125% of the single premium amount No Limit
Benefit Illustration To enable a better understanding on how the plan works, please refer to the below table for Regular Premium.
30 25,000 15
35 25,000 15
40 25,000 15
45 25,000 15
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15 1,87,500
15 1,87,500
15
15
1,87,500 1,87,500
4,95,104
4,94,413 6,93,530
Minimum Premium
Yearly Regular Premium option Limited Premium Single Premium Min Top Up amount Rs 10,000 Rs 20,000 Rs 25,000 Rs 2,500
Tax Benefit
As per current tax rules premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Provided the premium in any years during the term of the Policy does not exceed 20% of the Sum Assured, maturity and withdrawals are eligible for tax benefit under Section 10(10D). Death benefits are tax free under Section 10(10) D of the Income Tax Act, 1961. Under Section 80C premiums up to Rs 100,000 are allowed as deduction from your taxable income. Service tax and education cess will be charged extra as per applicable rates.
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Please note that all benefits payable under the policy are subject to tax laws and other financial enactments, as they may exist from time to time. It is recommended that you consult your tax advisor.
The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market, and the insured is responsible for his/her decisions.
Reliance Life Insurance Company Limited is only the name of the Insurance Company and Reliance Automatic Investment Plan is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Tax laws are subject to changes with retrospective effect and consulting a tax expert for an opinion is recommended
Retirement means different things to different people, while some want to relax and take a trip around the world, some want to start up a venture of their own, and pursue a dream harnessed for years. The power to make your autumn years special lies only with you. The Reliance Golden Years Plan gives you the power and the right kind of solution - A retirement plan that allows you to save systematically and generate the much-needed corpus to make your olden years look golden.
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UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.
Key Features
Invest systematically and secure your golden years A flexible unit-linked pension product that is different from traditional life insurance products with Vesting Age between 45 and 70 years
Four different investment funds to choose from Flexibility to switch between funds Option to pay Regular, Single as well as Top-up Premiums Flexibility to advance/extend your Vesting Age Tax free commutation up to one third of Fund Value at Vesting Age.
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It is a retirement plan that allows you to save systematically, build up the much needed corpus to make your golden years special, while ensuring a basic minimum amount collected, should the unthinkable happen before you achieve your dreams. UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.
Key Features
A flexible Unit-linked Pension product, different from traditional products with Vesting Age between 45 and 64 years
Invest systematically and secure your golden years Four different investment funds to choose from Choose to switch between funds Flexibility to advance your Vesting Age Tax free commutation up to one third of fund value at Vesting Age Optional Accident Benefit Rider
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The Indian Government introduced the Payment of Gratuity Act in 1972. Generally gratuity accrues at a rate of 15 days last drawn salary per year of service for each employee or as defined by the trust deeds. Gratuity is payable immediately on cessation of employment, provided the employee has continuous service of at least five years. The five year provision does not apply on death or disablement of the employee. Gratuity by nature is a medium- to long-term liability of the employer and accordingly trustees to match assets and liabilities should adopt an appropriate medium- to long-term investment strategy. Liability for your employees gratuity is often the trickiest thing to forecast accurately and manage well. While doing so you may come across some pertinent questions: What is my true liability for employees gratuity? How do I manage this liability? Am I maximizing my potential tax benefit? Am I rewarding my most valuable employees adequately? Am I matching long-term liabilities under Gratuity with my investment strategy? Are my Gratuity assets professionally managed? We at Reliance Life Insurance Company Limited can be of help to find answers to most of these very relevant questions. We can assist you to meet your obligations under the Payment of Gratuity Act while providing innovative solutions and delivering long-term results for your investment through our Reliance Group Gratuity Plan. You can also transfer your existing gratuity liability managed under some other funds to Reliance Life Insurance Company Limited.
