A SUMMER TRAINING PROJECT REPORT ON

PERFORMANCE APPRAISAL SYSTEM RELIANCE LIFE INSURANCE

AT

Submitted To:-

JIWAJI UNIVERSITY, GWALIOR Towards partial fulfillme t of re!uireme t for t"e de#ree of $aster of %usi ess Admi istratio
(2012-14)

SUPERVISED BY SUBMITTED TO Mr S!"to#$ R!t"!%!r & ' S$!rm! (R M!"!)er SUBMITTED BY *r,i"d #i")$ Ro-- .O 12/1220 MB* 0RD SEM Mr *##t Pro+

BVM 1O22E'E O3 M*.*'EME.T EDU1*TIO.

D*RP*. 1O2O.Y4 '5*2IOR

DECLARATION

*r,i"d #i")$ student of mba

3rd

semester BVM 1O22E'E O3

M*.*'EME.T EDU1*TIO., Gwalior declare that all the information, facts and figures presented in this report are actually based on my experience & my open market research during the project PERFORMANCE APPRAISAL SYSTEM with special references to RELIANCE LIFE INSURANCE. I assure that this project is the result of my own sincere efforts and has not been submitted in any other institute for the award of any degree or diploma.

Date ! Pla"e !

*r,i"d Si")$

M#a $r% SEM

AC&NO'LEDGEMENT

It is pri!ilege to express my gratitude & a sincere thanks to BVM 1O22E'E O3 M*.*'EME.T EDU1*TIO. has gi!en us the opportunity to carry research on the PERFORMANCE APPRAISAL SYSTEM RELIANCE LIFE INSURANCE &. I am thankful to (((((((((. )Ma*a+e,e*t %e-art,e*t. faculty guide for her !aluable guidance and support throughout report presentation.

Date ! Pla"e !

*r,i"d Si")$ M/A $r% SEM

CERTIFICATE

"his is to certify that Mr . *r,i"d #i")$ student of #$% 3rd &'# completed his summer training project report 'ntitled PERFORMANCE APPRAISAL SYSTEM RELIANCE LIFE INSURANCE( under my guidance.

DATE PLACE

CERTIFICATE OF FACULTY GUIDE

"his is to certify that M0. AR1IND SING2 student of M/A $r% Se,e0ter programme has completed his summer training of )* days prepared this report under my guidance.

Date ! Pla"e !

)Mr. &.G. S3ar,a. (((((((((((.

TA/LE OF CONTENTS
C2ATER 4.4 2i0tor5 o6 t3e or+a*i7atio* 8 it0 o#9e"ti:e0 4.; Or+a*i7atio* Str<"t<re 4.$ Fi*a*"ial Per6or,a*"e 4.= "o0ti*+ ,et3o%0 a*% a*al50i0 o6 0tate,e*t 4.> Pro%<"t a*% O-eratio*0 4.? 4.A La5o<t a*% @<alit5 Co*trol MarBeti*+ Pa+e No.

4.C Stre*+t3 a*% 'eaB*e00 4.D S-e"ial Poi*t0 C3a-ter !4 i*tro%<"tio* I*tro%<"tio* o6 t3e "o*"e-t C3a-ter !; o#9e"t o6 t3e 0t<%5 C3a-ter!$re0<lt0 a*% %i0"<00io* C3a-ter != 0<++e0tio* a*% i,-li"atio* C3a-ter!> "o*"l<0io* Re6ere*"e A**eE<re
+

4.4 2ISTORY OF T2E ORGANIFATION 8 ITS O/JECTI1ES

,eliance -apital .imited announced the launch of its life insurance business on /ebruary 1, 00+. "his was after obtaining the re1uired regulatory appro!als from the ,egistrar 2f -ompanies and the Insurance ,egulatory and 3e!elopment %uthority. It was in %ugust 00* that the ball was set rolling when ,eliance -apital .imited, the financial arm of ,eliance 4 %nil 3hirubhai %mbani 5roup 6%3%57 4 announced the re1uisition of 1008 shareholding in %#9 &anmar .ife Insurance -ompany .imited: and the formal transfer of shares took place in 2ctober 00*. "he company will issue all policy contracts under the ,eliance .ife Insurance -ompany limited name. %ll the existing policy contracts also stand transferred to the ,eliance .ife Insurance entity with all the original contractual terms and commitments intact.

The Story of Growth

%irth %irthof of Reliance Reliance&& 'irst 'irst (e)tile (e)tile*ill *ill at +aroda at +aroda
st ,a-nch ,a-nchof of11st I4/ I4/for forgeneral general p-blic p-blic start startof ofaa trend trend

(6in (6inI4/s I4/sreceive receive 1million 1millionapplications applications

First Firstcorporate corporatein in Asia Asiato toissues issues 50 50and and100 100yrs yrs bond bondin inUS US debt debtmarket market

1966

1971 7! ,a-nch ,a-nchof of ./nly ./nly 0imal 0imal brand brand

1977

19"#

199!

199$

1997

199"

(otal (otal5ssets 5ssets cross cross1000 10002r 2r

1ales 1ales2ross 2ross4000 40002r3 2r3 %ecomes %ecomes,argest ,argest private privatesector sector2o3 2o3in in India India

(otal (otalassets assets cross cross$#000 $#0002r 2r Reven-es Reven-escross cross 14000 140002r3 2r3

Reliance started from scratch, only to become Indias largest private sector company in ~40 years
A Reliance Capital company

And
7ro-p 7ro-p4rofits 4rofits cross cross!#00 !#002r 2r Reven-es Reven-escross cross !0000 !00002r 2r (otal (otal5ssets 5ssets cross #0000 cross #00002r 2r

the

journey
*D* 'rou7 +ormed *D* 'rou7 +ormed *MP S!"m!r !69uired *MP S!"m!r !69uired !"d re"!med Re-i!"6e !"d re"!med Re-i!"6e 2i+e I"#ur!"6e 2i+e I"#ur!"6e

7ro-p 7ro-preven-es reven-es cross cross60000 600002r 2r ,argest ,argest %-siness %-sinessgro-p gro-p in inIndia India

st %ecame %ecamethe the11st company to company to cross cross11million million policy policymar8 mar8in in!! years yearsof of operations operations

!000

!000 Re-i!"6e Re-i!"6e 1ommu"i6!tio" 1ommu"i6!tio" 7-!"# !""ou"6ed 7-!"# !""ou"6ed

!001

!00$

!00#

!006 07

1ep !007

!007

Controlling stake in Controlling stake in BSES (Reliance BSES (Reliance Energy) Energy) Largest mobile Largest mobile services co. in India services co. in India

