Reliance Nippon Life Insurance Akhilesh

PROJECT REPORT ON
(‘A study on consumer perception on life insurance services’)

IN
(RELIANCE NIPPON LIFE INSURNACE)
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF

MASTER OF MANAGEMENT STUDIES
BY
AKHILESH GANESH JADHAV
ROLL NO 2020050
MMS-II (SEM III)
YEAR 2020 - 2022
LALA LAJPATRAI INSTITUTE OF MANAGEMENT

MAHALAXMI, MUMBAI – 400034
PROJECT REPORT ON
(‘A study on consumer perception on life insurance services’)
IN
(RELIANCE NIPPON LIFE INSURNACE)
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF

MASTER OF MANAGEMENT STUDIES
BY
ROLL NO 2020050
MMS-II (SEM III)
YEAR 2020- 2022
LALA LAJPATRAI INSTITUTE OF MANAGEMENT

MAHALAXMI, MUMBAI - 400034
SUMMER INTERNSHIP PROJECT
SUBMITTED BY
ROLL NO – 2020050
MMS – II (SEM III)
YEAR 2020- 2022
Certificate
This is to certify that the project work titled “A study on consumer
perception on life insurance services”
is a summer internship work carried out by Mr. (Akhilesh Ganesh Jadhav)
The project was completed for “Reliance Nippon Life Insurance”, under the
guidance of (Rajesh ShivaKula)
I further certify that the said work has not been submitted in the part or in full, to
any other University.
Date: 5th January, 2022
_____________________ __________________________
Prof. Vikas Sharma Dr V.B. Angadi
Project Mentor Director
DECLARATION
I, Mr. (Akhilesh Ganesh Jadhav), student of Lala Lajpatrai Institute of

Management of MMS II (Semester III) hereby declare that I have completed the
summer internship project on (A study on consumer perception on life
insurance services) with (Reliance Nippon Life Insurance) in the Academic
year 2020 - 2022. The information submitted is true & original to the best of my
knowledge.
Akhilesh .G. Jadhav

ACKNOWLEDGEMENT
At the outset of this project, I would like to express my profound thanks to a few
people without whose help, completion of this project would not have been possible.
First and foremost, I would like to express sincere thanks to (RELIANCE NIPPON
LIFE INSURANCE) for giving me this opportunity to work with them.
The list is endless but to name a few special people, I would like to thank (Dr.
ALOK CHANDRA) for being extremely supportive and guiding me throughout my
internship and giving me constant motivation and expert advice.
I would also like to thank the entire (Marketing department) for providing me their
precious time and making this internship a successful learning experience.
I am very grateful to Dr. Angadi, Director of Lala Lajpat Rai Institute of

Management, for giving me the opportunity to do this project in (RELIANCE
NIPPON LIFE INSURANCE).
I would also like to thank Prof. Vikas Sharma for being an excellent mentor and
helping me whenever I approached him/her.
Last but not the least; I take pride in thanking my parents (Mr. Ganesh .S. Jadhav
& Mrs. Sunita .G. Jadhav ), siblings and friends for their much valued support
INDEX
TITLE PAGE NO
 BACKGROUND 9
 RESEARCH MOTIVATION 10
 OUTLINE OF STUDY 10
INSURANCE SECTORS 11
 PRINCIPLE 11
 METHOD OF INSURANCE 17
 TYPES OF INSURANCE 18
 BENEFITS OF INSURANCE 23
RELIANCE NIPPON LIFE INSURANCE 25

 INTODUCTION OF COMPANY 27
 AWARDS 30
 RELIANCE NIPPON POLICY OFFERED 32
33
 CLAIM PROCESS OF RELIANCE NIPPON LIFE INSURANCE
 RESEARCH METHODOLOGY 44
 ANALYSIS AND FINDING 45

 BIBLOGRAPHY 61
 CONCLUSION 62
Background :
The Indian economy is one of the fastest growing economies in the world with GDP per capita
growing at a rate of 7.1% per annum1 . The country is also experiencing a demographic shift
towards a younger population with about 35% of the population being between 15 and 34
years of age2 in 2017. In the next few decades, unprecedented numbers of young people are
expected to enter the workforce, earn and save part of their earnings. India’s household
financial savings were estimated to be about 8.1% of the Gross National Disposable Income
(GNDI), or about $26 trillion in the financial year 2016-17. About a fourth of these savings are
invested in insurance3 . Thus, the insurance sector is large and will grow further in the coming
years. Understanding consumer behavior and what influences purchase decisions is
important for different players in this industry including regulators and insurance companies.
Life insurance allows individuals to secure the financial future of their families in the event of
their own premature death. It also serves the savings and investment needs of individuals
who may be unaware of or wary about investing in mutual funds or the stock market. Unlike
countries in the developed world, social security or government pension schemes are
accessible to only a small part of the population in India. Most people use bank savings, fixed
deposits, post office savings and public provident fund (PPF) as instruments for savings and
investment. Due to the lack of access to formal financial markets and lack of information and
financial literacy, life insurance assumes a critical role in the financial wellbeing of a large part
of the society. It is especially important for rural and poorer sections of the society. Despite
recent growth, the life insurance market in India has low penetration rates compared to
many other countries. Financial inclusion is one of the primary concerns of policy makers
across the world. The World Bank defines financial inclusion as follows: "Financial inclusion
means that individuals and businesses have access to useful and affordable financial products
and services that meet their needs – transactions, payments, savings, credit and insurance –
delivered in a responsible and sustainable way”. It is notable that in the World Bank
definition, access to and use of insurance services has been included as an integral part of
financial inclusion. Financial inclusion is of particular relevance to a country like India where
many millions are financially excluded. The Government of India has introduced several
policies to further the goal of greater financial inclusion in 2014 and 2015. The first of these is
the Pradhan Mantri Jan Dhan Yojana (PMJDY) that aims to provide basic banking services to
more Indians. The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri
Suraksha Bima Yojana (PMSBY) introduced in 2015 aim to provide low cost life insurance and
accident insurance respectively.
Research Motivation:
The extant literature on life insurance in India is mostly descriptive in nature, with a few
empirical studies that have looked at demographic and socioeconomic drivers of insurance
demand. Consumer behavior in life insurance market has remained largely unexplored. Given
the low levels of insurance penetration and its critical role in increasing financial wellbeing, it
is important to understand the life insurance purchase behaviors of Indians. There are several
issues that are of interest, the level of financial literacy and awareness, the level of social
influence in the purchase decision, understanding the motivations behind the purchase and
understanding whether the existing insurance providers are meeting the needs of the
consumer. This is the primary motivation for this study. We discuss below some of the main
theoretical and empirical aspects of insurance literature that motivates this study
Outline of the Study:

The thesis is presented in 6 chapters. The four themes described above have been elaborated
on and results have been presented in Chapter 2, Chapter 3, Chapter 4 and Chapter 5. These
chapters include a brief background of the study, literature review, research motives,
research design, data and sample, findings and discussion. Chapter 6 summarizes the overall
findings of the thesis, giving an overview of the contributions of this thesis and the social
implications. Limitations of the work and scope for future research have been discussed
Introduction to Insurance
Insurance is a means of protection from financial loss. It is a form of risk management

primarily used to hedge against the risk of a contingent, uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, or insurance
carrier. A person or entity who buys insurance is known as an insured or policyholder. The
insurance transaction involves the insured assuming a guaranteed and known relatively small
loss in the form of payment to the insurer in exchange for the insurer's promise to
compensate the insured in the event of a covered loss. The loss may or may not be financial,
but it must be reducible to financial terms, and must involve something in which the insured
has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and
circumstances under which the insured will be financially compensated. The amount of
money charged by the insurer to the insured for the coverage set forth in the insurance policy
is called the premium. If the insured experiences a loss which is potentially covered by the
insurance policy, the insured submits a claim to the insurer for processing by a claims
adjuster.
 Principles
1. Principal of utmost good faith:
Under this insurance contract both the parties should have faith over each other. As a
client it is the duty of the insured to disclose all the facts to the insurance company.
Any fraud or misrepresentation of facts can result into cancellation of the contract.
2. Principle of Loss Minimization

According to the Principle of Loss Minimization, insured must always try his level best
to minimize the loss of his insured property, in case of uncertain events like a fire
outbreak or blast, etc. The insured must take all possible measures and necessary
steps to control and reduce the losses in such a scenario. The insured must not neglect
and behave irresponsibly during such events just because the property is insured.
Hence it is a responsibility of the insured to protect his insured property and avoid
further losses.
3. Principle of Insurable interest:

Under this principle of insurance, the insured must have interest in the subject matter
of the insurance. Absence of insurance makes the contract null and void. If there is no
insurable interest, an insurance company will not issue a policy. An insurable interest
must exist at the time of the purchase of the insurance. For example, a creditor has an
insurable interest in the life of a debtor, A person is considered to have an unlimited
interest in the life of their spouse etc.
4. Principle of indemnity:
Indemnity means security or compensation against loss or damage. The principle of
indemnity is such principle of insurance stating that an insured may not be
compensated by the insurance company in an amount exceeding the insured‘s
economic loss. In type of insurance the insured would be compensation with the
amount equivalent to the actual loss and not the amount exceeding the loss. This is a
regulatory principal. This principle is observed more strictly in property insurance than
in life insurance. The purpose of this principle is to set back the insured to the same
financial position that existed before the loss or damage occurred.
5. Principal of subrogation:
The principle of subrogation enables the insured to claim the amount from the third
party responsible for the loss. It allows the insurer to pursue legal methods to recover
the amount of loss, For example, if you get injured in a road accident, due to reckless
driving of a third party, the insurance company will compensate your loss and will also
sue the third party to recover the money paid as claim.
6. Double insurance:
Double insurance denotes insurance of same subject matter with two different
companies or with the same company under two different policies. Insurance is
possible in case of indemnity contract like fire, marine and property insurance. Double
insurance policy is adopted where the financial position of the insurer is doubtful. The
insured cannot recover more than the actual loss and cannot claim the whole amount
from both the insurers.
7. Principle of proximate cause:

Proximate cause literally means the nearest cause‘ or direct cause‘. This principle is
applicable when the loss is the result of two or more causes. The proximate cause
means; the most dominant and most effective cause of loss is considered. This
principle is applicable when there are series of causes of damage or loss.
 Insurability
Risk which can be insured by private companies typically shares seven common
characteristic
1.Large number of similar exposure units

Since insurance operates through pooling resources, the majority of insurance
policies are provided for individual members of large classes, allowing insurers to
benefit from the law of large numbers in which predicted losses are similar to the
actual losses. Exceptions include Lloyd's of London, which is famous for insuring
the life or health of actors, sports figures, and other famous individuals. However,
all exposures will have particular differences, which may lead to different
premium rates.
2.Difinite Loss
The loss takes place at a known time, in a known place, and from a known cause.
The classic example is death of an insured person on a life insurance policy. Fire,
automobile accidents, and worker injuries may all easily meet this criterion. Other
types of losses may only be definite in theory. Occupational disease, for instance,
may involve prolonged exposure to injurious conditions where no specific time,
place, or cause is identifiable. Ideally, the time, place, and cause of a loss should be
clear enough that a reasonable person, with sufficient information, could
objectively verify all three elements.
3.Accidental loss
The event that constitutes the trigger of a claim should be fortuitous, or at least
outside the control of the beneficiary of the insurance. The loss should be pure, in
the sense that it results from an event for which there is only the opportunity for
cost. Events that contain speculative elements such as ordinary business risks or
even purchasing a lottery ticket are generally not considered insurable.
4.Large loss
The size of the loss must be meaningful from the perspective of the insured.
Insurance premiums need to cover both the expected cost of losses, plus the cost
of issuing and administering the policy, adjusting losses, and supplying the capital
needed to reasonably assure that the insurer will be able to pay claims. For small
losses, these latter costs may be several times the size of the expected cost of
losses. There is hardly any point in paying such costs unless the protection offered
has real value to a buyer
5.Affordable premium
If the likelihood of an insured event is so high, or the cost of the event so large,
that the resulting premium is large relative to the amount of protection offered,
then it is not likely that the insurance will be purchased, even if on offer.
Furthermore, as the accounting profession formally recognizes in financial
accounting standards, the premium cannot be so large that there is not a
reasonable chance of a significant loss to the insurer. If there is no such chance of
loss, then the transaction may have the form of insurance, but not the substance.
6.Calculable loss
There are two elements that must be at least estimable, if not formally calculable:
the probability of loss, and the attendant cost. Probability of loss is generally an
empirical exercise, while cost has more to do with the ability of a reasonable
person in possession of a copy of the insurance policy and a proof of loss
associated with a claim presented under that policy to make a reasonably definite
and objective evaluation of the amount of the loss recoverable as a result of the
claim
7 Limited risk of catastrophically large losses

Insurable losses are ideally independent and non-catastrophic, meaning that the
losses do not happen all at once and individual losses are not severe enough to
bankrupt the insurer; insurers may prefer to limit their exposure to a loss from a
single event to some small portion of their capital base. Capital constrains insurers'
ability to sell earthquake insurance as well as wind insurance in hurricane zones. In
the United States, flood risk is insured by the federal government. In commercial
fire insurance, it is possible to find single properties whose total exposed value is
well in excess of any individual insurer's capital constraint. Such properties are
generally shared among several insurers, or are insured by a single insurer who
syndicates the risk into the reinsurance market.
 Legal
When a company insures an individual entity, there are basic legal requirements
and regulations. Several commonly cited legal principles of insurance include:
1. Indemnity
The insurance company indemnifies, or compensates, the insured in the case of
certain losses only up to the insured's interest.
2. Benefit insurance
as it is stated in the study books of The Chartered Insurance Institute, the
insurance company does not have the right of recovery from the party who
caused the injury and is to compensate the Insured regardless of the fact that
Insured had already sued the negligent party for the damages (for example,
personal accident insurance)
3. Insurable interest
the insured typically must directly suffer from the loss. Insurable interest must
exist whether property insurance or insurance on a person is involved. The
concept requires that the insured have a "stake" in the loss or damage to the
life or property insured. What that "stake" is will be determined by the kind of
insurance involved and the nature of the property ownership or relationship
between the persons. The requirement of an insurable interest is what
distinguishes insurance from gambling.
5. Utmost good faith
the insured and the insurer are bound by a good faith bond of honesty and
fairness. Material facts must be disclosed.
6. Contribution
insurers which have similar obligations to the insured contribute in the

