RELIANCE LIFE INSURANCE, KOPPAL

CONTENTS

Chapter 1 Chapter 2

Rationale for the study Objective of the study • • Title of the project Objective of the study

1 2-3

Chapter 3 Chapter 4 Chapter 5

• Scope of the study Profile of the company Theoretical Perceptive Research Methodology Research Design Data collection methods / sources Sampling plan which should include sampling unit, sampling size and sampling methods via questionnaire methods, interview methods, observations etc

4-49 50-68 69-71

Chapter 6 Chapter 7 Chapter 8 Chapter 9

Data analysis and interpretations using various charts and graphs Findings Limitations if any Expected contribution from the study Appendix and Bibliography

72-92 93-94 95 96-97 98-101

RATIONALE FOR THE STUDY

RELIANCE LIFE INSURANCE, KOPPAL Stress has become a major concern of the modern times as it can cause harm to employees’ health and performance. Work related stress costs organization high each year through sickness, turnover and absenteeism. How do you cope with stress in the workplace to achieve a more balanced lifestyle? Stress is a part of everybody's life. Depending on the level of stress, it can control our lives, especially in the workplace. We begin to spend several long hours at work, and thus have less time for other things. Stressed employees may be unhappy and thus produce nominally. Stress can deteriorate social and family relationships and eventually burn you out; ultimately it can take toll on your health. Organizations need to recognize stress as a problem and decide whether or not to act upon it. So, it becomes necessary for every organization to know the level of stress and its consequences on the employee performance as well as productivity so as to overcome it.

Situations themselves are not stressful, they simply happen. The stress results from the way we perceive those situations. Stress often occurs when we feel we are powerless to change the things that are impacting on our lives.

This study on the impact of stress on employees of Reliance Life Insurance Ltd was conducted to know the level of stress and its consequences faced by the employees .

TITLE OF THE PROJECT

RELIANCE LIFE INSURANCE, KOPPAL

“Stress management towards employees in reliance life insurance”

OBJECTIVE OF THE STUDY
The objectives of the study are as follows: Primary objective ➢ To study the stress level of the employees at work

Secondary objective ➢ To study the various reasons that leads to stress in employees

➢ To determine the overall consequences of stress on their work.

➢ To study the measures taken to manage stress

SCOPE OF THE STUDY

Stress is emerging as a major problem for many successful people. Stress has become a major concern of the modern times as it can cause harm to employees’ health and performance. Stress can deteriorate social and family relationships and eventually burn you out; ultimately it can take toll on your health. Organizations need to recognize stress as a problem and decide whether or not to act upon it.

RELIANCE LIFE INSURANCE, KOPPAL The study will help in understanding the factors that leads to stress at work and the measures taken to overcome stress of the employees. The study will further lead to recognition of the stressors which may affect their employees’ performance on work. The study may lead to recognition of the more advanced and latest technology for reducing the stress of the employees. The study will lead to solving the problems of the employees at work. It will define the ways in which the organization can further in making the climate of the organization friendlier.

RELIANCE LIFE INSURANCE, KOPPAL

PROFILE OF THE COMPANY

RELIANCE LIFE INSURANCE CO. LTD.
Few men in history have made as dramatic a contribution to their country’s economic fortunes as did the founder of Reliance, Sh. Dhirubhai H Ambani. Fewer still have left behind a legacy that is more enduring and timeless. • As with all great pioneers, there is more than one unique way of describing the true genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of men, the architect of India’s capital markets, the champion of shareholder interest. • But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth creator. In one lifetime, he built, starting from the proverbial scratch, India’s largest private sector enterprise. • When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he converted this fledgling enterprise into a Rs 60,000 crore colossus—an achievement which earned Reliance a place on the global Fortune 500 list, the first ever Indian private company to do so.

Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when Reliance Textile Industries Limited first went public, the Indian stock market was a place patronized by a small club of elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to participate in the unfolding Reliance story and put their hard-earned money in the Reliance Textile IPO, promising them, in exchange for their trust, substantial return on their investments. It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian markets.

RELIANCE LIFE INSURANCE, KOPPAL

Under Dhirubhai extraordinary vision and leadership, Reliance scripted one of the greatest growth stories in corporate history anywhere in the world, and went on to become India’s largest private sector enterprise.

Through out this amazing journey, Dhirubhai always kept the interests of the ordinary shareholder uppermost in mind, in the process making millionaires out of many of the initial investors in the Reliance stock, and creating one of the world’s largest shareholder families.

RELIANCE CAPITAL
Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India’s 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. • Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need based Life Insurance solutions to individuals and Corporates. Reliance capital entered into the life insurance business by acquiring AMP Sanmar in October 2005. The business was thereafter renamed Reliance Life Insurance. Today RLIC has over 20 products - 16 individual plans and 4 employee benefit plans - including the two new innovative products – Connect to Life and Reliance Money Guarantee Plan that were launched recently.

RELIANCE LIFE INSURANCE, KOPPAL Reliance Life Insurance Company (RLIC) has been accorded the ISO 9001-2000 certificate for its best-in-class management systems in Quality, Customer & Process orientation. With this, RLIC is one of the only two life insurance companies in India to get ISO 9001:2000 certification covering all functional areas. The scope of the certification covers the entire gamut of business processes ranging from product design, sales - front-end and back-end operations, customer care and investment, to all business support functions. The certification has been awarded by internationally acclaimed Bureau VERITAS and is valid till 2010 subject to continued satisfactory operation of RLIC's Quality Management System. "This certification is a significant milestone in our continuous quest to offer innovative products, outstanding services and improved customer satisfaction. It indicates that we have been able to install systems, processes & performance measures that are in line with the best in the industry and will form the basis of our business growth in future", said P Nandagopal, CEO, Reliance Life Insurance Company. Reliance Life Insurance is the fastest growing life insurance company in India and has an incremental market share of 4 per cent amongst private insurers. The company has third largest distribution network in terms of number of agents operating out of 143 locations across the country.

CORPORATE OBJECTIVE
At Reliance Life Insurance, we strongly believe that as life is different at every stage, life insurance must offer flexibility and choice to go with that stage. We are fully prepared and committed to guide you on insurance products and services through our well-trained advisors, backed by competent marketing and customer services, in the best possible way.

CORPORATE VISION AND MISSION
Vision

RELIANCE LIFE INSURANCE, KOPPAL Empowering everyone live their dreams Mission Create unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plans.

Our Goal Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below: Emerge as transnational Life Insurer of global scale and standard Create best value for Customers, Shareholders and all Stake holders Achieve impeccable reputation and credentials through best business practices

Achievements

RLIC has been one of the fast gainers in market share in new business premium amongst the private players with an incremental market share of 4.1% in the Financial Year 2007-08 – from 3.9% in April 07 to 8% in Feb 08. ( Source: IRDA)

Also continues to be amongst the fast growing Private Life Insurance Companies with a YOY growth of 195% in new business premium as of Mar’08.

• • •

A Company that has crossed 1.7 Million policies in just 2 years of operation, post take over of AMP Sanmar business. Initiated Express Life – an Unique ’Over the Counter’ sales process for Unit Linked Insurance Policies in the Industry. Accomplished a large distribution ramp-up in the Industry in a short span of time by opening 600 branches in 10 months taking the overall branch network above 740.

RELIANCE LIFE INSURANCE, KOPPAL
• •

RLIC continues to be one of the two Life Insurance companies in India to be certified ISO 9001:2000 for all the processes. Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP).

PRODUCTS OFFERED BY RELIANCE LIFE
Reliance has number of insurance products in it’s Portfolio. It offers different products for different customer profile. It target its product according to the needs of people which make them its customer.

Protection Plans In today’s uncertain world, there could be calamity at every step of the life. It is up to you to ensure that your family stays protected always. Reliance Protection Plans helps you do exactly the same. You have a wide range of options to choose a plan from. Right from limited period plans to lifetime protection plans, you can opt for the one that suits your lifestyle. While we understand that nothing can compensate for the loss of a life, we intend to provide you the peace of mind. Investing in Reliance Protection Plans would mean your family’s future is in safe hands. 1.Reliance Term Plan Invest in the Reliance Term Plan, a pure life insurance plan that offers you comprehensive and affordable coverage for a limited period of time to suit your needs.

2. Reliance Simple Term Plan Make a smart investment move by investing in the cost-effective Reliance Simple Term

RELIANCE LIFE INSURANCE, KOPPAL Plan, which offers you comprehensive coverage for a specified period of time to suit your need.

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

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

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

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

7. Reliance Special Endowment Plan Imagine an endowment plan that protects you for a certain period even after you have

RELIANCE LIFE INSURANCE, KOPPAL received your lump sum—that is exactly what the Reliance Special Endowment Plan offers you with other added benefits.

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

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

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

11. Reliance Cash Flow Plan Invest in the Reliance Cash Flow Plan and reap the dual benefits of a life insurance plan and easy liquidity through lump sum cash, which means you can get a percentage of the Sum Assured at periodic intervals.

Savings & Investment Plans

RELIANCE LIFE INSURANCE, KOPPAL In life, you have always given your family whatever they have wanted. Yet, there are some promises you have to fulfill, such as taking your family for a vacation, or buying that dream house. Set aside some money to achieve these specific goals with the help of Reliance Savings & Investment Plans. The plan allows you to experience the joys of life and provide for your family’s needs. Enjoy life without worrying about the promises you have made—we are here to fulfil them.

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

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

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

4. Reliance Automatic Investment Plan The Reliance Automatic Investment Plan is an enhanced unit linked plan that allows you

RELIANCE LIFE INSURANCE, KOPPAL to choose the right investment mix to reap maximum benefits. It also provides you with enhanced Life Cover.

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

6. Reliance Cash Flow Plan Invest in the Reliance Cash Flow Plan and reap the dual benefits of a life insurance plan and easy liquidity through lump sum cash, which means you can get a percentage of the Sum Assured at periodic intervals.

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

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

RELIANCE LIFE INSURANCE, KOPPAL 9. Reliance Special Endowment Plan Imagine an endowment plan that protects you for a certain period even after you have received your lump sum—that is exactly what the Reliance Special Endowment Plan offers you with other added benefits.

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

11. Reliance Golden Years Plan The Reliance Golden Years Plan helps you save systematically and generate the muchneeded corpus to help you enjoy life after retirement.

