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A Major Project Report

Submitted in partial fulfillment of the requirements for BBA (Banking & Insurance) Semester VI Programme of G.G.S.Indraprastha University, Delhi.

Submitted by: Shashank Jain BBA(B&I) Semester VI Enrl. No: 0731241808

Delhi Institute OF Rural Development Nangli Poona Delhi - 110036

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I hereby declare that the major project report, entitled Performance Analysis of ULIP Funds with Special Reference to RELIANCE, is based on my original study and has not been submitted earlier for award of any degree or diploma to any institute or university.

The work of other author(s), wherever used, has been acknowledged at appropriate place(s).

Place: New Delhi Date: 31st March 2011

Candidates Signature Name: Shashank jain Enrol. No. : 0731241808


Name: Mrs. Manisha Sethi

Name: Mr Anil Kr. Choudhary

Supervisor Delhi Institute of Rural Development

Director Delhi Institute of Rural Development

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With profound sense of gratitude and regard, I express my sincere thanks to my guide and mentor Mrs. Manisha Sethi for her valuable guidance and the confidence she instilled in me, that helped me in the successful completion of this project report. Without her help, this project would have been a distant affair.

Her thorough understanding of the subject and the professional guidance is indeed of immense help to me.

Shashank Jain

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CHAPTER 1:An Introduction to Ulip plans CHAPTER 2:A FROFILE OF RELIANCE CAPITAL AND RELIANCE MUTUL FUND CHAPTER 3:Project profile and unit linked plans of reliance capital Research methodology Importance of the study CHAPTER 4:Objective Hypothesis Sample size and type 60 63 65 59 53 14 6

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CHAPTER 5:Data analysis and interpretation 68

CHAPTER 6:Finding and suggestion CHAPTER 7:Conclusion 76 74





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CHAPTER 1:An Introduction to Ulip plans


WHAT IS ULIP? ULIP stands for Unit Linked Insurance Plans. As we know that insurance is for protecting our life from the any uncertain events like death or accident. The purpose of the normal insurance plan is just protecting the life but not ensuring any savings for the future. Many people wanted plan which gives protection also gives the returns for their investment. So, insurance companies come up with the ULIP plan where the premium about is invested in the share market and returns better income on the maturity period.

PLATFORMS OF LIFE INSURANCE- UNIT LINKED INSURANCE PLANS World over , insurance come in different forms and shapes . although the generic names may find similar , the difference in product features makes one wonder about the basis on
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which these products are designed .With insurance market opened up , Indian customer has suddenly found himself in a market place where he is bombarded with a lot of jargon as well as marketing gimmicks with a very little knowledge of what is happening . This module is aimed at clarifying these underlying concepts and simplifying the different products available in the market. We have many products like Endowment , Whole life , Money back etc. All these products are based on following basic platforms or structures viz. Traditional Life Universal Life or Unit Linked Policies

3.1 TRADITIONAL LIFE AN OVERVIEW The basic and widely used form of design is known as Traditional Life Platform. It is based on the concept of sharing . Each of the policy holder contributes his contribution (premium) into the common large fund is managed by the company on behalf of the policy holders. Administration of that common fund in the interest of everybody was entrusted to the insurance company .It was the responsibility of the company to administer schemes for benefit of the policyholders. Policyholders played a very passive roll . In the course of time , the same concept of sharing and a common fund was extended to different areas like saving , investment etc. A Unit Link Insurance Policy (ULIP) is one in which the customer is provided with a life insurance cover and the premium paid is invested in either debt or equity products or a combination of the two. In other words, it enables the buyer to secure some protection for his family in the event of his untimely death and at the same time provides him an
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opportunity to earn a return on his premium paid. In the event of the insured person's untimely death, his nominees would normally receive an amount that is the higher of the sum assured or the value of the units (investments). To put it simply, ULIP attempts to fulfill investment needs of an investor with protection/insurance needs of an insurance seeker. It saves the investor/insurance-seeker the hassles of managing and tracking a portfolio or products. More importantly ULIPs offer investors the opportunity to select a product which matches their risk profile. Unit Linked Insurance Plans came into play in the 1960s and became very popular in Western Europe and Americas. In India The first unit linked Insurance Plan , popularly known as ULIP Unit Linked Insurance Plan in India was brought out by Unit Trust Of India in the year 1971 by entering into a group insurance arrangement with LIC o provide for life cover to the investors , while UTI , as a mutual was taking care of investing the unit holders money in the capital market and giving them a fair return . Subsequently in the year 1989 , another Unit Linked Product was launched by the LIC Mutual Fund called by the name of DHANARAKSHA which was more or less on the line of ULIP of UTI . Thereafter LIC itself came out with a Unit Linked Insurance Product known by name BIMA PLUS in the year 2001-02 . Presently a number of private life insurance companies have launched Unit Linked Insurance Products with a variety of new features.