indemnification, according to some method.
7.Subrogation
the insurance company acquires legal rights to pursue recoveries on behalf of
the insured; for example, the insurer may sue those liable for the insured's
loss. The Insurers can waive their subrogation rights by using the special clause.
8. Causa proxima, or proximate cause

the cause of loss (the peril) must be covered under the insuring agreement of
the policy, and the dominant cause must not be excluded
9.Mitigation
In case of any loss or casualty, the asset owner must attempt to keep loss to a
minimum, as if the asset was not insured.
 Methods of insurance
In accordance with study books of The Chartered Insurance Institute, there are the following
types of insurance:
1.Co-insurance
risks shared between insurers
2. Dual insurance
risks having two or more policies with same coverage (Both the individual policies would
not pay separately- a concept named contribution, and would contribute together to make
up the policyholder's losses. However, in case of contingency insurances like Life insurance,
dual payment is allowed)
3. Self-insurance
situations where risk is not transferred to insurance companies and solely retained by the
entities or individuals themselves
4. Reinsurance
situations when Insurer passes some part of or all risks to another Insurer called Reinsurer.
 Types of insurance
General insurance or Non-life insurance General insurance or non-life insurance policies,
including automobile and homeowners policies, provide payments depending on the loss
from a particular financial event. General insurance is typically defined as any insurance
that is not determined to be life insurance.
1. Motor Insurance
Motor insurance covers all damages and liability to a vehicle against various on-road
and offroad emergencies. A comprehensive policy even secures against damage
caused by natural and man-made calamities, including acts of terrorism. Motor
insurance offers protection to the vehicle owner against.
Damage to the vehicle.

It also pays for any third party liability determined by law against the owner of the
vehicle. Motor insurance is mandatory in India as per the Motor Vehicles Act, 1988
and needs to be renewed every year. Driving a motor vehicle without insurance in a
public place is a punishable offence. In fact, third party insurance is a statutory
requirement in our country i.e. the owner of the vehicle is legally liable for any injury
or damage caused to a third party life or property, by or arising out of the use of the
vehicle in a public place. A comprehensive motor insurance policy would include
personal accident and liability only policy (third party insurance) in addition to own
damage cover (damage to owner‘s vehicle) in one policy.
Common motor insurance categories include:
i.Car Insurance
ii. Two Wheeler Insurance

iii. Commercial Vehicle Insurance
1.Some attractive benefits of motor insurance include roadside assistance, cashless
servicing at nationwide network of workshops and garages, personal accident cover,
towing assistance.
2. Health Insurance
Health care costs are increasing every year. Sedentary lifestyle and stress at work
negatively affect the health and can result in a critical illness or medical emergency. Such
a scenario is sure to adversely affect one financially, due to the massive outlay of money
on medical expenditure. A health insurance policy is the only way to mitigate the financial
risks, apart from leading a healthy lifestyle. Health insurance guarantees peace of mind in
times of crisis, and helps secure own health and that of one‘s family. Health insurance
covers the medical and surgical expenses of the insured individual due to hospitalisation
from an illness. Additional riders enhance the benefits and scope of the cover. Health
insurance often includes cashless facility at empanelled hospitals, pre and post
hospitalisation expenses, ambulance charges, daily cash allowance etc .
Common types of health insurance policies include:
i. Individual Policy
ii. ii. Family Floater Policy
iii. iii. Surgery Cover
iv. iv. Comprehensive Health Insurance
2. Travel Insurance
International travel, whether on vacation or business, can turn into a nightmare if one
experiences contingencies like loss of baggage, loss of passport, delay in flight,
medical emergency etc. Such eventualities will surely take the fun away from
travelling. Travel insurance, also referred to as visitor insurance, covers one against
unseen medical and nonmedical emergencies during overseas travel, ensuring a
worry-free travel experience. It protects the insured against misfortunes while
travelling. Backed up by travel insurance, the whole experience is like no other.
Different types of travel insurance policies include:
i. Individual Travel Policy

ii. ii. Family Travel Policy
iii. iii. Student Travel Insurance
iv. iv. Senior Citizens Travel Policy
In addition to the above, some insurance companies offer special plans like a
corporate travel policy or comprehensive policy for travel to special destinations like
Asia and/or Europe.
3. Home Insurance
Home is often the most treasured possession of an individual and also the largest
financial investments one makes in life. Safeguarding the physical structure and
contents of home seems like a logical thing to do. Home insurance protects the house
and/or the contents in it, depending on the scope of insurance policy opted for. It
secures the home against natural calamities and man-made disasters and threats.
Home insurance provides protection against risks and damages from fire, burglary,
theft, flood, earthquakes etc. covering the physical asset (building structure) and
valuables (contents) in it. Home insurance ensures that one‘s hard-earned savings are
utilised to meet important needs instead of using them for rebuilding the house if
some harm was to come to it.
4. Marine (Cargo) Insurance

Business involves the import and export of goods, within national borders and across
international borders. Movement of goods is fraught with risk of mishaps which can
result in damage and/or destruction of shipments. This leads to substantial financial
losses for both the importers as well as the exporters. Marine cargo insurance covers
goods, freight, cargo and other interests against loss or damage during transit by rail,
road, sea and/or air. Shipments are protected from the time the goods leave the
seller‘s warehouse till they reach the buyer‘s warehouse. Marine cargo insurance
offers complete financial protection during transit of goods and compensates in the
event of any loss suffered. The party responsible for insuring the goods is determined
by the sales contract. Marine cargo insurance policy can be taken by buyers, sellers,
import/export merchants, buying agents, contractors, banks etc. The policy usually
covers the cargo, but can also be extended to cover the interest of a third party post
transfer of ownership as determined by terms of sale.
Common policies:
i.Open Cover
ii. Open Policy
iii. Specific Voyage Policy
iv Annual Policy
5. Rural Insurance
Insurance solutions to meet the needs of agriculture and rural businesses form part of
rural insurance. IRDA has stipulated annual targets for insurers to provide insurance to
the rural and social sector. As per these regulations, insurers are required to meet
year-wise targets.
 In percentage terms of policies underwritten and percentage of total gross premium

income by general insurers under rural obligation 
In terms of the number of lives under social obligation Commercial Insurance

Commercial insurance encompasses solutions for all sectors of the industry arising out
of business operations. Insurance solutions for automotive, aviation, construction,
chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power,
technology, telecom, textiles, transport and logistics sectors. It covers small and
medium scale enterprises, large corporations as well as multinational companies.
1. Property Insurance
2. . Marine Insurance
3. . Liability Insurance
4. Financial Lines
5. Insurance Engineering Insurance
2. Life Insurance Life insurance provides a monetary benefit to a decedent's

family or other designated beneficiary, and may specifically provide for income
to an insured person's family, burial, funeral and other final expenses. Life
insurance policies often allow the option of having the proceeds paid to the
beneficiary either in a lump sum cash payment or an annuity. In most states, a
person cannot purchase a policy on another person without their knowledge.
 Types of life insurance
There are various types of policies and schemes prepared to suit the need of
different individual. You can avail the one that satisfy your budget and need.
Lifeinsurance can be broadly divided into 3 types:
1. Term Life Insurance

