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Anil Dhirubhai Ambani Group
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
Anil Dhirubhai Ambani Group
What is insurance
Insurers call this general insurance to differentiate it from life assurance. It is natural to think of insurers of physical assets such as motor car insurance of fire insurance but often we forget that creator of all these assets is human being whose efforts have gone a long way in building up the assets. In that sense, human life is a unique income generating assets. Unlike the physical assets, which decrease in value with the passage of time, the individual becomes more experienced and more matured as he advanced in age. This raise his earning capacity and the purpose of life insurance is to protect the income of individual and provide financial security to his family, which is dependent on his income in the event of his premature death. The individual himself also needs financial security for the old age or on his becoming permanently disabled when his income will stop. Insurance also has an element of saving in certain cases.
Reliance Life Insurance
Anil Dhirubhai Ambani Group
Classification of Insurance Uncertainty in life is certain, filled with trials and tribulations in every aspect of life. Prediction or estimation of what the future has in store for him is not possible. Insurance is expected to aid in partially overcoming these vagaries of life. Insurance can never replace or repair a loss. But the monetary value offered by insurance helps in adjusting to the new circumstances. Despite offering innumerable options and immense scope, insurance can be classified into four main categories. Insurance of Person Insurance of Property Insurance of Interest Insurance of Liability Insurance of Person: The risk associated with human life and health, resulting from unplanned contingencies could be covered under insurance up to the limit specified. In the event of his death, his dependants will be reimbursed to the full amount that he was insured for. Or if the insured person meets with an accident or suffers from an illness that cripples him forever, he will be compensated with the complete sum assured anyway since he may not be able to lead a normal life again. In case, the accident is not that severe, he should be able to recover after medical treatment and rehabilitation. If he has opted for
Reliance Life Insurance
Anil Dhirubhai Ambani Group
medical cover, then his medical expenses, treatment and medication will be paid for by his insurance policy. Insurance of Property: Every individual would be an owner of tangible assets in the form of land, Estate, vehicles, share holdings or plain paper money. The tangible assets are associated with risk of fire, theft, robbery etc. The life times’ achievements marked by these assets could be washes off without a trace within fraction of a second. But if a person judiciously invests in insurance for his property prior to any unexpected contingency then he will be suitably compensated for his loss as soon as the extent of damage is ascertained.
Reliance Life Insurance
Anil Dhirubhai Ambani Group
Insurance of Interest: Every individual is bound to discharge certain duties, maintain a certain standard of conduct. But then, it is an intrinsic part of human nature to err. No one is infallible and no one will ever be. This trait may lead us to commission of occasional error or omission, leading to a loss for our clients or customers. As a result, we might have to pay them damages or compensation out of our own personal resources. But, if our chosen profession qualifies for insurance of interest, then our insurance policy will more than suffice in arranging for the funds and court formalities that might ensue in the aftermath of legal libel. Insurance of Liability: Every person has to regulate his actions and behaviour so as not to cause injury or damage to other people and their property. Everyone is personally responsible and liable for his actions. If due to lack of control over his actions or prejudiced behaviour, a person incurs any liability then he has to provide compensation out of his personal resources. Liabilities: legal, civil or criminal can have severe repercussions on social standing and prestige besides the financial status. By investing in liability insurance, an individual can ward off any liabilities he might incur due to his actions and behaviour. Besides, the premiums payable on liability insurance are fairly minimal when compared to the damages that have to be compensated in the long run.
While the committee submitted its report in 1994. legislation amending the Insurance act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000. In 1993 the Government of Republic of India appointed RN Malhotra Committee to lay down a road map for privatization of the life insurance sector.Reliance Life Insurance Anil Dhirubhai Ambani Group Life Insurance – India Life Insurance in India was nationalized b life Insurance Corporation (LIC) in 1956 . All private life insurance companies at that time were taken over by LIC. it took another six years before the enabling legislations was passed in the year 2000. The ame year that the newly appointed insurance regulator – Insurance Regulatory and Development Authority IRDA – started issuing licenses to private life insurers. 6 .
2006) Apart from Life Insurance Corporation. 3.Reliance Life Insurance Anil Dhirubhai Ambani Group List of Life Insurers (as of March. 2. 5. Bajaj Allianz Life ICICI Prudential Life Insurance HDFC Standard Life Birla Sunlife SBI Life Insurance Kotak Old Mutual Life Insurance Aviva Life Insurance Reliance Life Insurance – Formarly known as AMP Sanmar LIC Tata AIG Life Metlife India Life Insurance ING Vysya Life Insurance Max Newyork Life Insurance Sahara Life insurance – Now they are not into business Shriram Life Insurance 7 . Life Insurer in Public Sector 1. the public sector life insurer. 11. most of them joint ventures between blue blooded Indian groups and global insurance giants. 6. 10. 13. 14. 9. 8. 7. there are 14 other private sector life insurers. 4. Life Insurance Corporation of India Life Insurers in Private Sector 1. 12.
