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RELIANCE LIFE INSURANCE

BACHELOR OF COMMERCE
BANKING & INSURANCE
SEMESTER VI
ACEDEMIC YEAR 2015-16
SUBMITTED
IN PARTIAL FULFILLMENT OF THE
REQUIREMENTS FOR THE AWARD OF DEGREE
OF BACHELOR OF COMMERCE
BANKING & INSURANCE
BY
MR. ARIHANT JIAN
UNDER THE GUIDANCE OF : MRS. ARMIN
SODAWATERWALA
SEAT No.
JAI HIND COLLEGE
A ROAD, CHURCHGATE, MUMBAI 400 020

DECLARATION
I ,MR.FENIL JAIN , student of B. Com. BANKING &
INSURANCE Semester VI (2015-16) hereby declare that I have
completed the Project on RELIANCE LIFE INSURANCE .
The information submitted is true & original to the best of my
knowledge.

Signature
MR. FENIL JAIN.
SEAT NO.

JAI HIND COLLEGE,


A ROAD, CHURCHGATE, MUMBAI - 400 020.
CERTIFICATE
This is to certify that FENIL JAIN of B.Com. BANKING &
INSURANCE Semester VI(2015-16) has successfully completed
the project on A STUDY ON MOTOR INSURANCE under the
guidance of MRS.AMIT PRAJAPATI

Course Cordinator

Principal

Internal Examiner

External Examiner

College Seal

ACKNOWLEDGEMENT

Interdependence
Interdependence is something, which is very essential in todays
world for competition of any task. This is also being completed by
the joint effort of so many people, so I wish to pay my gratitude to
all those people who have directly or indirectly contributed
towards the completion of this project. First of all, I owe my
gratitude to all might GOD and my parents because of whom I am
able to complete this project successfully. I am deeply indebted
and grateful to Miss. Armin(Business Associate) who granted the
permission to do this project, this project has successfully taken
place.

ACKNOWLEDGEMENT
I would like to thank my project guide Mr. Nitin Kataria ,
Sales Development Manager RELIANCE Life Insurance,
Alwar for guiding me through my summer internship and
research project. His encouragement, time and effort are
greatly appreciated.
I would like to thank Prof. Deepak Mishra, for supporting
me during this project and providing me an opportunity to
learn outside the class room. It was a truly wonderful
learning experience.
I would like to dedicate this project to my parents. Without
their help and constant support this project would not have
been possible.
Lastly I would like to thank all the respondents who offered
their opinions and suggestions through the survey that
was conducted by me in Alwar.
Once

again

my

gratitude

to

the

insurance. For their kind co-operation.

RELIANCE

Life

DECLARATION
I

VIKAS

KHANDELWAL

OF

BBA

III

year

of

Lords

international College hereby declare that the summer


training report entitled INSURANCE SECTOR IN RELIANCE
LIFE INSURACNE is an original word and the same has not
been submitted to any other institute for the award of any
other degree.

Signature of
candidate
Gaurav Khandelwal

EXECUTIVE SUMMARY
In todays corporate and competitive world, I find that
insurance sector has the maximum growth and potential
as compared to the other sectors. Insurance has the
maximum growth rate of 70-80% while as FMCG sector has
maximum 12-15% of growth rate. This growth potential
attracts me to enter in this sector and RELIANCE LIFE
INSURANCE has given me the opportunity to work and get
experience in highly competitive and enhancing sector.

The success story of good market share of different


market organizations depends upon the availability of
the product and services near to the customer, which
can be distributed through a distribution channel. In
Insurance sector, distribution channel includes only
agents or agency holders of the company. If a
company like RELIANCE LIFE INSURANCE, TATA AIG,
MAX etc have adequate agents in the market they

can capture big market as compared to the other


companies.
Agents are the only way for a company of Insurance sector
through which policies and benefits of the company can be
explained to the customer.

CHAPTER I

INDIAN INSURANCE
INDUSTRY
AN OVERVIEW

THE INSURANCE INDUSTRY IN INDIA


AN OVERVIEW
With the largest number of life insurance policies in force in
the world, Insurance happens to be a mega opportunity in
India. Its a business growing at the rate of 15-20 per cent
annually and presently is of the order of Rs 1560.41 billion
(for the financial year 2006 2007). Together with banking
services, it adds about 7% to the countrys Gross Domestic
Product (GDP). The gross premium collection is nearly 2% of
GDP and funds available with LIC for investments are 8% of
the GDP.
Even so nearly 65% of the Indian population is without life
insurance

cover

while

health

insurance

and

non-life

insurance continues to be below international standards. A


large part of our population is also subject to weak social
security and pension systems with hardly any old age
income security
A well-developed and evolved insurance sector is needed for
economic development as it provides long term funds for
infrastructure development and strengthens the risk taking
ability of individuals. It is estimated that over the next ten
years India would require investments of the order of one
trillion US dollars.
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HISTORICAL PERSPECTIVE
The history of life insurance in India dates back to 1818
when it was conceived as a means to provide for English
Widows. Interestingly in those days a higher premium was
charged for Indian lives than the non - Indian lives, as
Indian lives were considered more risky to cover. The
Bombay Mutual Life Insurance Society started its business
in 1870. It was the first company to charge the same
premium for both Indian and non-Indian lives.
The Oriental Assurance Company was established in 1880.
The General insurance business in India, on the other
hand, can trace its roots to Triton Insurance Company
Limited, the first general insurance company established
in the year 1850 in Calcutta by the British. Till the end of
the nineteenth century insurance business was almost
entirely in the hands of overseas companies.
Insurance regulation formally began in India with the
passing of the Life Insurance Companies Act of 1912 and
the Provident Fund Act of 1912. Several frauds during the
1920's and 1930's sullied insurance business in India. By
1938 there were 176 insurance companies.