In this type of life insurance, financial coverage is provided for a certain
period of time according to the terms of the policy. When the term period
gets over, the policy holder can either end the policy or continue it by
paying annual premiums.Term life insurance does not provide permanent
coverage but is good for thosewho want temporary protection on a limited
budget. If you are thinking of availinga short term life insurance policy to
pay off loans, term life insurance policy is theright option for you. It can be
renewed according to the policy holders wish andneed.
2. Whole Life Insurance

In this type of life insurance, the insured is provided with permanent
financial protection. It is a long terminsurance planwhere the policy holder
needs to pay premiums annually. There are various types of whole life
insurance thatindividuals can avail in accordance to their needs such as
Non-participating,Participating, Indeterminate premium, Economic,
Limited Pay, Single Premiumand Interest sensitive. But all life insurance
companies may not offer all the typesof whole insurance policies stated
above.
3. Universal Life Insurance

This is a permanent life insurance plan which has flexible terms. It allows
some of the benefits such as death benefits, saving benefits to be reviewed
and changed according to the policy holders need. In this policy, the
insured enjoys not only benefits of term life insurance but also cash value
(premiums that are above the cost insurance are credited as cash value).
You can choose from the 3 types of universal life insurances, i.e. Single
premium, fixed premium and flexible premium, in accordance to your
requirement.
i. Single premium universal life insurance:
In single premium universal lifeinsurance, the policy holder pays a
big premium amount at the beginning of the policy. The policy
remains active as long as the cost of insurance (COI) is covered by
the initially paid amount
ii. ii. Fixed premium universal life insurance:

In fixed premium universal lifeinsurance, the policy holder makes
monthly or yearly payments of fixed amountfor a certain period of
time.
iii. Flexible premium universal life insurance:

In this option of universal lifeinsurance, the policy holder can pay
monthly premiums of his choice as long as theminimum payment
amount is covered.Life insurance is therefore an essential step
towards safeguarding the future of your family. People should
understand how these life insurance policies work and availthe one
that seems suitable to their needs. Take the help of a good
insurance agentwho will help you with details of the policies
available.
 Parties
The person responsible for making payments for a policy is the policy owner, while the
insured is the person whose death will trigger payment of the death benefit. The owner and
insured may or may not be the same person. The policy owner is the guarantor and he will be
the person to pay for the policy. The insured is a participant in the contract, but not
necessarily a party to it. The beneficiary receives policy proceeds upon the insured person's
death. The owner designates the beneficiary, but the beneficiary is not a party to the policy.
 Death proceeds
Upon the insured's death, the insurer requires acceptable proof of death before it pays the claim. The
normal minimum proof required is a death certificate, and the insurer's claim form completed, signed,
and typically notarized. If the insured's death is suspicious and the policy amount is large, the insurer
may investigate the circumstances surrounding the death before deciding whether it has an obligation
to pay the claim. Payment from the policy may be as a lump sum or as an annuity, which is paid in
regular instalments for either a specified period or for the beneficiary's lifetime.
 Benefits of having an insurance policy
1. Protection
First and foremost, one primary advantage of life insurance is the death benefit. Dying with no
life insurance can create all sorts of financial and emotional problems for those you leave
behind. For example, your family may have to find money for debts, mortgage, bills, funeral
expenses, income replacement and more. There is a huge advantage to having a life insurance
policy in force that will pay a death benefit will go to your life insurance beneficiary, which
they can use however they wish. For example, they could pay off the mortgage, replace lost
income, or pay off any large debts, such as student loans.
2. Removes Worries
For the length of your level term life insurance or for the rest of your life with whole life
insurance with cash value, you can rest worry free that your family is provided for should you
die prematurely. You see, there really is no replacement for the satisfaction you get once you
have life insurance in force and you know your family‘s financial needs will be met if you die.
You can choose 10, 20, or 30 year term life insurance. There is even a 35 year return of
premium life insurance policy available. Each policy has a conversion option to permanent
coverage, and also turns into annual renewable term to age 90 or 95 once the policy expires.
3. Cash Value
Apart from return of premium policies, term life insurance does not have cash value.
However, if you were to go for a permanent policy, you will be eligible for cash value life
insurance. Depending on the design of the policy, your cash value will grow over time. By
adding certain life insurance riders to the policy, such as paid up additions, you can
supercharge the cash value growth. The advantage of cash value life insurance is that you can
use the cash to fund many purchases down the road, such as paying off debt, buying a home,
investing in real estate, of simply living off the dividends as a form of passive income.
Advantages of Cash Value Life Insurance:

 Cash value grows tax deferred
 True compound interest as your principle is left undisturbed
 Tax free withdrawals and policy loans
 policy loans do not have to be repaid; you choose your own repayment schedule and
amount  policy loans do not show up on your credit report
 Income tax free death benefit
 Living benefits
 Different benefits including accelerated benefits which pay a portion of your death benefit
while you are still alive if you are diagnosed terminally ill
 Distributions are not considered in calculating Affordable Care Act taxes on investment
income, income taxes on Social Security benefits, or in calculating Medicare premiums.
 Provides an excellent source of supplemental retirement income
 Protected under certain state laws against creditors
4.Tax Benefits
Not only is a life insurance death benefit not taxable, the cash value accumulation and any
dividends accumulate tax deferred. And if you use policy loans you may never have to pay
taxes on your cash value growth. Further, all policy loans are free from income tax, and even
most cash value withdrawals are taxfree as long as it doesn‘t surpass the premiums paid into
the policy, i.e. your basis.
5.Flexibility
Another advantage of a life insurance policy is that you have great flexibility over what
company you choose, the policy, coverage, duration, beneficiary, and more. Even after you
have passed away, most insurers will allow the death benefit to be spent on whatever is
required rather than forcing your loved ones to spend it in certain areas. Depending on the
type of policy you choose, after the policy is in effect and has been for many years, there are
various things that can be done to adjust, including lowering the premiums. If your income
decreases, you might be able to decrease your premiums and death benefit with an option to
increase it once more in the future.
6.Cheap Prices
Finally, we should also mention that life insurance rates are now extremely affordable,
particularly term life, thanks to people living longer than ever. Further, as one company
competes with the next, cheap life insurance is in abundance. And your own decisions will
affect the price and this comes back down to flexibility once again.
 Are you happy with doing a medical exam or do you prefer life insurance with no medical
exam?
 Do you need any riders attached to your policy?
 Are you looking for term life or permanent insurance? Overall, there are many decisions
you can make to find the most affordable life insurance in the marketplace.
RELIANCE NIPPON LIFE INSURANCE
Reliance Nippon Life Insurance Company (RNLIC)