Capital Secure, Growth and Balanced Funds. It enables employers / trustees with more than 20 employees to outsource the management of their employees Gratuity funds and the related administration to Reliance Life Insurance Company Limited. Policy Conditions
Minimum/Maximum Entry Age - 18 years last birthday/64 years last birthday Maximum Maturity Age - 65 years last birthday Minimum Policy Term - 1 year Minimum/maximum Insured death benefit sum assured Rs.1000 per member/no limits
The Plan The Reliance Group Gratuity Plan is a unit linked Plan where the employer can choose for each member past service gratuity to be paid out to the employee and a level of insured death benefit, subject to a minimum insured death benefit of Rs.1000 per member. This insurance premium will be quoted by us and will be payable over and above the past service gratuity liability contributions. Each past service gratuity liability contribution received will be utilized to purchase units in the unit-linked funds chosen by the employer / trustees. The fund options have different time horizons, risk profiles and return levels.
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Capital Secure Fund: The investment objective of the Capital Secure fund is to
maintain the value of all past service gratuity liability contributions (net of charges). The current asset allocation limits are: 100% Government securities and bank deposits with duration of less than 180 days. Time horizon Short, Risk Level Low, Level of expected returns Low The contributions in Capital Secure Fund must not exceed 20% of the total allocated contributions at any time.
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In this Policy, the investment risk in investment portfolio is borne by the Policy holder Ensure a comfortable retirement for your corporate family. As an employer you currently contribute 12% of each employee's salary into the Employees Provident Fund Scheme. However, is this sufficient to provide for an adequate retirement income for your employees? The answer to this question is unfortunately, NO. Why? There are two main reasons. Firstly, your employees have the option to withdraw assets from the Provident Fund on a regular basis to meet ongoing lifestyle expenses. Most of your employees will reach retirement age with an inadequate balance to purchase an income stream to provide them a reasonable income on retirement. The second reason is that employees are now retiring younger but are living longer. Therefore the capital they need to buy an income stream is much greater than ever before, and this increase in life expectancy will continue to grow making this gap even greater Superannuation is a tax effective way for employers to reward and recognize employee performance. The Reliance Group Superannuation Policy provides you with the flexibility to enable you to tailor your Superannuation Scheme to suit various groups of employees.
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Employers can receive a full tax deduction for contributions up to 15% of an employee's salary into the Reliance Group Superannuation Policy arrangement
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Key Features
On maturity receive Sum Assured plus bonuses Wealth creation through bonus additions More value for your money by way of High Sum Assured Rebate Increase your insurance protection by adding Term Cover Choose to pay regular or single premium Choose to add the benefit of two riders - Critical Illness Rider and Accidental Death Benefit & Total and Permanent Disablement Rider
Key Features
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Sum Assured is paid on survival, at the end of the premium paying term Life Cover for full Sum Assured continues beyond premium paying term Extended Life Cover for 5 years after premium paying term
Wealth creation through bonus additions More value for your money by way of High Sum Assured Rebate Choose to add the benefit of two riders Critical Illness Rider and Accidental Death Benefit & Total and Permanent Disablement Rider
Choose to avail of a Policy Loan available after 3 full years of premium payment Policy participates in profits even after premium paying term
Benefits
Survival Benefit: On survival at the end of the premium paying term you get the Sum
Assured.
Maturity Benefit: On survival to maturity you get accumulated bonuses. Life Cover Benefit: Your Beneficiary will get Sum Assured plus accumulated
bonuses in case of your unfortunate death at any time during the Policy term. This life cover benefit continues even after the payout of Sum Assured after premium paying term.