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TYPES OF ULIP There are various unit linked insurance plans available in the market. However, the key ones are pension, children, group and capital guarantee plans. The pension plans come with two variations with and without life cover and are meant for people who want to generate returns for their sunset years. The children plans, on the other hand, are aimed at taking care of their educational and other needs.. Apart from unit-linked plans for individuals, group unit linked plans are also available in the market. The Group linked plans are basically designed for employers who want to offer certain benefits for their employees such as gratuity, superannuation and leave encashment. The other important category of ULIPs is capital guarantee plans. The plan promises the policyholder that at least the premium paid will be returned at maturity. But the guaranteed amount is payable only when the policy's maturity value is below the total premium paid by the individual till maturity. However, the guarantee is not provided on the actual premium paid but only on that portion of the premium that is net of expenses (mortality, sales and marketing, administration). How ULIPs work

ULIPs work on the lines of mutual funds. The premium paid by the client (less any charge) is used to buy units in various funds (aggressive, balanced or conservative) floated by the
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insurance companies. Units are bought according to the plan chosen by the policyholder. On every additional premium, more units are allotted to his fund. The policyholder can also switch among the funds as and when he desires. While some companies allow any number of free switches to the policyholder, some restrict the number to just three or four. If the number is exceeded, a certain charge is levied. Individuals can also make additional investments (besides premium) from time to time to increase the savings component in their plan. This facility is termed "top-up". The money parked in a ULIP plan is returned either on the insured's death or in the event of maturity of the policy. In case of the insured person's untimely death, the amount that the beneficiary is paid is the higher of the sum assured (insurance cover) or the value of the units (investments). However, some schemes pay the sum assured plus the prevailing value of the investments.


Premiums paid can be single, regular or variable. The payment period too can be regular or variable. The risk cover can be increased or decreased. As in all insurance policies, the risk charge (mortality rate) varies with age. The maturity benefit is not typically a fixed amount and the maturity period can be advanced or extended.

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Investments can be made in gilt funds, balanced funds, money market funds, growth funds or bonds. The policyholder can switch between schemes, for instance, balanced to debt or gilt to equity, etc. The maturity benefit is the net asset value of the units. The costs in ULIP are higher because there is a life insurance component in it as well, in addition to the investment component. Insurance companies have the discretion to decide on their investment portfolios. Being transparent the policyholder gets the entire episode on the performance of his fund. ULIP products are exempted from tax and they provide life insurance. Provides capital appreciation. Investor gets an option to choose among debt, balanced and equity funds.