Reliance Nippon Life Insurance Company is amongst the leading private sector life insurance
companies in India in terms of individual WRP (weighted received premium) and new
business WRP. The company is one of the largest non-bank supported private life insurers
with over 10 million policyholders*, a strong distribution network of 713 branches and 42,604
advisors as on March 31, 2021.
The company holds Claim settlement ratio of 98.48% as on March 31, 2021. Rated amongst
the Top 3 Most Trusted Life Insurance Service Brands by Brand Equity‘s Most Trusted Brands
Survey 2018, the company‘s vision is
"To be a company people are proud of, trust in and grow with; providing financial
independence to every life we touch."
With this in mind, Reliance Nippon Life caters to five distinct segments, namely Protection,
Child, Retirement, Saving & Investment, and Health; for individuals as well as
Groups/Corporate entities.
Reliance Nippon Life Insurance Company is a part of Reliance Capital, a private sector
financial services and non-banking company.
Reliance Capital has interests in stock broking, life & general insurance, proprietary
investments, private equity and other activities in financial service. Life insurance also known
as nissay or Nihon Seimei is the largest Japanese life insurance company by revenue.
The company was founded in 1889 and first paid policyholder dividends in 1898 It primary
operation in Japan, North America, Europe and Asia and is headquarters in Osaka, Japan .
NLI conduct asset management operations in Asia through its subsidiary nissay asset
management corporation Nissay which manage assets globally.
 Nippon Life, the leading Life Insurance company in Japan
 Life insurance also known as nissay or Nihon Seimei is the largest Japanese life
insurance company by revenue
 The company was founded in 1889 and first paid policyholder dividends in 1898
 It primary operation in Japan, North America, Europe and Asia and is headquarters in
Osaka, Japan
 NLI conduct asset management operations in Asia through its subsidiary nissay asset
management corporation Nissay which manage assets globally .
ABOUT RELIANCE CAPITAL:
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 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 Rs. 60,000 crore colossus—an 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.
NIPPON LIFE INSURANCE
Nippon Life was founded as Nippon Life Assurance Co., Inc. in July 1889, and in 1891, the
name was changed to Nippon Life Assurance Co., Ltd. When the Company was founded, a
premium table based on unique Japanese mortality statistics was created. At the same time,
Nippon Life became the first Japanese life insurer to decide to offer profit dividends to
policyholders, which embodied the spirit of mutual aid.
And so, after its first major closing of books in 1898, Nippon Life paid the first policyholder
dividends in Japan. After World War II, the Company was reborn as Nippon Life Insurance
Company in 1947 and continues to work to realize mutual aid and cooperative prosperity as a
mutual company.
Looking ahead, Nippon Life will continue to embody this spirit of mutual aid and, as a life
insurance company, strive to provide customers with enhanced services.
Currently, Nippon Life, as one of Japan's largest private life insurer, has a revenue of US$
710.0 Billion and profit of US$ 54.6 billion as of Mar 31, 2019. The Company, with over 34
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 operates in Japan, North America, Europe and Asia and is
headquartered in Osaka, Japan. It is ranked 125th among the Global Fortune 500 firms in
2019.
Our Vision
“TO BE A COMPANY PEOPLE ARE PROUD OF, TRUST IN AND GROW WITH;
PROVIDING FINANCIAL INDEPENDENCE TO EVERY LIFE WE TOUCH”
Planning people's future and standing by them in their hour of need goes beyond business, it
takes a selfless intent of thinking well for others. Our advisors enjoy high credibility and stature
in society, having helped not only shape the future of families, but also recuperate in tough
times. 'Do Good' is our intent, our philosophy and belief that we aim to bring alive through
every life we touch .
Awards and Accolades

Excellence in Digital Execution award for Process Innovation
Mint | TechCircle Business Transformation Awards 2021
Recognized among the Best in Insurance
Great Place To Work 2021
Ranked in the Top 50 of India's Best Companies to Work
Great Place To Work 2021
Best Digital Customer Experience Award of the Year in Insurance

3rd Digital Customer Experience Summit and Awards 2021 CHRO of the Year (Special
Mention) Award-Srinivas Ladwa, CHRO, RNLIC
6th Edition BW People HR Excellence Awards 2021
Excellence in Best Project - Corporate
Annual Workplace Excellences Awards conducted by INFHR 2021
Excellence in Best Corporate Real Estate Consolidation
Annual Workplace Excellences Awards conducted by INFHR 2021

Reliance Nippon Life Insurance Company-India's Most Trusted Insurance Brand
Insurance Alertss, 2021
Special Jury Appreciation award for Promoting Gender Equality & Women Empowerment in
Large Enterprise Category for Face To Face
3rd ICC Social Impact Summit & Awards 2021 Best Women Investment Officer of the Year
awarded to Jyoti Vaswani, CIO RNLIC
International Women‘s Day Confluence and Achievers Award 2021
Best Women Strategy Officer of the Year awarded to Supriya Parikh, Head Strategy and CEOs
Office RNLIC
International Women‘s Day Confluence and Achievers Award 2021 Great Place to Work
Certified by Great Place to Work India Period: Mar‘21 –Feb‘22
'Best Contactless Employee to Employee Experience' Award
The Customer Fest Leadership Awards, 2021
Best Mobile Based Learning Award
BW People‘s HR L&D Excellence Summit & Awards, 2020 Silver Award for
"Cyber Security" 71st Skoch Summit & Awards 2020

Order-of-Merit for "Cyber Security"
71st Skoch Summit & Awards 2020
RELIANCE NIPPON POLICY OFFERED:
. Protection Plans
a.) Reliance Nippon Life Term Plan

The features of this plan are mentioned below:
 Offers a wide insurance coverage at an affordable rate
 Offers adequate coverage depending up on your liabilities
 Offers protection to your family against unforeseen events
 Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for
premiums paid regularly
 Offers comprehensive coverage for your loved ones in your absence.
b.) Reliance Nippon Life Online Term Plan

 This is an online term plan that provides you a wide cover of life insurance at a very
affordable rate .
 It offers you the convenience to do your medical examinations at your home .
 Offers flexibility to decide the protection cover as per your requirements .
 Offers rewards for leading a healthy lifestyle by charging lower premiums .
 Offers hassle-free and simple application process .
premiums paid regularly .
 Offers adequate coverage depending up on your liabilities .
 Offers protection to your family against unforeseen events.
c.) Reliance Nippon Life Online Income Protect

 This plan offers double protection at a cheaper rate. Offers lump sum amount to
take care of your liabilities. Offers regular monthly income to take care of your
family‘s lifestyle
 Offers rewards for leading a healthy lifestyle by charging lower premiums
 Offers hassle-free and simple application process
 Offers adequate coverage depending up on your liabilities
 Offers protection to your family against unforeseen events
2. Savings & Investment Plans
a.) Reliance Nippon Life’s Guaranteed Money Back Plan
 Offers 3 guaranteed benefits: Guaranteed money back during the last five policy
years, guaranteed loyalty additions up to 40% of sum assured, guaranteed maturity
addition up to 20% of sum assured at maturity of the policy
 Offers flexibility to choose from your policy term either 15 or 20 years
 Offers flexibility to pay regular premium or limited premium
 Offers life cover of 10 times the annualized premium for the entire policy term
 Offers an additional life cover which is same as equal to the sum assured in case of
accidental death
 Offers protection to your family by waiving off the future premiums and then the
guaranteed benefits starts
 You can buy this plan to pay off your debts, to take care of your child‘s higher
education, take vaccinations abroad, gift to your grandchildren or if you wish to go on
a pilgrimage
b.) Reliance Nippon Life Fixed Savings