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

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

14. Reliance Connect 2 Life Plan The Reliance Connect 2 Life Plan gives you the option to upgrade your life cover to keep

RELIANCE LIFE INSURANCE, KOPPAL pace with your changing lifestyle. As your income grows, your family will have sufficient cover.

Retirement Plans
You are a young and earning individual. The income you earn allows you to enjoy life, your only worry being whether you will be able to continue the same lifestyle after retirement. A Reliance Retirement Plan will help you save money for your retirement. It ensures that you continue to get some income after retirement thereby ensuring that you do not have to depend on any other person or make any compromises to maintain the same lifestyle. Invest in a Reliance Retirement Plan today and enjoy life after retirement on your own terms. 1. Total Investment Plan II - Pension When you invest in the Reliance Total Investment Plan, you give yourself the assurance that you will make each one of your dreams come true! 2. Reliance Golden Years Plan The Reliance Golden Years Plan helps you save systematically and generate the muchneeded corpus to help you enjoy life after retirement.

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

Child Plans

RELIANCE LIFE INSURANCE, KOPPAL Being a parent is one of the joys of life. Your child looks up to you and depends on you for love, protection and support. You want to provide your child with the best in life. The Reliance Child Plan helps you save systematically so that you can secure your child’s future needs. Be it higher education, his or her first home or any other requirement, you will always be there for your child when he or she needs you. So, invest in a Reliance Child Plan right away—it is the best gift you could ever give your child. 1. Reliance Super Invest Assure Plan Reliance Super Invest Assure is a complete plan which addresses your vital needs like Flexibility, Security, Investment Return and Financial Planning. With all its key benefits, it is here to ensure that there will always be more than you can ask for!

2. Reliance Child Plan Save systematically and secure the financial future of your child by investing in the Reliance Child Plan and let your child enjoy today without worrying about tomorrow.

3. Reliance Secure Child Plan Reliance Life Insurance presents a unit linked insurance plan that secures your child’s financial future, leaving you free from worry.

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

SOME LUCRATIVES PLANS WHICH RELIANCE OFFERS

RELIANCE LIFE INSURANCE, KOPPAL RELIANCE ENDOWMENT PLAN It takes a lot for a dream to become a reality. And money is surely an important part of it. Reliance Endowment Plan gives you just the financial independence to realise your dreams in the future. It lets you decide how much you would like to set as your Sum Assured based on your current financial position and your expected future expenses. So, go ahead... dream!!. Key Features 1 .On maturity receive Sum Assured plus bonuses 2. Wealth creation through bonus additions 3. More Value for your money by way of High Sum Assured Rebate 4. Choose to add the Benefit of three Riders-Reliance Term Life Insurance Benefit Rider, 5. Reliance Critical Conditions Rider and Reliance Accidental Death and Total and 6.Permanent Disablement Rider 7. Choose to avail of Policy Loan after three years

CASH FLOW PLAN While most insurance plans block your money for a certain period of time, Reliance Cash Flow Plan gives you the double benefit of life insurance along with easy liquidity through lump sum cash. It provides money periodically when you need it. It lets you live life to the fullest today and at the same time, helps you stay protected for tomorrow by giving you the flexibility of receiving a specified percentage of the Sum Assured at specified intervals Key Features

RELIANCE LIFE INSURANCE, KOPPAL 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, accumulated bonuses along lump sum payout receive with final 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 Option to add two Riders - Critical Illness Rider & Accidental Death Benefit and Total and Permanent Diablement Rider.

RELIANCE HEALTH + WEALTH PLAN UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. There are times when late working hours take precedence over your health check-ups. And there are times when a visit to the doctor seems more important than dividends on your shares. In the rat race to make money, we often forget to take care of ourselves. We understand this predicament. Here is a plan that will ensure that your wealth keeps increasing constantly and yet your health does not take a backseat. The Reliance Wealth+Health Plan. A plan that gives you the benefits of wealth bhi. health bhi. Life changes. And as it does, so do your priorities. After all, the circumstances of your life can determine the type of health coverage you need. India has made rapid strides in the health sector. Since Independence, life expectancy has gone up markedly and survival rates have also increased, still critical health issues remain. Infectious diseases continue to claim a large number of lives.

RELIANCE LIFE INSURANCE, KOPPAL Perhaps you're a freshly minted graduate, a joyful newlywed, retiring early or between jobs. Maybe you're running your own business or raising a family — or both. In any of the situations, GOOD or BAD, health cannot be taken for granted. All are affected by the rising costs of medical expenses. That’s why it is important to plan early and in advance. Reliance Wealth + Health Plan, a health insurance plan underwritten by Reliance Life Insurance Company Limited, is designed to work in conjunction with contributions towards savings. The uniqueness of this plan is that it not only provides benefits for covered injuries but also for other injuries by encashment from the unit fund. This plan from Reliance Life offers the Hospitalization and Surgical Benefits and also covers Critical Illnesses. In short this plan provides you with a personalised quality health cover that fits your lifestyle. Key Feature A Unit Linked plan with Unique Savings Component Twin benefit of market linked return and health protection Choose from two different plan options Flexibility to take care of your family’s health Flexibility to switch between funds / plan options Option to pay Top-ups Option to package with multiple riders Liquidity through partial withdrawals

RELIANCE SUPERINVESTASSURE PLAN UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

RELIANCE LIFE INSURANCE, KOPPAL You have always aspired for the best in life. And we help you achieve that. Here’s a unique plan which combines protection and savings. It also offers complete flexibility to gain control over your investments vis-à-vis your financial needs and risk appetite. We value your regular investments and thus reward you with guaranteed additions thus promising unmatched benefits. This plan also offers you a unique option of moving from a conservative fund to an aggressive fund systematically, to take advantage of the Rupee cost averaging model. A plan that promises you, what you ought to deserve as you reach greater heights in life. What more can you ask for except gifting yourself with Reliance Super Invest Assure Plan Key features – Reliance Super Invest Assure Plan Twin benefit of market linked return and insurance protection. Guaranteed additions at the rate of 50% of your first year’s basic premium at interval of every 5 years from 10th year till policy is in force. Investment opportunity with flexibility -Choose from 8 pure investment fund options. Option to pay Top-up premium(s). Liquidity in the form of partial withdrawals. A host of optional rider benefits to enhance protection cover.

RELAINCE AUTOMATIC INVESTMENT PLAN UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PROTFOLIO IS BORNE BY THE POLICYHOLDER

RELIANCE LIFE INSURANCE, KOPPAL Life is indeed delightful if you have the freedom to make choices. The Reliance Automatic Investment Plan gives you just that ample freedom! And we make this freedom more enjoyable by giving you a sense of security. Whether it’s your insurance or investments, we let you make the choice and leave the rest to us. So allow us to take over and you can be rest assured, because for us your LIFE comes FIRST… always. This plan promise enhanced Life Cover, with complete flexibility to gain control over your investments in tune with your financial needs and your risk appetite. A plan that promises you what you deserve as you reach greater heights in life. For a select few like you, the Reliance Automatic Investment Plan is an enhanced Unit Linked plan addressing comprehensive needs to strike that perfect balance of protection and Savings with full flexibility as you grow in your career. The Reliance Automatic Investment Plan gives you full flexibility to choose just the right investment mix to reap higher benefits. Key Features Two plan option 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 Tailor-made Plan Allows Systematic Transfer Plan to average out the cost of unit purchased in equality Regular, limited, single premium paying options Unmatched flexibility through out ‘Exchange Option ‘ Liquidity in the form of partial withdrawal

RELIANCE LIFE INSURANCE, KOPPAL Option to avail of Accidental Death and Total & Permanent Disability and Term Insurance riders

RELAINCE TOTAL INVESTMENT PLAN SERIES -1 The journey of life, even though it may seem simple, comes with its own twists and turns, some good, some unfortunate. And along with these moments come new dreams. With every little twist, our dreams change and so do our ambitions. And most of all we desire a security that will help us follow our dreams, both financial and emotional. It is this security that Reliance Life Insurance Company Limited promises to bring to you with its Total Investment Plan Series I Insurance. To know more, read further… We value your dreams in this journey of life. Reliance Total Investment Plan Series I -Insurance (TIPS-I -Insurance) helps you bring them to reality. Key Features This is a Single Premium unit linked savings life insurance plan with options to purchase the same plan with reduced allocation charges in subsequent policy years. Since more Premium is allocated towards investment due to lower allocation charges on subsequent purchases, greater would be the returns. Purchasing the same plan in the subsequent years is an option. 1st purchase would be called as “Classic” 2nd purchase would be called as “Silver” 3rd purchase would be called as “Gold” 4th purchase would be called as “Diamond” 5th purchase would be called as “Platinum”

RELIANCE LIFE INSURANCE, KOPPAL Once you purchase the first policy there will full flexibility, as to when second and subsequent purchase can be made and how much Premium should be paid for each purchase subject to the following: The minimum Premium on each purchase should be at least Rs. 25000 for life assured aged up to 40 and Rs. 50000 for life assured aged 41 to 64. The maturity date on each purchase cannot exceed 70 years. All the polices should mature on maturity date of the first purchase. The term of the polices purchased during second, third, fourth and fifth policy years will be 9, 8, 7 and 6 respectively. New policy can be purchased only if all the previous polices are in force on the date of purchase of new policy. Plan Objective : The pace setter plan with protection to life which gives Tax benefit under Sec. 80C and Sec. 10(10D)* of Income Tax Act 1961 Investment opportunity with flexibility Life protection Control over your investments

OVERVIEW OF INSURANCE SECTOR
With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the country’s GDP. Gross premium collection is

RELIANCE LIFE INSURANCE, KOPPAL nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This itself is an indicator that growth potential for the insurance sector is immense. A well-developed and evolved insurance sector is needed for economic development as it provides long-term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country. Insurance is a federal subject in India. There are two legislations that govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999. The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries. Indian Insurance Industry: Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risk, which can be insured against include fire, the peril of sea, death, incident, & burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved.

Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event.

