PROJECT REPORT

ON

Recruitment and selection process in Reliance life Insurance

BY
Divya Trivedi
Roll No.1311006216

Submitted in the partial fulfillment of the requirement

For the award of Master of Business Administration

SIKKIM MANIPAL UNIVERSITY

(MANIPAL)
2013-2015

BONAFIED CERTIFICATE

This is to certify that the Management Project titled Recruitment and selection process in
Reliance life Insurance submitted by Divya Trivedi Roll No. 1311006216, during Semester
IV of the MBA Program (The Class of 2013) embodies original work done by him/her.

SIGNATURE

SIGNATURE

(External Examiner)

(External Examiner)

SIGNATURE

SIGNATURE

HEAD OF THE DEPARTMENT

FACULTY IN CHARGE
Ms. Samina Sadiq

ACKNOWLEDGEMENT

I would like to thank Recruitment and selection process in Reliance life Insurance . for
giving me the opportunity to do the project with them. Thanks to Mr. Raj Chopra C.M.D. and
my project guide who were a very helpful & informative person to work under. For their
continuous supervision and direction, I am very grateful for them.

I thank to Ms. Samina Sadiq who is guide me for making this project, and not only has this
project helped me in learning about Management Services but also enlightened me on the overall
aspects of Customer Satisfaction.

Date

Divya Trivedi

Place Lucknow

1311006216

DECLARATION

I hereby declare that the project report entitled Recruitment and selection process in Reliance
life Insurance

is a work undertaken by me for Reliance Life Insurance. during the

academic year 2013-2015 and submitted to the Sikkim Manipal University partial fulfillment of
Master of Business Administration (MBA) taking Human Resource as my specialization.
It is also an Original and bonafied work undertaken by me in partial fulfillment of the
Requirement of Master of Business Administration (MBA) , UGC

The result embodied in this dissertation has not been submitted to any other University or
Institute for any award of degree or diploma, and this is a result of my own effort and that has not
been copied from any one.

Date
Place Lucknow

Divya Trivedi
1311006216

TABLE OF CONTENTS

Recruitment and selection process in Reliance life Insurance

RECRUITMENT
DEFINITON:

Recruitment is the process concerned with the identification of sources from where the personnel can be
employed and motivating them to offer themselves for employment.
"RERUITMENT is the process of finding and attracting capable applicants for employment. The process
begins where new recruits are sought and ends when their applications are submitted. The result is a pool
of applications from-which new employees are sleeted.

Manpower Planning

Recruitment

Selection

Placement

Job Analysis

The process of recruitment begins with the process of Manpower Planning.

The penalties for not being correctly staffed are costly.

Understaffing loses the business economies of scale and specialization, orders, customers and
profits.

Overstaffing is wasteful and expensive, if sustained, and .it is costly to eliminate because of
modern legislation in respect of redundancy payment consultation, minimum periods of notice,
etc. Very importantly, overstaffing reduces the competitive efficiency of the business.

Planning staff levels requires that an assessment of present and future needs of the organization be
compared with present resources and future predicted resources. Appropriate steps then he planned to
bring demand and supply into balance.
Thus the first step is to take a 'satellite picture' of the existing work force profile (numbers, skills, ages,
flexibility, gender, experience, forecast capabilities, character, potential, etc. of existing employees) and
then to adjust this for 1, 3 and 10 years ahead by amendments for normal turnover, planned staff
movement retirements, etc, in line with the business plan for the corresponding time frames.

Steps in Manpower planning

1. Predict manpower plans

2. Design job description and the job requirements
3. Find adequate sources of recruitment.
4. Give boost to youngsters by appointment to higher posts.
5. Best motivation for internal promotion.

6. Look after the expected losses due to retirement, transfer and other issues.
7. See for replacement due to accident, death, dismissals and promotion.

The process that follows after Manpower Planning is JOB ANALYSIS which is undertaken in an
organization.

RECRUITMENT PROCESS

The recruitment process is as follows:

1) Sourcing Of Curriculum Vitae:

This is done by means of:
a) Employee Referrals
b) Drop Ins by the candidates themselves
c) Franchisee himself

2) Shortlist C. V.s
This is done on the basis of certain specific qualification required b various grades of Associates.

3) Calling for the Written Test:

The candidates are then called for a written test that is conducted by the organization known as RPAT
(Retail Personal Application Test) which comprises of a 50 question booklet.
There also stands a cut off for all such candidates on the basis of their educational qualification.

4) Technical Interview:
This is done through:

a) FDM:
Franchise Development Manager

b) Technical :
This is a technical interview that is conducted by experts .

SELECTION

Selection can be conceptualized in terms of either choosing the fit candidates or rejecting the unfit
candidates or a combination of both. In fact, in the Indian context, there are more candidates who are
rejected than those who are selected in most of the selection processes. Therefore, it is sometimes called a
negative process in contrast to a positive program of recruitment .A more formal definition of Selection
has been provided by Stone as follows:
Selection is the process of differentiating between applicants in order to identify (and hire) those with a
greater likelihood of success in a job"

Reception:
A company is known by the people it employs. In order to attract people with talent, skills and
experience, a company has to create a favorable impression on the applicants right from the stage of
reception.

Screening Interview:
A preliminary interview is generally planned by the large organizations to cut the costs of selection by
allowing only eligible candidates to go through the further stages in selection. This "courtesy interview"
as it is often called, helps the department screen out obvious misfits.

Application Blank:
Application Blank or form is the most common methods used to collect information on various aspects of
the applicants' academic, Social, demographic, work-related background and references. It is a brief
history sheet of an employee's background.

Selection Testing:

A test is a standardized, objective measure of a person's behavior, performance or attitude. There are a
large no. of tests that are carried out which may include:
a) Intelligence Tests
b) Aptitude Tests
c) Personality Tests
d) Achievement Tests
e) Simulation Tests.

Selection Interview:
Interview is the oral examination of candidates for employment. This is' the most essential step in the
selection process. In this step, the interviewer tries to obtain and synthesize information about the abilities
of the interviewee and the requirements of the job. Interviews can be of the following types:
a) Non- Directive
b) Directive or Structured
c) Situational
d) Stress
e) Panel

Medical Examination:

Certain jobs require physical qualities like clear vision, acute hearing, tolerance etc. Medical examination
can give the Information:
a) Whether the applicant is medically suitable for the job or not.
b) Whether the applicant has health problem or psychological attitudes likely to interfere with work,
efficiency or future attendance and so on.

Reference Check:
Candidates are required to give the names of two or three references in their application forms. These
references may be from individuals who are familiar with the candidates academic performance, or from
applicants previous employer and sometimes from coworkers. These people may be called to know about the concerned person.

Hiring Decision:
The line manager concerned has a make a final decision now- whether to select or reject a candidate after
soliciting the required information through different techniques. The line manager has to take adequate
care in taking the final decision because of economic, behavioral and social implications of the selection
decision.

SELECTION PROCESS

Collection of Data

Telecalling (suspecting)

Prospecting

Initial Screening Interview

Final Interview
(Career of Presentation)

100 hrs Training

Examination

Licensing

SOURCES OF RECRUITMENT AND SELECTION AT RELIANCE LIFE

INSURANCE

1) Employee Referrals:
Employee Referrals are an important recruiting option. The firm posts announcements of openings and
requests for referrals in its intranet Web site..bulletin and on its wallboards. Prizes or cash rewards are
also offered in certain organizations. Employee referrals have been the source of almost half of all hires at
AmeriCredit since the firm kicked off its" you've got friends, we want to meet them" Employee referral
programs. As the head of recruiting says, "Quality people know quality people. If you give employees the
opportunity to make referrals, they automatically suggest high caliber people because they are the
stakeholders."