Re-i!"6e 2i+e Re-i!"6e 2i+e I"#ur!"6e r!"% I"#ur!"6e r!"% 8t$ !t /00 1r 8t$ !t /00 1r

Reliance Reliancebecame becameonly only the thesecond second+ational +ational Ins-rance player Ins-rance playerto to get getI1/ I1/9001 9001!000 !000

A Reliance Capital com pany

Continues.
2rosses 2rosses!million !million policies policies
R2/* R2/*crosses crosses #0 #0million million c-stomers c-stomers 5 5total totalof ofmore morethan than!000 !000 %ranches %rancheson onanvil anvilin inthe the fiscal fiscalyear33 year33

!00"

!00" Reliance Reliance*' *' st becomes becomes11st 5*2 to 5*2 to cross cross

!00"

!007 0"

!00" 09

RLIC jumps to RLIC jumps to 4th position 4th position with 2750 Cr with 2750 Cr

100,000 100,0002r 2r

Be t$e 1$!")e
A Reliance Capital com pany

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T2E COMPANY /ew men in history ha!e made as dramatic a contribution to their country=s economic fortunes as did the founder of ,eliance, &hri. 3hirubhai > %mbani. /ewer still ha!e left behind a legacy that is more enduring and timeless. %s with all great pioneers, there is more than one uni1ue way of describing the true genius of 3hirubhai? "he corporate !isionary, the unmatched strategist, the proud patriot, the leader of men, the architect of India=s capital markets, the champion of shareholder interest. $ut the role 3hirubhai cherished most was perhaps that of India=s greatest wealth creator. In one lifetime, he built, starting from the pro!erbial scratch, India=s largest pri!ate sector enterprise. @hen 3hirubhai embarked on his first business !enture, he had a seed capital of barely A&B 300 6around ,s 1),0007. 2!er the next three and a half decades, he con!erted this fledgling enterprise into a ,s +0,000 crore colossusCan achie!ement which earned ,eliance a place on the global /ortune *00 list, the first e!er Indian pri!ate company to do so. 3hirubhai is widely regarded as the father of India=s capital markets. In 1D;;, when ,eliance "extile Industries .imited first went public, the Indian stock market was a place patroniEed by a small club of elite in!estors which dabbled in a handful of stocks. Andaunted, 3hirubhai managed to con!ince a large number of firstFtime retail in!estors to participate in the unfolding ,eliance story and put their hardFearned money in the ,eliance "extile I92, promising them, in exchange for their trust, substantial return on their in!estments. It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian markets. Ander 3hirubhai=s extraordinary !ision and leadership, ,eliance scripted one of the greatest growth stories in corporate history anywhere in the world, and went on to become India=s largest pri!ate sector enterprise. "hrough out this amaEing journey, 3hirubhai always kept the interests of the ordinary shareholder uppermost in mind, in the process making millionaires out of many of the initial in!estors in the ,eliance stock, and creating one of the world=s largest shareholder families. D

A/OUT RELIANCE LIFE INSURANCE ,eliance .ife Insurance offers you products that fulfill your sa!ings and protection needs. 2ur aim is to emerge as a transnational .ife Insurer of global scale and standard. ,eliance .ife Insurance is an associate company of ,eliance -apital .td., a part of ,eliance F %nil 3hirubhai %mbani 5roup. ,eliance -apital is one of India=s leading pri!ate sector financial ser!ices companies, and ranks among the top 3 pri!ate sector financial ser!ices and banking companies, in terms of net worth. ,eliance -apital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary in!estments, pri!ate e1uity and other acti!ities in financial ser!ices. ,eliance F %nil 3hirubhai %mbani 5roup also has presence in -ommunications, 'nergy, Gatural ,esources, #edia, 'ntertainment, >ealthcare and Infrastructure.
0I1I/+ 9 *I11I/+

1i0io* 'mpowering e!eryone li!e their dreams. Mi00io* -reate unmatched !alue for e!eryone through dependable, effecti!e, transparent and profitable life insurance and pension plans. GOAL ,eliance .ife Insurance would stri!e hard to achie!e the 3 goals mentioned below?

'merge as transnational .ife Insurer of global scale and standard. -reate best !alue for -ustomers, &hareholders and all &take holders. %chie!e impeccable reputation and credentials through best business practices.

10

52:I0;*;+(1 /' R;,I5+2; ,I'; I+1<R5+2; 2/*45+=

1. ,.I- closed the last financial year with Gew $usiness 9remium of ,s 3*13 -rores. . /or 3 successi!e years, since inception, the -ompany has been amongst the fastest growing -ompanies in the .ife Insurance Industry achie!ing a growth rate of <8 in the last financial year against a market growth of F+8. In the Indi!idual $usiness segment, the company achie!ed a growth rate of *D8 in terms of @,9 against the pri!ate industry growth of 18. 3. ,eliance .ife has been one of the fastest gainers in market share growing from 1.D8 amongst pri!ate players in #archH0+ to 10.38 as of #arH0D. "his has resulted in the -ompany growing to becoming the )th largest pri!ate player in just two 5ear0 starting at position of 11. ). "he -ompany has been the fastest company to reach the 3 million policy mark and was the 3rd largest pri!ate insurer in terms of 9olicy count in 00<F0D *. ,eliance .ife has accomplished a large distribution rampFup in the Industry in a short span of time by opening 11)* branches in just o!er certified I&2 D001? 000 for all the processes. ;. %warded the Iamnalal Relia*"e U"3it 15a:a3ar P<ra0Bar ;GGA! Certi6i"ate o6 Merit i* the /inancial &er!ices category by -ouncil for /air $usiness 9ractices 6-/$97. <. "he -ompany has been the fastest company to reach the 3 million policy mark and was the 3rd largest pri!ate insurer in terms of 9olicy count in 00<F0D. D. "he -ompany has also won the 3. &hah Juality -ouncil of India -ommendation %ward in the ser!ices category in /eb 00< for its work on promoting Hself help channels for ser!iceH year. +. ,.I- continues to be amongst the foremost .ife Insurance companies in India to be

4.; Or+a*i7atio* Str<"t<re

11

RELIANCE LIFE INSURANCE APPOINTS MR ANUP RAU AS NE' CEO

M<,#ai, Ja*<ar5 4=, ;G4$ "he $oard of 3irectors of ,eliance .ife Insurance -ompany 6,.I-7, a part of ,eliance -apital .imited, today announced the appointment of #r %nup ,au as the new -'2 of the company, subject to I,3% appro!al.