Education – Life insurance proceeds can ensure that the education costs of the insured’s children are covered. 8 . student loans. Mortgage Protection – The proceeds of a life insurance policy can pay off the balance of a mortgage or provide an income stream to pay monthly mortgage or rent payments. Taxes – Federal estate and state inheritance taxes can be pre-funded using life insurance to preserve the value of an estate. and personal notes can be covered by life insurance in the event of an individual’s death. Some common uses include: Individual Uses Funeral – Life Insurance proceeds can ensure that there is enough money for proper funeral and burial expenses. Income Replacement – In the event of an individual’s death life insurance proceeds can provide a supplemental income stream to ensure that the surviving family members are able to maintain the same standard of living. credit card debt.Reliance Life Insurance Anil Dhirubhai Ambani Group Uses of life Inssurance Life Insurance has many uses for both individuals and businesses. Donations/Gifts – An individual can use a life insurance policy to fund a donation to a charity or leave a gift to a family member. Dept – Personal bills.
Business Loans – Life insurance protection on a key employee or business owner can be used pay off the debts of a business in the event of that individual’s death. Business Continuation – Life insurance can be used to fund a buy/sell agreement or stock redemption plan to enable a partner or group of employees to buy the business interest of a deceased partner. 9 .Reliance Life Insurance Anil Dhirubhai Ambani Group Business Uses Key-person – A life insurance policy can be used to protect a business from the loss of profits caused by the death of a key employee. Employee Benefits – Life insurance protection for employees is commonly included in company employee benefits plans.
Providing for one’s family and oneself as a medium to long term exercise.Put simply. especially in a changing cultural & social environment one can buy a suitable policy. where the individual makes a one time payment. namely providing the replacement of income on death etc. Regular saving: . the building up of saving while safeguard it from ravages products are trationally lump sum investment. Retirement: provision for one’s own later becomes increasingly necessary.The original purpose of life Insurance remains an important element. which will provide periodical payment in one old age. 10 .Reliance Life Insurance Anil Dhirubhai Ambani Group Needs for Life Insurance Temporary needs / threats: . Investment: . This has become more relevant in recent times as people seek financial independence from their family.
It provides easy settlement & protection against creditors. It encourages saving and forces thrift. Tax Relief.Reliance Life Insurance Anil Dhirubhai Ambani Group BENEFITS FOM LIFE INSURANCE It is Superior to a traditional saving vehicle. It can be encased & facilities borrowing. 11 .
Reliance Life Insurance Anil Dhirubhai Ambani Group 12 .
These investments are channeled into the investment for economics growth. investment in corporate sector like 5. Debentures 7. Term Loan These were the areas. Directly financing Industry 4.Reliance Life Insurance Anil Dhirubhai Ambani Group ROLE INSURANCE IN ECONOMIC DEVELOPMENT For economic development investment are necessary. Share 6. Investments are made in the area like. Setting up Industrial Estate 3. 13 . Road transport 2. 1. which directly affect the live of the people and their economic well beings. Investments are made out of saving a life Insurance Company is a major instrument for the mobilization of the saving of people.
Punjab – 151001 Branch Manager Reliance Life Insurance Company Limited SCO 141-142. Reliance General Insurance Office. Amritsar. Central Mall. Sector 8C (Ground Floor) Chandigarh.co. No. mited. Bhatinda . Sharma Complex. Branch Manager Reliance Life Insurance Company Limited 14 . 32. Chennai – 600 029 Phone No: +91-44-30588200 Fax No. First Floor. Punjab – 143001 Branch Manager Reliance Life Insurance Company Limited First Floor. Punjab – 160009. : +91-44-30588220 Email: service@rcl. 4 t h Floor. Amritsar. Mall Road. Powe House Road.in OFFICES IN PUNJAB Branch Manager Reliance Life Insurance Company Limited C/o. Bhatinda. #39 Nelson Manickam Road. Office: The Trapezium.Reliance Life Insurance Anil Dhirubhai Ambani Group HEAD OFFICE Reliance Life Insurance Company Li Regd.