2) Gate Hiring/ Walk in:

The concept of walk in is to select people who approach on their own for employment in the organization.
This happens mostly in the case of unskilled and semi-skilled Labour. Walk insurance are quite useful and
convenient method at the initial stage of the organization when large number of such people may be
required by the organization.

3) E-Recruitment:
It covers a range of Web-based application tools used for the provisioning (typically) of human resources.
These applications assist in the recruitment of suitable candidates for vacant positions. Some applications
do this by semi automating the entire recruitment and hiring process. E-recruitment applications (or
software packages that are web-enabled) typically enable recruitment teams to create job postings,
manage job application res'ponses5 schedule interviews and manage other recruitment tasks. This
dramatically reduces the Labour and money spent on physical recruitment.

COMPANY PROFILE

INDUSTRY BACKGROUND

-: INSURANCE IN INDIA :The insurance sector in India has come a full circle from being an open competitive market to
Nationalisation and back to a liberalised market again. Tracing the developments in the Indian
insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.A
brief history of the Insurance sector. The business of life insurance in India in its existing form
started in India in the year 1818 with the establishment of the Oriental Life Insurance Company
in Calcutta.
Some of the important milestones in the life insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of
protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over b y the
central government and nationalized. LIC for med b y an Act of Parlia ment, viz. LIC
Act,
1956, with a capital contribution of Rs.5crore from the Government of India.The
General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Co mpan y Ltd., the first general insurance compan y established in the ye ar
1850 in Calcutta b y the British.

Some of the important milestones in the general insurance business

in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first compan y to transact all
classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, fra mes
a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act a mended to regulate invest me nts and set mini mum solvenc y
ma rgins and the Tariff Advisor y Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the
general insurance business in India with effect from 1st Januar y 1973.
107 insurers a malga mated and grouped into four companies viz. the National Insurance
Co mpan y Ltd., the New India Assurance Compan y Ltd.

the Oriental Insurance Co mpan y Ltd. and the United India Insurance Co mpan y Ltd.
GIC incorporated as a compan y.

INSURANCE SECTOR REFORMS

In 1993, Malhotra Co mmittee, headed b y for mer Finance Secretar y and RBI Governor
R. N. Malhotra, was for med to evaluate the Indian insurance industr y and recommend
its future direction.
The Malhotra committee was set up with the objective of comple me nting the refor ms
initiated in the financial sector.
The refor ms were ai me d at creating a more efficient and competitive financial s yste m
suitable for the require ments of the economy keeping in mind the structural changes
currentl y underwa y and recognizing that insurance is an i mportant part of the overall
financial s yste m where it was necessar y to address the need for si milar refor ms
In 1994, the committee submitted the report and some of the ke y recommendations
included:

i) Structure
Government stake in the insurance Co mpanies to be brought down to 50%
Government should take over the holdings of GIC and its subsidiaries so that these
subsidiaries can act as independent corporations All the insurance companies should
be given greater freedom to operate

ii) Competition
Private Co mpanies with a mini mum paid up capital of Rs.1bn should be allowed to
enter the industr y
No Compan y should deal in both Life and General Insurance through a single entit y
Foreign companies ma y be allowed to enter the industr y in collaboration with the
domestic companies
Postal Life Insurance should be allowed to operate in the rural ma rket Onl y one
State Level Life Insurance Compan y should be allowed to operate in each state

iii) Regulatory Body

The Insurance Act should be changed
. An Insurance Regulator y bod y should be set up
Controller of Insurance (Currentl y a part from the Finance Ministr y) should be ma de
independent

iv) Investments
Mandator y Invest ments of LIC Life Fund in governme nt securities to be reduced
from 75% to 50%
GIC and its subsidiaries are not to hold more than 5% in an y compan y (There current
holdings to be brought down to this level over a period of ti me)

v) Customer Service
LIC should pa y interest on dela ys in pa yme nts be yond 30 da ys
Insurance companies must be encouraged to set up unit linked pension plans.
Co mputerization of operations and updating of technolog y to be carried out in the
insurance industr y The committee e mphasized that in order to i mprove the customer
services and increase the coverage of the insurance industr y should be opened up to
competition. But at the sa me ti me, the committee felt the need to exercise caution as
an y failure on the part of new pla yers could ruin the public confidence in the industr y.
Hence, it was decided to allow competition in a li mited wa y b y stipulating the
mi ni mu m capital require me nt of Rs.100 crores. The committee felt the need to provide
greater autonomy to insurance companies in order to i mprove their perfor ma nce and
enable the m to act as independent companies with economic motives. For this purpose,
it had proposed setting up an independent regulator y bod y.

-:IRDA:-:The Insurance Regulatory and Development Authority: Refor ms in the Insurance sector were initiated with the passage of the IRDA

ill in

Parlia me nt in Dece mber 1999.

The IRDA since its incorporation as a statutor y bod y in April 2000 has fastidiousl y
stuck to its schedule of fra ming regulations and registering the private sector
insurance companies.
The other decisions taken si multaneousl y to provide the supporting s yste ms to the
insurance sector and in particular the life insurance companies was the launch of the
IRDAs online service for issue and renewal of licenses to agents.
The approval of institutions for i mparting training to agents has also ensured that the
insurance companies would have a trained workforce of insurance agents in place to
sell their products, which are expected to be introduced b y earl y next ye ar.
Since being set up as an independent statutor y bod y the IRDA has put in a fra me work
of globall y compatible regulations.
In the private sector 12 life insurance and 6 general insurance companies have been
registered.
Life insurance ma de its debut in India well over 100 ye ars ago. Its salient features are
not as widel y understood in our countr y as the y ought to be. What follows is an
atte mpt to acquaint readers with some of the concepts of life insurance, with special
reference to LIC. It should, however, be clearl y understood that the following
narration is b y no me ans an exhaustive description of the ter ms and conditions of a
LIC polic y or its benefits or privileges. For more details, please contact our Branch or
Divisional Office. An y LIC Agent will be glad to help you choose the life insurance
plan to me et your needs and render polic y servicing.

What is Life Insurance ?

Life Insurance is a contract for pa yme nt of a sum of mone y to the person assured (or
failing hi m/her, to the person entitled to receive the sa me) on the happening of the
event insured against. Usuall y the contract provides for the pa yme nt of an a mount on
the date of ma turit y or at specified dates at periodic intervals or at unfortunate death,
if it occurs earlier. Among other things, the contract also provides for the pa yme nt of
pre miu m periodicall y to the Corporation b y the assured. Life insurance is universall y
acknowledged to be an institution which eli minates 'risk',
substituting certaint y for uncertaint y and comes to the ti mel y aid of the fa mil y in the
unfortunate event of death of the breadwinner. B y and large, life insurance is
civilisation's partial solution to the proble ms caused b y death. Life insurance, in short,
is concerned with two hazards that stand across the life-path of ever y person: that of
d yi ng pre maturel y leaving a dependent fa mil y to fend for itself and that of living to
old age without visible me ans of support.
-: Life