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USP of ULIPS Insurance cover plus savings ULIPs serve the purpose of providing life insurance combined with savings at marketlinked returns. To that extent, ULIPS can be termed as a two-in-one plan in terms of giving an individual the twin benefits of life insurance plus savings. Multiple investment options ULIPS offer a lot more variety than traditional life insurance plans. So there are multiple options at the individuals disposal. ULIPS generally come in three broad variants:

Aggressive ULIPS (which can typically invest 80%-100% in equities, balance in debt) Balanced ULIPS (can typically invest around 40%-60% in equities) Conservative ULIPS (can typically invest upto 20% in equities)

Although this is how the ULIP options are generally designed, the exact debt/equity allocations may vary across insurance companies. Individuals can opt for a variant based on their risk profile. Flexibility The flexibility with which individuals can switch between the ULIP variants to capitalise on investment opportunities across the equity and debt markets is what distinguishes it from other instruments. Some insurance companies allow a certain number of free switches. Switching also helps individuals on another front. They can shift from an Aggressive to a Balanced or a Conservative ULIP as they approach retirement. This is a reflection of the change in their risk appetite as they grow older.

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Works like an SIP Rupee cost-averaging is another important benefit associated with ULIPS. With an SIP, individuals invest their monies regularly over time intervals of a month/quarter and dont have to worry about timing the stock markets.

HURDLES OF ULIP NO STANDARDIZATION All the costs are levied in ways that do not lend to standardisation. If one company calculates administration cost by a formula, another levies a flat rate. If one company allows a range of the sum assured (SA), another allows only a multiple of the premium. There was also the problem of a varying cost structure with age

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A profile of reliance capital and reliance mutual fund

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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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. 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

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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 into four companies- National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. These were subsidiaries of the General Insurance Company (GIC).

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Company Profile

Reliance Capital

Reliance Reliance Mutual fund General Insurance Mutual Fund

Unit link Reliance nsurance Life Insurance plans

Reliance Consumer Finance

Reliance money is a part of the reliance Anil Dhirubai Ambani Group and is promoted by Reliance capital, the fastest growing private sector financial services company in India, ranked amongst the top 3 private sector financial companies in terms of net worth. Reliance money is a comprehensive financial solution provider that enables you to carry out trading and investment activities in a secure, cost-effective and convenient manner. Through reliance money, you can invest in a wide range of asset classes from Equity, Equity and commodity Derivatives, Mutual Funds, insurance products, IPOs to availing services of Money Transfer & Money changing. Reliance Money offers the convenience of on-line and offline transactions through a variety of means, including its Portal, Call & Transact, Transaction Kiosks and at its network of affiliates. Some key steps of the company that are as.. Success is a journey, not a destination. If we look for examples to prove this quote then we can find many but there is none like that of Reliance Money. The company which is today known as the largest financial service provider of India. Success sutras of Reliance Money:
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The success story of the company is driven by 8 success sutras adopted by it namely trust, integrity, dedication, commitment, enterprise, hard work and team play, learning and innovation, empathy and humility. These are the values that bind success with Vision of Reliance Money To achieve & sustain market leadership, Reliance Money shall aim for complete customer satisfaction, by combining its human and technological resources, to provide world class quality services. In the process Reliance Money shall strive to meet and exceed customer's satisfaction and set industry standards. Mission statement: Our mission is to be a leading and preferred service provider to our customers, and we aim to achieve this leadership position by building an innovative, enterprising , and technology driven organization which will set the highest standards of service and business ethics. Reliance Money.

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Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, consumer finance and other activities in financial services. Reliance Mutual Fund is India's no.1 Mutual Fund. Reliance Life Insurance is India's fastest growing life insurance company and among the top 4 private sector insurers. Reliance General Insurance is India's fastest growing general insurance company and the top 3 private sector insurers. Reliance Money is the largest brokerage and distributor of financial products in India with more than 2.5 million customers and the largest distribution network. Reliance Consumer finance has a loan book of over Rs. 8,000 crores at the end of June 2008. Reliance Capital has a net worth of Rs.6, 862 crores (US$ 1.6 billion) and total assets of Rs. 19,940 crores (US$ 4.6 billion) as of June 30, 2008 and over 26,000 employees. Money has increased its market share among private financial companies to nearly Convenient & effective Anytime & anywhere financial transaction capability. Launched in April 2007. It provides the Flat fees system. It has 2.2 million customers in 1 year of official launch. It has over 5,000 outlets across 700 towns/cities. Average daily turnover in excess of Rs 2,000 crores. Considering the entire life market, including the Rs. 12,890 crores booked by life insurance Corporation, Reliance life insurance market share works out to around 6.25%. The life insurance market continuous to be dominated by LIC which has about 67% share this only a marginal dip from its 73% share in end-July. These comparisons are only for first year or new business premium. The gap between Reliance life insurance and the second-in-line private insurer is vast. In fact, this scenario has led some analysts to wonder if the company is not a trifle too aggressive. But others say this has more to do with the companies customer-centric focus,
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its pan-India presence and superior risk management and investment strategies. Reliance Money is not, however, resting on its laurels. Companys customer centric approach will be studied during the training period and the finding of the research work will definitely focus on the present condition & future requirement (if any) relating to products of company.