Insurance is a contract whereby, in return for the payment of premium by the

RELIANCE LIFE INSURANCE, KOPPAL insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. With the help of Insurance, large number of people exposed to a similar risk make contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good Potential Largely untapped market: 17% of the world’s population ○ Nearly 80% of the Indian population is without Life, Health and Non-life insurance ○ Life insurance penetration is low at 4.1% in 2006-07 ○ Non-life penetration is even lower at 0.6% in 2006-07 ○ The per capita spend on life and non-life insurance is US$33.2 and US$5.2 (2006-07), respectively compared to a world average of US$330 and US$224 ○ Strong economic growth with increase in affluence and rising risk awareness leading to rapid growth in the Insurance sector ○ Innovative products such as Unit Linked Insurance Policies are likely to drive future industry growth ○ Investment opportunities exist in both Life and Non-life segments ○ Total estimated investment opportunity of US$14-15 billion

STRUCTURE
Indian Insurance market was opened to private & foreign investment in 1999-2000 ➢ The Indian Insurance industry consists of a total of 31 players ➢ ➢ Life: 1 Public sector player; 15 private players Non-Life: 6 public sector players; 9 private players

RELIANCE LIFE INSURANCE, KOPPAL ➢ Major international players like AIG, Aviva, MetLife, New York Life, Prudential, Allianz, Sun Life, Standard Life and Lombard are already present with minority stakes in joint ventures with Indian companies for both Life and Non-life segments ➢ ➢ Life Insurance market is still dominated by Life Insurance Corporation (LIC) - a public sector company which has 75% share of first year premium in 2006-07 In Non-life, private sector companies (almost all are joint ventures with foreign insurers) accounted for 34% of the market in 2006 to 07.

POLICY

FDI up to 26% is permitted under the automatic route subject to obtaining a license from the Insurance Regulatory and Development Authority (IRDA) Plans to increase FDI up to 49% Insurance Regulatory Development Authority (IRDA) is the regulator for the Insurance industry In a landmark move the government detariffed the General Insurance business on 1st January 2007

What is Life Insurance?
Life insurance is a guarantee that your family will receive financial support, even in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It thus permanently protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible

RELIANCE LIFE INSURANCE, KOPPAL money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably.

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during: • • • The date of maturity, or Specified dates at periodic intervals, or Unfortunate death, if it occurs earlier

The functions of Insurance can be bifurcated into two parts: 1. Primary Functions 2. Secondary Functions 3. Other Functions The primary functions of insurance include the following: Provide Protection - The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid.

RELIANCE LIFE INSURANCE, KOPPAL Assessment of risk - Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also

Provide Certainty - Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain. The secondary functions of insurance include the following: Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc. Prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. Reduced rate of premiums stimulate for more business and better protection to the insured.

Small capital to cover larger risks - Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. Contributes towards the development of larger industries - Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery.

The other functions of insurance include the following: Means of savings and investment - Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the

RELIANCE LIFE INSURANCE, KOPPAL insured's For the purpose of availing income-tax exemptions also, people invest in insurance. Source of earning foreign exchange - Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover.

Need for Life Insurance Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets.

Let us look at these unique benefits of life insurance in detail. Asset Protection From an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation. Goal based savings Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal

RELIANCE LIFE INSURANCE, KOPPAL changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence. Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage. Life insurance is the only investment option that offers specific products tailor-made for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met. The table below gives a general guide to the plans that are appropriate for different life stages.

Life Life Stage Young & Asset creation Single Young & Just married Asset creation & protection Children's Married With kids education, Asset Education Wealth mortgage plans Primary Need Product

Insurance

Wealth creation plans creation and

protection

insurance,

mortgage protection & creation wealth creation plans for & and protection Middle kids aged Planning Retirement solutions & mortgage protection Health Insurance

with grown up retirement asset protection

Across all lif- Health plans

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Insurance Life V/S Other Savings
Contract of Insurance: A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance. At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void. Protection: Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable. Aid to Thrift: Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy installment' facility built into the scheme. (Premium payment for insurance is monthly, quarterly, half yearly or yearly). For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary. In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions. Liquidity: In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as

RELIANCE LIFE INSURANCE, KOPPAL security, even for a commercial loan. Tax Relief: Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force. Assesses can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It: A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time. Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies. Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

Who Can Buy A Policy?
Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

Insurance For Women
Prior to nationalization (1956), many private insurance companies would offer

RELIANCE LIFE INSURANCE, KOPPAL insurance to female lives with some extra premium or on restrictive conditions. However, after nationalization of life insurance, the terms under which life insurance is granted to female lives have been reviewed from time-to-time.

At present, women who work and earn an income are treated at par with men. In other cases, a restrictive clause is imposed, only if the age of the female is up to 30 years and if she does not have an income attracting Income Tax.

Medical And Non-Medical Schemes
Life insurance is normally offered after a medical examination of the life to be assured. However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC has been extending insurance cover without any medical examination, subject to certain conditions. With Profit And Without Profit Plans An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount. In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy. Key man Insurance Key man insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Key man

PRINCIPLES OF INSURANCE

RELIANCE LIFE INSURANCE, KOPPAL Insurance is a specialized type of contract. Apart from the usual essentials of a valid contract, insurance contracts are subject to some additional principles. These principles provide the framework within which the product and all the contracts of insurance operate.

➢ Principle of cooperation: A device to share risk & uncertainties collectively, one

for all and all for one’’
➢ Principle of probability: Important determinant of insurance premium, Rate of

premium depends on quantum of risk & probability of risk
➢ Principle of Insurable Interest: Interest of such a nature that the possessor

would be financially injured by the occurrence of the event insured against, `` LA to be more valuable alive then dead
➢ Principle of utmost good faith: The parties to the contract (insurer and insured)

are legally bound to reveal each other all information about the subject matter, which would influence each other’s decision.
➢ Principal of warranties: A warranty is an undertaking by assured that some

conditions shall be fulfilled, or a certain thing shall be or shall not be done. A warranty may be Express or Implied
➢ Principle of Casual Proximal: In order to make the Insurer liable for loss, such

loss must have been proximately caused by the Peril insured against. E.g. ADBR.

These 6 principles are applicable to all the products, both life and Non-Life. These principles provide the framework within which the products and all the contracts of Life Insurance operate.

HISTORY OF INDIAN INSURANCE INDUSTRY

RELIANCE LIFE INSURANCE, KOPPAL The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360degree turn witnessed over a period of almost 190 years. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are 1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956 - 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are:

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1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957 - General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968 - The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company. Before insurance sector was opened to the private sector Life Insurance Corporation (LIC) was the only insurance company in India. After the opening up of Insurance sector in India there has been a glut of insurance companies in India. These companies have come up with innovative and flexible insurance policies to cater to varying needs of the individual. Opening up of the Insurance sector has also forced the LIC to tighten up its belt and deliver better service. All in all it has been a bonanza for the consumer.

The life insurance business in India started since 1818. Till 1956, the insurance business was mixed and decentralized. In 1956, the life insurance business of all companies was nationalized and a single monolithic organization, the Life Insurance Corporation of India (LIC), was set up. The Insurance Regulatory and

RELIANCE LIFE INSURANCE, KOPPAL Development Authority (IRDA) Bill was passed by Indian parliament in December 1999. The IRDA become a statutory body in April 2000 and has been framing regulations and restrictions the private sector insurance companies. The insurance sector was opened up to the private sector in August 2000. Consequently, some Indian and foreign private companies have entered the insurance business. There are about 16 life insurance companies operating in the private sector in India. The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.

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ABOUT THE INDUSTRY:
With an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge. Total value of the Indian insurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion). According to government sources, the insurance and banking services' contribution to the country's gross domestic product (GDP) is 7% out of which the gross premium collection forms a significant part. The funds available with the state-owned Life Insurance Corporation (LIC) for investments are 8% of GDP.

Till date, only 20% of the total insurable population of India is covered under various life insurance schemes, the penetration rates of health and other non-life insurances in India is also well below the international level. These facts indicate the of immense growth potential of the insurance sector.

The year 1999 saw a revolution in the Indian insurance sector, as major structural changes took place with the ending of government monopoly and the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership.

Though, the existing rule says that a foreign partner can hold 26% equity in an insurance company, a proposal to increase this limit to 49% is pending with the government. Since opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have poured into the Indian market and 21 private companies have been granted licenses.

Innovative products, smart marketing, and aggressive distribution have enabled fledgling private insurance companies to sign up Indian customers faster than anyone expected.

RELIANCE LIFE INSURANCE, KOPPAL Indians, who had always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. The life insurance industry in India grew by an impressive 36%, with premium income from new business at Rs. 253.43 billion during the fiscal year 2004-2005, braving stiff competition from private insurers. This report "Indian Insurance Industry: New Avenues for Growth 2012", finds that the market share of the state behemoth, LIC, has clocked 21.87% growth in business at Rs.197.86 billion by selling 2.4 billion new policies in 2004-05. But this was still not enough to arrest the fall in its market share, as private players grew by 129% to mop up Rs. 55.57 billion in 2004-05 from Rs. 24.29 billion in 2003-04

Though the total volume of LIC's business increased in the last fiscal year (20042005) compared to the previous one, its market share came down from 87.04 to 78.07%. The 14 private insurers increased their market share from about 13% to about 22% in a year's time. The figures for the first two months of the fiscal year 2005-06 also speak of the growing share of the private insurers. The share of LIC for this period has further come down to 75 percent, while the private players have grabbed over 24 percent. There are presently 12 general insurance companies with four public sector companies and eight private insurers. According to estimates, private insurance companies collectively have a 10% share of the non-life insurance market.

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Indian Insurance Industry Forecast (2007-2009)
The market research report “Indian Insurance Industry Forecast (2007-2009)” gives an in-depth analysis of the present and future of the Indian Insurance Industry. The market research report looks in to the details as well as gives an overview of the Indian insurance market with focus on the performance of the key players.

With the initiation of the deregulation in the Indian insurance market, the monopoly of big public sector companies in life insurance as well as general (non-life insurance) market has been broken. New private players have entered the market and with their innovative approaches and better use of distribution channels and technology, they are eating in to the shares of established public sector companies in Indian Insurance Market. Since the deregulations have been put in to place, the market share of LIC has come down to 71.4% in life insurance market while the private players have captured around 17% market in the general insurance segment. It is said that, public sector insurance companies such as LIC and New India Assurance are registered impressive double-digit growths, which reflects on the overall health of the Indian insurance sector.

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Indian Insurance Sector
The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts.