Insurance Market:-

The Life Insurance market in India is an underdeveloped market that was onl y tapped
b y the state owned LIC till the entr y of private insurers. The penetration of life
insurance products was 19 percent of the total 400 mi llion of the insurable
population.The state owned LIC sold insurance as a tax instrument, not as a product
giving protection. Most customers were under- insured with no flexibilit y or
transparenc y in the products. With the entr y of the private insurers the rules of the
ga me have changed. The 12 private insurers in the life insurance market have alread y
grabbed nearl y 9 percent of the market in ter ms of pre mium income. The new business
pre miu ms of the 12 private pla yers has tripled to Rs 1000 crore in 2002- 03 over last
ye ar. Meanwhile, state owned LIC's new pre mium business has fallen.Innovative
products, s mart ma rketing and aggressive distribution. That's the triple wha mmy
combination that has enabled

fledgling private insurance companies to sign up Indian customers faster than an yone
ever expected. Indians, who have alwa ys seen life insurance as a tax saving device,
are now suddenl y turning to the private sector and snapping up the new innovative
products on offer.
The growing popularit y of the private insurers shows in other wa ys. The y are coining
mone y in new niches that the y have introduced. The state owned companies still
dominate segme nts like endow me nts and mone y back policies. But in the annuit y or
pension products business, the private insurers have alread y wrested over 33 percent
of the ma rket. And in the popular unit-linked insurance sche mes the y have a virtual
monopol y, with over 90 percent of the customers.The private insurers also see m to be
scoring big in other wa ys - the y are persuading people to take out bigger policies. For
instance, the avaerage size of a life insurance polic y before privatisation was around
Rs 50,000. That has risen to about Rs 80,000. But the private insurers are ahead in this
ga me and the average size of their policies is around Rs 1.1 lakh to Rs 1.2 lakh- wa y
bigger than the industr y average.

Why is it superior to other forms of Savings ?

Protection :

Savings through life insurance guarantee full protection against risk of

death of the saver. In life insurance, on death, the full sum assured is pa ya ble (with
bonuses wherever applicable) whereas in other savings sche me s, onl y the a mount
saved (with interest) is pa yable.

Aid to thrift :

Life insurance encourages 'thrift'. Long ter m saving can be ma de in a

relativel y 'painless' ma nner because of the 'eas y instal me nt' facilit y built into the
sche me ( method of pa yi ng pre miu m either monthl y, quarterl y, half yea rl y or yea rl y).
Take, for exa mple, our Salar y Saving Sche me popularl y known as SSS. This sche me
provides a convenient method of pa ying pre miu m each month b y deduction from one's
salar y. The deducted pre mium is re mitted b y the e mplo yer to the LIC. The Salar y
Saving Sche me can be introduced in an institution or establishment subject to
specified ter ms and conditions.

Liquidity :

Loans can be raised on the sole securit y of a polic y which has acquired

loan value. Besides, a life insurance polic y is also generall y accepted as securit y for
even a comme rcial loan.

Tax Relief:

Tax relief in Income Tax and Wealth Tax is available for a mounts paid

b y wa y of pre miu m for life insurance subject to Income Tax rates in force. Assessees
can avail the mselves of provisions in the law for tax relief.

Money when you need it :

A suitable insurance plan or a combination of

different plans can be taken out to me et specific needs that are likel y to arise in
future, such as children's education, start-in-life or marriage provision or even
periodical needs for cash over a stretch of ti me. Alternativel y, polic y mone ys can be
so arranged to be ma de available at the ti me of one's retire ment from service to be
used for an y specific purpose, such as for the purchase of a house or for other
invest ments. Subject to certain conditions, loans are granted to polic yholders for
house building or for purchase of flats.

Who can buy a Life Insurance Policy ?

An y person who has attained majorit y and is eligible to enter into a valid contract can
take out a life insurance polic y for hi mself and on those in whom he has insurable
interest.
Policies can also be taken out, subject to certain conditions, on the life of one's spouse
or children. While underwriting proposals, factors such as the state of health of the
life to be assured, the proponent's income and other relevant factors are considered b y
the Corporation.
-: Insurance

on Women:-

Prior to nationalization (1956), man y of the private insurance companies used to offer
insurance to fe male lives with some extra pre mium or on restrictive conditions. After
nationalization of life insurance, the ter ms under which life insurance is granted to
fe male lives have been reviewed from ti me to ti me. At present, women with earned
income are treated on par with male lives. In other cases, a restrictive clause is
i mposed and that too onl y if age of the fe male is up to 30 ye ars and if she does not
have an income attracting Income Tax.
-: Medical

and Non-Medical Schemes :-

Life insurance is nor mall y offered after a me dical exa mination of the life to be
assured. However, to facilitate greater spread of insurance and also as a me asure of
relaxation, LIC has been extending insurance cover without an y medical exa mi nation,
subject to certain conditions.

COMPANY
BACKGROUND

SHRI DHIRUBHAI H. AMBANI

FOUNDER OF
A RELIANCE CAPITAL COMPANY

Few men in history have made as dramatic a contribution to their country's economic progress as did the
founder of Reliance, Shri. Dhirubhai H. Ambani. Fewer still have left behind a legacy that is more
enduring and timeless. As with all great pioneers, there is more than one unique way of describing the
true genius of Dhirubhai: the corporate visionary, the unmatched strategist, the proud patriot, the leader of
men, the architect of India's capital markets, and the champion of shareholder interest.But the role
Dhirubhai cherished most was perhaps that of India's greatest wealth creator. In one lifetime, he built
from scratch, India's largest private sector enterprise.
When Dhirubhai embarked on his first business venture, he had a seed capital of only about US$ 300
(around Rs. 14,000). Over the next three and a half decades, he converted this fledgling enterprise into a
60,000 crore colossusan achievement which earned Reliance a place on the global Fortune 500 list, the
first ever Indian private company to do so.
Dhirubhai is widely regarded as the father of India's capital markets. In 1977, when Reliance Textile
Industries Limited first went public, the Indian stock market was a place patronised by a small club of
elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to

participate in the unfolding the Reliance story and put their hard-earned money into the Reliance
Textile IPO, promising them in exchange for their trust, substantial return on their investments. It
was to be the start of one of the greatest stories of mutual respect and reciprocal gain in the
Indian market.
Under Dhirubhai's extraordinary vision and leadership, Reliance scripted one of the greatest
growth stories in corporate history anywhere in the world, and went on to become India's largest
private sector enterprise.
Throughout this amazing journey, Dhirubhai always kept the interests of the ordinary
shareholder above all else; in the process making millionaires out of many of the initial investors
in the Reliance stock, and creating one of the world's largest shareholder families.

Reliance Life Insurance Company (RLIC)

Reliance Life Insurance Company (RLIC) is amongst the top five private sector life insurance
companies in terms of individual WRP (weighted received premium) and new business WRP.
The company has over 9 million policy holders with a strong distribution network of over 900
branches with over 100,000 agents as of March 31, 2014. Reliance Life offers life insurance
products targeted at individuals and groups, catering to four distinct segments: protection,
children, retirement and investment plans.
As of March 31, 2014, the Total Premium (net of re-insurance) was Rs. 4,283 crores, whereas
new business premium stood at Rs. 1,934 crores. The company achieved a profit of Rs. 359
crores. The company sold 5.8 lakh policies during 2013-14 with total managed funds valuing to
Rs. 18,328 crores, through a wide network of distribution with 900 offices and over 100,000
advisors.
Rated amongst the Top 4 Most Trusted Service Brands by Brand Equity A C Neilsen Most
Trusted Brand Survey 2013, 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. Reliance
Capital is one of India's leading private sector financial services companies, and ranks among the
top private sector financial services and non-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 Group also has presence in Communications, Energy, Natural Resources, Media,
Entertainment, Healthcare and Infrastructure. Nippon Life Insurance Company acquired 26%
interest in equity share capital of the Company effective October 7, 2011 subsequent to receipt of
all regulatory approval.
Nippon Life Insurance (26% share), also called Nissay, is Japan's largest private life insurer with
revenues of Rs. 346,834 crore (US$ 80 Billion) and profits of over Rs. 12,199 crore (US$ 3
billion). The Company has over 14 million policies in Japan, offers a wide range of products,
including individual and group life and annuity policies through various distribution channels

and mainly uses face-to-face sales channel for its traditional insurance products. The company
primarily operated in Japan, North America, Europe and Asia and is headquartered in Osaka,
Japan. It is ranked 81st in Global Fortune 500 firms in 2011.