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The first comprehensive legislation was introduced with


the Insurance Act of 1938 that provided strict State Control
over the insurance business. The insurance business grew
at a faster pace after independence. Indian companies
strengthened their hold on this business but despite the
growth that was witnessed, insurance remained an urban
phenomenon.
The Government of India in 1956, brought together over
240 private life insurers and provident societies under one
nationalized monopoly corporation and Life Insurance
Corporation (LIC) was born. Nationalization was justified on
the grounds that it would create the much needed funds
for rapid industrialization. This was in conformity with the
Government's chosen path of State led planning and
development.
The non-life insurance business continued to thrive with
the

private

sector

till

1972.

Their

operations

were

restricted to organized trade and industry in large cities.


The general insurance industry was nationalized in 1972.
With this, nearly 107 insurers were amalgamated and
grouped
Company,

into
New

four
India

companiesAssurance

National
Company,

Insurance
Oriental

Insurance Company and United India Insurance Company.

11

These

were

subsidiaries

of

the

General

Insurance

Company (GIC).

KEY MILESTONES
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 by the
Insurance Act with the objective of protecting the interests of
the insuring public.
1956: 245 Indian and foreign insurers along with provident
societies were taken over by the central government and
nationalized. LIC was formed by an Act of Parliament- LIC Act
1956- with a capital contribution of Rs. 5 crore from the
Government of India.

12

INDUSTRY REFORMS
Reforms in the Insurance sector were initiated with the
passage of the IRDA Bill in Parliament in December 1999.
The IRDA since its incorporation as a statutory body in
April 2000 has fastidiously stuck to its schedule of framing
regulations and registering the private sector insurance
companies.

Since being

set

up as

an

independent

statutory body the IRDA has put in a framework of globally


compatible regulations.
The other decision taken simultaneously to provide the
supporting systems to the insurance sector and in
particular the life insurance companies was the launch of
the IRDA online service for issue and renewal of licenses to
agents. The approval of institutions for imparting training
to agents has also ensured that the insurance companies

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would have a trained workforce of insurance agents in


place to sell their products.

PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN INDIA


The life insurance industry in India grew by an impressive 47.38%, with
premium income at Rs. 1560.41 billion during the fiscal year 2006-2007.
Though the total volume of LIC's business increased in the last fiscal year
(2006-2007) compared to the previous one, its market share came down from
85.75% to 81.91%.
The 17 private insurers increased their market share from about 15% to
about 19% in a year's time. The figures for the first two months of the fiscal
year 2007-08 also speak of the growing share of the private insurers. The
share of LIC for this period has further come down to 75 percent, while the
private players have grabbed over 24 percent.
With the opening up of the insurance industry in India many foreign players
have entered the market. The restriction on these companies is that they are
not allowed to have more than a 26% stake in a companys ownership.
Since the opening up of the insurance sector in 1999, foreign investments of
Rs. 8.7 billion have poured into the Indian market and 19 private life
insurance companies have been granted licenses.

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Innovative products, smart marketing, and aggressive distribution have


enabled fledgling private insurance companies to sign up Indian customers
faster than anyone expected. Indians, who had always seen life insurance as
a tax saving device, are now suddenly turning to the private sector and
snapping up the new innovative products on offer. Some of these products
include investment plans with insurance and good returns (unit linked plans),
multi purpose insurance plans, pension plans, child plans and money back
plans. (www.wikipedia.com)

CHAPTER II

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PROFILE OF
ORGANIGATION

INTRODUCTION TO THE COMPANY


COMPANY PROFILE OF RELIANCE LIFE INSURANCE

FOUNDER

Few men in history have made as dramatic a contribution


to their countrys economic fortunes as did the founder of
Reliance, Sh. Dhirubhai H Ambani. Fewer still have left
behind a legacy that is more enduring and timeless.

As with all great pioneers, there is more than one


unique way of describing the true genius of Dhirubhai:
The corporate visionary, the unmatched strategist, the
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proud patriot, the leader of men, the architect of Indias


capital markets, the champion of shareholder interest.

But the role Dhirubhai cherished most was perhaps that


of Indias greatest wealth creator. In one lifetime, he
built, starting from the proverbial scratch, Indias largest
private sector enterprise.

When Dhirubhai embarked on his first business venture,


he had a seed capital of barely US$ 300 (around Rs
14,000). Over the next three and a half decades, he
converted this fledgling enterprise into a Rs 60,000
crore 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 Indias


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.

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Undaunted, Dhirubhai managed to convince a large


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

Under Dhirubhais extraordinary vision and leadership,


Reliance scripted one of the greatest growth stories in
corporate history anywhere in the world, and went on to
become Indias largest private sector enterprise.

Through out this amazing journey, Dhirubhai always


kept the interests of the ordinary shareholder uppermost
in mind, in the process making millionaires out of many
of the initial investors in the Reliance stock, and creating
one of the worlds largest shareholder families.

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ABOUT RELIANCE
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.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company


(NBFC) registered with the Reserve Bank of India under section 45IA of the Reserve Bank of India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing


financial services sector in India and aims to become a dominant
player in this industry and offer fully integrated financial services.

Reliance Life Insurance is another step forward for Reliance Capital


Limited to offer need based Life Insurance solutions to individuals
and Corporates.

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CORPORATE OBJECTIVE

At Reliance Life Insurance, we strongly believe that as life is different at


every stage, life insurance must offer flexibility and choice to go with that
stage. We are fully prepared and committed to guide you on insurance
products and services through our well-trained advisors, backed by
competent marketing and customer services, in the best possible way.

It is our aim to become one of the top private life insurance


companies in India and to become a cornerstone of RLI integrated
financial services business in India.

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CORPORATE MISSION

To set the standard in helping our customers manage their financial


future.