Life Insurance Corporation of India (LIC):
Life Insurance Corporation of India (LIC) was formed in September, 1956 by an Act of Parliament, viz., Life Insurance Corporation Act, 1956, with capital contribution from the Government of India. Then the Finance Minister, Shri C.D. Deshmukh, while piloting the bill, outlined the objectives of LIC thus: to conduct the business with the utmost economy, in a spirit of trusteeship; to charge premium no higher than warranted by strict actuarial considerations; to invest the funds for obtaining maximum yield for the policy holders consistent with safety of the capital; to render prompt and efficient service to policy holders, thereby making insurance widely popular. Since nationalization, LIC has built up a vast network of 2,048 branches, 100 divisions and 7 zonal offices spread over the country. The Life Insurance Corporation of India also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur and Life Insurance Corporation (International) E.C. Bahrain. The Corporation has registered a joint venture company in 26th December, 2000 in Kathmandu, Nepal by the name of Life Insurance Corporation (Nepal) Limited in collaboration with Vishal Group Limited, a local industrial Group. An off-shore company L.I.C. (Mauritius) Off-shore Limited has also been set up in 2001 to tap the African insurance market.

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General Insurance:
General insurance business in the country was nationalized with effect from 1st January 1973 by the General Insurance Business (Nationalization) Act, 1972. More than 100 nonlife insurance companies including branches of foreign companies operating within the country were amalgamated and grouped into four companies, viz., the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United India Insurance Company Ltd. with head offices at Calcutta, Bombay, New Delhi and Madras, respectively. General Insurance Corporation (GIC) which was the holding company of the four public sector general insurance companies has since been de-linked from the later and has been approved as the "Indian Reinsure" since 3rd November 2000. The share capital of GIC and that of the four companies are held by the Government of India. All the five entities are Government companies registered under the Companies Act. The general insurance business has grown in spread and volume after nationalization. The four companies have 2699 branch offices, 1360 divisional offices and 92 regional offices spread all over the country. GIC and its subsidiaries have representation either directly through branches or agencies in 16 countries and through associate/ locally incorporated subsidiary companies in 14 other countries. A wholly- owned subsidiary company of GIC, i.e. Indian International Pte. Ltd. is operating in Singapore and there is a joint venture company, viz. KenIndia Assurance Ltd. in Kenya. A new wholly owned subsidiary called New India International Ltd., UK has also been registered.

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Insurance sector reforms
In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R.N. Malhotra, was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at “creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognising that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms…”.In 1994, the committee submitted the report and some of the key recommendations included:

i) Structure: Government stake in the insurance Companies to be brought down to 50% Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. All the insurance companies should be given greater freedom to operate ii) Competition: Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the industry No Company should deal in both Life and General Insurance through a single Entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Postal Life Insurance should be allowed to operate in the rural market. Only one State Level Life Insurance Company should be allowed to operate in each state.

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iii) Regulatory Body: The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance (Currently a part from the Finance Ministry) should be made independent. iv) Investments: Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time)

v) Customer Service LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out in the insurance industry. The committee emphasized that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition. But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry.

Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crore. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body.

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The Insurance Regulatory and Development Authority
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDA’s online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered. Duties, Powers and Functions of IRDA Section 14 IRDA Act, 1999 lays down the duties, powers and functions of IRDA 1. The Authority has the duty to regulate, promote and ensure orderly growth of the Insurance business and re- insurance business. 2. This Include a) Issue to the applicant a certificate of registration, renew, modify, Withdraw, suspend or cancel such registration b) Protection of interests of the policy holders in matter concerning assigning Of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of policy and condition of contracts of insurance. c) Specifying the code of conduct and practical training For intermediary or insurance intermediaries and agents d) Specifying the code of conduct for surveyors and loss assessors e) Promoting efficiency in the conduct of insurance business

RELIANCE LIFE INSURANCE, KOPPAL f) Promoting and regulating professional organization connected with insurance and reinsurance business. g) Levying fees and other charges for carrying out the purposes of this act. h) Calling from information from, undertaking inspection of, conducting enquiries and investigation including audit of the insurers, intermediaries and other organization connected with the insurance business i) j) Control and regulation of the rates, advantages, terms and condition Specifying the form and manner in which books of accounts shall be maintained and statement of account shall be rendered by insurers and other intermediaries. k) Regulating investment of funds by insurance companies. l) Regulating maintenance of margin of solvency. intermediaries. n) Supervising the functioning of the Tariff Advisory Committee. o) Specifying the % of Premium, Income of the insurer to finance schemes for promoting and regulating professional organizations Specifying the % of Life Insurance Business and general Insurance Business to be undertaken by the Insurer in the rural or social sector m) Adjudication of disputes between Insurers and intermediaries or insurance

Insurers Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers

Life Insurers • Life Insurance Corporation of India (LIC)

General Insurers

RELIANCE LIFE INSURANCE, KOPPAL • General Insurance Corporation of India (GIC) (with effect from Dec'2000, a National Reinsure) GIC had four subsidiary companies, namely: 1. The Oriental Insurance Company Limited 2. The New India Assurance Company Limited, 3. National Insurance Company Limited 4. United India Insurance Company Limited.

With effect from Dec'2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies.

Yr:2000-2001: (From 2nd April '2000 to 31st December'2001) In the year 2000-2001, Insurance industry had 16 new entrants(private), namely:

Life Insurance: Major Players
Name of Company Public Sector LIFE INSURANCE CORPORATION Private Sector ICICI Prudential Bajaj Allianz Birla Sun Life HDFC Standard Life

RELIANCE LIFE INSURANCE, KOPPAL Tata AIG Private Sector ICICI Lombard Bajaj Allianz IFFCO Tokio Tata AIG

IMPACT OF FOREIGN INSURERS ENTERING INDIA: ''LIBERALIZATION''
For a long period after Independence, Indian business was characterized by government regulations-- the ‘license raj’. The government not only exercised control over industrial growth and expansion, but also ran monopoly undertakings and took over loss-making industries on the grounds of mismanagement. Then, in 1985, the late Mr Rajiv Gandhi initiated the first set of economic reforms. After so many years of developmental effort they had not been able to eradicate poverty, remove inequalities or establish an egalitarian society. The resultant disillusionment came out in the open when the socialist economies collapsed. As the Indian economy got further integrated with the world’s, the necessity for globalization increased. This introduced a new buzzword-Liberalization. The term is used for a more ‘outward-oriented’ policy, which includes the elimination of anti-export biases, lowering high import tariffs, reducing and phasing out Quantitative Restrictions (QRs) on inputs and switching to tariff-related measures.

RELIANCE LIFE INSURANCE, KOPPAL However, the government would not completely abandon all forms of control and place the entire economy at the mercy of MNCs. Liberalization and globalization would mainly remove certain imbalances and restrictions that hamper the free flow of trade. The goals of liberalization were to motivate Indian manufacturers to prefer updated technology and to deliver the better products at lower costs. This would increase competition and provide incentives to deliver world-class goods and services at affordable prices, which leads to quality assurance.

THEORETICAL PERSPECTIVE Stress
A physical, chemical or emotional factor that causes bodily or mental tension and may be a factor in disease causation Stress and stress management is a very personal, or subjective thing. It is based your personality, experience, and what has worked in the past Much stress comes from a feeling of powerlessness over a situation, or through conflict with others. Stress is a psychological and physiological response to events that upset our personal balance in some way. These events or demands are known as stressors.

Work stress
Work-related stress is the response people may have when presented with work demands and pressures that are not matched to their knowledge and abilities and which challenge

RELIANCE LIFE INSURANCE, KOPPAL their ability to cope. Stress occurs in a wide range of work circumstances but is often made worse when employees feel they have little support from supervisors and colleagues and where they have little control over work or how they can cope with its demands and pressures. There is often confusion between pressure or challenge and stress and sometimes it is used to excuse bad management practice. Pressure at the workplace is unavoidable due to the demands of the contemporary work environment. Pressure perceived as acceptable by an individual, may even keep workers alert, motivated, able to work and learn, depending on the available resources and personal characteristics. However, when that pressure becomes excessive or otherwise unmanageable it leads to stress. Stress can damage your workers’ health and your business performance. Stress results from a mismatch between the demands and pressures on the person, on the one hand, and their knowledge and abilities, on the other. It challenges their ability to cope with work. This includes not only situations where the pressures of work exceed the worker’s ability to cope but also where the worker’s knowledge and abilities are not sufficiently utilized and that is a problem for them. A healthy job is likely to be one where the pressures on employees are appropriate in relation to their abilities and resources, to the amount of control they have over their work, and to the support they receive from people who matter to them. As health is not merely the absence of disease or infirmity but a positive state of complete physical, mental and social well-being (WHO, 1986), a healthy working environment is one in which there is not only an absence of harmful conditions but an abundance of health promoting ones. These may include continuous assessment of risks to health, the provision of appropriate information and training on health issues and the availability of health promoting organizational support practices and structures. A healthy work environment is one in which staff have made health and health promotion a priority and part of their working lives.

Research findings from WHO (World Health Organization)

RELIANCE LIFE INSURANCE, KOPPAL • • • 40% of workers reported their job was very or extremely stressful. 25% view their jobs as the number one stressor in their lives. Job stress is more strongly associated with health complaints than financial or family problems.

25% have felt like screaming or shouting because of job stress, 10% are concerned about an individual at work they fear could become violent.


• • •

9% are aware of an assault or violent act in their workplace and 18% had experienced some sort of threat or verbal intimidation 19% had quit a previous position because of job stress 26% have been driven to tears because of workplace stress. 62% routinely find that they end the day with work-related neck pain. 44% reported stressed-out eyes. 38% complained of hurting hands 34% reported difficulty in sleeping because they were too stressed-out. 12% had called in sick because of job stress.

• •

Workplace stress has a negative impact on the business as well as on the individual employee. The increase in job stress creates emotional, financial, and safety concerns for employers and managers The World Health Organization labeled stress a “worldwide epidemic.” Today, workplace stress is estimated to cost companies more than $300 billion a year in poor performance, absenteeism and health costs.

What Is Stress?