 Offers fixed regular additions of 8% in the first policy year, 9% in the 2nd policy year
and 10% on the 3rd policy year
 Offers maturity benefit on survival of the life assured till the end of the policy term.
This guaranteed sum assured would be
a.) Annualized premium premium payment term
b.) Fixed maturity addition = maturity factor*annualized premium
 Offers the below death benefit to the nominee in case of death of the life assured.
a.) Sum assured on death
b.) 105% of all the premiums paid, excluding the underwriting extra premiums as on
date of the death plus it also pays the accrued fixed regular additions till the death, if
it wasn‘t paid earlier:
1.) Annualized premium*death benefit multiple as per the death benefit option
chosen 2.)Guaranteed sum assured on maturity
 Offers security to your future with fixed returns
 Offers incremental savings in the first 3 years
 You can create your corpus for achieving long term goals
d.) Reliance Nippon Life Bluechip Savings Insurance Plan

 Offers maturity benefits in case of survival of the life assured, if the policy is in force
and you have made all the premium payments. The below would be payable:
a.) Guaranteed sum assured on maturity
b.) Vested Reversionary Bonuses and Terminal Bonus, if any
 Offers death benefit in case of death of the life assured during the policy period, if
the policy is in force and you have made all the premium payments. The below would
be payable:
c.) Sum assured on death plus Vested Reversionary Bonuses and Terminal Bonus, if
any
a.) 105% of the all the premiums paid, excluding the underwriting extra premiums, as
on the date of the death .
 You should buy this plan to save for your child‘s education, pre-pay your housing
loan, upgrade your lifestyle, save for your retirement life and also if you wish to save
for your holiday destination .
premiums paid regularly.
e.) Reliance Nippon Life Increasing Income Insurance Plan

 You should buy this plan to protect yourself against the rising expenses, pursue your
passion without the worry of a monthly income, protect your family from any
eventuality
 At the beginning of the plan, you can choose the income plans among the below:
a.) Income with maturity benefit
b.) Only income
 You may receive a guaranteed monthly income post the end of the premium
payment term on survival of the life assured
b.) Only income
 Offers maturity benefits only for income with maturity benefit
 This plan offers an insurance policy that offers regular monthly income along with
lump sum amount on maturity. Also provides 10 times the annualized premium in
case of death of the life assured
(f). Reliance Nippon Life Fixed Money Back Plan

 You should buy this plan to go on a pilgrimage, go on your destination holiday, give a
gift to your grandchildren, pay off your debts
 Offers fixed benefits:
a.) Fixed money back during the last five years of the plan
b.) Fixed loyalty additions of 3% of base sum assured accruing each year
c.) Guaranteed maturity benefit as total accrued fixed loyalty addition
 Offers flexibility to choose your policy term, premium payment term
 Offers life cover during entire policy term
 You can enhance your protection cover with the help of riders
 Here, payment of fixed money back is done during the last 5 years of the plan with
loyalty additions
Reliance Nippon Life Lifelong Savings Plan

 Offers flexible cover options that is standard that offers lump sum amount on
maturity and extended cover that offers extended life cover for the entire life post
completion of the policy term
 Offers flexibility to make payments for 10 years or for the entire term (regular)
 Offers loan facility during the policy term to meet any unforeseen situations
d.) Reliance Nippon Life Increasing Income Insurance Plan

eventuality
b.) Only income
b.) Only income
g.) Reliance Nippon Life Fixed Money Back Plan
 Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums
paid regularly

loyalty additions
h.) Reliance Nippon Life Lifelong Savings Plan
i.) Reliance Nippon Life Increasing Income Insurance Plan

eventuality
b.) Only income
b.) Only income
j.) Reliance Nippon Life Fixed Money Back Plan

loyalty additions
k.) Reliance Nippon Life Lifelong Savings Plan
l.) Reliance Nippon Life Smart Cash Plus Plan

 Offers guaranteed money back benefits after 3 years, starting from the 4th policy
year
 Offers money back benefits that increase with every payout
 Offers maturity benefit equal to the sum assured
 Offers high sum assured additions
 Offers vested bonuses if any
 Offers life cover which is 10 times the annualized premium for the entire policy term
 Offers flexibility to make the premium payments
m.)Reliance Nippon Life’s Money Multiplier Plan

 Offers the below 3 guaranteed maturity benefits:
a.) Sum assured
b.) Offers loyalty additions
c.) Offers Maturity additions
 Offers life cover of almost 10 times the annualized premiums for the entire policy
term
 Offers flexibility to choose the policy term
n.)Reliance Nippon Life Endowment Plan
 This is an endowment plan where you get a lump sum of sum assured on maturity
subject to 100.1% of the total premiums paid
 Offers the below in case of unfortunate event of the life assured:
a.) 10 times of annualized premium or base sum assured along with vested bonus or
105% of the premiums paid
 Offers flexibility to make the policy premium payments either 10 to 25 years 
Offers loan facility during unforeseen situations
o.)Reliance Nippon Life’s Super Endowment Plan

 Offers sum assured on the maturity of the plan
 Offers maximum of base sum assured or 10 times the annualized premiums
 Offers flexibility to choose the policy term 14 or 20 years
 You can pay limited premium for half of the selected period
3.Retirement Plans
a.) Reliance Nippon Life Pension Builder

 Offers flexibility to choose your policy term depending on when you want to retire
 Helps to build your retirement corpus by paying the premium for five, seven, ten
years or throughout the policy term
 Offers a good boost to your retirement savings by providing regular simple
reversionary bonus and terminal bonus
 Offers guaranteed regular flow of income for whole life at retirement
 Offers protection to your family with a lump sum amount
 Offers guaranteed income to your family in case of your demise
b.) Reliance Nippon Life Immediate Annuity Plan

 This plan makes the premium payment easier by paying at one go
 Offers flexibility to choose annuity from 3 different annuity payout options
 Offers life annuity with return of purchase price
 Offers flexibility to choose annuity payout frequency
 Doesn't mandate medical tests
c.) Reliance Nippon Life Smart Pension Plan

 This is a non-participating ULIP that takes care of your savings systematically for
you to get a better retirement fund after you retire
 Offers a guaranteed minimum amount depending on the total premiums paid in
case of any uncertain events
 Offers flexibility to choose your policy tenure from 10 to 30 years
 Offers loyalty additions to enhance your retirement corpus
 Offers flexibility to choose your vesting age from 45 to 75 years
 Offers flexibility to extend your retirement age .
4. Unit Linked Plans

a.) Reliance Nippon Life Premier Wealth Insurance Plan
 Offers a choice of investment options
 Offers self-managed options to manage and control your investments directly
 Offers auto-managed options to manage your investments automatically
 Offers wealth boosters each year from the end of the eight policy year
 Offers flexibility to pay your premiums
 Offers partial withdrawals of funds post 5 years
 Offers desired levels of insurance coverage based on your requirements
b.) Reliance Nippon Life Smart Savings Insurance Plan

 Offers a choice of investment options
 Offers self-managed options to manage and control your investments directly
 Offers auto-managed options to manage your investments automatically
 Offers 10 times the annualized premiums in case of death of the policy holder
 Offers benefits of reduced charges if you invest in premiums that are higher in
amount
 Offers enhancement of your fund value by staying invested for a longer duration
through wealth boosters
 Offers partial withdrawals during emergencies, after 5 years
d.) Reliance Nippon Life Classic Plan II