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY


RELIANCE LIFE INSURANCE
INSURANCE PLANS AVAILABLE
1. Products (Individual Plans)
Savings (Endowment)
2. Reliance Endowment Plan
(formerly Divya Shree)
3. Reliance Special Endowment Plan
(formerly Subha Shree)
4. Reliance Cash Flow Plan
(formerly Dhana Shree)
5. Reliance Child Plan
(formerly Yuva Shree)
6. Reliance Whole Life Plan
(formerly Nithya Shree)
Pensions
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7. Reliance Golden Years Plan


(formerly Bhagya Shree)
Investments
8. Reliance Market Return Plan
(formerly Kanaka Shree)
9. Risk / Protection
10. Reliance Term Plan
(formerly Raksha Shree)
Products (Group / Corporate Plans)
11.Risk (Protection)
Reliance Group Term Assurance Policy
(formerly Group Term Assurance Policy)
Reliance EDLI Scheme
(formerly EDLI Scheme)
12.

Pensions
a. Reliance Group Gratuity Policy
(formerly Group Gratuity Policy)
b. Reliance Group Superannuation Policy
(formerly Group Superannuation Policy)

13.

Reliance Money Guarantee Plan

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Tax Benefits
INCOME

TAX GROSS ANNUAL HOW

SECTION

SALARY

TAX

MUCH HDFC
CAN

STANDARD

YOU LIFE PLANS

SAVE?
Sec. 80C

Across All income Upto Rs. 33,990 All the life insurance
Slabs

saved

on plans.

investment

of

Rs. 1,00,000.
Sec. 80 CCC

Across all income Upto Rs. 33,990 All the pension plans.
slabs.

saved

on

Investment

of

Rs.1,00,000.
Sec. 80 D

Across all income Upto


slabs

Rs.

saved
Investment
Rs. 10,000.

TOTAL

SAVINGS

POSSIBLE

Sec. 10 (10)D

3,399 All

the

health

on insurance
of

available

riders
with

the

conventional plans.
Rs37,389

Rs. 33,990 under Sec. 80C and under Sec. 80 CCC ,


Rs.3,399 under Sec. 80 D, calculated for a male with gross
annual
income
exceeding Rs. 10,00,000.
Under Sec. 10(10D), the benefits you receive are completely
tax-free, subject to the conditions laid down therein.

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2.2 OTHER COMPETITIORS

MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN


INDIA

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established


on 1 September 1956 to spread the message of life
insurance in the country and mobilise peoples savings for
nation-building activities. LIC with its central office in
Mumbai and seven zonal offices at Mumbai, Calcutta,
Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates
through 100 divisional offices in important cities and 2,048
branch offices. LIC has 5.59 lakh active agents spread over
the country.
The Corporation also transacts business abroad and has
offices in Fiji, Mauritius and United Kingdom. LIC is
associated with joint ventures abroad in the field of
insurance, namely, Ken-India Assurance Company Limited,
Nairobi; United Oriental Assurance Company Limited,

24

Kuala

Lumpur;

and

Life

Insurance

Corporation

(International), E.C. Bahrain. It has also entered into an


agreement with the Sun Life (UK) for marketing unit linked
life insurance and pension policies in U.K.
In 1995-96, LIC had a total income from premium and
investments of $ 5 Billion while GIC recorded a net
premium of $ 1.3 Billion. During the last 15 years, LIC's
income grew at a healthy average of 10 per cent as
against the industry's 6.7 per cent growth in the rest of
Asia (3.4 per cent in Europe, 1.4 per cent in the US).
LIC has even provided insurance cover to five million
people living below the poverty line, with 50 per cent
subsidy in the premium rates. LIC's claims settlement ratio
at 95 per cent and GIC's at 74 per cent are higher than
that of global average of 40 per cent. Compounded annual
growth rate for Life insurance business has been 19.22 per
cent per annum

General Insurance Corporation of India (GIC)

25

The general insurance industry in India was nationalized and a


government company known as General Insurance Corporation of India
(GIC) was formed by the Central Government in November 1972. With
effect from 1 January 1973 the erstwhile 107 Indian and foreign
insurers which were operating in the country prior to nationalization,
were grouped into four operating companies, namely, (i) National
Insurance Company Limited; (ii) New India Assurance Company
Limited; (iii) Oriental Insurance Company Limited; and (iv) United India
Insurance Company Limited.

(However, with effect from Dec'2000,

these subsidiaries have been de-linked from the parent company and
made as independent insurance companies). All the above four
subsidiaries of GIC operate all over the country competing with one
another and underwriting various classes of general insurance
business except for aviation insurance of national airlines and crop
insurance which is handled by the GIC.
Besides the domestic market, the industry is presently operating in 17
countries directly through branches or agencies and in 14 countries
through subsidiary and associate companies.

IN ADDITION TO ABOVE STATE INSURERS THE


FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO
INSURANCE BUSINESS: -

26

The introduction of private players in the industry has added to the colors
in the dull industry. The initiatives taken by the private players are very
competitive and have given immense competition to the on time
monopoly of the market LIC. Since the advent of the private players in
the market the industry has seen new and innovative steps taken by the
players in this sector. The new players have improved the service quality
of the insurance. As a result LIC down the years have seen the declining
phase in its career. The market share was distributed among the private
players. Though LIC still holds the 75% of the insurance sector but the
upcoming natures of these private players are enough to give more
competition to LIC in the near future. LIC market share has decreased
from 95% (2002-03) to 82 %( 2004-05).

1. HDFC Standard Life Insurance Company Ltd.


HDFC Standard Life Insurance Company Ltd. is one of Indias leading
private life insurance companies, which offers a range of individual and
group insurance solutions. It is a joint venture between Housing
Development Finance Corporation Limited (HDFC Ltd.), Indias leading
housing finance institution and The Standard Life Assurance Company, a
leading provider of financial services from the United Kingdom. Their

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cumulative premium income, including the first year premiums and


renewal premiums is Rs. 672.3 for the financial year, Apr-Nov 2005. They
have managed to cover over 11,00,000 individuals out of which over
3,40,000 lives have been covered through our group business tie-ups.

2. Max New York Life Insurance Co. Ltd.


Max New York Life Insurance Company Limited is a joint venture that
brings together two large forces - Max India Limited, a multi-business
corporate, together with New York Life International, a global expert in
life insurance. With their various Products and Riders, there are more
than 400 product combinations to choose from. They have a national
presence with a network of 57 offices in 37 cities across India.
3.