SCO 131. Mall road. Ph: 0181-3201066 Branch Manager Reliance Life Insurance Company Limited Company Limited C/o. 308/309. 3 r d floor. T. Reliand Business Centre. Chandigarh. Punjab – 147001 15 .Reliance Life Insurance Anil Dhirubhai Ambani Group C/o. Sector 17 C. Lower Ground Floor. Ludhiana. 916-917. F3. Jalandhar. Punjab – 160009 Branch Manager Reliance Life Insurance Company Limited No. WIMPY. Nimrata Complex. Patiala. Chotti Baradari. Punjab – 144001. 3 r d Floor Suite No. Near Sandhu Furnishes. SCO 6062. G. Patiala. Suryamall. Road. Branch Manager Reliance Life Insurance Company Limited Cabin No. Reliance general insurance. Chandigarh. Adjuscent. Above Ebony. Jalandhar.
Reliance Life Insurance Anil Dhirubhai Ambani Group PREMIUM PAYING OPTIONS The life insurance policy owner may designate a specific settlement option to be paid upon his or her death. the beneficiary (s) will be given a number of choices These usually include: Lump Sum Payment: The death proceeds of a life insurance policy are paid to the beneficiary (s) for a fixed period. Fixed Period Payments: The death proceeds of a life insurance policy are paid to the beneficiary (s) for a fixed period. Fixed Installments: The death proceeds of a life insurance policy are paid to the beneficiary (s) in fixed installments until the proceeds and interest on the unpaid balance of the proceeds are exhausted. Life Income with Installments Certain: The death proceeds of a life insurance policy are paid to the beneficiary (s) in installment payments through a certain period. Interest Payments: The death proceeds of a life insurance policy remain with the insurance company and the company pays the beneficiary interest payments. If the policy owner does not choose a specific option . payments will continue to be made throughout the beneficiary’s lifetime but the payment may very from the payments during the certain period. After the certain period. 16 .
17 .Reliance Life Insurance Anil Dhirubhai Ambani Group Single Premium Annuity: The death proceeds of a life insurance policy are used to purchase a single premium annuity from the insurance company.
Reliance Life Insurance Anil Dhirubhai Ambani Group PRODUCTS OF RELIANCE LIFE INSURACNE Individual Plans Reliance Endowment Plan Reliance Special Endowment Plan Reliance Cash Flow Plan Reliance Child Plan Reliance Term Plan Reliance Whole Life Plan Reliance Market Return Plan Reliance Golden Years Plan Employee Benefit Plans Reliance Group Term Assurance Policy Reliance EDLI Scheme Reliance Group Gratuity Policy Reliance Group Superannuation Policy 18 .
In a nutshell this plan will keep you financially prepared for all the special occasions in you life – your daughter’s wedding. You also get to choose how long you would like your policy to operate. Then all you need to do is pay your single premium or regular premium for the policy term. Reliance Endowment Plan also gives you the additional benefit of participating in the company’s profits. which you will receive at the end of the policy period.Reliance Life Insurance Anil Dhirubhai Ambani Group Reliance Endowment Plan Reliance Life Insurance’s Reliance Endowment Plan is the key to all the financial needs. half-yearly. In the event of your untimely death. your family or your business. where you decide how much you would like to set as your sum assured based on your current financial position and your expected future expenses. quarterly or monthly for the policy term. 19 . It is an inexpensive and easy way to protect you. Reliance Endowment plan will also assist your loved ones through this difficult time by the financial support that it provides. your child’s university education or even a new office for your business – by eliminating the burden that a shortage of money creates. Specialty of Reliance Endowment Plan Reliance Endowment Plan is an endowment plan. You may choose to pay your regular premiums yearly.
or as long as you continue to pay your regular premiums. who has completed the age of 5 years and is not older than 65 years. we will declare a bonus. Eligibility Any healthy male or female. can avail of this policy. 20 .Reliance Life Insurance Anil Dhirubhai Ambani Group Working of Reliance Endowment Plan As soon as you pay your single premium. The cash value of the bonuses which you accumulate over the policy term will be paid to you along with the basic sum assured when it falls due. your policy will participate in the profits of our company. This means that each year. the amount of which may very from one year to the next.
Please note that these riders are not available if you choose our single premium plan.50.000 Rs. all you have to do is add this Rs.Rs.Rs.Reliance Life Insurance Anil Dhirubhai Ambani Group Premium rebates for high sum assure Premium rebate is allowed on high sum assured policy Sum Assured Premium Rebate per 1. 4.49. 2.99. Term Life Insurance Benefit Rider If you would like to increase the sum assured payable to your family in the unfortunate event of loss of life. 4 21 .000 .00.00.00.000 – Rs. 2 Rs.000 Rs. the Critical Condition Benefit and / or Term Life Insurance Benefit. 9.000 . subject to under-writing conditions prevailing at that time. you can opt to have the Accidental Death & Total and Permanent Disablement Benefit. 2.000 Rs. 1 Rs.000 and above Additional benefits Yes. These riders may be attached to your policy at the beginning or at any policy anniversary during the term of your policy. 1. 5. 3 Rs.000 Sum Assured Rs. for a marginal additional premium payment. 10.99.