RELIANCE LIFE INSURANCE, KOPPAL Stress is the emotional and physical strain caused by our response to pressure from the outside world. Common stress reactions include tension, irritability, inability to concentrate, and a variety of physical symptoms that include headache and a fast heartbeat. It's almost impossible to live without some stress. And most of us wouldn't want to, because it gives life some spice and excitement. But if stress gets out of control, it may harm your health, your relationships, and your enjoyment of life. Examples of "overload" situations are common in today's world: • You and your spouse both work full time while you are raising your family. At the same time, your parents are retired, in ill health, and are dependent on your help with shopping and running errands. • • You are a single person living alone, and your salary isn't rising as fast as the rate of inflation. It's getting harder each month to pay the bills. You are a divorced parent and share the custody of your children with your former spouse. But the friction between the two of you on matters concerning the children is becoming more bitter and more frequent. • The expectations and competition at your workplace is becoming fierce. You find yourself coming in early, staying late, and taking on more work than you can handle. Managing stress involves learning about: • • • • How stress affects the mind and body How to identify the warning signs of stress How to develop good stress-management techniques When to seek professional help

What Are The Signs Of Stress?
Stress can cause both mental and physical symptoms. The effects of stress are different for different people. The mental symptoms of stress include:

RELIANCE LIFE INSURANCE, KOPPAL • • • • • Tension Irritability Inability to concentrate Feeling excessively tired Trouble sleeping

The physical symptoms of stress include: • • • • • • • Dry mouth A pounding heart Difficulty breathing Stomach upset Frequent urination Sweating palms Tight muscles that may cause pain and trembling

Facts about stress
• • According to the American Academy of Family Physicians, two-thirds of office visits to family doctors are for stress-related symptoms. Almost everyone experiences events that they find difficult to cope with. In a recent poll, 89 percent of people said they had experienced serious stress in their lives. • According to one study, middle-aged men under severe stress who lacked emotional support were five times more likely to die within seven years than those who had the same amount of stress but had close personal ties.

RELIANCE LIFE INSURANCE, KOPPAL • A recent study indicated that stress-management programs may reduce the risk of heart problems, including heart attack, by up to 75 percent in people with heart disease. Stress-related mental disorders have been called the fastest-growing occupational (workrelated) disease in the U.S.A.

What Causes Stress?
We may think of stressful events as unpleasant ones, such as losing a job or having difficulties at home or at school. But changes for the better can also cause stress, like a new baby, a wedding, and a new house. In an ideal world, maybe we could get away from stressful situations, or change them. Too often we can't do that - but we can learn to control our response to those situations. And we can develop techniques that will reduce the effects of stress on our mental and physical health. Here are some different life events that are identified as stressful. They are rated on the "Holmes-Raye" scale, which scores them according to the stress they cause (the higher the number, the greater the stress).

What's Stressful For You?
What's stressful for you may be quite different from what's stressful to your best friend, your spouse, or the person next door. For example: • • • •

Some people enjoy speaking in public; others are terrified. Some people are more productive under deadline pressure; others are miserably tense. Some people are eager to help family and friends through difficult times; others find it very stressful. Some people feel comfortable complaining about bad service in a restaurant; others find it so difficult to complain that they prefer to suffer in silence. Some people may feel that changes at work represent a welcome opportunity; others worry about whether they'll be able to cope.

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Personality type plays a role in reaction to stress. For example, people who drive themselves hard and are impatient (sometimes called Type A personalities) may be more at risk for stress-related physical problems. Certain occupations, such as law enforcement or air traffic control, are clearly more stressful than others. In addition, people with a personal or family history of mental illness may be affected more by stress.

Putting It All Together
Here is a summary of the important facts and information related to stress: • • • Stress is the emotional and physical strain caused by our response to pressure from the outside world. The mental symptoms of stress include tension, irritability, inability to concentrate, feeling excessively tired, and having trouble sleeping. The physical symptoms of stress include dry mouth, a pounding heart, difficulty breathing, stomach upset, frequent urination, sweating palms, and tense muscles that may cause pain and trembling. The four types of stress signs include changes in body functions and physical health, changes in emotions and feelings, changes in behavior, and changes in thoughts. Stress has been linked to serious diseases such as heart disease and cancer, and to a variety of other physical and emotional disorders. One method of stress management is called the TARP method, which involves noticing early signs of stress, figuring out the causes, dealing with the effects on the body, and developing good stress-reduction techniques. Other methods of managing stress include humor, meditation, hobbies, biofeedback, and massage therapy. Medication can be useful for dealing with short periods of acute stress, but it does not address the underlying problem. Some people find it helpful to see an expert in stress management, who can assess which techniques best suit their skills, temperament, and needs. Professional who help individuals cope with stress include psychologists, psychotherapists, nurses, physicians, exercise instructors, and dietitians

• •

• •

RELIANCE LIFE INSURANCE, KOPPAL Here are definitions of medical terms related to stress: Adrenaline: Epinephrine, the hormone that serves as a stimulant in the body, increasing blood pressure and heart rate, among other roles. Hormones: A chemical substance produced by a gland and released into the bloodstream. Hormones can stimulate or inhibit various vital processes in the body. Massage: The gentle practice of manipulating the body's tissues in order to soothe and heal. Phobia: An abnormal fear of an object, experience, or place. Yoga: A discipline that focuses on the body's muscles, posture, breathing mechanisms, and consciousness, in order to attain physical and mental well-being through mastery of the body.

How Stress Can Hurt
It has been estimated that two-thirds of all visits to physicians are for stress-related problems. Recent evidence indicates that the physical changes associated with stress may contribute to the leading causes of death - heart disease and cancer. The effects of stress include the following: • • • • • • • • Stress can cause chronic fatigue, digestive upsets, headaches, and back pain. Stress can affect the blood cells that help you fight off infection, so you are more likely to get colds and other diseases. Constant stress can increase blood pressure and can increase the risk for stroke. Stress can increase the danger of heart attacks, particularly if you are often angry and mistrustful. Stress can make an asthma attack worse. Stress triggers behaviors that contribute to death and disability, such as smoking, alcoholism, drug abuse, and overeating. Stress can lead to diminished sexual desire and an inability to achieve orgasm. Stress makes it harder to take other steps to improve health, such as giving up smoking or making changes in diet

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Dealing with Stress
One method of stress management is called the TARP method, and it has been proven effective for many. A tarp is a protective cover thrown over something - a car or boat, for example - to protect it from the elements. Likewise, the TARP method offers a form of protection, too - protection against the distressing and sometimes harmful effects of stress. The TARP method teaches simple techniques that can be used any time, anywhere, to control your response to stressful situations. It consists of four steps:
• • • •

T is for "Tune in" - Get into the habit of noticing early signs of stress. A is for "Analyze" - Think about the source or causes of your stress. R is for "Respond" - Deal with the cause of your stress, and its effects on you. P is for "Prevent" - Develop good stress-reduction habits for a healthier lifestyle.

In addition to the TARP method, other activities and methods also can help manage stress. "Tune in" Tuning in is important, because if you don't tackle your stress early, it can interfere with your sense of well being and your health almost before you know it. And the effects of stress often get worse as time goes on.

"Analyze"
Once you know how to "tune in" to your signs of stress, you will be better able to analyze the situations that are stressful to you. These "stressors," as they are called, could be either external or internal. External stressors are things and events outside your body that can make you feel threatened or out of control. For example: •

Physical irritants like noise, pollution, heat, or humidity Work demands or conditions and Social or family demands, changes, or problems Frightening events, like narrowly escaping a traffic accident

• • •

Internal stressors result from one's own attitudes and thinking patterns. For example: Do you always talk to yourself with words like "should, must, and ought?" Do you feel like a failure if you are late, or if things don't go as planned?

RELIANCE LIFE INSURANCE, KOPPAL • • • Do you have "me last" syndrome, feeling you have to look after everyone else's needs before you think of your own? Do you feel worthless unless everyone likes you all the time? Are you guilty of "awful-izing," which means always expecting the worst? For example, if family members are late, do you often imagine they are injured or dead?

"Respond"
"Responding" in the days of early man meant fighting the source of stress or running away from it. Your body will still produce a physical "alarm response" that pumps stress hormones through your body, tensing your muscles and speeding up your heart. This "alarm response" in most cases doesn't do us any good - and it can be harmful. You can learn to turn off the alarm response and regain control. You can learn to respond calmly, and deal actively and positively with your stress, whether it is caused by outside or internal factors. Four useful techniques for responding calmly are: 1. Time out. A brief time out is the simplest possible approach to stress: • • • Stop the activity (or the conversation) that was causing you stress. If you can move away, go to another room, or go for a short walk. If you can't move away, count to 10 silently before you speak again.

2. Breathing. You can often tell if people are under stress because of the way they are breathing. For example, customs officers have noticed that smugglers are the people taking fast, shallow breaths. If you learn to control your breathing, it will help you regain control over the effects of stress. • • Watch babies breathing; their abdomens expand when they breathe in. Watch a tense adult breathing; there may be no movement of the abdomen. All the work is being done by the chest.

Abdominal breathing can be very soothing, because it slows you down. It is also efficient, bringing a good supply of oxygen to your brain. Prepare for stressful times by practicing your breathing now: • Check your breathing pattern by putting one hand on your chest and one hand on your stomach. If your lower hand moves and your top hand does not, you are

RELIANCE LIFE INSURANCE, KOPPAL doing abdominal breathing. But if your top hand moves and your bottom one does not, you are doing chest breathing. • • • To do abdominal breathing, get your stomach relax. Breathe in deeply, then breathe all the air out. Let your lungs fill Practice this "belly breathing" whenever you have spare time (for example, while you are driving). Whenever you are stressed, worried, or tense, use your breathing to help calm yourself down. Take a deep breath and quietly let it go out completely, then let your abdomen expand as the air comes back into your lungs. Keep noticing your abdominal breathing for another few breaths.

For a variation on this breathing technique, try "10-to-one countdown" breathing: • • • • • • Start with abdominal breathing, letting all the breath out and then allowing your abdomen to expand as your lungs fill up again. When you breathe out again, say "10," letting go of tension as if it is being carried out of your body with the air. Next time you breathe out, say "nine," and so on, all the way down to "one." When you get to "one," start again. Each time you breathe out, tell yourself you are letting go of tension. Many people repeat this sequence slowly for a period of 15 to 20 minutes. They find that with each new countdown, they reach a deeper level of relaxation.