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Rider Benefit: You also have the option to add 2 additional benefits to customize the
Policy as per your needs a. Accidental Death Benefit & Total and Permanent Disablement Rider b. Critical Illness Rider Accidental Death Benefit & Total and Permanent Disablement Rider Accidents are unfortunate and sometimes fatal. You can customize your basic Policy with an Accidental Death Benefit & Total and Permanent Disablement Rider. The Accidental Death benefit is payable if death occurs directly as a result of an accident and is intimated within 90 days of the occurrence. The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000 and the maximum under all Policies taken together is Rs 50,00,000. The Total and Permanent Disablement Benefit is payable if the Life Assured becomes totally and permanently disabled directly as a result of an accident. The Disablement Benefit is equal to the basic Sum Assured paid in ten equal annual installments Total and Permanent Disablement is defined as the total and irrecoverable loss of sight of both eyes, or loss by severance of two limbs at or above wrist or ankle, or total and irrecoverable loss of the sight of one eye and loss by severance of one limb at or above wrist or ankle for a period of at least six months.
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Inbuilt Waiver of Premium If the Life Assured becomes totally and permanently disabled, then Reliance Life Insurance will waive all future premiums under the basic policy and riders up to a limit of Rs 40,000 p. a.
Key Features
Easy Liquidity - Get periodic cash flows at the end of the fourth year and thereafter at the end of every three years
Wealth creation through bonus additions On maturity receive accumulated bonuses along with final lump sum payout More value for your money by way of High Sum Assured Rebate Full Sum Assured plus bonuses in case of your unfortunate death. This is over and above the Survival Benefits already paid
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Option to add two riders Critical Illness Rider and Accidental Death Benefit & Total and Permanent Disablement Rider
Risk protection for you during the term of the Policy Accumulated bonus at the end of the Policy Term 25% of Sum Assured payable every year as lump sum benefit during the last four Policy anniversaries
All future premiums are waived in the event of unfortunate loss of life Guaranteed Fixed Benefits continue even after loss of life of the Policyholder More value for your money by way of High Sum Assured Rebate Choose to add the benefit of two riders Critical Illness Rider and Accidental Death Benefit & Accidental Death Benefit & Total and Permanent Disablement Rider
Policy participates in profit even after the loss of life of the Life Assured 66
Key Features
Insurance protection till age 85 Choose to extend your insurance coverage till age 99 Convenient Premium Payment Term Wealth creation through bonus additions More value for your money by way of High Sum Assured Rebate Get Sum Assured plus bonuses in case of your unfortunate death Option to add two riders Critical Illness and Accidental Death Benefit & Total & Permanent Disablement Rider
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that you have the option to upgrade your life cover to keep pace with your changing lifestyle.
Maturity Benefit: On survival of the life assured until maturity, the Plan pays the sum
assured plus simple vested bonuses to the policyholder.
Death Benefit: In case of unfortunate death of the life assured before the maturity
date, the Plan pays the sum assured plus simple vested bonuses to the nominee.
Choice of two plans: At the time of initial purchase of Reliance Connect 2 Life
Policy, you have two kinds of plans to choose from namely, Gold Plan and Silver Plan.
The Reliance Connect 2 Life Gold Plan offers a life cover of Rs 2,00,000 initially. You may enhance your life cover to a maximum of Rs 10,00,000 in two stages by exercising your option.
The Reliance Connect 2 Life Silver Plan offers a relatively lower life cover of Rs 1,00,000 initially. You may enhance your life cover to a maximum of Rs 5,00,000 in two stages by exercising your option. Under each of the above two plans, you have an option to
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At the end of one year from the date of initial purchase of Reliance Connect 2 Life Gold / Silver Plan, you are entitled to enhance your life cover by exercising your option to purchase an additional Reliance Connect 2 Life Policy.
Provided you have exercised your option to enhance life cover at the end of the first year, you are entitled to enhance your life cover again at the end of the second year by purchasing an additional Reliance Connect 2 Life Policy.
For further details on options, please refer to the section on Other Conditions Reliance Connect 2 Life Plan comes to you with a host of other benefits:
Other Benefits:
No medical examination and minimal paperwork A profit plan High sum assured rebate for large life cover per policy Policy loan after 3 years Tax benefit under Section 80C & 10(10)D of IT Act
Key Features
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Get higher insurance protection at economical rates Optional accidental & disability rider to enhance protection Economical way to protect your family against financial liabilities like loss of income and outstanding loans etc.