your family will receive an additional benefit equal to the Accidental Death & Total and Permanent Disablement sum assured that you selected. Accidental Death & Total and Permanent Disablement Benefit Rider If the life assured becomes totally and permanently disabled or dies due to an accident. This rider will provide an additional sum assured payable in the event of death before the rider benefit expiry date.000. In case of total and permanent disability of the life assured. 1. if any. you will receive the Accidental Death & Total and Permanent Disablement sum assured in 10 equal. This rider has no maturity benefits and is available only on policies with a basic sum assured of at least Rs. then this rider will give you additional protection. Critical Conditions Rider The sudden onset of a major illness may cause worries and unexpected expenditures. By selecting this rider you will safeguard yourself against any unexpected expenditure that an accident could cause. annual installments for 10 years. will be paid in a lump sum. the remaining unpaid installments.00. In case of death due to an accident. On the maturity date or on the unfortunate death of the life assured. Your future premiums will be waived subject to a maximum of Rs. The optional Critical Conditions Rider 22 . 40. The accident cover component will cease if the life assured is totally and permanently disabled.Reliance Life Insurance Anil Dhirubhai Ambani Group rider to your policy. 000 per annum.
Reliance Life Insurance’s Critical Conditions Rider covers ten major critical conditions – Cancer Coronary artery by-pass graft surgery Heart attack Aorta surgery Heart valve replacement Kidney failure Stroke Major organ transplant Coma Reliance Special Endowment Plan This insurance policy is designed for people who wish to combine savings with extended security. The unique feature of this policy is that life protection continues for five years after you have stopped the payment of premium. while purchasing the Reliance Endowment Plan as a cover against major illnesses that can afflict you. are characteristics of the policy.Reliance Life Insurance Anil Dhirubhai Ambani Group provides financial relief in such cases. 23 . The Critical Conditions Rider benefit is the payment of a lump sum amount chosen by you. This plan also participates in the profits. Payment of sum assured at the end of period paying term and extension of life cover thereafter for the full sum assured for a period of 5 years.
after payment of the full sum assured at the end of the premium paying term. a full five years in advance. Sum assured after paying the premiums for the full duration of the policy The full sum assured under the policy will be paid at the end of the premium paying term instead of waiting till the maturity of the policy. at the end of the policy term.Reliance Life Insurance Anil Dhirubhai Ambani Group Special about this policy The special benefit under this policy is that it ensures securing a fund for the future when it is most needed and gives much needed financial security for the family. Again. This policy also participates in the profits. that is. 24 . 25. There is also a limitation on the minimum premium paying term which is 10 years.e. bonus declared in the previous year earns bonus in the next year) and is payable at the end of the policy term. 000. the full bonuses will be paid. The unique feature of this policy is that the risk cover continues for the full sum assured for an extended period of 5 years even. Limiting Conditions The minimum amount for which a Reliance Special Endowment Plan policy can be taken is Rs. while the maximum term is 40 years. Bonus is compounded yearly (i.
Reliance Cash Flow Plan This insurance policy is designed for those who have a recurring need for reinvestment in business or look for short-term investment channels. renovation of your home or perhaps. If death takes place after all the premiums have been paid.Reliance Life Insurance Anil Dhirubhai Ambani Group If the death occurs during the term of the policy If death takes place during the term when the premiums are still being paid. through regular premium payments. Alternatively. a periodic return of lump sums which become available for reinvestment at higher returns. while providing simultaneously. your daughter’s engagement. The first installment is paid at the end of the 4 t h year and thereafter at the end of every 3 r d year. a holiday abroad. 25 . but create. This will be in addition to the sum assured already paid at the time of completion of premium paying term. substantial life cover. The money is payable in installments. an amount equal to the sum assured under the policy along with accrued bonuses up to the date of death will be paid immediately. The advantage of the policy is that they need not part with a sizable amount of money at any one time. the full sum assured along with accrued bonus up to the date of death will be paid immediately. it can be used to meet any immediate financial crisis in the family like your son’s college admission.