Mr Ra< 0<""ee%0 Mr. Mala5 G3o03, 9resident and 'xecuti!e 3irector, ,eliance .ife Insurance. #r #alay 5hosh has played a pi!otal role in building the company in challenging times. >e also played a key role in forging our relationship with Gippon .ife Insurance, the largest pri!ate life insurer in Iapan, as a strategic partner in the company. >e will continue to guide the company as a member on the $oard,( said #r. &am 5hosh, -'2, ,eliance -apital.

I am happy to announce the appointment of #r. %nup ,au as the new -'2 of ,eliance .ife Insurance with immediate effect. #r. ,au has extensi!e experience in the Indian .ife Insurance industry and we look to strengthen our leadership position in the life insurance business with him at the helm(, added #r. 5hosh. #r ,au will also be on the $oard of ,eliance .ife Insurance.

Mr. A*<- Ra<, aged 3D years, joins ,eliance .ife Insurance from >3/- .ife Insurance and brings with him o!er 1; years of industry experience. %s the >ead of &ales and 3istribution in >3/- .ife he was responsible for managing &ales -ommercials, 3istribution 2perations and &ales &upport.

&ome of the key strategic initiati!es in his pre!ious role with >3/- ha!e been building of new channels, transformation of the %gency channel, di!ersification of product mix and

13

strengthening of $ancassurance business. 9rior to >3/- he had was the Gational >eadF $ancassurance, %lliances and International $usiness at I-I-I 9rudential .ife.

A#o<t Relia*"e Li6e I*0<ra*"e Co,-a*5 Li,ite% ,eliance .ife Insurance -ompany .imited, a part of ,eliance -apital, is one of India=s top pri!ate sector life insurance companies with business premium, including renewal premium of o!er ,s. *,)D< crore for the year ended 31st #arch 01 . "he company has sold o!er 1 million policies during the abo!e financial year and has an asset under management of more than ,s 1<,;00 crore 6as on 31st #arch 01 7. It has an extensi!e distribution network of 1, 30 offices and o!er 1,*0,000 ad!isors 6as on 31st #arch 01 7. ,eliance .ife Insurance offers a comprehensi!e range of inno!ati!e and needFbased products, including protection, in!estment and retirement, targeted at indi!iduals and groups. For Me%ia I<erie0 &harad 5oel sharad.goelKrelianceada.com ,eliance -apital 0D3 )D<) D+

COMPANY PROFILE OF RELIANCE LIFE INSURANCE

1)

,eliance .ife Insurance -ompany limited is a joint !enture between two leading conglomerates ,eliance %uto limited and ,eliance .ife company, whose total asset !alue is of ,s *D00000 cr. ,eliance whose wealth as of now is ,s <000 cr. group in India, ** years of experience, ) th largest group in the world. %bo!e 1*000 employees, largest & 3wheeler manufacture in India. ,eliance established in 1<D0, who has 11* years of experience in financial year. ,eliance %uto is one of the most trusted name is Indian auto for o!er ** years. %t ,eliance .ife customer delight is our guiding principle. 'nsuring worldFclass solutions by offering customiEed products with transparent benefits, supported by best technology is our business philosophy. Gotwithstanding the recession and a !olatile stock market, ,eliance .ife insurance posted a profit of ,s )* cr for financial year 00D against a loss of ,s 1+ cr. in the pre!ious year. "he company new business premium fell to ,s ))D1 cr. in the year against ,s ++;) cr. recorded in the last year. @e ha!e been able to make a profit of profit of ,s )* cr. e!en in these difficult times. 2ur new business premium declined by 308 to ,s ))D1 cr. because the stock market declined and we didn=t open any new office in /L 0D,( ,eliance .ife country manager and ,eliance .ife insurance -'2 Mamesh 5oyal said. ,eliance .ife Insurance has around 1 00 offices and the company would not increase the number this year too, 5oyal said. "he company=s renewal premium grew by more than 1008 to ,s +133 cr. in the 00<F 00D as compared to ,s 30*1 cr. in the pre!ious fiscal year, he said. In the year, ,eliance .ife insurance issued D .akh policies which were the second largest in the industry.

1i0io*
N "o be the first choice insurer for customers

1*

N "o be the preferred employer for staff in the insurance industry. N "o be the number one insurer for creating shareholder !alue.

Mi00io*
%s a responsible, customer focused market leader, we will stri!e to understand the insurance needs of the consumers and translate it into affordable products that deli!er !alue for money.

4.$ Fi*a*"ial Per6or,a*"e

1+

.ife insurance products are designed to suit the re1uirements of customers. /undamentally the product pro!ide for? ,isk co!er In!estment >ealth co!er In e!ery product, to a certain degree, risk co!er is imperati!e for it to fall under the category of insurance. $ased on the co!erage of the product, the premiums are calculated and the customer pays accordingly. In order to suggest the right product, it is essential for an agent to understand the re1uirements of the customer well. "he traditional plans of the company ha!e the following features?F /ixed "enure. 9otential for better returns "ransparency /lexibility in in!estment /lexibility to in!est more /lexibility to skip the premium /lexibility to choose the co!er >igh li1uidity %ge, term, and sum assured decide the amount of premium. "opF ups and switches are not allowed ,eliance .ife Insurance -ompany .imited has offered D "raditional plans to the customers, which are listed as follows? 17 ,eliance "erm 9lan 7 ,eliance @hole .ife 9lan 37 ,eliance 'ndowment 9lan )7 ,eliance &pecial 'ndowment 9lan *7 ,eliance -ash /low 9lan 1;

+7 ,eliance -redit 5uardian 9lan ;7 ,eliance &pecial -redit 5uardian 9lan 'ach of the abo!e traditional plans is discussed as follows? 4. Relia*"e ter, -la*?F "his insurance policy is designed for those who only want life co!er for the protection of their family, and do not wish to sa!e for themsel!es. It can also be useful to business firms that wish to pro!ide financial security to their business against the sudden loss of partners or !aluable manpower. &ince there is no sa!ing element or bonus pro!ision, the premium is !ery low. >ence, this is a highFrisk plan with a low premium. Feat<re0 ! a7 9urely a term plan b7 'ntry age minimum 1< years and maximum +* year c7 #aximum premium paying term is 30 year d7 .oan facility G.%. e7 #aturity amount O &um assured ;. Relia*"e '3ole Li6e Pla*? F "his insurance policy is designed for people who do not wish to a!ail of any benefits themsel!es but wish to create an immediate estate to protect their family by a!ailing of insurance co!er on their life at a !ery low cost. Feat<re0 ! a7 It is a whole life insurance policy with profits b7 .ow cost life co!er c7 #aturity age is <* year or DD years last birthday as chosen d7 #aturity amount O &um assured P Qested bonus e7 "ax benefit is a!ailable