Discount on premium rates for women Suitable for business owners who want to cover the life of their key employees
Policy Term
Policy Term: Who can buy this product? 3 years
18 years 44 years
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Sum Assured
Rs 10,000
General Exclusion
No claim will be paid on death, if the Life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this Policy or the date of any reinstatement of this Policy.
of the proportionate premium for the time cover has been provided till cancellation
of expenses incurred by the Company for medical examination of the Life Assured, Stamp Charges and expenses incurred in that connection.
Whats more, on survival at maturity all premiums paid for your basic policy will be returned to you.
Key Features
Get higher insurance protection at economical rates Basic premiums paid will be refunded at maturity Choose to pay regular or single premium Discount on premium rates for women Choose to add the benefits of two riders to your Policy Critical Illness Rider and Accidental Death Benefit & Total and Permanent Disablement Rider
Key Features
Different types of loans are covered under this Policy - housing Loans, Personal Loan, outstanding on credit cards etc
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Single & regular premium payment option Discount on premium rates for women Decreasing term insurance
Key Features
Different types of loans are covered under this plan - housing loan, personal loan, outstanding on credit cards etc.
Limited premium paying term Single & regular premium payment options Discount on premium rates for women Decreasing Term Insurance Option to add two riders Critical Illness and Accidental Death Benefit & Total & Permanent Disablement Rider
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Fixed multiple of salary % of salary for each year of future service to normal retirement date Fixed Rupee amount Fixed Age-related scale Formula based on designation / rank of employees in the group
If an employee becomes disabled, as defined by us, then the benefit above is accelerated and paid out in 5 equal annual installments. 74
No further benefit is payable subsequently. No benefits are payable on survival to the end of the year. You can choose:
Whether or not to provide the benefit on disablement Whether or not you wish to benefit from experience in your policy Whether or not to give your employees the choice of continuing their cover with us under an individual policy
At the end of every 3 policy periods, under the basis specified below, we will investigate the claims experience under this policy. That investigation may lead us to decide that an experience refund is due. If we declare that an experience refund is due, we will adjust it against the premium due for the next policy period. If it later turns out that an incorrect experience refund has been paid, the policy owner must pay any amount owed to us. Also, we may reduce the amount we pay under any claim to reflect any amount the policy owner owes. Experience refund = x% of (y% Premiums-Claims including an allowance for incurred but not reported claims)- Losses carried forward from the previous period, if any. Refer table below:
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Simple structure of the life insurance cover Life cover provided by EDLI is proportional to the balances in the PF account of the employee subject to certain maximum limits. Life cover provided by Reliance EDLI Scheme is a simple flat cover equal to Rs 62,000, the maximum amount specified by the Employees Deposit Linked Insurance Scheme, 1976 (EDLI). Stress - free administration Experienced and professional administration resulting in hassle free services for member employee data management and claims payments apart from others.
RIDERS
Reliance Life Insurance gives you the freedom to form you very own comprehensive insurance policy by adding the rider benefits to the basic life insurance policy. Add from the following list of benefits to increase the scope of you policy, at nominal cost.
Critical Illness Rider Accident And Disability Benefit Rider Term Life Insurance Benefit Rider Waiver of Premium Rider (WOP)
Sudden onset of a major Illness causes worries and heavy expenses. Our optional Critical Conditions Cover helps provide financial relief in such cases. It pays you the Sum Assured upfront in respect of ten major illnesses.
Cancer Coronary artery bypass surgery Heart Attack Stroke Kidney failure Aorta Surgery Coma Heart Valve replacement Major organ Transplant Paralysis
This Benefit can be availed only once against any one of the illnesses and the Company will not pay the claim if it arises from deliberate self-injury or attempted suicide by the Life Assured, whether sane or insane. This benefit will only be given, if the diseases are confirmed by a Consultant Physician.