There is also a limitation on the minimum premium paying term which is 7 years. it will not be necessary for you to raise a loan.. the minimum amount for which a Reliance Cash Flow Plan policy can be taken is Rs. 25. Eligibility for this policy Any healthy male or female. It averts the necessity to look elsewhere for loan facilities. there is no provision for granting a loan under this policy. This policy also participates in the profits and is eligible for bonus. who has completed the age of 15 and is not older than 63 can avail of this policy. once in every 3 years. 26 . Limiting conditions Yes. while the maximum term is 34 years.Reliance Life Insurance Anil Dhirubhai Ambani Group Special about this policy The special benefit under this policy is that it ensures liquidity through a periodical return of a specified amount of money. A unique feature of this policy is that the risk cover continues for the full sum assured even though the periodical payments are being made. An important point to note is that since periodical payments are available. Hence.000.
without the insecurities attached to the ups and downs of the money market.Reliance Life Insurance Anil Dhirubhai Ambani Group Sum assured after paying the premiums for the full duration of the policy You receive the first payment at the end of the 4 t h year and subsequent payments at intervals of 3 years. The money you have invested earns interest and comes to you in the form of terminal benefits and Bonus. 1961. This is especially true when it comes to paying large sums of money for higher education as and when your son or daughter is studying to become an Engineer. All your policy benefits. are exempt from tax under Subsection 10(d) of Section 10 of the IT Act. as per the IT Act. Reliance Child Plan This insurance policy is designed for people who wish to save money for a future time when there will be recurring need for substantial amounts of money. 27 . Anything more…… Yes. prompt service and a high level of financial security. 1961 Above all. under section 88 premiums paid. or is perhaps planning to go abroad. there is the usual exemption from tax. we offer you the best of courtesy. The entire vested bonus is paid along with the last installment on the date of maturity of policy. a Doctor or specialize in some other field. which you receive. at Reliance Life Insurance.
for premiums paid. Eligibility for this policy Any healthy male or female with adequate income. we offer you the best of courtesy. Further. who has completed the age of 20 and is not older than 60. Special about this policy A unique feature of this policy is that the risk cover continues for the full sum assured even though the periodical payments are being made. prompt service and a high level of financial security.Reliance Life Insurance Anil Dhirubhai Ambani Group This money is payable in equal installments over the last 4 years of the policy term. without the insecurities attached to the ups and downs of the money market. as per the IT Act. What else There is the usual exemption from tax. This policy also participates in the profits for the full term of the policy. The money you have invested earns interest and comes to you in the from of terminal benefits and Bonus. at Reliance Life Insurance. 28 .
Reliance Life Insurance Anil Dhirubhai Ambani Group OBJECTIVES OF THE STUDY Following are the main objectives of the study are – a) To know the customers awareness regarding the Life insurance. c) To know the Customer preference towards the private or public Insurance Sector. b) To know the Customer awareness regarding the various life Insurance Companies in the Insurance Sector. People comes to know about Reliance Life Insurance Company through Print Media. 29 .
Sample Technique or Convenient sampling The census method is costlier and more time Consuming as Compared to sampling method but the result is near representatives. It is better to decide upon the method/technique of data collection. there are two technique of data collection are: 1. 30 . Research problem is the one which requires a researcher to find out the best solution for the given problem that is to find out the course of action. Techniques The problem definition can be said to be the quite essential part of the research process. Generally.Reliance Life Insurance Anil Dhirubhai Ambani Group RESEARCH METHODOLOGY Introduction and Meaning Research is a careful investigation or inquiry especially through search for new facts in branch of knowledge: market research specifies the information. Census Technique 2. as it determine precisely. the action the objectives can be obtained optimally in the context of a given environment. What the managerial problem is and the type of information that the research can generate to help the problem before conducting the fieldwork. Required to address these issues: designs the method for collecting information: manage and implements the data collection process analyses the results and communicates the finding and the implications.
even those you agree with)? Who knows. at least some of us (especially Certs Sugarless Mint and Egg McMuffin fans) would quibble with the other two findings. The question is: How did we come to know these things ? We learned about these things through research. We all know that 4 out of 5 dentists recommend sugarless gum for their patients who chew gum. and that taste-tests show that Burger King’s Croissanwich is preferred 2 to lover McDonald’s Egg McMuffin.Reliance Life Insurance Anil Dhirubhai Ambani Group RESEARCH METHODS Research is literally everywhere. Research methods are a 31 . we are questioning the methods the researchers employed in their studies. and knowing about research methods will help us understand how we came to know what we accept as fact. What about the dentists ? What percentage of them “recommended” candies of any kind ? Which dentists participated in the study and what exactly do they prefer about sugarless gum over sugarless mints ? When we ask questions like these. Just how did the researchers do the studies that found those numbers (by the way. Someone somewhere did a study and found each of the above findings. While most of us accept the value of good nutrition for children and the dangers of heroin. The fact that the participants had already gone to Burger King for breakfast meant that they had at least some tolerance for Croisanwiches. We also know that proper nutrition is important for children’s development. and that heroin is addictive. get in the habit of questioning how researchers find their. maybe they did the Croissanwich study at Burger King one morning and asked people which sandwich they preferred.