1<

$. Relia*"e E*%ow,e*t Pla*? F ,eliance .ife Insurance=s ,eliance 'ndowment 9lan is the key to all your financial needs. It is an inexpensi!e and easy way to protect you, your family or your business. In a nutshell this plan will keep you financially prepared for all the special occasions in your life F your daughter=s wedding, your child=s uni!ersity education or e!en a new office for your business F by eliminating the burden that a shortage of money creates. In the e!ent of your untimely death, ,eliance 'ndowment 9lan will also assist your lo!ed ones through this difficult time by the financial support that it pro!ides. ,eliance 'ndowment 9lan also gi!es you the additional benefit of participating in the company=s profits, which you will recei!e at the end of the policy period. Feat<re0 ! a7 'ntry age minimum is * year and maximum +* year b7 #aturity age minimum is 1< year and maximum ;* year c7 #inimum premium paying term is * year and maximum 3* year in case of regular and in case of single 1* year d7 #inimum sum assured is ,s. *,000 or as determined by the minimum premium e7 #aximum sum assured is ,s. *, 00,000 6entry age below 1< years and no limit for entry age 1< and abo!e7 f7 9remium mode annual, half yearly, 1uarterly and monthly 6by salary deduction only7 g7 .oan up to D08 of the surrender !alue of the policy h7 #aturity amount O 5uaranteed sum assured P ,e!ersionary bonus =. Relia*"e S-e"ial E*%ow,e*t Pla*? F "his insurance policy is designed for people who wish to combine sa!ings with extended security. "he uni1ue feature of this policy is that life protection continues for fi!e years after you ha!e stopped the payment of premium. 9ayment of sum assured at the end of premium paying term and extension of life co!er thereafter for the full sum assured for a period of * years, are characteristics of the policy. "his plan also participates in the profits.

1D

 Feat<re0 ! a7 'ntry age minimum 1 year and maximum +* year b7 #inimum sum assured is ,s. *,000 c7 #inimum premium paying term is 10 year and maximum )0 year d7 Ani1ue feature of this policy is that fi!e year life protection continues after you ha!e stopped the payment of premium e7 "ax benefit is a!ailable f7 Ander this policy bonus is compounded yearly g7 .oan facility is a!ailable h7 #aturity amount O /ull sum assured before maturity date PQested bonus at the time of maturity date

4.;. /. TRADITIONAL PLANS OF RELIENCE LIFE INSURANCE

I. ENDO'MENT PLAN &a!ing plan, which offer bonuses, are excellent long term plan with complete safety. 2ur products offer additional benefits which include ) times life co!er at a little extra cost, limited premium payment terms and compounded re!ersionary bonuses making it a !ery good long term in!estment. In!est 5ain &a!e -are 'conomy &9 .ife "ime -are &uper &a!er

4. Relia*"e li6e I*:e0t Gai* In!est 5ain is a specially designed plan that offers a uni1ue combination of benefits that help you de!elop a sound financial portfolio for your family. ) "imes .ife -o!er at a little extra cost. .imited premium payment option a!ailable. A%%itio*al /e*e6it0? a7 %ccidental 3eath $enefit and 3isability $enefit. b7 -ritical Illness $enefit and >ospital -ash $enefit. c7 /amily Income $enefit? In case of death or accidental total permanent disability of insured, all future premiums are wai!ed and 18 of the sum assured is paid monthly.

;. Relia*"e li6e 0a:e Care E"o*o,5 SP % 2neFtime payment In!estment plan that pro!ides for sa!ings with high risk co!er for 10 years and also participates in the profits of the company. It offers you high risk co!er with easy li1uidity and high returns. a7 % single premium endowment plan that participates in the profits. b7 10 year In!estment plan. c7 $enefits payable on maturity. c7 .oans a!ailable.

$. Relia*"e li6e ti,e "are % whole life plan, which pro!ides sur!i!al benefits at the age of <0, thereby making sure you are financially secure at the time when you need it the most. A%%itio*al /e*e6it0? a7 %ccidental 3eath -o!er and 3isability -o!er. b7 -ritical Illness -o!er and >ospital -ash -o!er. c7 @ai!er of 9remium $enefit.

=.Relia*"e li6e S<-er Sa:er -la*

,eliance .ife &uper &a!er is a regular premium endowment plan, which helps you sa!e regular amounts for a safer tomorrow. It also pro!ides you with extra benefits of 5uaranteed %dditions to your sum assured, at the end of each policy year.

II. MONEY /AC& PLAN #oney back plans are "raditional Insurance plans that pro!ide the in!estor with returns at regular stages of life. -ash5ain 4.Relia*"e Ca03 Gai* -la* 3

% #oney back plan which guarantees 1 *8 payout P bonuses. Juadruple life co!er. * easy payouts which gi!e upto 1 *8 P bonuses. A%%itio*al /e*e6it0? a7 %ccidental 3eath $enefit and 3isability $enefit. b7 -ritical Illness $enefit and >ospital -ash $enefit. c7 /amily Income $enefit? In case of death or accidental total permanent disability of insured, all future premiums are wai!ed and 18 of the sum assured is paid monthly.

4.$ Co0ti*+ Met3o%0 A*% A*al50i0 O6 State,e*t

MEANING OF INSURANCE )

Insurance may be described as a social de!ice to reduce or eliminate risk of loss to life and property. Insurance is a collecti!e bearing of risk. Insurance is a financial de!ice to spread the risks and losses of few people among a large number of people, as people prefer small fixed liability instead of big uncertain and changing liability. Insurance can be defined as a legal contract between two parties whereby one party called insurer undertakes to pay a fixed amount of money on the happening of a particular e!ent, which may be certain or uncertain.( "he other party called insured pays in exchange a fixed sum known as premium. Insurance is desired to safeguard oneself and one=s family against possible losses on account of risks and perils. It pro!ides financial compensation for the losses suffered due to the happening of any unforeseen e!ents. IMPORTANCE OF INSURANCE

Insurance constitutes one of the major segments of the financial market. Insurance ser!ices play predominant role in the process of financial Intermediary. "oday insurance industry is one of the most growing sectors in India. "here is lot of potential in the Indian Insurance Industry. "here are many issues, which re1uire study. "he scope of the study of Insurance industry of India would be !ery great as there are ongoing 3e!elopments in the industry after the opening of the sector. 2ne of the major issues is the effects on .I- after the entry of pri!ate players in the market. "hough market share of .I- has been affected, it has impro!ed in terms of efficiency. "here are number of other hot topics like penetration of >ealth Insurance, ,ural marketing of insurance, new distribution channels, new product ranges, insurance brokers= regulation, incenti!e scheme of de!elopment officers of .I- etc. &o it offers lot of scope for studying the insurance industry. *

,ight now the insurance industry has great opportunities in a country like India or -hina which huge population. %lso the penetration of insurance in India is !ery low in both life and nonFlife segment so there is lot potential to be tapped. $efore starting the discussion on insurance industry and related issues, we ha!e to start with the basics of insurance. &o first we understand what is insuranceR How the word 'i sura (e) is different from the word 'assura (e? 'tc.

