Type Industry

Private limited company Life insurance

Headquarters Navi Mumbai(New Mumbai),India Key people
       

Anup Rau(CEO) Srinivasan Iyengar(COO) Andleeb Rabbi(CHRO) S V Sunder Krishnan(CRO) Sunil Agrawal(CFO) Sameer Karekatte(Head – Legal and Compliance) Rajesh Dalmia(Appointed Actuary) Manoranjan Sahoo(Head- Agency) Murli Nambiar (CTO) Individual and Group Insurance Plans 15000 crore (US$2.3 billion)[1] http://www.reliancelife.com

Products Total assets Website

Reliance Life Insurance Company (RLIC) is amongst the leading private sector life insurance companies in terms of new business premium with a market share of 5% of the private sector life insurance industry. The company has over 7 million policy holders with a strong distribution network of close to 1,230 branches with over 124,000 agents as of March 31, 2013. Reliance Life offers life insurance products targeted at individuals and groups, catering to four distinct segments: protection, children, retirement and investment plans.

History[edit]
1

2007 ISO 9001:2000 Certification 2008 Becomes 4th largest private insurer 2010 Becomes the largest private insurer in number of policies Nippon Life signs definitive agreement to acquire 26%[2] 2011 Description As of March 31. 1.[8] the company aims to emerge as a transnational life insurer of global scale and standards. Reliance Life Insurance is a part of Reliance Capital of the Reliance Anil Dhirubhai Ambani Group. The company sold 7. 2013. The company achieved a profit of Rs. 380 crores.189 crores. 18.000 advisors.377 crores.2001 AMP Sanmar Life Insurance Company was formed 2002 AMP gets IRDA approval to commence business 2005 Reliance Life Insurance takes over AMP Sanmar 2006 Name changed to Reliance Life Insurance Co.015 crores.6 lakh policies during 2012–13 with total managed funds valuing to Rs. the Total Premium (net of re-insurance) was Rs.24. Rated amongst the Top 3 Most Trusted Service Brands in the Insurance Category. Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effective October 7. whereas new business premium stood at Rs. through a wide network of distribution with 1. 2011 subsequent to receipt of all regulatory approval. Ltd.230 offices and over 1. 2 . 4.

000 advisors Over 9 million policies RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 9008:2001 Winner of “Best Non-Urban Coverage” Award at Indian Insurance Awards 2011 RLIC‟s Boundaries for Books Campaign won the 'Silver' at the Indian Digital Media Awards (IDMA) 2012.50.Achievements[                            Largest Private Life Insurance in terms of Number of Policies for two consecutive years as of 31 March 2012 A wide network of 1230 branches and 1. under Best Integrated Campaign – Social Cause and Best Use of Social Network – Social Cause Amongst the top 3 Most Trusted Service Brands in the Insurance category as per the Brand Equity„s „Most Trusted Service Brands 2011‟ Survey 3 .

Home insurance Anil Dhirubhai Ambani Group www.in Parent Website  Reliance General Insurance Company Limited is an Indian insurance company.[5] 4 . processes. Reliance General Insurance is amongst the leading general insurance companies in India. with a private sector market share of over 8%.Health Insurance. products and locations in India.000 intermediaries at the end of June 2013.[3] Reliance General Insurance (RGI) offers insurance solutions for auto. 2013 was Rs. home.  liance General Insurance From Wikipedia. marine.Vehicle Insurance. RGI had a distribution network composed of 127 branches and over 12.036 crore(US$ 374 million).[2] The Gross Written Premium for the year ended March 31. the free encyclopedia Reliance General Insurance Company Limited Type Industry Founded Headquarters Key people Products Public Listed Company Insurance 2001 Mumbai. 2. 706 crore (US$ 126 million).[1] The Gross Written Premium for the quarter ended June 30. travel. of the Reliance Anil Dhirubhai Ambani Group. property. a part of Reliance Capital Ltd. health.reliancegeneral.[4] It is India’s first insurance company to be awarded the ISO 9001:2000 certification across all functions. 2013 was Rs.co. commercial and other speciality products.Travel Insurance. India Rakesh Jain Executive director& CEO General insurance.