Critical Illness Age at entry Age at expiry Sum Assured Minimum policy 5 term 18 yrs 25 yrs Rs 1,00,000 policy sum assured) 55 yrs 64 yrs Rs 10,00,000 (subject to a maximum of basic
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Cancer: any CIN stage (cervical intraepithelial neoplasia); any pre-malignant tumour; any non-invasive cancer (cancer in situ); prostate cancer stage 1 (T1a, 1b, 1c); all skin cancers including malignant melanoma stage IA (T1a N0 M0); any malignant tumour in the presence of any Human Immunodeficiency Virus. Heart Attack: Non-ST-segment elevation myocardial infarction (NSTEMI) with elevation of Troponin I or T; other acute Coronary Syndromes. Stroke: Transient ischemic attacks (TIA); neurological symptoms due to migraine. Coronary Artery (Bypass) Surgery: Angioplasty and/or any other intra-arterial procedures; key-hole surgery. Paralysis: Paralysis due to Guillain-Barr-Syndrome.
Waiting and Survival Period
The Company will not pay the Critical Illness Benefit if:
The critical illness begins prior to or within six months of the commencement date or date of reinstatement of the Benefit - Waiting Period
Death from critical illness takes place within 30 days of the onset of the same Survival Period
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The Accidental Death benefit is payable if death occurs directly as a result of an accident and is intimated within 90 days of the occurrence. The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000 and the maximum under all Policies taken together is Rs 50, 00,000. The Total and Permanent Disablement Benefit is payable if the Life Assured becomes totally and permanently disabled directly as a result of an accident. The Disablement Benefit is equal to the basic Sum Assured paid in ten equal annual installments Total and Permanent Disablement is defined as the total and irrecoverable loss of sight of both eyes, or loss by severance of two limbs at or above wrist or ankle, or total and irrecoverable loss of the sight of one eye and loss by severance of one limb at or above wrist or ankle for a period of at least six months. Inbuilt Waiver of Premium If the Life Assured becomes totally and permanently disabled, then Reliance Life Insurance will waive all future premiums under the basic policy and riders up to a limit of Rs 40,000 p. a.
Accidental Death & Disability Benefit Age at entry Age at expiry Sum Assured 18 yrs 25 yrs Rs 25,000 59 yrs 64 yrs Rs 50,00,000 (subject to a maximum of basic policy sum assured)
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The Company will not pay any Accidental Death Claim or Total and Permanent Disablement Claims, which results directly or indirectly from any one or more of the following:
An act or attempted act of self-injury, Participation in any criminal or illegal act, Being under the influence of alcohol or drugs except under direction of a registered medical practitioner,
Racing or practicing racing of any kind other than on foot, Flying or attempting to fly in, or using or attempting to use, an aerial device of any description, other than as a fare paying passenger on a recognized airline or charter service,
Participating in any riot, strike or civil commotion, active military, naval, air force, police or similar service, or
War, invasion, act of foreign enemies, hostilities or war like operations (whether war be declared or not), civil war, mutiny, military rising, insurrection, rebellion, military or usurped power or any act of terrorism or violence.
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Term Insurance Minimum / Maximum Age at 18 / 59 entry 64 yrs (policy anniversary immediately following Maximum Age at expiry age) Sum Assured Policy Term Rs 1,00,000 Equal to basic policy sum assured Equal to basic policy term
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ANALYSIS
ACCORDING TO GENDER
Male 70%
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Female
70% 60% 50% 40% 30% 20% 10% 0% 1
30%
MALE FEMALE
The above graph represents that 30% female prefer the life insurance 70% male prefer the life insurance That shows that males are more aware about the Insurance.
ACCORDING TO AGE
20-30 25%
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45% 25% 5%
The people of age above 30-40 are more interested in insurance in comparison to the young generation.
ACCORDING TO OCCUPATION
Government Business 40% 50%
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Student Housewives
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
5% 5%
The above graph represents that Business & Govt. Service prefer more insurance in comparison to Housewives & student.