4.> Pro%<"t a*% O-eratio*0

Equities I onds I mutual funds I deri!ati!es "ana#ed in!estment ser!ices $%"S Commodities &' tradin# (ife insurance General insurance Alternati!e asset %ri!ate equity funds Structured products Real estate)s opportunities Special situation opportunities. *ffshore structures + #lo al in!estments.

Ser:i"e0
+

 Creation of a customi,ed financial strate#y -i!ersification of assets ased on a formal process of asset allocation Acti!e trac.in# monitorin# and re!iew of portfolios Creation of pri!ate trusts Ta' plannin# Estate plannin# Structurin# of family wealth

<

4.? La5o<t a*% @<alit5 Co*trol

@UALITY 8 RELIANCE INSURANCE

LIFE

0rd -!r)e#t pri!ate player in a span of just / years0 mo!ed from 11th position to 2rd

Amon#st the +!#te#t )ro:i") Companies for / years in a row Continuous increase in mar.et share o!er / years3 from 1.45 in 67789 7: to 17.6:5 in 6774 917 R(IC has achie!ed a #rowth rate of 615 while the pri!ate industry has #rown at 125 &astest to reach the ; mi--io" policy mar. 2!r)e#t 7ri,!te i"#urer in terms of policy count in 6774917 114; br!"6$e# 14/;4000 *d,i#or# and o,er 184000 em7-o<ee# R(IC continues to e amon#st the foremost (ife Insurance companies in India to e 6erti+ied ISO /001:2000 for all the processes.

Awarded the =!m"!-!- Re-i!"6e U6$it V<!,!$!r Pur!#%!r 200>1erti+i6!te o+ Merit i" the &inancial Ser!ices cate#ory &air ;usiness %ractices <C&;%=. y Council for

The Company has also :o" t$e D2 S$!$ ?u!-it< 1ou"6i- o+ I"di! 1omme"d!tio" *:!rd in the ser!ices cate#ory in fe wor. on promotin# @#e-+ $e-7 6$!""e-# +or #er,i6e 677> for its

Reliance >-ality 4olicy

4.A

MarBeti*+

RELIANCE @UALITY POLICY

30

I ha!e studied in operations department. "here are two office in operations department. /irst one is front office and second one back office. in it some times I worked in front office and in some times in back office. @hat happens in front office is that to listen the customer and sol!e the customer=s 1ueries and other one work is to check the form of ad!isor. $asically it is a process from front office to back office .personally I checked the form of ad!isor and after that full check and I ga!e him recei!ed .it is basically a token that taken go under web recei!ed system in it what happens that what the token number is to be entered then it goes in life %sia. in life %sia what happens is that the data is to be punched .it means in!ocation of data entry .all the data is to be the checked .what is the policy no., contact no. ,forms, clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed. if the case is issued then it goes for the 1uality check. and if it fails then it goes for under light it means for rechecks and then goes for 1uality check .the last one stage what I did the documents scanning or we can say the capti!e in it I did scanned for 1uality check that is the all about man work. 4.C Stre*+t3 a*% 'eaB*e00 STRENGT2S 3edicated 'mployees. @ell 'fficient #anagement. &trong and popular brand name. %daptability to changes. 5oodwill of the company. "ransparency in ser!ice.

'EA&NESS .ack of good ser!ices. .ack of awareness about insurance among people. .ess co!erage in ,ural %reas. 31

.ack of credibility among the people because ,eliance life insurance being a pri!ate player

OPPORTUNITIES T2REATS %rri!al of new entrants in the insurance industry. -ut throat competition within the industry= /ast growing economy. Increasing per 4capita income in India. &a!ing beha!ior. >igh growth of "raditional industry.

CORE 1ALUES ,eliance .ife Insurance -ompany .imited has some core !alues which are listed as follows? 17 ,esult 2riented 7 9erformance 3ri!en 37 -ustomer /ocused )7 .earning and 3e!elopment 2riented *7 'mployee -entric +7 Informal and /un 4.D S-e"ial Poi*t0

33

C2APTER !4 INTRODUCTION

3)

INTRODUCTION
"he abo!e 1uotes are actual comments made by managers on employees= performance re!iew forms 4 although humorous, they illustrate what performance is G2"S 9erformance #anagement is a key process in any organisation and should assist the management and staff to focus on the key issues and business objecti!es to ensure sustainability. 9erformance #anagement is therefore much more than merely telling a person what to do and policing( them until it is done. ,ather, it is an integral part of the manager and the employee=s job 4 it is a 9oi*t -ro"e00. "he bottomFline reality is that we all need to know what is expected in a specific role 4 if that is lacking, uncertainty and frustration, resulting in demoti!ation and ineffecti!eness, is created. "his in turn impacts negati!ely on company performance and longFterm sustainability of the organisation. "o a!oid this, clear goals and objecti!es need to be defined and that is the crux of an effecti!e 9erformance #anagement system.

PERFORMANCE MANAGEMENT '2AT IS 2APPENING IN SAJ

&ome perspecti!es 63eloitte and "ouche >-- &ur!ey, 0017? <*8 of &% companies ha!e a 9erformance #anagement &ystem 69#&7. D*8 of these companies ha!e a strong commitment of the -'2. In D)8 of these organisations, there is a formal communication strategy 1 regarding the 9erformance #anagement &ystem and 9rocess. 2nly *18 of the sur!eyed companies belie!e employees and managers are ade1uately educated and trained in 9#&.
1

3;8 use the $alanced &corecard methodology.

3*

<+8 allow employees to jointly set targets and objecti!es with the manager. D18 ha!e clear 9#& policies, procedures and systems in place. #ost companies measure performance using hard and soft measures. >ard measures are 1uantitati!e, and often include profit targets, numerical targets, etc. &oft measures are less 1uantitati!e and more 1ualitati!e and refer to beha!iours, ser!ice le!els, etc.