Reliance Life Insurance

Demat Account Services

Reliance Mutual Funds

Reliance General Insurance

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Reliance Life Insurance, a part of the Reliance - Anil Dhirubhai Ambani Group is India's fastest growing life insurance company and among the top 4 private sector life insurers. Reliance Life Insurance has a pan India presence and a range of products catering to individual as well as corporate needs. Reliance Life Insurance has over 700 branches and 1, 80,000 agents. It offers 26 products covering savings, protection & investment requirements. Reliance Life Insurance will endeavor to attain a leadership position in the market over the next few years, by further expanding and strengthening its distribution network and offering a diverse array of products to suit the varied and specific needs of individual customers.

Basics of Life Insurance What is Life Insurance? An amount of money paid to someone (called beneficiary) when the Life Assured (in whose name the insurance policy is taken) dies. This amount can be used to pay the expenses related to Life assureds death or can be invested to generate income that will replace your salary. Life Insurance is an important tool in any investors portfolio & can be used for - wealth creation, asset building, provide for contingencies and retirement planning.

The main reason to buy Life Insurance is to provide Life Insurance Policies Types of income replacement for your loved ones

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Most Insurance policies are a combination of Savings & Protection. Products are formulated by either increasing or decreasing either one of these components. These combinations can be broadly divided into 4 groups - ULIPs - Term Insurance

Endowment Policies : Whole Life; Unit Linked etc

- Annuities & Pension

Life Stage in Life Insurance

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Introduction of dependents. Start of financial planning balance between asset creation & protection

Peak earning age range. High asset creation & build up of liabilities. Critical stage for dependents

Asset base build up & liabilities reduced/ taken care of. Need for retirement planning more than protection.

No dependents/ liabilities therefore need for insurance is less

Need for protection low. Greater need for regular income flow.

18-25 (Unmarrie d)

25-30 Married couples with no kids

30-45 years Couples with children

45 yrs and above Matured couple

Retire d

Endowment / ULIPs

Endowment / ULIPs + Term


At each stage, requirements, responsibilities and Financial needs differ

Need Analysis in life Stages

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SUGGESTED PRODUCTS Short Term Endowment Product

18yrs 25yrs


1.Go on a holiday 2.Buy a new Car 3.Set up a new house 4.Set up Interiors 5.Buy jewellery

1.High Debt, 25yrs -30yrs Married high expenditure Phase 2.Family dependency on your income 3.Low accumulated wealth 4.Need for Planning Requirement Temporary term or whole life Product

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30yrs 45yrs

Matured couple

1.Retirement Planning 2.Wealth transfer or saving vehicles 3.Returns on investment 4.Opting for guaranteed Product

Profits or Unit Linked Endowment/ Deferred annuities

Life Stage Example

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Endowme nt

Ter m

Annuitie s

Savera has just come to our lives. As proud parents, We need to protect her as well as create her own financial standing

Hello, I am Philip, sailor. Have seen the world. Always on cruise and keep worrying about family and the loans. I need financial Protection if I do not return from one voyage Worked for almost 25 years, now want to live. I want live something that will make my life Chintafree after retirement. retirement