Vision
To be a Company people are proud of, trust in and grow with; providing financial independence to every
life we touch.

Mission
Create unmatched value for everyone through dependable, effective,transparent and profitable life
insurance and pension plans.

Goals
Reliance Life Insurance would strive hard to achieve the 3 goals mentioned
below:
1. Emerge as transnational Life Insurer of global scale and standard.
2. Create best value for Customers, Shareholders and all Stake holders
3.

Achieve impeccable reputation and credentials through best business practices

BOARD OF DIRECTORS

Top Management Team

RAJENDRA CHITALE (Independent Director)

ANUP RAU
(Chief Executive officer)

SRINIVASAN IYENGAR
(Chief Operating Officer)

ANDLEEB RABBI
(Chief Human Resources Officer)

S.V. SUNDAR KRISHNAN

(Chief Risk Officer)

SUNIL AGRAWAL
(Chief Financial Officer)

MANORANJAN SAHOO
(Head Agency)

RAMESH VISHWANATHAN
(Chief Bancassurance & Partnership Distribution)

ALOK KALRA
(Head Marketing)

VIRAL BERAWALA
(Chief Investment Officer)

SHANAI GHOSH

(Chief Staregy Officer)

PRITHESH CHAUBEY
(Appointed Actuary)

Reliance Life Insurance is voted as one of the Top 200 Best Brands in India by Economic Times Best
Brand Study.
Won the CMO - Asia Social media and digital marketing excellence award 2014 for Greatest Fan
campaign!
Reliance Life Insurance was awarded the 'BCM team of the year' award by BCI, UK at the recently held
BCI India Awards 2014 Won Silver at the DMAi ECHO Awards 2014 for the Greatest Fan campaign!
Won Bronze at the IDMAI Exchange4Media Awards 2014 for the Greatest Fan campaign!
Won Excellence in Radio Award for best CSR initiative category 2014 for the Greatest Fan campaign!
Won Bronze at the Outdoor Advertising Awards 2014 for the Greatest Fan campaign!
Rated amongst the Top 4 Most Trusted Service Brands by Brand Equity A C Neilsen Most Trusted Brand
Survey 2013.

RLIC's Boundaries for Books Campaign won the 'Silver' at the Indian Digital Media Awards (IDMA)
2012, under Best Integrated Campaign Social Cause and Best Use of Social Network Social Cause
Largest Private Life Insurance in terms of Number of Policies for two consecutive years as of 31st March
2012
A wide network of 1230 branches and over 100,000 advisors.
Sold 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
Amongst the top 3 Most Trusted Service Brands in the Insurance category as per the Brand Equity's 'Most
Trusted Service Brands 2011' Survey.
AAA Rating from Brickworks (Credit rating Agency)
ISO 27001 Certified
ISO 22301:2012 Certified
9001:2008 Certified

View Unclaimed Amount of Policy Holders

Public Disclosures
Disclaimer
"The information displayed is based on the yearly audited statement and should be read in conjunction
with the audited financials of the Company for the respective year"

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance
Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias 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.

Anil Ambani's Reliance Life Insurance Company Limited, a subsidiary of Reliance Capital Limited, has
concluded a much awaited deal in the life insurance sector. Even before selling a single life insurance
policy, Reliance Life, a part of the Anil Dhirubhai Ambani Enterprises, has snapped the Chennai-based
private life insurer AMP Sanmar Life Insurance Company Limited. AMP Sanmar is a 26:74 joint venture
between AMP, Australia and Sanmar group.

Interestingly, only recently, the Reliance Life had approached the Insurance Regulatory and Development
Authority (IRDA) to revive its business licence that had been cancelled by the regulator for non
commencement of business. Though the three parties to the deal Reliance Capital, are keeping the deal
size secret, figures ranging between Rs225-400 crore are being talked about as being the final price.

What is clear is that Reliance Life has clearly outbid other suitors like Aviva, ICICI Prudential
Life Insurance Company, etc. This acquisition makes Reliance Life the first private sector life
insurer to start business without a foreign partner.
The Insurance Regulatory and Development Authority (IRDA) has approved the change in the
name of AMP Sanmar Life Insurance Company Limited to Reliance Life Insurance Company
Limited.
The change was necessitated after the acquisition of the holdings of AMP.
Australia and the Sanmar group in AMP Sanmar by Reliance Capital for Anil Ambani's proposed
life insurance venture, now called Reliance Life Insurance (See: Anil Ambani snaps up

AMP Sanmar) for an undisclosed sum. Subsequently, a fresh certificate of incorporation was
issued by the Registrar of Companies, Tamil Nadu, changing the name of the company on
January17, 2006.
Accepting the change in the name of the company in its registers, the IRDAhas permitted
Reliance Life to carry on life insurance business subject to the condition that the company should
honour the commitments to the policyholders of the AMP Sanmar without altering any of the
terms and conditions of the original policy.
After the acquisition of the stake of the two promoter companies, Reliance Capital has been busy
chalking aggressive growth plans for the life Insurance Company. It plans to have one million
policyholders by this year end.
The company under the new ownership has been selling policies at a faster pace than ever
before. For the nine month ended 31st December 2005, AMP Sanmar / Reliance Life has a fresh
premium income of Rs114.48 crore, selling 41,488 policies with the average premium per policy
of Rs27,593. http://www.domain-b.com/scripts/recommend/recommend.aspAs AMP
Sanmar, the company had earned fresh premium of Rs61.04 crore from the 23,328 policies it
sold during April-December 2004 at an average premium per policy of Rs26,166.
Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered with
the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934.
Reliance Capital sees immense potential in the rapidly growing financial services sector in India
and aims to become a dominant player in this industry and offer fully integrated financial
services.Reliance Life Insurance is another step forward for Reliance Capital Limited to offer
need based Life Insurance solutions to individuals and Corporate.

Which was started with the mission and vision-

Reliance insurance vision

To be recognized as a professional and dependable business entity

committed to play a meaningful role in the development of insurance industry in Pakistan

and to safeguard the legitimate interests of all stakeholders, namely policy-holders, shareholders, reinsurers, employees and all other business associates/partnersReliance insurance
mission.

provide quality service and protection to its clients aiming To at achieving a

respectable volume of business and become a

prominent player through good governance and sound professionalism focusing to

become a well-known and respected Corporate entity in the eyes of Society and

Government.

ORGANAZATION CHART OF RELIANCE LIFE INSURANCE(ORAI)

AREA BUSSINESS HEAD

BRANCH DEVELOPMENT MANAGER

SALES

SALES

SALES

MANAGER

MANAGER

MANAGER

25-30 ADVISOR UNDER

EACH SALES MANAGER

-: RECRUITMENT OF COMPANY EMPLOYEES:-

The process of Recruitment of Company Employees slightly differs from the Recruitment of Store
Associates.