 Offers flexibility to choose from 5 investment funds as per your risk appetite
 Offers flexibility to select your premium payment mode
 Offers 52 free switches out of the 5 investment funds
 Offers enhancement of policies throughout top-ups
 Offers adequate protection to your family through a base life cover throughout
the term of the policy
 Offers additional security against accidental death
 Offers partial withdrawals during emergencies, after 5 years
5. Child Plans
a.) Reliance Nippon Life Education Plan
 Offers guaranteed benefits on maturity of the plan even post your demise
 Offers flexibility to select your benefit payout option:
a.) Offers a single self-starter which is a single lump sum for your kid‘s education
b.) Offers post-graduation degree where 2 annual payouts for your kid‘s
graduation
c.) Offers professional degree where 4 annual payouts for your kid‘s professional
degree
d.) Offers career starter where 5 annual payouts to pay for your kid‘s higher
education and offer a career launch
 Offers protection to your child‘s future even post your death
 Offers flexibility to select your premium paying option
 Offers loan facility to meet any unforeseen conditions
b.) Reliance Nippon Life Child Plan

 Offers 25% of the sum assured on each of the last 3 policy anniversaries before
maturity
 Offers maturity benefits:
a.) Guaranteed sum assured on maturity which is 25% of sum assured
b.) Offers vested bonus
c.) Offers non-negative capital guarantee
 Offers life protection for the entire policy period
 Offers waiver of future premiums and guaranteed periodic benefit
 Offers flexibility to choose from policy term of 10 to 20 years
 Offers flexibility to make premium payments
6. Health Plans
a.) Reliance Nippon Life Easy Care Fixed Benefit Plan
The features of the plan are mentioned below:
 Offers daily hospital cash benefits
 Offers complete protection against any kind of medical expenses towards
medical illness, immediate surgeries or sudden hospitalization
 Offers facility of intensive care unit
 Offers recuperation benefits
 Offers surgical cash benefits
 Offers major surgical benefits
 Offers critical illness
7. Group Plans
a.) Employers Liability Solutions
The four solutions in this plan is as below:
 Reliance Traditional Group Employee Benefit Plan This plan helps to manage
efficiently your employee benefits funds in order to ensure that their future is
secured. Offers guaranteed returns with an upside, opt for an additional
protection at competitive rates, offers free administrative hassles of the
scheme.Section 80C and 10(10D) under the Income Tax Act, provides tax benefits
for premiums paid regularly
 Reliance Traditional Group Superannuation Plan Offers expert management
services. Offers additional interest rates. Offers rider coverage. Section 80C and
10(10D) under the Income Tax Act, provides tax benefits for premiums paid
regularly
 Reliance Group Leave Encashment Plus Plan Offers annual leave encashment by
employees. Offers resignations or early termination of service of the employee,
retirement of the employees, death or disability of the employee in service,
surrender/ discontinuance of policy.
 Reliance Group Gratuity Plus Plan Offers resignations or early termination of
service of the employee, retirement of the employees, death or disability of the
employee in service, surrender/ discontinuance of policy. You can meet your
obligations under the payment of gratuity act while providing innovative solutions .
b.) Employee Protection Solutions

The four solutions in this plan is as below:
 Reliance Group Credit Assure Plan This plan helps you cover your customer‘s
loans. Offers protection against the repayment of loan liability by the nominee or
legal heir in case of death of the policy holder. Offers protection to the co-
borrowers if it‘s a joint loan case. Offers flexibility for choosing your premium
frequency.
 Reliance Group Term Assurance Plan Offers flexibility to both formal and
informal groups. Offers to increase the cover amount. Offers flexibility to convert
the group coverage into an individual coverage. Offers competitive pricing with a
comprehensive coverage. Offers easy administration process.
 Reliance Group Credit Assure Plan This plan helps to cover your customer ‘s
loans. Offers comprehensive coverage by covering a wider range of loans. Covers
employer employee, borrowers from lending institutions. Offers competitive
pricing with a comprehensive coverage. Offers easy administration process. Offers
flexibility to select between single pay or limited pay based on one ‘s need.
 Reliance Group Term Assurance Plan EDLI This plan offers one-year renewable
contract. Offers death benefit due to accidental or natural death. Offers zero
survival benefits. Here, the claim settlement is quick, hassle-free and not linked to
account balance.
c.) Group Savings Solution

 Reliance Nippon Life Group Sarv Samriddhi This is a non-linked, non-participating
group savings insurance plans. It is affordable and offers regular premium paying
option which helps in increasing your savings through regular credit interests.
Claim Process - Reliance Nippon Life Insurance The claim can be filed in a simple
and hassle-free process. Mentioned are the steps for claim process.
Claim Intimation:
The nominee of the insured needs to intimate the claim to the insurance company
by filling a claim form completely. Necessary documents need to be attached along
with the claim form. They are mentioned below:
 Terminal illness claim form
 Critical illness claim form
 Accidental disability form
 Natural/Accidental death form The nominee needs to ensure that the form is
filled based on the type of claim and submitted to the Reliance Nippon Life
Insurance office along with the doctor ‘s certificate, death certificate, physician
statement etc.
2. Fund value payment:

On receiving the documents, the fund value of the plan is paid to the nominee of
the policy. This process happens only during death claim.
3.Arrange for documents:
Based on the type of claim, your nominee would then have to attach the relevant documents
in original or photocopies. These photocopies are needed to be attested by a Gazette officer.
4.Settlement payout:
The insurance company would verify the documents once received. In case of any
more documentation, the verification process would be complete after receiving the same.
The clauses and riders if any would also be examined. If all the documents are found right as
per the requirement, then the funds would be released in the nominee‘s favor. The payment
is done via NEFT (National Electronic fund Transfer) to the nominee. The insurance company
ensures complete transparency to reduce any possible frauds and financial discrepancy.
Review of Reliance Nippon Life Insurance:
Reliance Nippon Life Insurance offers an array of reasonably priced term insurance policies.
Their term insurance plans are made-to-measure to shield you against your mounting
financial responsibilities towards your family after your demise. They boast of a very good
claim settlement ratio amongst other private insurers. The variety of plans offered by this
company would enhance your insurance policies at a very minimal rate .
METHODOLOGY
 Primary research
In our research project we have used google forms to collect responses of our samples. We created a
questionnaire which is in annexure below and circulated it to people we know and tried to cover as
many people as many people as we could.
 Secondary Data
We used internet as our secondary source for collection of information. Websites that are being
referred to are given in references.
 Sample Size
The sample size comprises of 85 respondents from the State of Maharashtra constituted the population
of the study. The respondents are collected as per convenience due to time constraints. Various
personal and non-personal are related to project. Age, Occupation, Gender etc. are the personal
questions asked. Also various questions such as Awareness of Financial Management, Cost of Capital,
etc. factors on which research is depend. The respondents consist from city of Mumbai.
 Tools And Techniques
All data are analysed with the help of statistical tools. Percentages and pie diagram were used to analyse
the data. With the help of above tools relations are established among various variables taken for study.
ANALYSIS AND FINDING
 Universe
The universe or population represents the entire group of units concerned with the particular study.
Thus, the population could consist of all the living and non-living units in the country, or those in a
particular geographical location, or a special ethnic or economic group, depending on the purpose and
coverage of the study. In the present study all the customers who responded are considered as
Universe. The universe of this study is specifically concerned with those customers who have sufficient
knowledge regarding the audit of hotels. As the collection of complete data from all the customers in
the universe is not possible, a select sample of geographical areas as well as of customers is chosen for
data collection of this study.
 Sample
For this research, samples have to be taken since it is not possible to cover such a vast country as India
on account of impediments of time, finance and other resources required for the purpose. Hence, the
geographical area for the survey as well as the customers (respondents) to the questionnaire have been
selected in such a manner that the whole country is represented and the conduct of research work gets
convenient in handling and possible for completion, 77 respondents have responded.
 Questionnaire
The design and structure of the questionnaire is simple, study specific unambiguous and capable of
seeking objective type of answers through marking a tick only. Each respondent is advised to tick the
option that represents the perception most truly and faithfully. Various questions were asked to
analyses A STUDY ON CONSUMER PERPECTION ON INSURANCE . From questionnaire following
interference were conclude.
It can be seen that the age group of 18 to 25 are more likely to invest in insurance as compared to other
age group.
The above pie diagram is reflecting a rise in number of women interested in investing in insurance and
the number is likely to increase in future
In the above diagram 22% are the people who invest in several insurance scheme and 74% are the ones
who consider mainly life and health insurance.
The above diagram shows the people perception on investing in insurance when it comes to
government or private sector.
The 16 percent people are the ones who have not started earning enough to invest in insurance and this
number will gradually fall in the near future.
As the above diagram shows that among every 10 persons 9 of them are aware of insurance and its
advantages.
It has been a very popular insurance as people are equally concerned about their vehicles as they are for
their own health.
The name of this type of insurance says it all.
These losses can be minor, like a delayed suitcase, or significant, like a last-minute trip cancellation or a
medical emergency overseas.
Perils covered by property insurance typically include select weatherrelated afflictions, including
damage caused by fire, smoke, wind, hail, the impact of snow and ice, lightning, and more. Property
insurance also protects against vandalism and theft, covering the structure and its contents.
Insurance for such devices should be bought within seven days of purchase. Having a mobile insurance is
a good option when buying high end products. However, one has to be mindful that if the loss is due to
personal negligence, then no insurance will be helpful.
These insurance products require less documentation for underwriting unlike conventional policies. This
type of insurance focusses on a specific need and comes with a low premium and lower cover.
The 11%of people in the above diagram are the one who are not aware or some of them are not
educated enough to know the advantage of investing in insurance.
BIBLIOGRAPHY
• Jnaneshwar Pai Maroor and Sunitha (2013), “A Study of the Attitude of the Rural population towards
life Insurance policy”, Poseidon; Journal of Commerce, Management and Social Science, Vol.2,Issue 2
• Jawarharlal and Seetha Pathi, (2011) “Life Insurance”, Vol-I, Insurance series, ICFAUI University.
• Keerth P, Vijayalakshmi R. (2009), “A Study on the Expectations and Perceptions of the Services in
Private Life Insurance Companies”, SMART Journals.vol.5:291-309
• Ramanathan (2011) A study on policy holder’s satisfaction with reference to Life Insurance
Corporation of India” Indian Journal of Marketing
• Selvakumar & Priyan (2012), “A Comparative Study of Public and Private Life Insurance Companies in
India” The Indian Journal of Commerce, Vol. 65, No.1.
• Vijaya Kumar, (2004) “Globalization of Indian Insurance Sector Issues and Challenges”, Journal of
Management Accountant, p.195-198.
CONCLUSION
The insurance sector has a vast potential not only because incomes are increasing and assets are
expanding but also because the volatility in the system is increasing. In a sense, we are living in a more
risky world. Trade is becoming increasingly global. Technologies are changing and getting replaced at a
faster rate. In this more uncertain world, for which enough evidence is available in the recent period,
insurance will have an important role to play in reducing the risk burden individuals and businesses have
to bear. In the emerging scenario, the insurance industry must pay attention to
(a) Product innovation
(b) Appropriate pricing and
(c) Speedy settlement of claims.
The approach to insurance must be in tune with the changing times. The mission of the insurance sector
in India should be to extend the insurance coverage over a larger section of the population and a wider
segment of activities.
The three guiding principles of the industry must be to charge premium no higher than what is
warranted by strict actuarial considerations, to invest the funds for obtaining maximum yield for the
policy holders consistent with the safety of capital and to render efficient and prompt service to policy
holders. With imaginative corporate planning and an abiding commitment to improved service, the
mission of widening the spread of insurance can be achieved.

Reliance Nippon Life Insurance Akhilesh

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Reliance Nippon Life Insurance Akhilesh

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PROJECT REPORT ON

(‘A study on consumer perception on life insurance services’)

SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF

LALA LAJPATRAI INSTITUTE OF MANAGEMENT

(RELIANCE NIPPON LIFE INSURNACE)

SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF

LALA LAJPATRAI INSTITUTE OF MANAGEMENT

Date: 5th January, 2022

I, Mr. (Akhilesh Ganesh Jadhav), student of Lala Lajpatrai Institute of

Akhilesh .G. Jadhav

I am very grateful to Dr. Angadi, Director of Lala Lajpat Rai Institute of

RELIANCE NIPPON LIFE INSURANCE 25

 ANALYSIS AND FINDING 45

Outline of the Study:

Insurance is a means of protection from financial loss. It is a form of risk management

2. Principle of Loss Minimization

3. Principle of Insurable interest:

7. Principle of proximate cause:

1.Large number of similar exposure units

7 Limited risk of catastrophically large losses

5. Utmost good faith

insurers which have similar obligations to the insured contribute in the

8. Causa proxima, or proximate cause

Damage to the vehicle.

ii. Two Wheeler Insurance

i. Individual Travel Policy

4. Marine (Cargo) Insurance

 In percentage terms of policies underwritten and percentage of total gross premium

In terms of the number of lives under social obligation Commercial Insurance

2. Life Insurance Life insurance provides a monetary benefit to a decedent's

 Types of life insurance

1. Term Life Insurance

2. Whole Life Insurance

3. Universal Life Insurance

ii. ii. Fixed premium universal life insurance:

iii. Flexible premium universal life insurance:

Advantages of Cash Value Life Insurance:

Reliance Nippon Life Insurance Company (RNLIC)

 Nippon Life, the leading Life Insurance company in Japan

Awards and Accolades

Best Digital Customer Experience Award of the Year in Insurance

Annual Workplace Excellences Awards conducted by INFHR 2021

"Cyber Security" 71st Skoch Summit & Awards 2020

a.) Reliance Nippon Life Term Plan

b.) Reliance Nippon Life Online Term Plan

c.) Reliance Nippon Life Online Income Protect

b.) Reliance Nippon Life Fixed Savings

The features of this plan are mentioned below:

d.) Reliance Nippon Life Bluechip Savings Insurance Plan

e.) Reliance Nippon Life Increasing Income Insurance Plan

(f). Reliance Nippon Life Fixed Money Back Plan

The features of this plan are mentioned below:

Reliance Nippon Life Lifelong Savings Plan

d.) Reliance Nippon Life Increasing Income Insurance Plan

g.) Reliance Nippon Life Fixed Money Back Plan

The features of this plan are mentioned below:

 Offers fixed benefits:

 Offers flexibility to choose your policy term, premium payment term

 Offers life cover during entire policy term

i.) Reliance Nippon Life Increasing Income Insurance Plan

j.) Reliance Nippon Life Fixed Money Back Plan

l.) Reliance Nippon Life Smart Cash Plus Plan

m.)Reliance Nippon Life’s Money Multiplier Plan