Products of Life Insurance Life Insurance products are usually referred to as plans of insurance. These plans have two basic elements; one is the Death Cover providing for the benefits being paid on the
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death of the insured person within a specified period. The other is the Survival Benefit providing for the benefit being paid on survival of a specified period. Plans of insurance that provide only death cover are called Term Assurance Plans. Plans of insurance that provide only survival benefits are called Pure Endowment Plans. Term Life Insurance Term Life Insurance provides protection for a specified period of time. A death benefit is paid to the beneficiary if the insured dies within a specified period of time while the policy is still in force. Whole Life Insurance Whole Life insurance is a permanent life insurance and provides protection for life. As long as premiums are paid, a death benefit is paid to the beneficiary. ULIPs A ULIP is a life insurance which provides a combination of Life Insurance protection and investment. Money can be invested in the following fund:- Equity Fund, Debt Fund, Money Market Fund (Liquid Fund) and Balance Fund.

Annuities Annuities are practically the same as pension. Pension provides periodical payments to the employees, who have retired. They are paid as long as the recipient is alive. Annuities are called the reverse of Life Insurance.
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Protection Plans

Protect your family even when youre not around by investing in Reliance Protection Plans. Choose a limited period plan or a lifetime protection plan depending on your needs. The latest Protection Plans are as below
1. Reliance Term plan 2. Reliance Simple Term plan 3. Reliance Special Term plan 4. Reliance Credit Guardian plan 5. Reliance Special Credit Guardian plan 6. Reliance Endowment plan 7. Reliance Special Endowment plan 8. Reliance Connect 2 Life plan 9. Reliance Whole Life plan 10. Reliance Wealth + Health plan 11. Reliance Cash Flow plan

Savings & Investment Plans

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Reliance Savings & Investment Plans help you to set aside some money to achieve specific goals in life, which means that you can enjoy life and provide for your familys daily needs. The savings and investment Plans are as below
1. Reliance Total Investment Plan Series I - Insurance 2. Reliance Wealth + Health plan 3. Reliance Automatic Investment plan 4. Reliance Money Guarantee plan 5. Reliance Cash Flow plan 6. Reliance Market Return plan 7. Reliance Endowment plan 8. Reliance Special Endowment plan 9. Reliance Whole Life plan 10. Reliance Golden Years Plan 11. Reliance Golden Years Plan Value 12. Reliance Golden Years Plan Plus 13. Reliance Connect 2 Life plan

Retirement Plans

Invest today in Reliance Retirement Plans and save money to enjoy life even after retirement. You will never have to depend on another person or make any compromises to maintain your current lifestyle. The latest Retirement Plans are as below
1. Reliance Total Investment Plan Series II Pension 2. Reliance Golden Years Plan 3. Reliance Golden Years Plan Value 4. Reliance Golden Years Plan Plus 5. Reliance Wealth + Health plan 6. Reliance Automatic Investment Plan Page 32 of 84

7. Reliance Money Guarantee Plan

Child Plans

Save systematically and secure your childs future needs by investing in Reliance Child Plans. You can always be there for your child when he or she needs you. The Childs plans are as below
1. Reliance Child plan 2. Reliance Secure Child plan 3. Reliance Wealth + Health plan

Market Return Plan

Under This plan the investment risk in the investment portfolio is borne by the policyholder. key features Twin benefit of market linked return and insurance protection A unit linked plan, different from traditional life insurance products with maximum maturity age of 80 years. Option to create your own portfolio depending on your risk appetite. Choose from four different investment funds Flexibility to switch between funds Option to pay regular as well as single premium & top- ups
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Option to package your policy with accidental rider Flexibility to increase the sum assured Liquidity through partial withdrawals How does this plan work The premium paid by the client net of premium allocation charges is invested in fund/funds of your choice and units are allocated depending on the price of units for the fund/funds. The fund value is the total value of units that you hold in the fund/funds. The mortality charges and policy administration charges are ducted through cancellation of units whereas the fund management charge is priced in the unit value. Benefits Life cover Assured: in case of unfortunate loss of life, the beneficiary will get sum assured or fund value, whichever is higher. The client can choose the basic sum assured within the minimum and maximum levels mentioned below. Minimum sum Assured: Regular premium: annualized premium for 5 years or annualized premium for half the policy term, whichever is higher. Single premium: 125% of the single premium. Maximum sum Assured No limit (50000 for age up to 12 years) Maturity Benefits On survival to maturity the fund value on maturity will be paid out. Rider Benefits The Client can add the Accidental Death & Total and Permanent Disablement Benefit Rider (available only with the regular premium option).