-: RECRUITNG THE RIGHT PEOPLE:-

Having and keeping the right people on your team makes all the difference in running a productive and
successful organization. The key factors in making a successful organization are:
1) Define your skill and talent requirements
2) Attract the right people and
3) Select the best person

Step 1:
Define your skill and Talent Requirement
Hiring, like all other managerial decisions, requires careful planning and knowing what you need. This
means developing a 'talent profile' whenever you are hiring to fill a position. A talent profile is a " wish
list" of the type of person you want for your team.

Follow these steps to identify the expertise, experience and other qualities you
want in your team member.
1) Confirm that the work you will assign to the new is critical to achieving

the

goals

of

the

organization.
2) Define primary roles and responsibilities: Develop a brief overview of the position, that describes the
primary role and main responsibilities.
3) Define the critical skills and characteristics required.
4) Identify preferred or required previous experience and achievement level
5) Define education and/ or training required
6) Review and finalise your talent profile

Step 2:
Attract the right people for any company to attract the right people.There is a lot of competition for really
talented people and it is there very important.

Step 3:
Select the best person..
The final and the most challenging step in attracting top most talent i selecting the best person for the job.

Screening candidates is the foremost important task

Interviewing the falls next

Follow up interviews

Check References

Make your final Selection.

Why do I need
1) Life insurance as protection
A life insurance policy allows you to provide the right security for your family in case of your nfortunate
absence. As you are the sole bread earner of the family, an untimely demise can cause them severe
financial distress. While no amount of money can ever replace a person, life insurance gives you the
peace of mind, knowing that your family will have the right financial support to continue living in case of
your absence.
Life insurance is a long-term financial instrument that works as a financial backbone to fulfill your family
members financial needs at important milestones even in your absence. Most importantly, it allows the
family to pay off any mortgage, liabilities, medical expenses or loans, so that these liabilities dont cause
an additional burden to them. It is therefore important, to choose an insurance policy that allows your
family to continue the same kind of lifestyle and cherish the wonderful memories that come along.

6 Steps to a Wholesome Protection Package

Self-analysis What is your current family size and financial situation and where do you see
yourself in the future? Are you the sole breadwinner in your family? Most importantly, analyse of
your current savings and how much cover you need.

Evaluate Options Depending on your life stage, you can evaluate life insurance policies with
different coverage plans. For the basic need of family protection, a term plan can be considered
whereas for a specific type of need, you can choose from health, savings, child and other plan
types.

Research Once you have determined the amount of cover and the type of life insurance you
need, you need to have complete information about the chosen type of life insurance plan,
understand the benefits and conditions of the plan.

Calculate Premium Once you have identified the plan you need, you can calculate the premium
payable on the plan, depending on the coverage you require.

Read the offer document This is the most critical stage of buying any policy; it is always
advisable to have a complete understanding of the offer documents with your insurance agent,
before signing anything. Do not hesitate to ask your agent any policy related questions.

Final Confirmation Life insurance is for life. So conduct an extensive analysis and have
complete confidence in the plan that you are going to buy. Once the plan is purchased and later
on, there is any disagreement relating to the policy, you can still back off by returning the Policy
Document to the Company within the Free Look period.

2) As an investment..
More than providing peace of mind your family and yourself, life insurance can be one of the best
investment decisions you have ever made. With stringent regulatory conditions to safeguard
policyholders, traditional life insurance policies carry minimum investment risk and provide long-term
insurance benefits.
Most life insurance policies include retirement income on maturity. Another advantage of life insurance is
that the coverage amount can be increased over time. So, while presently, you can afford only a low
insurance premium with your current salary, over time with increasing income through promotions or new
income sources, you can increase your insurance cover by paying slightly higher premiums and provide a
better life cover for your family even when you are not around.

While choosing a life insurance policy, it is generally advisable to look at various products that different
organizations provide. Many insurance companies offer an array of insurance plans that best suit the
needs of the entire family.
It is always better to invest your hard earned savings which will provide you with long-term benefits than
to seek short-term benefits from high-risk investment ventures. Whether you have just started your career,
are recently married or blessed with a family, securing adequate life insurance can prove to be the best
investment decision you ever made.

5 Retirement Income Planning Tips

Envision your Lifestyle When you think about retirement, how do you visualize your life after
you retire? Understand your lifestyle requirements in order to plan your retirement income as part
of your life insurance.

Evaluate the Economy With increasing prices, it is important to evaluate the value of every
rupee you will save with the hope of sustaining your current lifestyle post-retirement. It is
therefore important to have realistic expectations before planning to invest in a retirement plan.

Health Implications As you get older, your health concerns increase. Your retirement income
should therefore be able to take care of any medical emergencies to ensure that your health never
takes a backseat in your life.

Different Income Resources Life insurance should not be your only source of income. Consider
investing in other investment avenues such as Fixed Deposits (FDs), Public Provided Fund (PPF),
National Savings Certificate (NSC) etc. that secure your principal investment along with ensuring
safer returns that enable you to lead a comfortable life post retirement.

Always Plan for more Years As the quality and standard of life increases along with medical
advancements, it is always recommended to plan ahead, at least 5-7 years more than your life
expectancy estimates that you may have made

3) Tax saving
Life Insurance policies give you an additional advantage of tax benefit. As your income increases, the tax
bracket also widens. The most apt method to save your hard earned rupee is through investment in
insurance policies.
With most insurance policies, the premium you pay is eligible for tax benefits. Under Existing Income
Tax Laws, contribution towards life insurance policy is allowed as deduction in income, thereby
decreasing tax liability. It means that you not only provide financial security for your loved ones in the
unfortunate event of your demise, but also reap the benefits of additional income from tax savings
through premium contribution in unit linked life insurance policies.
Any profit earned from Unit linked life insurance schemes also provides tax benefits to the payee.
Another advantage of life insurance is that the lump sum benefit payable on death is tax free.
Life insurance is therefore your greatest ally to help you save your hard earned money from the burden of
tax.

4 tax Benefits through Life Insurance

For Individuals and HUF An individual or HUF paying life insurance premium can avail
deductions on taxable income up to Rs. 100,000 under existing income tax laws subject to
applicable conditions

On payment of any bonus Any amount of insurance benefit received as a lump sum payment
from life insurance policy is considered as a non-taxable amount under existing income tax laws
subject to applicable conditions.

Premium payment on behalf of spouse Income Tax deduction is also available on life insurance
premiums paid on behalf of your spouse.

On maturity of policy Life insurance proceeds are not taxable for the deceaseds family.

Income Tax benefits under Income Tax Laws are subject to amendments and
interpretation from time to time. Kindly consult a tax expert. Conditions apply.

4) Glossary.
ACCIDENT
A sudden, unintended, fortuitous, violent, visible and external event and does not include any
naturally occurring condition or degenerative process.

ACCIDENTAL DEATH BENEFIT

A supplementary life insurance policy benefit that provides a death benefit in addition to the
policy's basic death benefit if the life assured sustains any bodily injury resulting solely and
directly from an accident caused by outward, violent and visible means and where such injury
solely and directly and independently of all other causes results in the death of the life assured
within 180 days of its occurrence.

ACTUARY
An insurance professional skilled in the analysis, evaluation and management of statistical
information. He/She evaluates insurance firms' reserves, ensures the solvency of the company,
determines rates and rating methods, and determines business and financial risks of the insurance
company.

 ADVERSE SELECTION
The tendency of those exposed to a higher risk to seek more insurance coverage than those at a
lower risk.