When we are under stress, we often feel things are happening too fast. Another technique, called slow-down breathing, can help you get settled down and in control. It starts with abdominal breathing, and uses cue words to help you focus and clear your mind. Examples of cue words are: • • • As you breathe in, silently say "calm" As you breathe out, silently say "smiling" As you breathe in, say "present"

Practice breathing techniques for five or 10 minutes until you get the feel of it, then again several times a day for a few moments. Then it will be instantly ready to use as a "minitranquilizer" whenever you notice yourself starting to feel tense or out of control. 3. Progressive muscle relaxation. This technique will help you get rid of the muscle tension that is a major sign of uncontrolled stress, and which can lead to headaches, back

RELIANCE LIFE INSURANCE, KOPPAL pain, and muscle pulls. It is based on the principle that muscles go to a deeper level of relaxation after they have been tensed. • • • Lie on the floor or on a firm bed, or sit in a chair that has good head support. Close your eyes and breathe deeply two or three times. Next, tighten up the muscles of different parts of your body in turn; keep them tight while you count silently to five; then let go and imagine the tension going out as you relax and smooth the muscles. Start with your face. Squint your eyes, tighten your teeth and jaw, and wrinkle your forehead. Feel the tension while you count silently to five, and then let go of it. Feel the warmth of relaxation coming to your face. Next, pull your shoulders up until they nearly touch your ears. Feel the tension while you count silently to five. Then let go. When you have finished, notice the tension and release in all your muscles. Breathe deeply a few times, and feel relaxed, refreshed, and comfortable.

• •

4. Thought-stopping. This is a good technique for dealing with stress that comes from your own negative feelings. When you notice negative thoughts, just say "stop!" to yourself. It may sound too simple to be effective - but it works, even though you may have to repeat the word several times until the negative thoughts are interrupted. Sometimes, using mental images can help you stop the negative thoughts: • • • • • Imagine that the negative thoughts are coming from a tape recorder, and that you can push the "stop" button or turn down the volume to zero. Imagine sticky paper that catches your negative thoughts as they fly about. Imagine a "stop" sign that blocks your negative thoughts. Imagine a box that your negative thoughts get trapped in. Imagine you are driving through a car wash that washes the thoughts away.

"Prevent"
There are simple things you can do to help your body and mind withstand stress. These will help you improve your immune system, your energy level, your self-esteem, and your sense of well-being. 1. Relaxation. Relaxing regularly will help prevent stress.

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Set aside just 15 minutes every day, whether you are feeling stressed or not. Go through whatever relaxation procedures work best for you. Techniques such as yoga and stretching can be effective, as can progressive muscle relaxation.

2. Regular exercise. If you know people who run, swim, or bicycle regularly, you may notice that they have less stress than others. When your body is in first-class condition, your mind and emotions will also benefit. Regular exercise is one excellent way to "stress-proof" yourself, or at reduce the bad effects of stress. Exercise can make you look better, sleep better, concentrate better, and withstand disease better. It will also improve your mood and make you feel better about yourself. The best exercise for stress-proofing is aerobic activity, which uses your whole body. This includes jogging, bicycling, brisk walking, cross-country skiing, aerobic dancing, swimming, rowing, skating, and stair-stepping. • • • If you are not used to exercise, start with walking. Walk briskly for about 20 minutes, three times a week. As you get in shape, take longer walks, or switch to a more vigorous form of activity. If you don't have access to a lake, mountain, or country road to row, ski, or bike on, substitute on machines at home or in a gym. But whenever you can, get out into nature. The quietness and change of scene will help your stress levels.

3. Eating right. You will be much better able to withstand stress if your body feels good, and it can't feel good if you don't feed it properly. • • Make sure you have three good meals a day, with plenty of fruit, vegetables, and filling food like bread, rice, or noodles. If you get hungry between meals, plan for a nutritious snack like fruit, yogurt, or a bagel. If you take a snack to work with you, you won't be tempted by junk food.

4. Chemicals: alcohol and drugs. People may be tempted to take a drink or drugs to deal with stress. It doesn't help. Alcohol may seem to calm you down, but it only masks the symptoms of stress for a while. Excessive alcohol (and drugs) will give you a rebound; you are likely to feel more stressed than ever when the effects wear off. One or two drinks a day, such as a glass of wine or beer with dinner, usually won't harm you. If you are regularly drinking much more than that, cut down - and if that is hard to do, get some help.

RELIANCE LIFE INSURANCE, KOPPAL 5. Tobacco. People often say that a cigarette "calms their nerves," but tobacco is really a stimulant. If you are afraid that quitting would cause you too much stress, talk to your doctor about prescribing a nicotine patch or gum to help ease the difficulty of withdrawal. Patches or gum work best if you also join a quit-smoking group or use a good self-help program that helps you learn to be a nonsmoker. In the long run, you will become a calmer person if you stop smoking. 6. Caffeine. People have different reactions to caffeine, and most people can take two or three cups of coffee or tea a day without trouble. But you might try cutting down your caffeine intake, to see if you are less jumpy. (If you get a headache for a few days, don't worry; that's a normal withdrawal symptom, and it will go away within a week.)

Other Ways to Manage Stress
In addition to the relaxation practices described in the "TARP" method, there are many activities and methods that can help manage stress. These include:
• • • • •

Humor Hobbies Meditation Biofeedback Massage therapy

Humor
Many stress-management experts recommend keeping a sense of humor during difficult situations. Laughing releases muscle tension and helps a person maintain perspective. Activities as simple as watching a funny movie, listening to a tape of a comedian's routine, or sharing time with a humorous friend can provide a psychological lift and relieve stress.

Hobbies
Regular leisure activities are important in reducing stress. Many people benefit from making time for positive leisure pursuits rather than, for example, spending time watching television in the evening (although that, too, can be relaxing to some degree).

RELIANCE LIFE INSURANCE, KOPPAL Relaxing hobbies include gardening, painting, bicycling, photography, carpentry, collecting, and many others. In order to obtain the most relaxation and enjoyment, the satisfaction should come in doing the hobby, not in the results. An individual who pursues gardening for relaxation may not grow prize-winning vegetables, but they can be eaten. An amateur photographer may not sell photographs, but they can be admired by friends and family.

Meditation
Used for many years in Eastern cultures, meditation is becoming more widely accepted in the U.S. as a relaxation technique. Meditation reduces heart rate, blood pressure, adrenaline levels, and skin temperature. There are a variety of meditation techniques that share a common goal: to achieve relaxation by clearing the mind of stressful outside interferences. Meditation involves achieving a state of consciousness in which the individual focuses on a single thing, such as a key word, sound, or image. Meditation techniques rely on quiet surroundings, sitting still, and a repetitive mental pattern. Various techniques are taught in instruction books and through religious and nonreligious organizations.

Biofeedback
Biofeedback provides a way for people to learn to control activities over which they normally have no awareness, such as heart rate and muscle tension. It is considered by many health professionals to be a valuable therapeutic tool for reducing stress. Biofeedback involves no discomfort and no risk. Biofeedback relies on sensitive electronic equipment. Sensors are placed on the body at various locations to measure skin temperature and muscle activity. The sensors are attached to a monitor that detects fluctuations when a person is anxious and displays signals in the form of beeps or light flashes. By watching the monitor, a person learns to control these stressful responses.

Massage Therapy
Massage is the gentle practice of manipulating the body's tissues in order to soothe and heal. It is one of the most ancient of the healing arts, and more people today are relying on it for natural, drug-free relief from the effects of busy, overstressed lives. Massage can relax the entire body and provide new energy that lingers long after the massage is over.

RELIANCE LIFE INSURANCE, KOPPAL A number of research studies have shown that massage reduces heart rate, lowers blood pressure, increases blood circulation and lymph flow, relaxes muscles, improves range of motion, and increases the production of endorphins, which are the body's own natural painkillers. There are a number of massage therapy techniques, including Swedish massage and Shiatsu. Massages can be for the full body or particular areas of the body, such as the back and shoulders. Some people choose to wear some clothing during a massage; others prefer to undress or use a dressing gown. During a massage, the person is warmly covered, and only the part of the body on which the therapist is working is uncovered.

Starting on Stress Management
Now that you know the effects that stress can have on you, getting started on a stress management method is necessary. Managing your stress helps you regain control over your life, instead of being consumed by the amount of stress you had to deal with. Here's how you can get started: . Determine what causes stress in your life. . Think of ways that you can reduce the stress. . Formulate your stress management technique for relieving stress

Steps for Stress Management
One thing you need to keep in mind is that you cannot expect to totally get rid of stress. It is a process wherein your initial goal would be to reduce the amount of stress in your life until you eventually get rid of it. The following ideas will help you establish a stress management method that could work for you: . Improve your time management skills. Most of your stress in life is a result of your inability to squeeze in your plans within the time available to you. So, creating your schedule will enable you to achieve more in less time. When creating your schedule, put the most important items on top of your list. . Study the way you react to stress. This requires your honesty to determine whether your own coping mechanisms are effective or not. If not, then look for other means. . Take care of your body. This is often the most neglected aspect of stress management. Get enough rest and eat well. Your health is the most vital factor in stress management. . Change your mindset. Oftentimes, stress is produced only by your mind. So, if that is the case with you, then adopting a new perspective might reduce your stress levels.

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Benefits of Stress Management
If you cannot fully understand the importance of stress management, then try thinking in reverse. Imagine yourself not suffering from the negative impacts of stress. Without the negative results of stress in your life, then a person is able to enjoy a more satisfying and stress-free life. To sum it up, here are the benefits that can be derived with practicing an efficient stress management method: 1. It improves your overall health status. 2. You are able to assume a more positive attitude and outlook in life. 3. It increases your productivity since you are able to focus clearly on your tasks. 4. You have better control over your emotions and how you respond to them. 5. And more importantly, you reduce or eliminate negative stress in your life.

About Positive Stress
Although "stress" has become synonymous with something bad, such as traffic jams and too many work demands, some stress is good for you. Pioneering stress researcher Hans Sale differentiated between damaging stress (distress) and positive stress. Positive stress can inspire us to do our best and to perform better than if we were under no stress. Psychologists tell us that our level of performance is directly related to the level of stress we experience. This theory says that low and high levels of arousal decrease performance, whereas intermediate levels enhance performance. In other words, we are capable of peak levels of performance when under a moderate amount of stress. Consider a situation such as taking a test or giving a presentation. Reducing your stress through preparation and careful planning leads to a more confident and competent performance. The increase in stress motivated and caused you to take action.