that you want to do a survey to Asses students’ level of satisfaction with the parking situation on your campus. you are forced to start interviewing the people sitting in their cars waiting for parking places.” Instead. Because no one wants to take time to be interviewed. Here are nine common ones • • Selective observation Inaccurate observation 32 . they agree to answer your questions. you would expect their answers to reflect what students as a whole felt about the parking situation. Some of them occur often enough to have names. A better way for you to do your survey would be to randomly select names from a list of all enrolled students (there will be more on random samples in a later section). Lo and behold. they are deliberately employed in a way that is designed to maximize the accuracy of the results. Because your sample was randomly selected. Assume. Common errors made in research When we do research. scientific. What that means is that good research methods don’t “just happen. we can make many errors. you find that all 50 people you talk to are VERY unhappy about the lack of parking spaces on campus. Since they’re bored anyway and have nothing better to do. The use of random samples is just one way that researchers try to ensure that the answers they find are accurate.. and value-neutral.Reliance Life Insurance Anil Dhirubhai Ambani Group variety of techniques that people use when studying a given phenomenon. They are planned. You could ask them what they think about the parking situation. for example.
hear only the things they want to hear).g..Reliance Life Insurance Anil Dhirubhai Ambani Group Selective observation Selective observation happens when our attention is drawn to answers or observations that confirm our pre-existing beliefs. I could look at the rightmost four columns of people for ten minutes. watch for “disconfirm Tory” information (such as speeding whites and non-speeding blacks).. For example. It’s a lot like selective hearing (i. You could also use time or area sampling. I am probably likely to not the blanks who are speeding while paying less attention to speeding whites and blacks who are not speeding. decide your research approach beforehand (e. when people.e. if I hypothesize that blacks are more likely than whites to speed. Time or area sampling means that you focus your attention on a smaller part of the action for a given amount of time.e. especially children. try to argue against you hypothesis. and consider both “sides” of your study (i. take thorough notes (to prevent biases from affecting you memory). A better approach to this study would be to write down the speed of every car going by and the race of the driver. then the next 33 . for example. if you can’t poke holes in your theory then you’re more likely to be on the mark). Chances are that I’ll find that race isn’t related to one’s likelihood of speeding. when I decided above to write down the speed of every car rather than just depend on my memory). A few ways you can try to avoid selective observation in your research are to do a literature Review (so you’ll know which relationship other researchers found). Instead of trying to watch the entire crowd at a basketball game.. I could then make tables and compare the percentages of speeding drivers of each race.
By doing this. Kapurthala So 34 . Practice will make it easier to quickly and accurately record or summarize a given situation. I would be able to get a picture of what the shole crowd was doing. You thought you correctly observed the information when you really hadn’t done so. and thought s/he said something that rhymed with his/her actual utterances? That’s another form of inaccurate observation. most importantly for selective observation. How many times have you missed a question on an exam because you incorrectly copied down something from lecture? That’s one form of inaccurate observation. Your brain somehow miscoded the information at the processing stage. I would be forced to look at all parts of the crowd at some point time. Your brain somehow jumbles or changes the original memory during the recall stage. rather than just those who were doing what I expected them to do. And. Methodology Adopted The methodology adopted by me studding the objectives was surveying the working segment in the city of Distt. and so on. Observations before actually doing it for real. and will show you the parts of the task about which you are less clear. Inaccurate observation Inaccurate observation happens when we “misremember” or misreport data.Reliance Life Insurance Anil Dhirubhai Ambani Group four columns for ten minutes. Inability to remember what you saw is another form. Have you ever misunderstood what someone said.
And the guide in the organization was consulted at many times. Although this method was difficult and required the researcher to visit and meet the respondents at different places and at different times. The survey was conducted. For this a set of questionnaire was designed for the working segment.Reliance Life Insurance Anil Dhirubhai Ambani Group keeping in view the nature of requirement of study to collect all the relevant information regarding the privatization of the insurance sector direct personal interview’ method with structured questionnaire method was found to be the best for the collection of primary data. but had the advantage of higher accuracy. books and by surfing on Internet. 35 . Secondary data has been collected through the various magazines.
Have you heard about Privatization in Life Insurance Sector ? Objective :.To know the awareness of Privatization in insurance sector. As there are a number of private insurance companies. nationalized insurance companies. this question is asked. 22 is not aware of private insurance companies. which provide a variety of products and services as compared to. 1.. the survey was being done and following interpretation were being drawn. 36 .e. 78 respondents are aware of private companies present in the insurance sector and rest of the respondents i. Awareness of Privatization in Insurance sector Interpretation The evident from above finding showed that out of 100 respondents.Reliance Life Insurance Anil Dhirubhai Ambani Group DATA ANALYSIS Keeping in mind the objectives of the study.