ICICI Prudential Life Insurance Company

Ltd.
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank, a premier financial powerhouse and Prudential plc, a leading
international financial services group headquartered in the United
Kingdom. ICICI Prudential was amongst the first private sector insurance
companies to begin operations in December 2000 after receiving approval
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from Insurance Regulatory Development Authority (IRDA). The


company has a network of about 56,000 advisors; as well as 7 banc
assurance and 150 corporate agent tie-ups.

4. Om Kotak Mahindra Life Insurance Co.


Ltd.
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint
venture between Kotak Mahindra Bank Ltd. (KMBL), and
Old Mutual plc.
5.Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a joint venture
between Aditya Birla Group and Sun Life financial Services
of Canada.
Tata AIG Life Insurance Company Ltd.
SBI Life Insurance Company Limited

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ING Vysya Life Insurance Company Private Limited


Allianz Bajaj Life Insurance Company Ltd.
Metlife India Insurance Company Pvt. Ltd.
AMP SANMAR Assurance Company Ltd.
Dabur CGU Life Insurance Company Pvt. Ltd.

1. Royal Sundaram Alliance Insurance Company


The joint venture bringing together Royal & Sun Alliance
Insurance and Sundaram Finance Limited started its
operations from March 2001. The company is Head
Quartered at Chennai, and has two Regional Offices, one at
Mumbai and another one at New Delhi.

2. Bajaj Allianz General Insurance Company Limited

30

Bajaj Allianz General Insurance Company Limited is a joint venture


between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a
reputation of expertise, stability and strength.
Bajaj Allianz General Insurance received the Insurance Regulatory and
Development Authority (IRDA) certificate of Registration (R3) on May
2nd, 2001 to conduct General Insurance business (including Health
Insurance business) in India. The Company has an authorized and paid up
capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is
held by Allianz, AG, Germany.

3. ICICI Lombard General Insurance Company Limited


ICICI Lombard General Insurance Company Limited is a
joint venture between ICICI Bank Limited and the US-based
$ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is
India's

second

largest

bank,

while

Fairfax

Financial

Holdings is a diversified financial corporate engaged in

31

general

insurance,

reinsurance,

insurance

claims

management and investment management.


Lombard Canada Ltd, a group company of Fairfax Financial
Holdings Limited, is one of Canada's oldest property and
casualty

insurers.

ICICI

Lombard

General

Insurance

Company received regulatory approvals to commence


general insurance business in August 2001.

4. Cholamandalam General Insurance Company Ltd.


Cholamandalam MS General Insurance Company Limited
(Chola-MS) is a joint venture of the Murugappa Group &
Mitsui Sumitomo.

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Chola-MS commenced operations in October 2002 and has


issued more than 1.4 lakh policies in its first calendar year
of operations. The company has a pan-Indian presence with
offices in Chennai,

Hyderabad, Bangalore, Kochi, Coimbatore,

Mumbai, Pune, Indore, Ahmedabad, Delhi, Chandigarh,


Kolkata and Vizag.
5. TATA AIG General Insurance Company Ltd.
Tata AIG General Insurance Company Ltd. is a joint venture
company, formed from the Tata Group and American
International Group, Inc. (AIG). Tata AIG combines the
strength and integrity of the Tata Group with AIG's
international expertise and financial strength. The Tata
Group holds 74 per cent stake in the two insurance
ventures while AIG holds the balance 26 per cent stake.
Tata AIG General Insurance Company, which started its
operations in India on January 22, 2001, offers the
complete range of insurance for automobile, home,
personal accident, travel, energy, marine, property and
casualty, as well as several specialized financial lines.
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2.3

Reliance Policies

(1) Reliance Children Plans


What could make you happier than knowing, that your
child's future is secure? Nothing, we suppose. Which is
why, Reliance Life Insurance brings to you Reliance Secure
Child Plan, a unit-linked Insurance Plan, that gives you the
freedom to enjoy today with your child, because his
tomorrow is in safe hands.
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Do you see your child becoming a trailblazer?


Will they create the ultimate symphony or give sports
a new dimension?

Our children may just be the ones to end the arms race
and wipe out poverty from the face of the Earth. But for
them to be able to aim for the skies, YOU NEED TO ACT
NOW!
Introducing Reliance Secure Child Plan - a unique life
insurance cum savings plan. secure the future of your
child.
Key Features
Insurance cover on the life of child
Your child is completely protected - we will
continue to pay the premiums even if you are not
alive
Life time income to child in the event of disability
Return Shield option to protect your investment
returns
Liquidity in the form of partial withdrawals
Capital guarantee available on maturity and on
death of the child for basic and top-up premiums
Option to package with Accidental Death and Total
and Permanent Disablement Rider, Critical
Conditions Rider and Term Life Insurance Benefit
Rider.

(2)Reliance Health + Wealth Policy


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

35

There are times when late working hours take precedence


over your health check-ups. And there are times when a
visit to the doctor seems more important than dividends
on your shares. In the rat race to make money, we often
forget to take care of ourselves.
We understand this predicament. Here is a plan that will
ensure that your wealth keeps increasing constantly and
yet your health does not take a backseat. The Reliance
Wealth Health Plan. A plan that gives you the benefits of
wealth bhi. health bhi.
Life changes. And as it does, so do your priorities. After all,
the circumstances of your life can determine the type of
health coverage you need.
India has made rapid strides in the health sector. Since
Independence, life expectancy has gone up markedly and
survival rates have also increased, still critical health
issues remain. Infectious diseases continue to claim a
large number of lives.
Reliance Wealth + Health Plan, a health insurance plan
underwritten by Reliance Life Insurance Company Limited,
is designed to work in conjunction with contributions
towards savings.
Key Feature
A Unit Linked plan with Unique Savings Component
Twin benefit of market linked return and health
protection
Choose from two different plan options
Flexibility to take care of your familys health
Flexibility to switch between funds / plan options
Option to pay Top-ups