fixtures and fittings.  History[ Reliance General was incorporated on 17 August 2000. stock and stock in process. which is an Indian company. malicious damage. but not the losses caused by reduced turnover and increase in cost of working during the closer of business or repair period and thereafter. media reports suggest Reliance Capital is on the lookout for an eligible partner who can add value to Reliance General.[6] Unlike most competitors. However. Reliance General received the license to conduct the business of insurance in India from Insurance Regulatory Development Authority on 23rdOctober 2000. impact damage.[8] Reliance Capital has already sold minor stakes in its life insurance and asset management business to Nippon Life of Japan FIRE INSURANCE The Standard Fire Policy covers damage caused by fire and lightning. The basic fire policy can be extended to include a number of additional risks known as „special perils‟ or „allied perils‟ or „extraneous perils‟. The property insured normally includes residential /commercial buildings. Subsequently. explosion. • Net profit will be reduced. 5 . These include: riot and strike damage. These losses come about because: • Certain overhead costs will remain at their full level. • There may be increased costs incurred to keep the business going in a temporary manner / in an alternate premises. The Loss of Profits/Business Interruption policy would cover loss of gross profit (net profit plus standing charges) following loss or damage due to fire and special/allied perils. Reliance General is promoted solely by Reliance Capital. plant and machinery etc. aircraft damage. even though sales are reduced.[7] Reliance Capital Chief Executive Officer Sam Ghosh in an interview to Business Standard said may sell stake in its general insurance arm by end of December 2013. industries. earthquake fire and shock. Business interruption / Loss of Profits Insurance The Fire policy mentioned above indemnifies loss of property damaged or destroyed. atmospheric disturbance (including flood damage). who have foreign partners.

Zakaria who is also the Chairman of Reliance Insurance. Faran Sugar Mills Ltd. 6 . Amin Ahmed Bawany a renowned well honored industrialist is the founder member of Bawany Group comprising of the following companies and known as one of the financially most-sound corporate industrial entity in Pakistan.) Limited. Bawany Group – An Eminent Business Group Mr. Al-Noor Sugar Mills Ltd. Shahmurad Sugar Mills Limited 4. 6. 3. The Sponsors Reliance Insurance has the unique distinction of being jointly owned by two prestigious industrial groups of Pakistan.:1. Al-Noor Sugar Mills Limited 2. Reliance Insurance proven as one of the most reputable and brightest names in the insurance sector since it started operations in 1981 and its sustained growth has secured a place among the leading insurers of Pakistan. First Al-Noor Modaraba Company Ltd.Company Profile The Company Reliance Insurance was incorporated as a Public Limited Company in 1981 and is listed on Karachi & Lahore Stock Exchanges in Pakistan. The Company is also registered with Central Depository Company of Pakistan Ltd. 1. (CDC) and is involved in general insurance business. Al-Noor Group – The Founde Al-Noor Group headed by renowned industrialist Mr. Ismail H. Al-Noor Group comprises of the following companies besides holding in Reliance Insurance Company Ltd. Shahmurad Sugar Mills Ltd. – MDF Board Div. 2. Its major sponsors are Al-Noor Group and Amin Bawany Group a brief about them is as follows:1. – Distillery Div 5. Noori Trading Company (Pvt.