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This benefit doubles the life coverage in case of accidental death or accidental total and permanent disablement at a very nominal additional cost. The maximum cover is Rs. 50, 00,000 per life. In case of accidental death of the life assured during the policy term, the accident benefit sum assured will be paid immediately in a lump sum. In case of accidental total and permanent disablement, 1/10th of the accident benefit sum assured will be paid at the end of each year for ten years. If the total and permanent disablement has commenced, the accidental death benefit cover ceases. In case of maturity or on death of the life assured before payment of all installments of accidental total and permanent disablement benefits, the remaining unpaid installments of any will be paid in one lump sum along with death or maturity benefit. Accidental total and permanent disablement means disability caused by bodily injury, which causes permanent inability to perform any occupation or to engage in any activities for remuneration or profits. This disability should last for at least 6 months before being eligible for accidental total and permanent disablement benefits. Accidental total and permanent disablement includes loss of both arms and both legs or one arm and one leg or of both eyes. Loss of arms or legs means dismemberment by amputation of the entire hand or foot. Loss of eyes means entire and irrecoverable loss of sight. What are the different fund options. We understand the value of your hard earned money and in our Endeavour to help you grow your wealth, we offer you 4 different tailor-made investment funds. You have the option to allocate your premium in these funds as you wish.

1. Capital Secure Fund:

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The investment objective of this fund is to maintain the value of all contributions (net of charges) and all interest additions. This fund offers steady return for little risk. The risk profile of this fund is low. Investments would be 100% in bank deposits, government bonds and debt instruments that offer financial security. Further, allocation in Capital Secure Fund for a policy is subject to a maximum limit of 40% at any time. 2. Balanced Fund: The investment objective of this fund is to provide you with investment returns, which exceed the rate of inflation in the long term while maintaining a low probability of negative investment returns. Here, a major portion of your funds are invested in Fixed Securities while a small percentage is invested in the equity market, which is exposed to market movements. The risk profile of this fund is low to medium. Investments would be at least 80% in fixed interest securities and maximum 20% in equities. 3. Growth Fund: The investment objective of this fund is to provide you with investment returns, which exceed the rate of inflation in the long term while maintaining a moderate probability of negative investment returns. A greater portion of your funds are invested in fixed securities while a small percentage is invested in the equity market, which exposed to market movements. The risk profile of this fund is medium to high. Investment would be at least 60% in fixed interest securities and maximum 40% in equities. 4. Equity Fund:

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The investment objective of this fund is to provide policyholders with high exposure to equities and the possibility of investment returns, which generate a high real rate of return in the long term while recognizing that there is a significant probability of negative investment returns in the short term. This fund offers a totally equity based investment option. Your returns depend entirely upon the performance of the equity market. The risk profile of this fund is high. The higher risk of this portfolio means that expected returns would also be higher. Investment would not exceed 30% in bank deposits and may be up to 100% in equities.

Value of Units: The market value of assets plus/less expenses incurred In the purchase/sale of assets plus current assets plus Any accrued income net of fund management charges Less current liabilities less provision Unit Value = Total number of units on issue (before any new units are allocated/redeemed.)