PERFORMANCE MANAGEMENT DEFINED 9erformance #anagement is the process of defining clear objecti!es and targets for indi!iduals and teams, and the regular re!iew of actual achie!ement and e!entual rewarding for target achie!ement. "he process should ensure that indi!idual and team effort support the organisational objecti!es and that key stakeholder expectations are realised by focusing on key !alue dri!ers. "hus? 9lanning is crucial &takeholder expectations are key dri!ers of 9erformance #anagement #anagement and employee buyFin and in!ol!ement are paramount Mey objecti!es and targets should be linked to corporate strategy

"hese factors are often not addressed in organisations and as a result the process is often destructi!e and draws a tremendous amount of energy from the organisation 4 leading to a situation where !alueFadd and benefits are minimal. 9erformance #anagement should be a process that incorporates the following? 9lanning 9erformance? setting Mey 9erformance %rea=s 6M9%=s7, objecti!es and standards that are linked to corporate strategy, de!elopment plans #aintaining 9erformance? monitoring, feedback, coaching and mentoring and regular interactions regarding goal achie!ement ,e!iewing 9erformance? formal feedback and ratings 4 e!aluating performance ,ewarding of 9erformance? increases, bonuses, incenti!es, etc

3+

4erformance *anagement *odel

4lanning 4erformance? Setting objectives Outlining development plans Getting commitment

Re6ard 4erformance? ink to pa! "esults # performance

4;R'/R*5+2 ; *5+57;*;+( 4R/2;11

Revie6ing 4erformance? Formal reviews Assess against objectives

*aintaining 4erformance? Monitoring performance Coaching Feedback

%-siness strategy, sta8eholders, 8ey economic 6ealth drivers

"he 9lanning 9hase is crucial F <08 of time and effort should be allocated to this phase. If the focus is on inappropriate aspects of the organisation 6i.e. the goals do not contribute to longFterm strategy achie!ement and stakeholder re1uirements7, none of the subse1uent phases will be worthwhile. If the focus is inappropriate, it often leads to demoti!ation, lack of credibility and failure of the business. 9lanning typically should include the identifying Mey Qalue 3ri!ers of stakeholders 6stakeholders typically are the shareholders, customers and employees of the organisation7.

3;

S"3e,ati"all5 t3e -ro"e00 "a* #e %e-i"te% a0 6ollow0

Shareholders

STRATEGY

Customers

Employees

KEY VALUE DRIVERS

2nce the key !alue dri!ers are identified 6!alue dri!ers are the key aspects that create economic wealth for the key stakeholders, and can include profitability, 1uality ser!ice, training, etc7, the following is re1uired?

3<

STRATEGIC PERFOR A!CE AREAS

KEY VA !E "#$VE#S (Sta%e&ol'er E()ectations

Key Strategic Objectives

ACTIO! PLA!!I!G PERFOR A!CE A!AGE E!T" WHO (accountabilities) WHAT WHEN HOW (measures)

9erformance #anagement will be effecti!e when a cascading model is followed. /lowing from the strategy and key !alue dri!ers, the following can be defined? 3efining Mey 9erformance %reas 6M9%=s7 3efining 2bjecti!es 3efining "argets

3D

% key aspect of any good performance management system is training and de!elopment. 9art of the planning phase includes the agreement on a formal de!elopment plan for the employee. "ypically this plan should be based on re1uisite skills, beha!iours and knowledge 6key competencies7 that will be re1uired to achie!e the objecti!es and targets set. "he de!elopment plan can also include longFterm de!elopmental initiati!es 6usually based on potential, good performance, etc7. "raining acti!ities should ideally be based on performance gaps that are identified during the #aintaining of 9erformance phase. $y linking training to identified performance gaps, training will be focused, specific and rele!ant. %s such, performance data should be a major input source of the annual training needs analysis.

The #L$%&'"

"esire' )er*ormance

+easurement Vision +ission Strategy Value "rivers

Actual )er*ormance

"evelo)ment

$oth the training and de!elopment strategy and the performance management process should be closely aligned with the o!erall ,etention strategy of the organisation. ,esearch 6"eke, #, 00 7 suggests that rele!ant trainingTde!elopment inter!entions and regular performance feedback are important factors in skills retention. >igh flyers start to look elsewhere for opportunities if these are not present in their working en!ironment.

)0

C2APTER !; O/JECT OF T2E STUDY

)1

O/JECTI1ES
"o ha!e a detailed understanding of ,eliance .ife Insurance and ,eliance Allianz .ife Insurance. "o find out !arious reasons considered while in!esting in policies. "o get knowledge about the market exposure and future prospects about ,eliance .ife Insurance. "o know the perception of the consumers about the life insurance. "o analyEe the "raditional plans of ,eliance .ife Insurance and compare it with ,eliance %llianE. "o know about the brand awareness of ,eliance .ife Insurance, its customer preferences o!er ,eliance %llianE in the market. "o study a proper knowledge about the life insurance industry. "o understand the consumer choice while in!esting in policies.

SCOPE OF T2E STUDY

4.. "his helps in finding out !ast potential of insurance company. ;.. "he study was conducted in Gational -apital ,egion 6G-,7 only. $.. "he number of respondents to be sur!eyed can be impro!ed. =.. "his study was conducted by comparing the performances & products of three pri!ate & go!ernment insurance players in insurance industry. >.. "his study was conducted to analyEe the market stand of ,eliance life insurance -ompany limited and ,eliance %llianE .ife Insurance -ompany .imited of India insurance companies. ?.. "his study is done to eliminate all the myths which people ha!e in their minds regarding Insurance &ector.

C2APTER!$ RESULTS AND DISCUSSION

)3

RESULTS AND DISCUSSION

RESEARC2 DESIGN?F COMPARITI1E STUDYF % comparati!e study has been undertaken to compare the traditional 9lans of ,eliance .ife Insurance with that of ,eliance %llianE life insurance. DATA TYPE INTRODUCTION? F %ny organiEation whether big or small, pri!ate or public needs different type of information to know its popularity. I ha!e gathered secondary data and primary data and collected information from the combination of these two data. PRIMARY DATA? F 9rimary data collection method was decided for obser!ing working of the company and approaching the customers directly face to face .% great care was taken while collecting the primary data to answer that it is rele!ant, accurate, current and unbiased. SECONDARY DATA? F &econdary data collection method was used by referring to !arious websites, books and newspapers for collecting information regarding the project under study. &econdary data consist of the information that already exists somewhere else for some another purpose. SAMPLING TEC2NI@UES ! SAMPLE SIFEF % sample siEe of *0 was taken to be analyEed. SAMPLE LOCATION?FQarious sectors of Mamla Gagar, -i!il lines, #ukherji Gagar, #odel "own and selected areas of 3elhi.