Stress management
Stress management is the amelioration of stress and especially chronic stress often for the purpose of improving everyday functioning. A set of techniques used to help an individual cope more effectively with difficult situations in order to feel better emotionally, improve behavioral skills, and often to enhance feelings of control. A wide variety of techniques that are utilized to treat the physical and emotional effects of stress The person's current ways of coping with stress and anxiety are explored, suggestions are made to build on these strategies, and relevant practice is provided using simple stress management-techniques.

RELIANCE LIFE INSURANCE, KOPPAL A decision-making strategy that is reactive in nature. Once a resource issue becomes critical, then policy is determined to cope with the immediate problem without any consideration of long-term implications of such a policy. The personal analysis of the kinds of stress experienced while flying, the application of appropriate stress assessment tools, and other coping mechanisms The process of identifying stress factors and learning coping skills to deal with them This is a broad category of options/treatments that range from counseling and life coaching, to massage therapy and remedies (homeopathic, naturopathic, herbal). A programmed of meditation and deep relaxation intended to reduce the effects of stress on the system. Stress management encompasses a range of modalities designed to treat the physical and emotional toll of stress. The approaches used can include bodywork, meditation, counseling, energy work, and education.

The skilful handling or use of mental, emotional, or physical strain – in order to avoid symptoms such as raised blood pressure or depression. This is particularly helpful once the person has recovered from the anorexia nervosa. Learning to deal with stress will help to reduce the chance of future relapse.

Research Methodology

Research Design

RELIANCE LIFE INSURANCE, KOPPAL Research design is simply a plan for a study. This is used as a guide in collecting and analyzing the data. It can be called a blue print to carryout to study. The descriptive research design has been used for the study. Descriptive design is a scientific method which involves observing and describing the behavior of a subject without influencing it in any way.

Data collection methods
The project is an outcome of survey conducted. A research design is the overall pattern of framework of the project that stipulates what sources and by what procedure. Description research is carried out through survey method. Field work is to b carried out to collect the primary data. The questionnaire was essentially structured in nature and includes multiple choice and open-ended questions. The following data gives the detail description of the methodology: 1. Primary data 2. Secondary data

Primary data The primary or the first hand data will be collected with the help of handing out the questionnaire to the customers &employees. Tools for primary data collection ➢ Questionnaire

RELIANCE LIFE INSURANCE, KOPPAL ➢ Personal Interviews

Secondary data The major source of secondary or supporting data will be internet . Using this data measurement technique, information was collected by personal interviews. Secondary data was collected through company websites, discussions with company guide. Tools for secondary data collection ➢ Books ➢ Internet ➢ Articles

Sampling Design
The research was mainly opted on EMPLOYEES survey The sample size selected for survey was 54 employees.

Sample Character
Employees of Reliance life insurance eliance

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Sampling Plan
Sampling unit Sampling Method Sampling Size Sampling Character Sample Area : Individuals. : Non Probability, Convenience Sampling. : 54 Employees. : Employees : KOPPAL TERRITORY

I. Analysis of the factors creating work related stress Relationship
1. Behavior from managers/staff Table 1a.1 showing the number of employees who think that the behavior from their managers/staff is a factor in creating work related stress

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Response Not at all Occasionally Sometimes All the time Total Number of respondents 14 32 7 1 54 Percentage 26 59 13 2 100

Chart 1a.1 showing the number of employees who think that the behavior from their managers/staff is a significant factor in creating work related stress

Analysis and Interpretations: Based on the chart, we can infer that 2/3rd of the employees feel that the behavior from their managers/ staff influences their stress level. 1/3rd of the employees are not happy with the behaviors of the managers/staff. 1b). Dealing with conflicting situations Table 1b.1 showing the number of employees who believe dealing with conflicting situations affects their stress level Response Not at all Occasionally Sometimes All the time Total Number of respondents 12 28 13 1 54 Percentage 22 52 24 2 100

Chart 1b.11 showing the number of employees who believe dealing with conflicting situations affects their stress level Analysis and Interpretations: Based on the chart, we can infer that less than 3/4th of the employees agree that they believe that dealing with conflicting situations affect their stress level .1/4th of the

RELIANCE LIFE INSURANCE, KOPPAL employees’ believe that dealing with conflicting situations doesn’t affect their stress level. 1c). Lack of management support Table 1c.1 showing the number of employees who believe that lack of management support Affect their stress level Response Not at all Occasionally Sometimes All the time Total Number of respondents 18 27 8 1 54 Percentage 33 50 15 2 100

Chart 1c.1 showing the number of employees who believe that lack of management support Affect their stress level Analysis and Interpretations: Based on the chart, we can infer that 3/4th of the employees believe that lack of management support affect their stress level which leads to more absenteeism and avoidance of work and they do not enjoy their work.1/4th of the employees feel that lack of management support doesn’t affect their stress level. 1 d). Lack of communication with peers Table 1d.1 showing the number of employees who believe that lack of communication with peers affect their stress level Response Not at all Occasionally Sometimes All the time Total Number of respondents 21 21 10 2 54 Percentage 39 39 18 4 100

RELIANCE LIFE INSURANCE, KOPPAL Chart 1d.1 showing the number of employees who believe that lack of communication with peers affect their stress level

Analysis and Interpretations: Based on the chart, we can infer that more than 3/4 th of the employees agree that lack of communication with peers affect their stress level because of which there is no mutual understanding between them. 1/4th of the employees feel that lack of communication with peers doesn’t affect their stress level. 1e). Feeling that your work is not valued Table 1e.1 showing the number of employees who feel their work is not valued affect their stress level Response Not at all Occasionally Sometimes All the time Total Number of respondents 14 27 8 5 54 Percentage 26 50 15 9 100

Chart 1e.1 showing the number of employees who feel their work is not valued affect their stress level

Analysis and Interpretations: Based on the chart, we can infer that 2/3rd of the employees feel that if their work is not valued, it affects their stress level which lower their morale and efficiency to work.1/3 rd of the employees feel that if their work effort is not valued, it doesn’t affect their stress level.

Roles
2 a). Conflicting demands in job role

RELIANCE LIFE INSURANCE, KOPPAL Table 2a.1 showing the number of employees who believe that conflicting demands in their job role affect their stress level Response Not at all Occasionally Sometimes All the time Total Chart 2a.1 showing the Number of respondents 16 23 13 2 54 number of employees who believe Percentage 30 43 24 3 100 that conflicting demands

in their job role affect their stress level

Analysis and Interpretations: Based on the chart, we can infer that 2/3rd of the employees agree that the conflicting demands in job role affect their stress level because of which they have too much stress in fulfilling these demands. Only 1/3rd of the employees feel that the conflicting demand in job role doesn’t affect their stress level.

2b). Unclear job description Table 2b.1 showing the number of employees who believe that unclear job description affect their stress level Response Not at all Occasionally Sometimes All the time Total Number of respondents 14 23 14 3 54 Percentage 26 43 26 5 100

Chart 2b.1 showing the number of employees who believe that unclear job description affect their stress level

RELIANCE LIFE INSURANCE, KOPPAL Analysis and Interpretations: Based on the chart, we can infer that more than half of the employees agree that they are stressed by the unclear job description. Nearly 1/3rd of the employees feel that they are not stressed by the job description. 2 c). Lack of support in job role Table 2c.1 showing the number of employees who believe that lack of support in their job role affect their stress level Response Not at all Occasionally Sometimes All the time Total Number of respondents 14 29 10 1 54 Percentage 26 54 18 2 100

Chart 2c.1 showing the number of employees who believe that lack of support in their job role affect their stress level

Analysis and Interpretations: Based on the chart, we can infer that 2/3rd of the employees agree that lack of support in job role affect their stress level. Only 1/3rd of the employees feel that lack of support in job role doesn’t affect their stress level. .

2 d). Efforts not valued. Table 2d.1 showing the number of employees who believe that efforts not valued affect their stress level Response Not at all Occasionally Number of respondents 19 19 Percentage 35 35

RELIANCE LIFE INSURANCE, KOPPAL Sometimes All the time Total 13 3 54 24 6 100

Chart 2d.1 showing the number of employees who believe that efforts not valued affect their stress level

Analysis and Interpretations: Based on the chart, we can infer that nearly 3/4th of the employees feel that if their efforts are not value, it affects their stress level which de-motivates the employees and there is less belongingness towards the organization. 1/4th of the employees feel that if their efforts are valued , it doesn’t affect their stress level.

Change
3 a). Pace and intensity of change Table 3a.1 showing the number of employees who believe that the pace and intensity of change affect their stress level Response Not at all Occasionally Sometimes Total Chart 3a.1 showing the Number of respondents Percentage 20 37 25 46 9 17 54 100 number of employees who believe that the pace and

intensity of change affect their stress level

Analysis and Interpretations: Based on the chart, we can infer that 2/3rdof the employees agree that their stress level is affected with the pace and intensity of change because they are not well informed and

RELIANCE LIFE INSURANCE, KOPPAL new change takes time for being adopted by the employees. 1/3rd of the employees feel that there is no impact of the pace and intensity of change on their stress level.

Support
4a). Lack of information about what is going on Table 4a.1 showing the number of employees who think lack of information about what is going on affects their stress level Response Number of respondents Percentage Not at all 15 28 Occasionally 25 46 Sometimes 13 24 All the time 1 2 Total 54 100 Chart 4a.1 showing the number of employees who think lack of information about what is going on affects their stress level

Analysis and Interpretations: Based on the chart, we can infer that 3/4th of the employees agree that the lack of information about what is going on affects their stress level as there is no delegation of information to the employees. 1/4th of the employees feel that their stress level is not affected by lack of information about what is going on.