37 . Interpretation The above figure depicts that out of 100 respondents. Have you heard about Private Insurance Company Reliance life insurance? Objective :. Reliance life insurance. 4.. Reliance life insurance. 75 respondents are aware Reliance life insurance and rests of the respondent’s i.e. 15 are not aware of Reliance life insurance.2 Awareness of Customer Regarding.To know the awareness of customer regarding.Reliance Life Insurance Anil Dhirubhai Ambani Group 2.
As we know in the present era media plays an important role in the promotion of companies. 38 . 20 through Agents. 4. As 56 of the respondents are aware through Electronic Media. which helps in promotion of Reliance Life Insurance. 10 through Print Media and 14 through other like friends and relatives. From where did you come to know about Reliance Life Insurance ? Objective :.Reliance Life Insurance Anil Dhirubhai Ambani Group 3.To know the media.3 Role of Media in the Promotion of Reliance Life Insurance Interpretation According to above data Electronic Media plays a vital role in the promotion of Reliance Life Insurance.
39 . Interpretation The above figure depicts that 68 of the total respondents agree that private sector was providing better services as compared to the public sector.4 Priority of Private sector over the public sector. As we know that more and more customers are moving towards private sector because of better facilities and services provided by private sector.To know the priority given by customer to the private sector over public sector. Do you think services provided by Private Sector will be better than Public Sector companies ? Objective :. 4.Reliance Life Insurance Anil Dhirubhai Ambani Group 4.
To know the number of persons who presently have life insurance policy. Do you have Insurance Policy ? Objective :. of persons having insurance policy Interpretation The above evident shows that as most of 62 of the total respondents have insurance policy to cover the risk of the life and tax. 4. This shows that most peoples are interested in buying insurance policy. As most of the persons are very muh concerned about their family and life so cover the risk by an insurance policy.5 No.Reliance Life Insurance Anil Dhirubhai Ambani Group 5. 40 .
Interpretation The above evident shows that out of the total respondents 62 dealing with LIC. of customers dealing with different insurance companies. 41 . 18 respondents were dealing with ICICI Pru and HDFC Std. As the there are a number of companies providing different products. 4. which is a public sector insurance company. Life respectively. 03 respondents are dealing with Reliance Insurance company.Reliance Life Insurance Anil Dhirubhai Ambani Group 6.6 No. With which company do you have Insurance Policy ? To known the number of customers dealing with Objective :- different insurance companies.
22 respondents gave preference to secure investment. Interpretation As the above figure showed that most of the respondents buy insurance policy for the purpose of saving tax. There is always a reason to buy life insurance policy as it protects the insurer from different aspects even after death. 42 respondents are in favour of this. 42 .To know the motive of buying insurance policy.Reliance Life Insurance Anil Dhirubhai Ambani Group 7. What according to you are the motives of buying Life Insurance Policy? Objective :. 30 and 06 are with life cover and liquidity respectively.
43 .To know the customer preference to buy insurance policy in near future. 4. 40 of the total respondents are in favour of this and rest 42 respondents want any insurance. If you have any plan to buy an Insurance Policy. Do you have any plan to buy Insurance Policy in near future ? Objective :. 9.Reliance Life Insurance Anil Dhirubhai Ambani Group 8.8 Preference to buy insurance policy in future Interpretation As the above figure depicts that mostly respondents are interested to buy insurance policy in the future.
9 Preference regarding various insurance plans Interpretation As the above evident shows that as most as 32 of the total respondents prefer to invest in endowment plan. 26 prefer to have child plan. 4.To knows the customer preference regarding various insurance plans provided by the insurance companies. 24 prefer to Spl. 44 .Reliance Life Insurance Anil Dhirubhai Ambani Group Which policy would you prefect? Objective: . Endowment Plan and rest 18 cash flow plan.
15 and 26 of the respondents don’t want insurance and could not afford respectively. If you are not taking any insurance policy.To know the reasons not to buy any insurance plan by the respondents. please tell us the reasons why? Objective: .Reliance Life Insurance Anil Dhirubhai Ambani Group 10. 4. 45 .10 Reasons not to buy any insurance plan Interpretation As the evident shows that as most as 35 of the total respondents don’t understand the working of the insurance system and nearly 24 of the respondents don’t see any benefit with the system.