))

SAMPLING PROCESS? F -on!enient sampling was used to o!ercome the time and money constraints that could ha!e been faced by us while collecting the data. "he customers were contacted face to face directly and also by way of telephonic con!ersation with them. ANALYTICAL TOOLS? F "he data collected were arranged accordingly and statistical tools like bar graphs and pieFcharts were used to analyEe and present the data.

RESEAR*+ INSTRU$ENT USE,-.

SAMPLING MEDIA? F 9rinted 1uestionnaires consisting se!eral 1uestions were asked to ha!e an idea of customers !iew about ,eliance .ife Insurance plans followed by personal 1uestions.

FIELD 'OR&? F

,igorous field work was undertaken to locate the interested and

potential respondents to fulfill the objecti!es of the study.

T2E PRIMARY O/JECTI1EOF T2E STUDY?F

"he primary objecti!e of the research study is to ha!e a detailed analysis of ,eliance .ife Insurance bringing in focus the future prospects of the 6%nil 3hirubhai %mbani group7 with rele!ance to the customer perception regarding the !arious plans and products offered by ,eliance .ife Insurance.

)*

$.4. DATA ANALYSIS AND INTERPRETATION

PERSONAL DETAILS 4. AGE a7 1<F30 b7 31F*0 c7 *1F+* AGE 1<F30 31F*0 *1F+* TOTAL NO. OF RESPONDENTS 1 1D 10 >G PERCENTAGE ) 8 3<8 08 4GGK

57; AI1; 2,511I'I25(I/+

$) $( &) &( %) %( *) *( ) (

RES PON+/3 DEN/' TS

$%

&' %(

*' to &(

&* to )( 57; @in 5ear.

)* to +)

INTERPRETATION?F"he bar graph re!eals that ) 8 of the respondents belong to the age group of 1<F30 years, 3<8 lies in the age group of 31F*0 years and 08 of them lie in the age group of *1F+* years.

)+

;. OCCUPATION a7 &er!ice b7 $usiness c7 9rofession d7 >ousewife e7 ,etired OPTION &er!ice $usiness 9rofession >ousewife ,etired TOTAL NO. OF RESPONDENTS 1+ 1) * < ; >G PERCENTAGE 3 8 <8 108 1+8 1)8 4GGK

/22<45(I/+ AI1; 2,511I'I25(I/+

28 27 68 67 18 17 8 7 Ser!ice ;usiness %rofession ?ousewife Retired 17 1: 1/ 26 6>

OCCUPATION

);

INTERPRETATION?F"he abo!e bar graph re!eals that 3 8 of the total respondents were ser!icemen, <8 of them belonged to the business class, 108 were professionals, 1+8 were housewi!es and 1)8 of the total respondents fall in the retired category.

$. INCOME a7 1*0000F300000 b7 300000F*00000 c7 %bo!e *00000 OPTION 1*0000F300000 300000F*00000 %bo!e *00000 TOTAL NO. OF RESPONDENTS ) 1) 1 >G PERCENTAGE )<8 <8 )8 4GGK

INCOME 'ISE CLASSIFICATION )( $( &( %( *( (

RE SP N ON O. DE OF NT S

$' %' %$

*)((((, &(((((, A-O./ &((((( )((((( )((((( INCOME )i* RS..

INTERPRETATION !"he abo!e bar graph re!eals that out of the total respondents )<8 lie in the income group of 1*0000F300000, <8 of the total respondents belonged to the income group of 300000F*00000 and )8 lie in the income group of people earning an income of abo!e ,s. *00000p.a.

)<

=. FAMILY MEM/ERS a7 b7 3 c7 ) d7 %bo!e ) 29"I2G 3 ) %bo!e ) TOTAL G2. 2/ ,'&92G3'G" 11 D ) + >G 9',-'G"%5' 8 1<8 )<8 1 8 4GGK

*;*%;R AI1; 2,511I'I25(I/+

)( $( &( %( *( (

+o3 of resp ond ents

$' %% % *' & $ *% Above $

+o3 of family members

)D

INTERPRETATION "he abo!e bar graph shows that family of and 1 8 of them had the no. of family members abo!e ).

8 of the total respondents had a

members, 1<8 of them had 3 family members, )<8 of them had ) family members,

@>. '3ere %o 5o< -re6er to i*:e0tJ a7 fixed deposits b7 stock c7 mutual funds d7 insurance e7 others O-tio* /ixed deposits &tock #utual fund Insurance others TOTAL No. o6 re0-o*%e*t0 * 10 10 1< ; >G Per"e*ta+e 108 08 08 3+8 1)8 4GGK

10B 14B !0B $6B !0B

fi)ed deposits stoc8s m-t-al f-nds ins-rance others

*0

I*ter-retatio* "he abo!e pie chart shows that out of *0 respondents, 108 preferred to in!est in fixed deposits, 08 in stocks, 08 in mutual funds, 3+8 in insurance and 1)8 in others like property, gold, etc.

@?. '3at are 5o<r -rioritie0 6or i*:e0t,e*tJ a7 protecting your family against preFmature death b7 wealth creation c7 retirement needs d7 child education and marriage e7 protect income against disability, sickness or critical illness O-tio* 9rotecting your family against pre mature death @ealth creation ,etirement needs -hild education and marriage 9rotect income against disability, sickness or critical illness TOTAL No. o6 re0-o*%e*t0 10 1) * ; 1) >G Per"e*ta+e 08 <8 108 1)8 <8 4GGK

*1

I*ter-retatio* "he abo!e pie chart shows that out of *0 respondents, 08 of them in!est for protecting their family against premature death, <8 for creating wealth, 108 for meeting their future retirement needs, 1)8 for child education & marriage and <8 for protection against disability and sickness.

@A. '3at i0 5o<r ,ai* ,oti:e #e3i*% i*:e0ti*+ i* li6e i*0<ra*"eJ a7 tax benefit b7 sa!ings c7 risk co!er O-tio* "ax benefits &a!ings ,isk co!er TOTAL No. o6 re0-o*%e*t0 ; * 1< >G Per"e*ta+e *)8 108 3+8 4GGK

I*ter-retatio* "he abo!e pie chart shows that out of the sample respondents, *)8 ha!e tax benefit 108 ha!e sa!ings and 3+8 ha!e risk co!er as their main moti!e for making an in!estment in life.