4 b). Insufficient admin support Table 4 b.1 showing the number of employees who believe that insufficient admin support affects their stress level Response Not at all Occasionally Number of respondents 25 15 Percentage 46 28

RELIANCE LIFE INSURANCE, KOPPAL Sometimes All the time Total 12 2 54 22 4 100

Chart 4b.1 showing the number of employees who believe that insufficient admin support affects their stress level

Analysis and Interpretations: Based on the chart, we can infer that 3/4th of the employees agree that insufficient admin support affect their stress level because of which there is more work absenteeism and turnover. 1/4th of the employees feel that there is no affect of insufficient admin support on their stress level. II. I am able to cope with the demands of my job. Table II.1 showing number of employees who are able to cope with the demands of their job Response Strongly agree Agree Disagree Strongly disagree Total Number of respondents 13 32 6 3 54 Percentage 24 59 11 6 100

Chart II.1 showing the showing number of employees who are able to cope with the demands of their job

Analysis and Interpretations:

RELIANCE LIFE INSURANCE, KOPPAL Based on the chart, we can infer that 2/3rd of the employees agree that they are able to cope up with the demands of their jobs so the work pressure is not so much. Only 1/3 rd of the employees are not able to cope up with the demands of their jobs III. I am able to have a say over the way I do my work. Table III.1 showing the number of employees who have a say over the way they do their work Response Number of respondents Strongly agree 7 Agree 39 Disagree 7 Strongly disagree 1 Total 54 Chart III.1 showing the number of employees who have a their work Percentage 13 72 13 2 100 say over the way they do

Inferences: Based on the chart, we can infer that 3/4th of the employees agree that they have a say over the way they do their work because there is cordial relation with their superiors. 1/4th of the employees feel that they are not able to have a say over the way they do their work because of difference in their opinions with that of their superiors.

IV. I believe that I receive adequate support and information from my colleagues and superiors. Table IV.1 showing the number of employees who receive adequate support and information from their colleagues and superiors Response Strongly agree Agree Disagree Strongly disagree Total Number of respondents 17 24 8 5 54 Percentage 32 45 15 8 100

RELIANCE LIFE INSURANCE, KOPPAL Chart IV.1 showing the number of employees who receive adequate support and information from their colleagues and superiors

Analysis and Interpretations: Based on the chart, we can infer that 3/4th of the employees agree that they receive adequate support and information from their colleagues and superiors as there is a cordial relation with the superiors and colleagues. 1/4th of the employees feel that there is no adequate retrieval of support and information from their colleagues and superiors. V. I am happy being surrounded by positive behaviors at work. Table V.1 showing the number of employees who are happy being surrounded by positive behaviors at work Response Number of respondents Percentage Strongly agree 14 26 Agree 27 50 Disagree 12 22 Strongly disagree 1 2 Total 54 100 Chart V.1 showing the number of employees who are happy being surrounded by positive behaviors at work

Analysis and Interpretations: Based on the chart, we can infer that exactly 3/4 th of the employees agree that they are happy being surrounded by positive behaviors at work which encourages them to do their work and increases their performance level.1/4thof the employees feel that there is no positive behavior at work.

VI. I understand my role and responsibilities within the organization.

RELIANCE LIFE INSURANCE, KOPPAL Table VI.1 showing the number of employees who understand their roles and responsibilities within the organization Response Strongly agree Agree Disagree Strongly disagree Total Chart VI.1 showing the Number of respondents 16 28 8 2 54 number of employees who Percentage 29 52 15 4 100 understand their roles and

responsibilities within the organization

Analysis and Interpretations: Based on the chart, we can infer that 2/3rd of the employees agree that they understand their roles and responsibilities within the organization as they are clear about what to do on the job and the roles were communicated properly to them . Only 1/3rd of the employees are not able to understand their roles and responsibilities within the organization.

VII. The organization engages staff frequently when undertaking organizational change. Table VII.1 showing the number of employees who feel that the organization engages staff frequently Response Number of respondents Percentage Strongly agree 5 9 Agree 30 56 Disagree 18 33 Strongly disagree 1 2 Total 54 100 Chart VII.1 showing the number of employees who feel that the organization engages staff frequently

RELIANCE LIFE INSURANCE, KOPPAL Analysis and Interpretations: Based on the chart, we can infer that more than half of the employees agree that the organization engages staff frequently when undertaking organizational change as there is mutual trust between the employees and organization. Less than half of the employees feel that the organization does not engage staff frequently when undertaking organizational change.

VIII. Do you think the working hours per week influence their stress level? Table VIII.1 showing the number of employees who believe the average number of working hours per week influence their stress level Response Number of respondents Percentage Strongly agree 16 30 Agree 15 28 Disagree 13 24 Strongly disagree 10 18 Total 54 100 Chart VIII.1 showing the number of employees who believe that the average number of working hours per week influence their stress level

Analysis and Interpretations: Based on the chart, we can infer that more than half of the employees agree that their average number of work hours per week make them occasionally stressful as they have too much of workload . Nearly half of the employees feel that their average working hours is manageable and correct for them. IX. Do you think that your work life is progressive? (Progressive is continuous

success in their work).
Table IX.1 showing the number of employees who think that their work life is progressive

RELIANCE LIFE INSURANCE, KOPPAL Response Number of respondents Percentage Strongly agree 9 17 Agree 15 28 Disagree 25 46 Strongly disagree 5 9 Total 54 100 Chart IX.1 showing the number of employees who think that their work life is progressive

Analysis and Interpretations: Based on the chart, we can infer that less than half of the employees agree that their work life is progressive which motivates them to work more and live a peaceful life. More than half of the employees feel that their work life is challenging and sometimes are not able to meet work requirements.

X. Are you satisfied with the program for reducing the stress? Table X.1 showing the number of employees who are satisfied with the program for reducing the stress Response Number of respondents Percentage Yes 17 65 No 9 35 Total 26 100 Chart X.1 showing the number of employees who are satisfied with the program for reducing the stress

Analysis and Interpretations: Based on the chart, we can infer that 2/3rd of the employees are satisfied with the programs for reducing the stress which helped in maintaining a balance between their

RELIANCE LIFE INSURANCE, KOPPAL work and stress and helped in working more efficiently.1/3rd of the employees feel that they are not satisfied with the programs which affecting their work.

FINDINGS
• Majority of the respondents are happy surrounded by positive behavior but there are few respondents who gets affected by the behavior of the managers/staff. • Majority of the respondents say that they are able to cope with the demands of their job. • The majority of the respondents believe that they receive adequate support from their superiors and colleagues. • 72%of employees feel that lack of support from peers will affect their stress level since majority of respondents believe that they receive adequate support in the organization. Lack of support from peers is not a significant factor for stress for the employees. • Majority of the respondents believe that lack of communication with peers and lack of information about what is going on affect their stress level. • Maximum of the respondents feel that if their work and efforts are not valued, it affects their stress level.

74% of the respondents believe that unclear job description would affect their stress level, since 82%understand their roles and responsibilities. is not a significant factor for the stress level. Job ambiguity

63% of the respondents believe that the pace and intensity of change affect their stress level

54% of the respondents believe that insufficient admin support affect their stress level

RELIANCE LIFE INSURANCE, KOPPAL • 65% of the respondents believe that the organization engages staff frequently when undertaking organizational change • 58% of the respondents agree that the number of working hours per week influences their stress level • • 45% of the respondents agree that their work life is progressive 65% of the respondents are satisfied with the program for reducing their stress

RELIANCE LIFE INSURANCE, KOPPAL

LIMITATIONS OF THE STUDY

The project duration was only for 04 weeks (almost 1month) within which many things cannot be dealt practically. There was a time constraint.

Due to limitation of time, only one survey was possible. The respondent response may be genuine while answering the questionnaire. The study was relevant to only one department.

RELIANCE LIFE INSURANCE, KOPPAL

EXCEPTED CONTRIBUTION FROM THE STUDY

➢ The employees can be given full support from their superiors by appraising their work and efforts. ➢ The employees should be given all the information relevant to their job and things going on in the company. ➢ The employees should be encouraged and work in their innovative manner with the admin support. ➢ The superiors can encourage informal way of interaction and communication with the peers. ➢ The employees should be well in advance informed about the change they are bringing in the organization. ➢ The stress of the employees can be reduced if there is reduction in their average number of working hours per week. ➢ There should be Self esteem Enhancement program. ➢ The management may use the technique of Goal setting approach in coordination with the employees ➢ Since the organization has conducted a stress management programs, so these programs should focus on the major stressors which affects their stress level ➢ The dealing with conflicting situations and work life is the major stressors which affects the employees so efforts should be made to employees at ease

RELIANCE LIFE INSURANCE, KOPPAL Stress is inevitable. There is a need to manage with the stress in present day. Though stress is helpful but usually harmful for his/her health and ultimately affects the performance .So stress need to be managed with minimum its debilitating effects. It has been used to denote the way of dealing with stress or the effort major condition of harm threat or challenge when routine or automatic response is not readily available. It is also suggested that various strategies to be used to manage stress. Mover formulated strategies vary from person to person and in the same person from time to time. The various strategies may be at the individual level and at the organizational level. In competitive and complex world, implementation of the strategies to manage stress may be considered with extra caution. To manage stress in continuous process and essential aspect in everyday life

QUESTIONNAIRE

RELIANCE LIFE INSURANCE, KOPPAL I. Which factors associated with your current post do you think create work related stress? Please tick the options. Stress related factors 1 Relationships a. Behavior from managers/ staff b. Dealing with conflicting situations c. Lack of management support d. Lack of communication with peers e. Feeling that your work is not valued 2 Role Not at all Occasionally Sometim es All times the

a. Conflicting demands in job role b. Unclear job description c. Lack of support in job role d. Efforts not valued 3 Change

a. Pace and intensity of change

4 Support a Lack of information about what is going on b Insufficient admin support

SD- Strongly Disagree, D- Disagree, A- Agree and SA-strongly agree. II. I am able to cope with the demands of my job. a) SD b) D c) A d) SA

III. I am able to have a say over the way I do my work. a) SD b) D c) A d) SA

RELIANCE LIFE INSURANCE, KOPPAL IV. I believe that I receive adequate support and information from my colleagues and superiors. a) SD V. b) D c) A d) SA

I am happy being surrounded by positive behaviors at work. a) SD b) D c) A d) SA

V.

I understand my role and responsibilities within the organization. a) SD b) D c) A d) SA

V.

The

organization

engages

staff

frequently

when

undertaking

organizational change. a) SD b) D c) A d) SA

VIII. Do you think that number of working hours per week influences their stress level?  Strongly agree  Agree  Disagree  Strongly disagree

IX.

Do you think that your work life is progressive? (Progressive is continuous success in their work).

• • • •

Strongly agree Agree Disagree Strongly disagree

RELIANCE LIFE INSURANCE, KOPPAL IX. Are you satisfied with the programs for reducing the stress level? ○ Yes ○ No

BIBLIOGRAPHY
TEXTBOOKS: Essentials of Human resource management and industrial relations- P. Subba Rao Human resource and personnel management- K. Aswathappa

Websites:
Newspaper:

www.reliancelife.co.in www.licindia.com
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