ACCORDING TO THINKING
Contact Agreement 20% 15%
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60% 5%
0.6 0.5 0.4 0.3 0.2 0.1 0 Contact Agreement Security None of these
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60% people prefer ULIP now a days Only 40% people prefer traditional plans
LEVEL OF SATISFACTION
Good Average Below average 65% 30% 5%
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70% 60% 50% 40% 30% 20% 10% 0% Good Average Below average
65% people are satisfied with their policy. 30% people are not fully satisfied with their policy.
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The above graph shows that 75% people interested in life insurance 25% people not interested in life insurance
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50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 1 2 5000-10000 10000-25000 25000-50000
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The above graph represents that People are quite satisfied with the services of Insurance Companies. Insurance Companies are performing better.
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80% 70% 60% 50% 40% 30% 20% 10% 0% 1 2 Friends Advertisement Holdings Advisers
The above graph represents that Advisers of the company are very active. Company is investing very less on advertising.
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The above graph represents that 70 % People are satisfied with the services of R. I. C. L. Insurance Companies are performing better.
60% 50% 40% 30% 20% 10% 0% 1 2 GOOO AVERAGE BELOW AVERAG
The above graph represents that 60 % People feels that the allocation system of R. I. C. L. is good. That shows the trust of people towards the R. I. C. L.
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80% 70% 60% 50% 40% 30% 20% 10% 0% 1 2 GOOO AVERAGE BELOW AVERAG
80 % People are satisfied with the services of advisers of R. I. C. L. That shows the better network of R. I. C. L.
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The above graph represents that 90 % People are impressed with the reputation of R.I.C.L. Company has a good reputation in the market.
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80 % People are satisfied with the services of branch of R. I. C. L. in Sitapur. That shows competency of the staff of the branch of the R. I. C. L. in Sitapur.
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The above graph represents that 50 % of people choose the R.L.I.C. because of its high return.
That shows the good brand image of the company in the peoples mind
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The above graph represents that 70 % People wish to invest their money in R. I. C. L. That shows the increasing popularity of R. I. C. L. in the public.
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The above graph represents that 70 % People are quite satisfied with the customer in R.I.C.L. That shows the better customer service quality of R. I. C. L. in Sitapur.
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90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 2 YES NO
The above graph represents that 90 % People feel the need of some improvement in R.I.C.L. That shows the awareness of public about the R.I.C.L..
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FINDINGS
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FINDINGS
It was found that people of age group between 25-35 yrs are more concerned about life insurance. It was found that there is very less awareness and eagerness about life insurance. In Sitapur customers prefer LIC most than any other private life insurance company. Customers mainly prefer those plans which have lower premium, good returns & minimum risk. Young generation mostly prefers short term investment and they will move towards high risk and high return. Generally people like to have their life insurance of more than Rs. 1, 00,000.
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CONCLUSION
The insurance sector plays a very vital role in the process of economic development of any country. It acts as a mobilize of savings, as financial intermediary, as promoter of investment activates, as stabilizer of financial markets and as a risks manager. Insurance service leads to efficient and productive allocation of capital resources, facilitate growth of trade and commerce, substitute for governments social security programmes, and assist individuals and firms in efficient management of risks, The major companies world over have realized the need for adequate insurance in all perceptible areas affecting their firms, We may safely observe that the insurance market may tremendously improve as India represents huge untapped market. Globalization will certainly increase insurance penetration and all professionals should equip themselves to exploit the opportunities offered by this sector.
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RECOMMENDATIONS
Majority of the people take life insurance to cover the risks and uncertainties associate with future. The need is to change this perception of the customer and to make him realize that life insurance is also a type of investment.
The customers are well aware that insurance is a people driven industry. The perception is that it is basically the agent who explains, recommend, influence and persuade at times pressurize the people to buy the policy. Thus focus on agents needs to be increased.
The basic factor guiding a customer while purchasing a policy is the price he needs to pay as premium. It is thus recommended that the pricing policy should be given utmost importance. It should be such that it suits the common man and depositing premiums does not become a burden for him.