(3) Reliance Pension Policy

36

UNDER THIS PLAN THE INVESTMENT RISK IN THE


INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.
Retirement means different things to different people,
while some want to relax and take a trip around the world,
some want to start up a venture of their own, and pursue a
dream harnessed for years. The power to make your
autumn years special lies only with you. The Reliance
Super Golden Years Plan gives you the power and the right
kind of solution - A retirement plan that allows you to save
systematically and generate the much-needed corpus to
make your olden years look golden.
Key Features Reliance Pension Policy :
Invest systematically and secure your golden years
A flexible unit-linked pension product that is
different from traditional life insurance products
with Vesting Age between 45 & 70 years
Eight different investment funds to choose from
Flexibility to switch between funds
Option to pay Regular, Single as well as Top-up
premiums
Flexibility to advance / extend your Vesting Age
Tax free commutation up to one third of Fund Value
at Vesting Age

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(4) Reliance Whole life insurance policy

Youve always loved your family. As a loving person you


want to be rest assured that they will be happy, even if
something were to happen to you. With Reliance Whole
Life Plan you can be sure that your family will receive that
timely financial support they need.
Go ahead, live your today to the fullest, without a worry
about tomorrow.
Key Features
Insurance protection till age 85
Choice of extending your insurance coverage till
age 99
Convenient Premium Payment Term
Wealth creation through bonus additions
More value for your money by way of High Sum
Assured Rebate Get Sum Assured plus Bonuses in
case of your unfortunate death
Option to add two Riders Critical Illness and
Accidental Death Benefit and Total and Permanent
Disablement Rider
Policy Loan available after three full years premium
payment

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CHAPTER III
OBJECTIVES OF STUDY

The main of the present study of is accomplish the


following objective.
39

Proper understanding and analysis of life


insurance industry.

To know about brand awareness of Kotak Life


Insurance

and

customers

preference

about

Kotak Life Insurance.


According the market survey come know about
how much potential of insurance market in our
city.
And base on analysis of the result thus obtained
make a report on that research.
Training aims at recruiting maximum number of
Life Advisors and to Sell the maximum policies
for the company and bring the business for the
company which ever is going at the particular
point of time.
As the Kotak Life Insurance well reputed
company in India its great chance for me to
observed different products launch by other
competitor companies like ICICI prudential, Bajaj
alliance ,LIC, Max New York life etc. In all, it is to
understand the overall working of the Life
insurance sector.
The objective behind the project is as follows:

40

To find the right candidate.


To about their family background, occupation,
social relation, Qualification, Age.

CHAPTER IV
RESEARCH
METHODOLOGY

41

RESEARCH METHODOLOGY
TITLE:
To determine customer-buying behavior with a focus on market
segmentation for Reliance Life Insurance.
TITLE JUSTIFICATION:
The above title is self explanatory. The study deals mainly with studying
the buying

pattern in the insurance industry with a special focus on

Reliance life Insurance. The various segments of the markets divided in


terms of Insurance Needs, Age groups , Satisfaction levels etc will also
studied.
OBJECTIVE
Objective One

To determine reasons behind opting for an insurance.

42

To provide the company with information of customer's Insurance


policy if they have any and reasons for opting for that particular
policies.

To know the most preferred policy.


Objective Two

To determine customers perception towards private insurance


companies and their expectation form private insurance companies.

To determine the feedback on services provided by any other

insurance agent.

To study the types of benefits provided by insurance services.

To determine the use of Internet for valuable information and


decision-making process.

SCOPE OF THE STUDY


A big boom has been witnessed in Insurance Industry in recent times. A
large number of new players have entered the market and are vying to
gain market share in this rapidly improving market. The study deals with

43

Reliance in focus and the various segments that it caters to. The study
then goes on to evaluate and analyse the findings so as to present a clear
picture of trends in the Insurance sector.
SIGNIFICANCE OF THE STUDY

SIGNIFICANCE TO THE INDUSTRY :


This is a limited study which takes into consideration the responses of 100
people. This data can be explorated to take in the trends across the
industry. The significance for the industry lies in studying these trends
that emerge from the study. It is a rapiddly changing and evolving sector.
People are only beginning to wake up to its vast possibilities. A study like
this can attempt to guide the future of the industry based on current
trends.
SIGNIFICANE FOR THE RESEARCHER :
To facilitate and provide all the useful informtaion of the studt, the
company, the insurance industry and also provide marketing ways,
methods of reliance life insurance.

44

RESEARCH DESIGN

NON-PROBABILITY

EXPLORATORY

&

DISCRIPTIVE

EXPERIMENTAL

RESEARCH
The research is primarily both exploratory as well as descriptive in nature.
The sources of information are both primary & secondary.
A well-structured questionnaire was prepared and personal interviews
were conducted to collect the customers perception and buying behavior,
through this questionnaire.
SAMPLING METHODOLOGY
SamplingTechnique:
Initially, a rough draft was prepared keeping in mind the objective of the
research. A pilot study was done in order to know the accuracy of the
Questionnaire. The final Questionnaire was arrived only after certain
important changes were done. Thus my sampling came out to be
judemental and convinent
Sampling Unit:

45

The respondants who were asked to fill out questionnaires are the
sampling units. These comprise of employees of MNCs, Govt.
Employees, Self Employeds etc.
Sample size:
The sample size was restricted to only 100, which comprised of mainly
peoples from different regions of Delhi due to time constraints.
Sampling Area :
The area of the research was New Delhi, India.
LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of Delhi and does not


necessarily shows a pattern applicable to all of Country.
2. Some respondents were reluctant to divulge personal information
which can affect the validity of all responses.
3. In a rapidly changing industry, analysis on one day or in one
segment can change very quickly. The environmental changes are vital
to be considered in order to assimilate the findings.