@C. '3at Bi*% o6 i*:e0t,e*t %o 5o< -re6erJ a7 high risk high gain b7 low risk low gain c7 moderate d7 !ary times to times O-tio* >igh risk high gain .ow risk low gain #oderate Qary times to times TOTAL No. o6 re0-o*%e*t0 < * 1 * >G Per"e*ta+e 1+8 108 )8 *08 4GGK

I*ter-retatio* "he abo!e pie chart shows that out of *0 respondents, 1+8 preferred high riskF high gain form of in!estment 108 preferred low riskF low gain form of in!estment, preferred moderate in!estment and *08 preferred !aried form of in!estment. *3 )8

@D.Are 5o< i*tere0te% to i*:e0t i* Tra%itio*al Pla*0J a7 L'& b7 G2 O-tio* L'& G2 TOTAL No. o6 re0-o*%e*t0 3+ 1) >G Per"e*ta+e ; 8 <8 4GGK

I*ter-retatio* "he abo!e pie chart shows that ; 8 of the respondents preferred to in!est in "raditional 9lans.

*)

@4G. '3at i0 5o<r le:el o6 a**<al i*:e0t,e*tJ a7 below 0000 b7 0000F)0000

c7 abo!e )0000 O-tio* $elow 0000 0000F)0000 %bo!e )0000 TOTAL No. o6 re0-o*%e*t0 )1 ; >G Per"e*ta+e < 8 1)8 )8 4GGK

I*ter-retatio* "he abo!e pie chart shows that < 8 of the respondents, are willing to in!est below ,s 0,000 per annum, 1)8 of them want to in!est within ,s 0,000 per annum to ,s )0,000 and )8 wanted to in!est o!er and abo!e ,s )0,000.

**

C2APTER != &A55'&"I2G %G3 I#9.I-%"I2G

*+

SUGGESTION AND IMPLICATION

1 .$ased on the obser!ations of the study some suggestions for the organiEation are made as follows? 4.. Juality of ad!isors is also as important as the 1uantity. "hus company should go mainly for 1ualified professionals. ;.. -ompany should increase its budget on publicity so that awareness can be increased. $.. -larity and transparency should be pro!ided to the customer regarding !arious products. =.. "raining sessions should be planned in ad!ance so that schedule can be pro!ided to the ad!isor in ad!ance. >.. %part from the $rand 9ositioning in urban area, a strategy should be adopted by ,eliance to make its brand also near to middle le!el, or high aspirant people because they are the main source of the business in India ?.. %wareness -amp to the sub urban area should be focused by ,eliance. A.. &ome inno!ati!e techni1ue or product is re1uired in order to attract the consumer.

*;

C2APTER!> CONCLUSION

*<

CONCLUSION
/ffective management of individual and team performance is a crucial and central re0uirement to ensure stakeholder re0uirements1 organi2ational strateg! and business goals are attained. 3his re0uires accurate data regarding performance levels of business units1 teams and individuals1 and therefore the need for a standardi2ed and formal performance management s!stem. An effective performance management s!stem is the centre of an integrated 4" S!stem and the performance data feeds into a variet! of processes and s!stems1 for e5ample6 Career planning "ewards 3raining and development 7isciplinar! decisions 8romotions1 etc 9

7espite the importance of performance management1 most organisations find it difficult to implement1 manage and sustain performance management s!stems and processes effectivel!. :t is therefore crucial to ensure ade0uate planning1 evaluation and training is done that will support a sustainable process. 3his is possibl! one of the reasons wh! performance management s!stems have evolved and changed significantl! over the !ears ; each new approach an attempt to make it better1 more effective and more acceptable to end,users. 8erformance management will remain on the agenda in man! corporate meetings1 and will be a ke! concern for South African 4" practitioners and managers for man! !ears to come.

*D

/I/LIOGRAP2Y
www.reliancelifeinsurance.com www.adagroup.com www.irda.com www.,elianceallianElifeinsurance.com www.allianE,eliance.com

+0

@UESTIONNAIRE
NAME LLLLLLLLLLLLLLLLLLLLLLLLLLL PERSONAL DETAILS 17 %5'?UUUUUUUUUUUUUUUUU 17 2--A9%"I2G?UUUUUUUUUUUUUU 7 IG-2#'?UUUUUUUUUUUUUUUUUUU 37 /%#I.L #'#$',&?UUUUUUUUU @4. '3ere %o 5o< -re6er to i*:e0tJ a7 /ixed deposits b7 &tock c7 #utual funds d7 Insurance e7 2thers @;. '3at are 5o<r -rioritie0 6or i*:e0t,e*tJ a7 9rotecting your family against preFmature death b7 @ealth creation c7 ,etirement needs d7 -hild education and marriage e7 9rotect income against disability, sickness or critical illness @$. '3at i0 5o<r ,ai* ,oti:e #e3i*% i*:e0ti*+ i* li6e i*0<ra*"eJ a7 "ax benefit b7 &a!ings c7 ,isk co!er +1

@=. '3at Bi*% o6 i*:e0t,e*t %o 5o< -re6erJ a7 >igh risk high gain b7 .ow risk low gain c7 #oderate d7 Qary times to times @>.Are 5o< i*tere0te% to i*:e0t i* Tra%itio*al Pla*0J a7 Les b7 Go @?. '3at i0 5o<r le:el o6 a**<al i*:e0t,e*tJ a7 below 0000 b7 0000F)0000

c7 abo!e )0000 @A. '3at 6a"tor0 wo<l% 5o< "o*0i%er ,o0t i,-orta*t #e6ore "3oo0i*+ a* i*0<ra*"e "o,-a*5J a7 publicity of the company b7 reputation of the company c7 1uality of life ad!isors d7 after salesFsupporting of the company @C. '3i"3 li6e i*0<ra*"e "o,-a*5 wo<l% 5o< -re6er t3e ,o0t to i*:e0t i*J a7 ,eliance life insurance b7 ,eliance %llianE life insurance @D. I6 relia*"e li6e i*0<ra*"e, t3e* w3i"3 -arti"<lar -la* 5o< wo<l% liBe to i*:e0t i*J a7 ,eliance "erm 9lan b7 ,eliance @hole .ife 9lan +

c7 ,eliance 'ndowment 9lan d7 ,eliance &pecial 'ndowment 9lan @4G. I6 Relia*"e Allia*7 li6e i*0<ra*"e, t3e* w3i"3 -arti"<lar -la* 5o< wo<l% liBe to i*:e0t i*J ENDO'MENT PLAN a7 ,eliance life In!est 5ain b7 ,eliance life sa!e -are 'conomy &9 c7 ,eliance life life time care d7 ,eliance life &uper &a!er plan

+3