This clearly comes out of the survey conducted that most of the people comes to know about Reliance life Insurance company through print media. It is a service class. so people are more aware of i. b) c) As far as future decision making about the policy is concerned most of the policy would go in for saving plan.e. to private companies to win the confidence of the people..Reliance Life Insurance Anil Dhirubhai Ambani Group FINDINGS OF THE STUDY a) Life insurance has becomes generic now. everybody wants to go in for a policy with LIC. As far as future decision-making is concerned most of the service class prefers to protection plan d) e) LIC is the oldest player in the Insurance market. It will take a lot of time. which has maximum number of LIC and private sector policies. as compared to new players. 46 . f) It has clearly comes out that most of the people like to go in for a policy. People believe in Life Insurance Company only and therefore. which gives them tax.
randomly selected CONCLUSION 47 . therefore overall picture can’t be presented. ICICI and RELIANCE without LIFE any INSURANCE constrains. Fake Information’s :The information’s provided by the customers may be fake. 4) Randomly Survey :The customers of were LIC. for example customer of Reliance Life Insurance may be shown interest in ICICI Prudential. 3) Limited Survey :As the project was limited to Ludhiana only. The limitations of the study are :1) 2) Time Factor :Time available was very short.Reliance Life Insurance Anil Dhirubhai Ambani Group LIMITATIONS OF STUDY All efforts have been made to make study a complete and comprehensive survey of the customer perception. 5) Area :Area of study chosen was not large. Although all efforts have been made so that the study present a true picture of the customers’ perception.
just equitable and fair global order governed by a time tested value system based on a noble human passion of law.000 Crore Reliance Life Insurance is the challenge against the other Insurance Companies in the 21 s t century with the emerging hope and aspiration. 48 . Globalization has opened new formalities of technology knowledge communication and information Reliance Life insurance is a gift of globalization for the maintain development of these formalities there before is a daunting challenge i. About the awareness regarding the products offered regarding by Reliance Life insurance. the utilization of these facilities to create a brave new worlds in which a qualitative and a clear change between yesterdays and hormones can easily perceived.00. I conduced that most of the people are but they still needs more publicity among the citizens of the city. 11.e.Reliance Life Insurance Anil Dhirubhai Ambani Group Reliance Life insurance is one of the largest life insurance Companies in the world with Insurance and Investment funds exceeding Rs. I have done a detailed the comparative study of Reliance Life insurance with LIC as well as other private companies and concluded that most of the people proffered to deal with nationalization insurance companies. compassion tolerance and mutual understanding. Reliance Life insurance is a bless to the maintain which has awakened many new hopes and aspiration for human kind a vision of a new.
So I would like to conducted by saying that Reliance Life insurance is a wonderful gift given to the mankind in the new are for people development and maintenance of the world as well as India. 49 .Reliance Life Insurance Anil Dhirubhai Ambani Group Reliance Life insurance has set all the strategies and mission after proper vision and is achieving the largest by working in cooperative and co-ordinate manner and giving the people full services and facilities and making easy.
Have you heard about privatization in Life Insurance sector ? a) Yes 2. Life Insurance ? a) Yes 3. Do you have Insurance Policy ? a) Yes 6. b) No With which company do you have Insurance Policy ? 50 . Insurance ? a) Electronic Media c) Agents 4. b) Print Media d) Others b) No b) No Have you heard about Private Insurance Company Reliance From where did you come to know about Reliance Life Do you think services provided by Private sector will be better Sector companies ? a) Yes b) No than Public If yes. Why_______________________________________________ 5. Remarks___________________________________________ If no.Reliance Life Insurance Anil Dhirubhai Ambani Group QUESTIONNAIRE 1.
please tell us the b) Female b) 18-35 d) Above 50 b) Profession d) Others b) Profession d) Others . Name__________________________ 2. Age : a) Male a) Below 18 c) 35-50 4. If you are not taking any Insurance Policy. which Policy b) Protection Plan d) Children’s Plan 10. What according to you are motives of buying Life Insurance Policy ? a) Tax Saving c) Liquidity a) Yes would you prefer ? a) Saving Plan c) Pension Plan reason’s why ? a) We could not afford b) We don’t see any benefit with the system c) We don’t want insurance d) We don’t understand how system works BACKGROUND DATA 1. Education : a) Under Graduate c) Business 5. Occupation: a) Service c) Business 51 b) Life cover d) Secure Investment b) No 8. If you have any plan to buy an Insurance Policy. Do you have any plan to buy Insurance Policy in near future ? 9. Education : 4. Sex : 3.Reliance Life Insurance Anil Dhirubhai Ambani Group 7.
Address________________________ __________________ _________________________________________ 8.50.000 b) Rs. 1. Income: a) Less than Rs. 1.000 c) Rs.000 d) Rs. 3. 50.00. 50.000 to 3. ____________________________________ 52 .50.000 & above 7.000 to Rs.00. Phone No.Reliance Life Insurance Anil Dhirubhai Ambani Group 6.
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