46

MARKETING STRATREGIES OF THE COMPANY

SOME OF THE STRATEGIES ADOPTED BY RELIANCE


LIFE INSURANCE COMPANY.
Reliance Life Insurance plans to tap Reliance Communications' 2.5-crore
telephony subscriber base to market its products.
The company is considering a series of options to leverage its relationship
with Reliance Communications.
However, a joint product or a co-branded solution would require approval
from the Insurance Regulatory and Development Authority
Customers of R World, the information and entertainment portal of
Reliance Communications, would also be able to pay premiums through a
bank account, provided the bank is listed on the network.
Reliance Life Insurance officials, however, offered no comment when
asked whether there would be an arrangement for payment of commission
to Reliance Communications.

47

As an alternative channel for distribution, insurance companies usually tie


up with banks. In the case of banc assurance, where there is a corporate
agency tie-up, the commission could range from 5 per cent to 40 per cent
of first-year premium depending on the commission loaded on to the
product at the time of registration with IRDA.

48

CHAPTER V
RESULT ANALYSIS
&
INTERPRETATION

49

DATA ANALYSIS & INTERPRETATION

DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE


COMPANIES
COMPANYS NAME

NO.OF
RESPONDENT

L.I.C.

SHARE (%)

78

78

10

10

SBI LIFE

HDFC

100

100

RELIANCE LIFE
INSURANCE
ICICI PRUDENTIAL

TOTAL

INTERPRETATION

78% of the people contacted prefer LIC policy to any other and
therefore it is ranked no.1 by that percent of respondents.

50

DATA

GIVES

BENEFITS

OF

INSURANCE

PERCEIVED

BY

RESPONDENTS
BENEFITS

NO.OF
RESPONDENTS

SHARE (%)

Cover Future Uncertainty

55

55

Tax Deductions

20

20

Future Investment

25

25

100

100

TOTAL

INTERPRETATION

55% of the respondents believe that covering future uncertainty


is the biggest benefit of an insurance policy.

51

Whereas, 20% and 25% of them believe that the other benefits
are Tax deduction and future investments respectively.

DATA PROVIDES FEATURES OF INSURANCE

POLICY THAT

ATTRACTED RESPONDENTS
FEATURE

NO.OF
RESPONDENTS

SHARE (%)

Money Back Guarantee

15

15

Larger Risk Coverance

37

37

Easy Access to Agents

Low Premium

30

30

Companys Reputation

11

11

100

100

TOTAL

FEATURES OF INSURANCE POLICY

MONEY BACK
GUAARENTEE
11%

15%

LARGER RISK
COVERANCE
EASY ACCESS TO
AGENTS

30%
37%
7%

LOW PREMIUM
REPUTATION OF
COMPANY

INTERPRETATION

52

Majority of the respondent (37%) found Larger risk coverance


as the most attracted feature of the all.

53

DATA

PROVIDES

NUMBER

OF

INSURANCE

POLICY

TYPE

RESPONDENTS
POLICY TYPE

NO. OF
RESPONDENTS

SHARE (%)

LIFE POLICY

75

75

NON LIFE POLICY

25

25

BOTH

45

45

NATURE OF POLICY

45

75

LIFE
POLICY
NON LIFE
POLICY
BOTH

25

INTERPRETATION

75% of the respondents have Life Insurance Policy while 45% have
both. (The % is calculated out of 280 positive response)

54

DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE


RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

A saving tool

81

81%

A tax saving device

74

74%

100

100%

A tool to protect your family

INTERPRETATION

81% of the respondents have perception of Insurance being a


saving tool.

And 74% of the respondents have perception of Insurance being a


tax saving device.

But 100% of the respondents are with the view that Insurance is a
tool to protect your family.
55

DATA SHOWS PEOPLES HAVING INSURANCE

30%

70%
Yes
No

RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

Yes

70

70%

No

30

30%

100

100%

Total

INTERPRETATION

56

Of the sample size of 400 surveyed respondents 70% of the


respondents are having Insurance policy.

30% of the respondents are either not having any Insurance policy
at present or their policy is already matured.

And at present 100% of the respondents are with the view that
Insurance is a tool to protect your family.

DATA SHOWS BUYING PROCESS OF THE PEOPLE


BUYING PROCESS

NO. OF
RESPONDENTS

SHARE (%)

Customer approached
Insurance company/Agent

45

45%

Company/agent approached
customer

55

555

100

100%

Total

55%
45%

Customer approached Insurance company/Agent


Company/agent approached customer

57

INTERPRETATION

44.5% of the respondents approached the Insurance Company /


Agent.

Whereas, 55.5% of the respondents were approached by the


Company /Agent.

58

DATA SHOWS REASONS BEHIND FOR INSURANCE


RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

Tax saving

80

80%

Saving / Investment

80

80.%

100

100%

Family protection

80
100

Slice 1

80

Slice 2

Slice 3

INTERPRETATION

80.71% of the Respondents opted for Insurance for tax saving


benefits.

80.71% of the Respondents opted for saving / Investments.

But all of them, i.e. 100% of the respondents have opted for
insurance for their family protection.

59

DATA SHOWS SATISFACTION


RESPECT TO POLICY
RESPONSE

OF

RESPONDENTS

NO. OF
RESPONDENTS

SHARE (%)

Satisfied

60

60%

Not satisfied

40

40%

0.0%

100

100%

Not Responded
Total

WITH

0%
40%

60%

Satisfied

Not satisfied

Not Responded

INTERPRETATION

60% of the respondents are more or less satisfied with their


existing policy.

40% of the respondents are not satisfied with their existing policy.

In this case all of those who have taken a policy have responded.

60

DATA

SHOWS

SATISFACTION

OF

+RESPONDENTS

WITH

RESPECT TO SERVICE AGENT


RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

Satisfied

45

45%

Not satisfied

55

55%

0.0%

100

100%

Not Responded
Total

45.00%

55.00%

Satisfied

Not satisfied

INTERPRETATION

45% of the respondents are satisfied with their existing service


agent.

55% of the respondents are not satisfied with their existing


insurance agent.

61

All of those who have taken a policy have responded.