AGE LIMITS
Stipulated minimum and maximum ages for a particular policy below and above which the
company will not accept applications or may not renew in case of lapsation.

AGENT
An insurance company representative licensed by IRDA who solicits, negotiates or effects
contracts of insurance, and provides service to the policyholder.

ALLOCATION
Creating the units at the prevailing unit price offered by the life insurer. This is applicable in case
of premium payments, top up payments and switches.

ANNUITANT
The person who receives the income from an annuity contract. Usually the owner of the policy or
his/her beneficiary.

ANNUITY
A life insurance product that pays periodic income benefits for a specific period of time or over
the course of the annuitant's lifetime. Deferred annuities are paid after a deferment period hereas
Immediate annuities allow payments to begin
within a year of purchase.

 ANNUITY CERTAIN
An insurance contract that provides an annuity for a certain number of years, irrespective of
whether the insured is alive or dead.

ASSET ALLOCATION
The spread of the investment across various asset classes.

ASSIGNEE
The person to whom the benefits of the life insurance policy are assigned under section 38 of the
Insurance Act, 1938.

ASSIGNMENT
A transfer of the rights and benefits of an insurance policy from one person to another either
conditionally or absolutely, by an endorsement upon the Policy itself or by a separate instrument
signed in either case by the assignor specifically stating the fact of assignment and duly registered
in the records of the insurer.

AUTHORITY
The Insurance Regulatory and Development authority established under sub-section (1) of section
3 of the Insurance Regulatory and Development Authority Act, 1999.

BALANCE SHEET
A statement providing a snapshot of a company's financial condition at one point in time. It shows
assets, including investments and reinsurance, and liabilities, such as loss reserves to pay claims
in the future, as on a particular date.

 BENEFICIARY
Beneficiary is the person who receives the benefits of a policy. In case of death of the life assured
during the term, the nominated person is the beneficiary, whereas in case of maturity it is the
policyholder.

CLAIM
A request for payment of the contractual benefits that is made by the insured / beneficiary when
the contingency covered by the policy arises.

COMMISSION

Fee paid to an agent or insurance salesperson as a percentage of the policy premium. The
percentage varies widely depending on coverage, the insurer, regulations and the marketing
methods.

CONCEALMENT
When an applicant withholds critical information from the insurance company.

COVERAGE
The scope of protection provided under a contract of insurance or any of the several risks covered
by a policy.

CRITICAL ILLNESS (CI) INSURANCE

A type of individual health insurance that pays a benefit when the insured is diagnosed with a
specified illness.

 DATING BACK
Dating Back or Back Dating is an option that allows the assured to get the benefits of lower age
by commencing the policy from a date earlier than the date on which the proposal form is signed.
Back Dating is permissible only within the same financial year and only in traditional (NonULIP) policies.

DEATH BENEFIT
The benefit received by the beneficiary (ies) on the death of the insured.

DECLINE
Refusal of the insurance company to accept the request for insurance coverage.

DEFERMENT PERIOD
Period between the date of commencement of an insurance-cum-pension policy and the time at
which the first installment of pension is received. It can also be the period between the date of
commencement of the policy and the date of commencement of risk on the insured life.

DISABLEMENT RIDER
A type of add on health insurance designed to compensate an insured person for a portion of the
income lost because of a disabling injury or illness. Benefit payments are generally made
periodically for a specified duration during the continuance of an insured's disability.

ENDORSEMENT
A written form attached to an insurance policy that alters the policy's coverage, terms, or
conditions and is treated as a part of policy document.

ENDOWMENT INSURANCE

Life insurance policy that provides a policy benefits on the date of maturity if the insured is still
alive on that date or before it if the insured dies during the term of the policy.

EXCLUSIONS
Specific conditions or circumstances under which the policy will not provide specific benefits.

FREE LOOK PERIOD

A period of 15 days from the date of receipt of the policy document, which gives the policyholder
an option to review the terms and conditions of the policy. If he/she disagrees with the terms and
conditions stated in the policy, he/she has the option to return the policy, stating the reasons for
objection. In this event, for Non-ULIP policies, the Policy would then be cancelled and the
premium paid would be refunded by the insurer, after deducting: proportionate risk premium for
the period on cover, expenses incurred on medical examination of the client and stamp duty
charges. For ULIP policies, the company shall refund an amount equal to the non allocated
premium Plus the charges levied by Cancellation of units plus fund value as on the date of receipt
of the request in writing for cancellation, less the proportionate premium for the period the
company has been on risk and the expenses incurred by the company on medical examination, if
any, and stamp duty charges.

FUND VALUE
It is the product of the total number of units under a policy and the applicable NAV (Net Asset
Value per unit).

GRACE PERIOD / DAYS OF GRACE

A period after the premium due date, during which an overdue premium may be paid without
penalty. The policy remains in force throughout this period. The grace period is usually 30 days
from the due date for quarterly, half-yearly or yearly modes of premium payments. In case of
monthly mode, the grace period is of 15 days. A policy lapses if premium are not paid within the

days of grace.

GROUP LIFE INSURANCE

Life insurance of a group of people under a single policy. This group should already be in
existence and should not have come together only for the purpose of insurance. The individual
members of the group hold certificates as evidence of their insurance.

HEALTH INSURANCE
A policy that will pay specified sums for medical expenses or treatments. This policy usually akes
care of Daily Hospital Cash expenses, Intensive care unit expenses and post hospitalization
expenses.

HOSPITAL CASH BENEFIT RIDER

A rider that provides cover for hospitalization expenses.

HUMAN LIFE VALUE

The present value of the family's share of the breadwinner's future earnings, for purposes of life
insurance.

INCONTESTABILITY CLAUSE
A policy provision in which the insurance company agrees not to contest the validity of the
contract after it has been in force for a certain period of time, usually two years.

INSURABLE INTEREST
The policy holder (or the beneficiary) must stand to suffer a direct financial loss if the event
(against which the insurance cover was bought) does occur. It shows true, valid, determinable,

and direct economic stake of a policy holder (or of the beneficiary of the policy) in the continued
existence or safety of the insured person. A life insurance contract is not valid without insurable
interest.

INSURER
The insurance company.

LAPSE
The termination of an insurance policy due to non-payment of premium.

LICENSE
Permission granted by IRDA to the applicant for commencement and operation of the insurance
business in India.

LIFE ASSURED/INSURED
The person on whom the insurance cover is granted by the Life Insurance Company.

LIFE INSURANCE
A contract provided for the payment of a sum of money/Sum Assured to the person assured or
failing him, to the person entitled to receive the same, on the happening of certain event for the
consideration/premium.

LIMITED PREMIUM PAYMENT POLICY

The policies where the premium payment period is lesser/limited as compared to the policy term.

 LOCK-IN PERIOD
The period of time for which investments made in an investment option cannot be withdrawn. For
eg. In ULIP policies, it is currently 3 years.

MAJOR SURGICAL BENEFIT RIDER

A rider that gives a lump sum if the life insured undergoes any of the major surgical operations
listed in the document. The payment is made subject to the medical need for the surgery being
established. The Maximum benefit per year shall be 100% of Surgical Sum Assured. Multiple
claims are allowed during the full policy term, up to a total payment of 300% of the Major
Surgical Benefit Sum Assured.

MARKET VALUE
The monetary value an asset will fetch if sold in the market today.

MATERIAL MISREPRESENTATION
The policyholder / applicant makes a false statement of any important fact on his/her application.

MATURITY CLAIM
The Payment made to the policy holder at the end of the stipulated term.