. According to IRDA. PKR 319 million The shareholder‟s Equity has risen to Rs........... Branches Network Reliance Insurance has a nationwide branch network with 25 operating stations spread in all major cities of Pakistan. Reliance Insurance started its operation. it will also ease the problem of customer-contactability..... Reinsurance (Treaty & Facultative) Reliance Insurance strongly believes that its re-insurers are like business partners. which is a huge challenge faced by the industry. CAMS Repository Services Limited and Karvy Insurance Limited -. Sind Particle Board Mills Ltd.Database Management Limited. The Insurance Regulatory and Development Authority (IRDA) has approved all these five companies as Insurance Repositories (IR).... "We have tied up with all insurance repositories to offer insurance policies in electronic form for our customers.. SHCIL Projects Limited. Reliance Life Insurance Company ties up with five insurance repositories (Reliance Life Insurance…) NEW DELHI: Private insurer Reliance Life InsuranceCompany (RLIC) today said it has join hands with all five insurance repositories to provide life insurance policies in electronic form.. Unicol Limited 4. The Insurance Regulatory and Development Authority (IRDA) has approved all these five companies as Insurance Repositories (IR).. The total assets of the Company exceed psychological billion mark...90 million... Central Insurance Repository Limited." he added.2 million and now its paid-up capital has grown & well strengthened at the following levels:Authorized Capital.. We have excellent re-insurance treaty arrangements with foreign & local re-insurers of world repute. 7 . "Dematerialisation of policies will bring greater transparency and convenience to customers and it will also help reduce cost in issuing and maintaining life insurance policies....to enable and encourage policyholders to hold their insurance policies in demat form. More importantly..... way back in 1981 with paid-up Capital of Rs.435 million while General Reserves stood at Rs.. It is pertinent to emphasize that the security of strong reinsurance gives financial reliability and lend credibility in the market.. PKR 500 million Paid-up Capital.F. 5. B.. New branches are being established to expand our presence in the country and to better serve the customers. Modaraba Ltd. Capital Structure Strong financial position is a prerequisite for reliable insurance coverage. To accelerate growth and meet challenges of increasing competition.2.." Reliance Life Insurance CEO Anup Rau said.. Ayesha Bawany Academy (Wakf) 3.." he added. The objective of creating an insurance repository is to provide policy holders the facility to keep insurance policies in electronic form. insurers can enter into agreements with one or more repositories.... the infrastructure of the Company is being continuously developed and strengthened. Reliance Life Insurance has tied up with five insurance repositories -..... "This green initiative will make it easier for the customers to buy and monitor multiple life insurance policies in a single demat account.

According to IRDA. 8 ." he added." Reliance Life Insurance CEO Anup Rau said." he added. insurers can enter into agreements with one or more repositories."We have tied up with all insurance repositories to offer insurance policies in electronic form for our customers. it will also ease the problem of customer-contactability. The objective of creating an insurance repository is to provide policy holders the facility to keep insurance policies in electronic form. More importantly. "This green initiative will make it easier for the customers to buy and monitor multiple life insurance policies in a single demat account. "Dematerialisation of policies will bring greater transparency and convenience to customers and it will also help reduce cost in issuing and maintaining life insurance policies. which is a huge challenge faced by the industry.

• Insured to submit claim bill. the Local Shipping Agents as well as Insurers should be informed immediately to arrange a joint Survey of the consignment.  On agreement of the loss amount an acceptance letter obtained and the survey report is issued.  In case the loss is not established. the insured should immediately take up the matter with their Suppliers. Marine Import : • If a loss/damage is suspected before taking delivery of the consignment at the Port of discharge. •Letter of Subrogation where necessary.Shipping invoice. Licensed Surveyor to investigate / assess the loss. the company will appoint Govt. it would for the insured to prove that the loss or damage had occurred due to the peril in insured. Claim Reporting Procedure: Fire: • The Loss or damage should be reported to the company immediately • All possible steps / measures be taken to mitigate / minimize the loss • The Fire Brigade should be timely called.Bill of entry to the attending Surveyors immediately to record their findings.packing list. • All possible steps/measures be taken to mitigate/minimize the loss. Motor-Own Damage: 9 . • If shortages are caused due to Short Supply or wrong Supply.  On receipt of claim intimation. • FIR may be lodged with the nearest Police Station • To extend full co-operation and assistance to the surveyor appointed by the company for expeditious settlement of claim. • The claimant should extend their full Co-operation to the Surveyors by providing Copies of Bill of lading. the claim settled.Claim Procedure: Some Important Factors: Some Important points to be kept in mind in the event of loss or damage indemnifiable under an insurance policy: Loss or damage should be reported to company immediately.  The claimant should extend full co-operation to the surveyors and provide all requisite details / documents as required the surveyors.  On finalization of the survey report.