Advertising should be designed in such a way that the communication objective and sales objective are met, along with, stating the mission of the companies.
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Easy premium deposits, easy and fast claim setting with less paper work, are some desired aspect.
The rural people are not aware of benefit of life insurance. Massive advertisement campaign is required to trap this ignored lot by the life insurance companies.
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S.W.O.T. ANALYSIS
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S.W.O.T. ANALYSIS
STRENGTH
Multi-channel distribution and one of the largest distribution networks in India. Customer centric product and services. Superior investment and risk management framework. Company has maximum number of MDRT as well as good number of advisers. Training process of the company is very strong. Different plans for different peoples. According to the change in surrounding environment like change in customer requirement.
WEAKNESS
Companies are not focusing on outskirt and remote areas and villages. There is no plan for the low income group. Fees of the adviser is high than the other company.
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OPPORTUNITY
Insurance market is very big where company can expand its horizon in insurance industry. Through good investment and insurance it is easy to top Indian customers. The huge insurance market (77%) is left so company has opportunity to expand out products.
THREATS
Its still difficult task to win the confidence of public towards private company. The companies are facing major threats LIC which is an only government company. Plans for all income groups are not available which can create adverse effect later on the market share of the company.
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LIMITATIONS
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The sample size taken is very small to project the characteristics of the population accurately.
Potential estimation is based on the responses given by the customers in the questionnaire, so the estimation is more subjective.
There is a chance of biases in the responses given by customers as they may hesitate in disclosing the exact information.
High rate of illiteracy and lack of knowledge made the customer unable to provide proper information in the rural market.
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ANNEXURE
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QUESTIONNAIRE
Name. Address. Phone No. Age: 20-30 ( Gender:1-Working fieldPrivate ( ) Govt. ( ) Business ( ) Student ( ) Housewives ( ) ) 30-40 ( ) 40-50 ( ) 50-60 ) ( )
Male ( )
Female (
2- What do you know about insurance? Contact ( ) Agreement ( ) Security ( Yes ( ) ) None of these ( No ( ) )
4-Why You have insurance policy? For Investment ( ) Future Safety ( ) Only Insurance ( )
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Friends ( )
Advertisement (
Hoardings (
Magazine
7-How much can you invest per annum? 5000-10,000 10,000-25,000 25,000-50,000 <50,000 ( ( ( ( ) ) ) )
8-what are the t erms of your investment? 3 Years ( ) 5 Years ( ) 10 years ( ) More than 10 Years ( )
9- How much old Yours policy was? 1 Year ( ) 2 Year ( ) 3 Year ( ) More than 3 Year ( )
10- If you not Insured than Why? Lack of Knowledge ( ) Lack of money ( ) Not believe in insurance co. ( )
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CUSTOMER SATISFACTION
1-Are You Satisfied with Your policy? Yes ( ) No ( )
3- Your satisfaction level with allocation system? Good ( ) Average ( ) below Average ( )
4- Your satisfaction level with Advisor service? Good ( ) Average ( ) below Average ( )
5- Your satisfaction level with company reputation? Good ( ) Average ( ) below Average ( )
6- Your satisfaction level with branch support? Good ( ) Average ( ) below Average ( )
7-If You are not satisfied then Why ? Lack of trust Insufficent knowledge With return With Manager and customer relationship ( ( ( ( ) ) ) )
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CUSTOMER PREFERENCE
1-Why You choose Relience Insurance Company? Service facility ( Brand image ( ) ) High return ( Trust based ( ) )
4-Your Satisfaction level with fund performance? Good ( ) Average ( ) below Average ( )
SUGGESTION.....
DATE
SIGNATURE
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BIBLIOGRAPHY
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BIBLIOGRAPHY
1-www.reliancelife.co.in
2-Reliance life Insurance Solution 3-Brochures of the company 4- Market guide.
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