MATURITY DATE
The date on which a policy term comes to an end.

NET ASSET VALUE (NAV)

A scheme's net assets (Market Value of the underlying Investments (plus/minus expenses incurred
in the purchase/sale of assets) plus any accrued income net of fund management charges plus
Current Assets less Current Liabilities and Provisions of the Fund) divided by the number of units

it has issued.

NOMINATION
A provision by which a life assured can designate any person to receive the policy money in the
event of his/her death. Where the Nominee is a minor, the Policyholder has to appoint a person
(Appointee) to receive the money during the minority of the Nominee. Nomination may be
made/altered by an endorsement on the Policy and by communicating the same in writing to the
Company.

NOMINEE
A person selected by the life assured under section 38 of the Insurance Act, 1938 , to receive the
benefit in case of his/her death.

PARTIAL WITHDRAWALS
Any part of fund of a policy that is encashed/withdrawn by the policyholder during the period of
contract.

PARTICIPATIVE PLANS
See 'with-profit' policy

PERMANENT PARTIAL DISABILITY

Permanent loss of any body part, one eye, one limb or one finger or a toe, or injuries that render
the insured incapable of earning an income from any work, occupation or profession from the
date of the accident onwards. While the loss of the body part is permanent , its effects on the
insured's life are partial.

PERMANENT TOTAL DISABILITY

Total and Permanent disability means that the life assured has solely and directly as a result of an

accident caused by outward, violent and visible means suffered for at least six months that
renders the insured incapable of earning an income permanently. This includes total and
irrecoverable loss of the sight of both eyes, or loss by severance of two limbs at or above wrist or
ankle, or total and irrecoverable loss of the sight of one eye and loss by severance of one limb at
or above wrist or ankle.

POLICY
The legal document that contains the schedule and the conditions of the insurance contract and is
the evidence of the contract.

PREMIUM
The amount paid by a policyholder to the insurance company, in order to be insured under a
policy.

PREMIUM RE DIRECTION
This is the facility allowing the policyholder to modify the allocation of amount of future renewal
premium into a different investment pattern from the option (investment pattern) exercised at the
inception of the contract.

PROPOSAL FORM
A document supplied by the insurance company, usually filled in by the agent and medical
examiner (if applicable) on the basis of information received from the applicant. It is signed by
the applicant and is a part of the insurance policy if it is issued.

REDEMPTION
Encashing the units at the prevailing unit price offered by the life insurer where the process
involves cancellation of units. This is applicable in case of exercising partial withdrawal, switch,
maturity, surrender etc.

 REINSTATEMENT
The restoring of a lapsed policy to in-force status. Insurance companies require evidence of
insurability (financial and medical) along with payment of past due premiums plus interest for
reinstatement.

REINSURANCE
The transfer of part or whole of the risk by the original insurance company to one
or more reinsurers.

RIDER BENEFITS
The amount of benefit payable on a specified event (for instance, accident). An add-on benefit
available at the option of the policyholders that may alter certain features of a policy by increasing or
restricting benefits

RURAL SECTOR
In accordance with the IRDA notification dated 16-10-2002, any place under the latest census,
which has 1) A population of less than five thousand 2) A density of population of less than four
hundred per square kilometer and 3) More than 25 per cent of the male working population is
engaged in agriculture.

SETTLEMENT OPTIONS
A facility made available to the policyholder to receive the maturity proceeds in a defined manner
(the terms and conditions are specified in advance at the inception of the contract).

SUM ASSURED
The amount of insurance cover taken under a life insurance policy. It is the minimum amount that

will be paid on death of the policyholder during the policy term.

SURRENDER VALUE
The value payable to the policy holder in the event of his/her deciding to terminate the policy
before the maturity of the policy.

SURVIVAL BENEFITS
The amount of benefit which is payable at specific intervals, on survival to that period during the
period of contract as specified in the policy document. This is stated at the inception of the
contract.

SWITCHES
This is the facility allowing the policyholder to change the investment pattern of the accumulated
fund value by moving from one fund to other fund(s) amongst the funds offered under the
underlying product of the insurer.

TEMPORARY TOTAL DISABILITY

An injury that results from an accident and renders a person immobile or affects his earning
capacity temporarily.

TERM COVER
A type of life insurance where the sum assured is payable only in the event of death of the insurer
during the specified term.

TERM OF THE POLICY

The tenure during which a policy contract provides insurance.

 TERMINAL BONUS
A one-time bonus paid on maturity of a with-profit plan.

TOP-UP PREMIUMS
A top up premium is an amount (s) paid at irregular intervals during the period of contract. This is
an additional amount of premium over and above the contractual basic premiums charged at the
commencement of the contract.

UNDERWRITING
The process of selecting applicants for insurance and classifying them according to their degrees
of insurability so that the appropriate premium rates may be charged and includes rejection of
unacceptable risks.

UNIT LINKED FUND

It is a fund which pools together the premiums paid by policyholders and invests in a portfolio of
assets to achieve the fund(s) objective. The price of each unit in a fund depends on how the
investments in that fund perform. The fund is managed by the insurer.

VALUATION OF FUNDS
The determination of the value of the underlying assets of the unit fund.

VESTING DATE
In pension plans, it is the date from which the policyholder starts receiving pension. In children's
plans, it is the date from which a child becomes the owner of a policy in which he/she is the Life
Assured.

WAIVER OF PREMIUMS RIDER

An add on policy (rider) that waives the premium payable on the basic policy and other riders in
certain circumstances like death, disability or injury.

WHOLE LIFE INSURANCE

Class of life insurance policies that provide insurance cover through the lifetime. The premium
payment can be for a specified number of years or throughout life.

WILL
A document that designates the assets of a person-both financial and physical- to various family
members and other heirs.

WITH-PROFIT POLICY
An insurance plan in which the policyholder gets a share of the insurer's profits in the form of
bonus along with the sum assured.

WITHOUT-PROFIT POLICY
An insurance plan in which the policyholder does not get any share of the insurer's profits.

OBJECTIVE OF THE STUDY

The objective of the project is to study the process of recruitment of company employees
in reliance money.
The objective was therefore to study and know about the recruitment of company
employees working in the organization and knowing from people for the interview in the
organization whether they were satisfied with the interview and selection process in the
organization.

 To study the process of recruitment in reliance life insurance.

To study Various sources of recruitment used by reliance life.
To analyze the Satisfaction level of interview with the companys selection process.

PROBLEM STATEMENT

Insurance not being as attractive as banking or telecom from the career point of view along with
a lack of awareness among job seekers; pose problems in hiring as well as retaining the right
talent. With increase of foreign investment ceiling from 26% to 49%, and subsequent entry of
new players, differentiated and specialized products and varied models; there is an immense
increase in demand for the right talent in the sector. Because of the newness of the sector, it has
gone through its share of turbulence in terms of the economic changes, government and
regulatory issues and especially in hiring and retaining the right talent. The increment levels will
likely be around 8% this year, on an average, across job roles, say HR experts.

RESEARCH METHODOLOGY

RESEARCH METHODOLOGY:
The research design of this project is exploratory. Though each research study has its own
specific purpose but the research design of this project on
Recruitment and Selection Process in Relince Life Insurance is exploratory in nature as the
objective is the development of the hypothesis rather than their testing. The research designs
methods of financial analysis. A typical research design of a company basically tries to resolves
the following issues:
1.
2.
3.
4.
5.
6.

Determining Data collection Design

Determining Data method
Determining Data sources
Determining primary data collection methods
Developing Questioner
Determining Sampling plan.