•Discharge Voucher Burglary : • The Loss or damage should be reported to the company immediately • Completed Burglary Claim Form • Purchase Receipts of stolen items • Police Report • Internal Investigation Report • Statement of Claims • Estimate of repairs for damaged doors. • Discharge Voucher Group Personal accident / Workman's Compensation : • The Loss or damage should be reported to the company immediately • Completed Claim Form • Excused Duty Certificates • Discharge Certificates • Medical Report • Death Certificate 10 . etc • To extend full co-operation and assistance to the surveyor appointed by the company for expeditious settlement of claim.• The Loss or damage should be reported to the company immediately • Completed motor Accident Report Form • Estimate of repairs • Police report in cases involving death and bodily injury • Motor Certificate of Insurance • To extend full co-operation and assistance to the surveyor appointed by the company for expeditious settlement of claim. • Satisfaction Note/Discharge Voucher to facilitate settlement Motor Theft: •The Loss or damage should be reported to the company immediately •Completed Motor Theft Claim Form •Original Vehicle License/Sworn Affidavit •Purchase Receipt/ Performa Invoice •Ignition/Boot Keys •Police Reports (Interim and Final) •Motor Insurance Certificate •To extend full co-operation and assistance to the surveyor appointed by the company for expeditious settlement of claim.

if property • Purchase of Receipt • Statement of Claims • Medical Report/Death Certificate • Police Report • Medical Expenses • Power of Attorney • Tax Clearance Certificate • Write of Summons • Correspondence from Solicitors • To extend full co-operation and assistance to the surveyor appointed by the company for expeditious settlement of claim. • Discharge Voucher Fidelity Guaratee : 11 .• Medical Expenses • Pay Slips for 3 months immediately preceding the accident Motor Third Party : • The Loss or damage should be reported to the company immediately • Completed Motor Accident Report Form • Estimate of Repairs • Evidence of Existence of Insurance Cover (Insurance Certificate) • Statement of Claims. Medical Expenses. Loss of Use • Death Certificate/Medical Report (if applicable) • Power of Attorney • Police Report in Cases of death or bodily injury • To extend full co-operation and assistance to the surveyor appointed by the company for expeditious settlement of claim. • Discharge Voucher Public Liability : • The Loss or damage should be reported to the company immediately • Completed Claim Form • Estimate of Repairs.

• The Loss or damage should be reported to the company immediately • Completed Claim Form • Internal Investigation Report • Accounting Records to prove loss • Police Report • Names of Guarantors/Referees • Terminal Benefits • Court Proceedings • To extend full co-operation and assistance to the surveyor appointed by the company for expeditious settlement of claim. • Discharge Voucher 12 . if covered • To extend full co-operation and assistance to the surveyor appointed by the company for expeditious settlement of claim. • Discharge Voucher Money : • The Loss or damage should be reported to the company immediately • Completed Claims Form • Police Report • Statement of Claims • Accounting Records in support of claim • Internal Investigation Report • Estimate/Purchase Receipts of sale(s). • Discharge Voucher Goods In Transit : • The Loss or damage should be reported to the company immediately • Completed Claim form • Location and status of salvage • Particulars of driver • Particulars of conveying/transit vehicle • Delivery Way Bills • Police Report • Internal Investigation Report • To extend full co-operation and assistance to the surveyor appointed by the company for expeditious settlement of claim.