62

DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX


RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

100

100%

0%

100

100%

Paying tax
Not paying tax
Total

0%

100%

Paying tax

Not paying tax

INTERPRETATION

Of the sample size of 400 respondents, all the respondents are


paying tax.

63

DATA

SHOWS

RESPONDENTS

INVESTMENTS

FOR

TAX

SAVING
INVESTMENTS

NO. OF
RESPONDENTS

SHARE (%)

LIC

51

51%

NSC

33

33%

Bonds

32

32%

PPF

25

25%

PF

21

21%

EPF

11

11%

11
21

51

25

33
32

LIC

NSC

BOND

PPF

PF

EPF

INTERPRETATION

51% of the respondents save their tax by investing in LIC, which is


the highest among all Investment. This shows that most people for
getting taxes benefits invest in LIC.

33.25% of the respondents do their tax saving by investing in NSC.

64

32.25% of the respondents to their tax saving by investing in


bonds.

DATA

SHOWS

RESPONDENTS

PERCEPTION

ABOUT

BEST

FORM OF INVESTMENT FOR SECURING THEIR FUTURE


NO. OF
RESPONDENTS

SHARE (%)

Fixed Assets

75

75%

Bank deposits

11

11%

Jewellery

25

25%

Securities i.e. bonds, MFs

40.

40%

Shares

10

10%

Insurance

70

70%

Fixed Assets
70

75

10

11
25

40

Bank deposits
Cash &
Jewellery
Securities i.e.
bonds, MFs
Shares
Insurance

INTERPRETATION

75.25% of the respondents as with the view that Fixed Assets is the
best form of investment for securing their future.

65

70.5% of the respondents are with the perception that Insurance is


the best form of investment for securing their future, which is one
of the highest and this shows that insurance is an important key for
securing your future.

DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR


INVESTMENT
RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

100

100%

Security

90

90%

Tax benefits

71.

71.%

Saving & Returns

71
100

90
Saving & Returns

Security

66

Tax benefits

INTERPRETATION

100% of the respondents intent to gain saving and returns from


their investment.

90% of the respondents intent to gain security from their


investments.

Whereas, 71.75% of the respondents intent to gain tax benefits


from their investments.

DATA GIVES PEOPLES PERCEPTION ON APPROPRIATE AGE


FOR BUYING INSURANCE
RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

After 25 years

29

29%

After 35 years

10

10%

After 45 years

0%

60

60%

Anytime

67

29%

60.61%

10.10%
0%

After 25 years

After 35 years

After 45 years

Anytime

INTERPRETATION

29% of the respondents are with the view that insurance should be
bought after the age of 25 years.

10.5% of the respondents are with the view that insurance should
be buyed after the age of 35 years.

Whereas, 60.5% of the respondents are with the view that buying
of insurance do not have any thing to do with age i.e. there is no
age limitations. It can be purchased any time according to the
need.

68

DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE


COMPANIES
RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

Rigid plans

67

67%

Non user friendly

29

29%

Unsatisfactory services

26

26%

Non Aggressive

35

35%

Satisfactory

24

24%

Good

10

10%

0%

Very good

67

10

24

33

26

29

Inflexible plans
Unsatisfactory services
Satisfactory
Very good

Non user friendly


Non Aggressive
Good

INTERPRETATION

69

67% of the respondents have the opinion that Indian Insurance


Companies have Rigid plans.

29.5% feel that Indian Insurance companies are Non-user friendly.

26.5% feel that services of Indian Insurance companies are


Unsatisfactory.

35.75% of the respondents are with the view that Indian Insurance
companies are Non-aggressive.

24% of the respondents feel that products and services of Indian


Insurance companies is Satisfactory.

Whereas only 10.25% feel that it is Good enough.

And according to the data, no single person has felt that it is very
good.

70

DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN


INSURANCE COMPANY
RESPONSE

NO. OF
RESPONDENT
S

SHARE (%)

82

82%

71

71%

Good plans

81

81%

Accessibility

49

49%

A trusted name
Friendly
service
responsiveness

&

49
82

81

71

A trusted name
Friendly service & responsiveness
Good plans
Accessibility

INTERPRETATION

82% customers look for a Trusted name in a company for


insurance.

81.5% customers look for a good plan in a company for insurance.

71

Friendly service & responsiveness and Accessibility are also


important factors looked by customers in a company.

DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS


RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

Planning

87

87%

Not planning

13

13%

100

100%

Total

13.0%

87.0%

Planning

Not planning

INTERPRETATION

Only 12.5% of the customers contacted are not planning for new
investments presently.

72

Whereas, 87.5% of the customers are still planning for new


investments this can be a great potential for Reliance Life
Insurance to take them on their favor.

73

DATA

SHOWS

PEOPLE

INTERESTED

IN

GOING

FOR

INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY


OFFERS BETTER SERVICE & PRODUCTS
RESPONSE

NO. OF
RESPONDENTS

SHARE (%)

Yes

43

43%

No

44

44%

Uncertain

13

13%

100

100%

Total

13%
43%

44%

Yes

No

Uncertain

INTERPRETATION
The interested customers i.e. 43% are ready to go for insurance even
away from a city if services and products are worthwhile, which again
is a good prospect (potential) for Reliance Life Insurance to take them
on their favor.

74

CHAPTER VI
CONCLUSION

CONCLUSION
75

Our exhaustive research in the field of Life Insurance threw


up some interesting trends which can be seen in the above
analysis. A general impression that we gathered during
Data

collection

was

the

immense

awareness

and

knowledge among people about various companies and


their insurance products. People are beginning to look
beyond LIC for their insurance needs and are willing to
trust private players with their hard earned money.
People in general have been impression by the marketing
and advertising campaigns of insurance companies. A high
penetration of print , radio and Television ad campaigns
over the years is beginning to have its impact now.
The general satisfaction levels among public with regards
to policy and agents still requires improvement. But
therein lays the opportunity for a relative new comer like
ING. LIC has never been known for prompt service or
customer oriented methods and Reliance can build on
these factors.