EXPLORATIVE RESEARCH DESIGN: Explorative studies are undertaken with a view to

know more about the problem. These studies help in a proper definition of the problem, and
development of specific hypothesis is to be tested later by more conclusive research designs. Its
basics purpose is to identify factors underlying a problem and to determine which one of them
need to be further researched by using rigorous conclusive research designs.
CONCLUSIVE RESEARCH DESIGN: Conclusive Research studies are more formal in nature
and are conducted with a view to electing more precise information for purpose of making
marketing decisions. These studies can be either, Descriptive or Experimental. Thus, it is a mix
of both the tools of Research Design that is, Explorative research design as well as Conclusive
research Design.
Population and Sample Size: I have selected a small group of 100 persons to study the issue;
however, a larger sample could have been selected. The reason for selecting a small sample is
the concern for economy of time, cost and effort.
Sample Methodology: We have a wide range of sample methodologies to select from such as
simple random sampling, stratified sampling, cluster sampling, non-random sampling etc. I have
opted for simple random sampling for the sake of simplicity, economy and its reliability.
Simple random sampling technique, sample unit are drawn in such a way that each and every
unit in the population has in equal and independent chance of being included in the sample.

RESEARCH DESIGN:.

In the current research I have used EXPLORATORY RESEACH.

3.METHOD OF DATA COLLECTION:
(A)Primary data:

Interview Method
Questionnaire

(B) Secondary data:

- Website, Journal, Reports of company.

SAMPLE TECHNIQUE
(A). Sample Size: -

Response of 50 unemployed persons are my sample size.

In those person, some belongs from Rural Areas and some are from Urban areas.

(B). Sample area:-

Lucknow

Data Interpretation
&Analysis

Q1) For last how many years you are living in the city?
(1) Less than 3 years

(2) More than 3 years

INTPRETATION
Around 60% of the respondents said that their tenure in ORAI was 3 or more years. And 40% said that
they have not completed 3 years.

Q2) How many members do you have in your family?

(1) Less than 6

(2) More than 6

30%
5 to 7 person

joint family

70%

INTPRETATION
Around 70% people says that there are 6 member in the family. And 30% are says that they are live in
joint family

Q3)Are you the only earning member of your family?

(1)Yes

(2)No

INTERPRETATION
Around 60% of the members are only earning member of their family. 40% are not the earning member.

Q4) Are you aware of any such business, which gives income along with social recognition?
(1) Yes

(2) No

INTPRETATION

Around 40% of respondents are aware of such business which gives income along with social
recognition. And 60% of respondent aware of it.

Q5) Do you want to have second stream of income?

(1)Yes

(2)No

INTPRETATION
Around 70% of the respondents wanted to have a second stream of income primarily due to a growing
family size and growing needs in order to not only maintain but also enhance their standard of living.
Also, because around 65% of the respondent said that they were the sole earning members in their family

Q6) How much increase in income do you want to have per month? (Pl. Tick)

(1) Rs 10,000 (2) Rs 20,000 (3) Rs 30,000 (4) Rs 40,000

S.No.

Options

Percentage (%)

<Rs 10,000

40

<Rs 20,000

30

<Rs 30,000

10

<Rs 40,000

20

INTPRETATION
The increase in income desired by the respondent was:

Q7) On an average how many people you meet on daily basis?

prospect

meating

40%
60%

INTPRETATION

On the basis of my prospectus list. Around 40% persons I meat every day remains 60% I was meat with
him next day

Q8) How much times can you spare for meeting people per day?

(1) 2 Hours (2) 3 Hours (3) 4 Hours (4) 5 Hours

(5) 10 Hours

10%

10%
40%

10%
30%

< 2 hrs <3 hrs <4 hrs <5 hrs <10 hrs

INTPRETATION
Time spare by the respondents per day for meeting people is shown Above.

Q9) Are you interested in having a business that takes care of your children also?

(1)Yes

(2)No

INTERPRETATION
Around 80% of the respondent said that they would be interested in a business opportunity that not only
gives them an unlimited earning potential but also earns them
the gratitude of families & goodwill of customers in addition to status in society and contribution to
nation building.

FINDING

 The company is recruiting both male and female employees according to their performance,
skills and also the knowledge of the job.
The company is recruiting young and energetic employees who are less experienced about
the job. This leads to boosting up the morale of employees by training and motivation.

In reliance life insurance, employment test will be towards job knowledge and even skill test
accordingly. This improves the IQ of employees and managerial capabilities.
In reliance life insurance, external consultant plays an important role for appraising the
individuals.

The major sources of recruitment and Selection in Reliance Life insurance are employee
Referrals, walk-in and E-recruitment in interview.
Many of the interview were satisfied with the companys selection process.

CONCLUSION

 The company is recruiting both male and female according to their knowledge skills and

abilities.

The company is recruiting dynamic and energetic employee through a structured process.

It always tries to use the latest techniques in a department as it strongly believes in

manpower position in the organizations.

Therefore, interviewing and testing shall remain a central part of the selection process in
which interviewers shall check the claims made on applicants Curriculum Vitae.

Its truly believes in the development of human resource as they believe in the absence of
right man material, money and machines wont be properly utilized.

SUGGESTION & RECOMMENDATION

Company should also focus on recruitment through consultancy.

Company can also adopt campus recruitment process.

Company Should need to provide proper training to life insurance agents with more
comprehensive knowledge and skills.

The investment portfolio of RELIANCE LIFE INSURANCE is structured in a way that

realizes the highest post-tax return on its investments.

The process of recruitment of company employees working in the organization Reliance Life
Insurance as we all know is a booming business and reliance industry is in its stage of
inception is also excellent.

LIMITATION
Though best efforts have been made to make the study fair, transparent and error free. But there might
be some inevitable and inherent limitation. Though outright measure are undertaken to make the
report most accurate.

The limitations of the survey are narrated below.

1) It was not possible to cover each and every organization due to time constrains of the research
report.
2) There may be some biased response from the respondent.
3) Some respondents did not provide full data.
4) Restriction to disclose the organization information which is necessary for research work.
5) Area is selected.

BIBLIOGRAPHY

WEBSITES:
1) www.relianceLife insurance.com
2) Encyclopedia
3) Google

BOOKS:

SL NO

BOOK NAME

AUTHORS

PUBLISHERS

K. ASHWATHAPPA

HIMALAYA

HUMAN RESOURCES
1.

AND MANAGEMENT

PUBLISHERS

Annexure

Questionnaire

Dated:-----------------

Name:----------------------

Age:--------------

Qualification:----------------

Q1) For last how many years you are living in the city?
(1) Less than 3 year

(2) More than 3 year.

Q2) How many member do u have in your family?

(1)Less than 6

(2) More than 6

Q3) Are you the only earning member of your family?

(1)Yes

(2)No

Q4) Are you aware of any such business, which gives income along with social recognition?
(1)Yes

Q5) Do you want to have second stream of income?

(2) No

(1)Yes

(2)No

Q6) How much increase in income do you want to have per month?
(1) <Rs 10,000 (2) <Rs 20,000 (3) <Rs 30,000 (4) Rs 40,000

Q7) On an average how many people you meet on daily basis?

Q8) How much times can you spare for meeting people per day?
(1) <2 Hours (2) <3 Hours (3) <4 Hours (4) <5 Hours
(5) <10 Hours

Q9) Are you interested in having a business that takes care of your children also?
(1)Yes

Address
Phone No.

(2) No