76

CHAPTER VII
SUGGESTION

77

Suggestion
According the survey only 42% people are
insured in Alwar so reaming other part is
potential for insurance sector.
Among

that

42%

people

who

having

insurance, they have insurance 40% for self


28%for spouse 21% for children and 18% for
their

parents

and

11%

for

all

family

member, also its very help full for insurance


sector so they should take necessary step
for capture this potential.
Only 42% people having insurance in Alwar
in that 42% there are 82 % people are under
insured and other 18% people are fully
insured according to their income so that is
also plus point for insurance sector to
capture the market

78

CHAPTER VIII
QUESTIONNAIRE

79

QUESTIONNAIRE
1.

ARE YOU EMPLOYED?


YES
NO
If YES, only then proceed

2.

DO YOU HAVE ANY INSURANCE POLICY?


YES
NO

3.

WHICH INSURANCE POLICY DO YOU HAVE?


LIFE

4.

NON-LIFE

BOTH

WHICH COS INSURANCE POLICY YOU PREFER


THE MOST?
(RANK THEM)
a) LIC
b) ICICIPRUDENTIAL
c) SBI LIFE INSURANCE
d) ING VYSYA LIFE
e) RELIANCE LIFE INSURANCE
f) TATA AIG LIFE
g) ANY OTHER

5.

________( Specify)

FOR HOW MANY YEARS DO YOU HAVE


INSURANCE POLICY?
(Please Tick)

80

a) <5Yrs
b) 5-10 Yrs
Other______

c) 10-15 Yrs d) Any


(Specify)

6.

WHAT DO YOU THINK ARE THE BENEFITS OF


INSURANCE COVER?
(RANK THEM)
a) COVER FUTURE UNCERTAINITY
b) TAX DEDUCTIONS
c) FUTURE INVESTMENT
d) ANY OTHER

7.

_________ (Specify)

WHICH FEATURE OF YOUR POLICY ATTRACTED


YOU TO BUY IT?
(RANK THEM)
a) LOW PREMIUM
b) LARGER RISK COVERANCE
c) MONEY BACK GUARNTEE
d) REPUTATION OF COMPANY
e) EASY ACCESS TO AGENTS
f) ANY OTHER

8.

_________ (Specify)

YOUR MONTHLY INCOME?

a)<4k b)4k-8k c)8k-12k d)12k-16k


e)Other_____(Specify)

81

9.

DO YOU REALLY THINK INSURANCE POLICY


COVER
IN
TODAYS
SCENARIO
IS
NOT
ESSENTIAL?
_____________________________________________________

10. WHATS YOUR PERCEPTION ABOUT INSURANCE?


(RANK THEM)
a) A SAVING TOOL
b) A TAX SAVING DEVICE
c) A TOOL TO PROTECT FUTURE
11. HOW HAS/WOULD YOU BOUGHT/BUY AN
INSURANCE?
a) CUSTOMER APPROCHED INSURANCE COs
b) INSURANCE COs APPROCHED CUSTOMER
12. ARE YOU SATISFIED WITH THE POLICY?
a) SATISFIED SAVING TOOL
b) NOT SATISFIED
c) NOT RESPONDING

13. ARE YOU SATISFIED WITH THE SERVICE AGENT?


82

a) SATISFIED SAVING TOOL


b) NOT SATISFIED
c) NOT RESPONDING
14

DO YOU PAY TAXES?


YES

NO

15. WHERE HAVE YOU INVESTED FOR TAX SAVING?


(RANK THEM)
a) LIC
b) NSC
c) BONDS
d) PPF
e) PF
f) EPF
16.WHICH IS THE BEST FORM OF INVESTMENTS?
(RANK THEM)
a) FIXED ASSETS
b) BANK DEPOSITS
c) JEWELLERY
d) SECURITIES, i.e. Bonds, MFs
83

e) SHARES
f) INSURANCE

84

17. WHAT DO YOU INTENT TO GAIN FROM


INVESTMENTS?
a) SAVING & RETURNS
b) SECURITY
c) TAX BENIFITS
18. WHATS THE RIGHT AGE TO BUY INSURANCE?
a) AFTER 25 Yrs
b) AFTER 35 Yrs
c) AFTER 45 Yrs
d) ANYTIME
19.HOW WOULD YOU RATE INDIAN INSURANCE
COs?
a) RIGID PLANS
b) NON-USER FRIENDLY
c) UNSATISFATORY SREVICES
d) NON-AGGRESSIVE
e) SATISFACTORY
f) GOOD
g) VERY GOOD

85

20. ARE YOU PLANNING FOR NEW INVESTMENTS?


PLANNING

NOT PLANING

21. WOULD YOU GO FOR INSURANCE IF A SERVICE


PROVIDER AWAY FROM THE CITY OFFERS BETTER
SERVICE & PRODUCTS?
a) YES
b) NO
c) UNCERTAIN

THANK YOU
NAME:_________________________
ADDRESS:______________________
______________________________
OCCUPATION:___________________

86

CHAPTER IX
BIBLIOGRAPHY

BIBLIOGRAPHY

87

1.

BOOKS/MAGAZINES REFFERED:
STUDY

GUIDE-

PRINCILES

&

PRACTICES

OF

GENERALINSURANCE, by AIMA.
Books published by INSURANCE INSTITUTE OF INDIA
LIFE-INSURANCE, by Mc GILL
INSURANCEWATCH.
MONEYOUTLOOK.
2.

WEBSITES REFFERED:
WWW.RELIANCELIFE.CO.IN
WWW.CIFAINSURANCE.COM
WWW.MONEYOUTLOOK.COM
WWW.INSURANCE.IND.COM

3.

REPORTS/ARTICLES REFFERED:
REPORT: ISSUES & CHALLENGES FACING THE INSURANCE
INDUSTRY. Dec2005.
BRIEF PROFILE OF LIC, INDIADec 2006.
REPORT: COPING WITH COMPETITIONJan2007

88

LIFE

THANK YOU

89