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Who can Buy the product Minimum age at entry Maximum age at entry Maximum age at maturity policy term Minimum policy term Maximum policy term Flexible premium payment modes: Choose from five premium payment modes. a) Annual minimum premium is Rs. 10,000. b) Half yearly minimum premium is Rs. 5,000. c) Quarterly minimum premium is Rs. 2,500. d) Monthly minimum premium is Rs. 1,000. e) Single premium minimum premium is Rs. 25,000. Charges under the plan: 1. Premium allocation charge For regular premium policies: Term of the policy as below Years First year Thereafter 5-9 10% 5% 10 - 14 15% 5% 15+ 20% 5% 5 years 40 years 30 days 65 years 80 years

What is the

(The premium allocation charge for single premium & top ups is 2%.)

2. Policy Administration charges:

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Rs. 40 will be deducted from your unit account each month. 3. Fund Management Charges:

(The fund management charges will be deducted on a daily basis.) Unit Linked Funds Capital Secure Balanced Fund Growth Fund Equity Fund Annual Rate 1.50% 1.50% 1.75% 1.75%

Revision of charges:

The fund management charges are subject to revision at any time, but hey will not exceed 2% p.a. for the capital secure fund and 2.5% p.a. for the other funds. Any changes made to the charges under this policy will be subject to IRDA approval. 4. Partial Withdrawal Charges: Rs. 100 per withdrawal will be deducted from your unit account. 5. Switching Charge: 1% of the amount switched, with a maximum of Rs. 1,000/- per switch. 6. Mortality Charges: The Mortality charges, based on your attained age, are determined using 1/12th of the charges are different. 7. Surrender Charge: This charge is levied on the unit fund at the time of surrender of the policy as under: Number of years premiums paid Less than 1 1 2 3 and more Surrender charge as percentage of fund value 100% 50% 20% NIL
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8. Service Tax Charge This charge will be levied on mortality, accident & disability benefit charges. The level of this charge will be as per the rate of service tax on risk premium levied by the government from time to time the correct rate of service tax is 12.36% this charge shall be collected along with charges. How safe is your investment The investments made in the unit funds are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of the fund and the factors influencing the capital market, and the insured is responsible for his/her decisions. The unit price is a reflection of the financial and equity/debt market conditions and can increase or decrease at any time due to this. Benefits payable under the policy will be made according o the tax laws and other regulations in force at that time. There are no guarantees for any fund of any kind under this policy. The benefit payable on maturity will be equal to the value of your units. The name in the funds in n way indicates the returns derived from them. Please note that Reliance life Insurance company limited is only the name of the insurance company and Reliance market return plan is only the name of the unit

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linked life insurance policy and does not in anyway indicate the quality of the policy or its future prospects or returns

Free Look Period. In case the policyholder disagrees with any of the terms and conditions of the policy, he may return the policy to the company within 15 days of its receipt for cancellation, stating his/her objections in which case the company will refund an amount equal to the non allocated premium plus the charges levied by cancellation of units plus fund value as on the date of receipt of the request in writing for cancellation, less the proportionate premium for the period the company has been on risk and the expenses incurred by the company medical examination and stamp duty charges. If the risk acceptance date falls within cooling off period, then on cancellation RLIC shall pay fund value less of charges.


Till today a lot of research has been done on the Indian insurance industry especially the life insurance sector. The material for this study was collected from various internet sites, journal sand books by various authors.

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The Concept of Mutual Fund A mutual fund is a common pool of money into which investors place their contributions that are to be invested in accordance with a stated objective. The ownership of the fund is thus joint and mutual; the fund belongs to all investors
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Reliance Mutual Fund Reliance Mutual Fund (RMF), a part of the Reliance - Anil Dhirubhai Ambani Group, is India's leading Mutual Fund, with average Assets under Management of Rs. 90,813 crores for the month of June 2008, and an investor base of over 6.7 million. Reliance Mutual Fund offers investors a well rounded portfolio of products to meet varying investor requirements. Reliance Mutual Fund has a presence in 300 cities across the country and constantly endeavors to launch innovative products and customer service initiatives to increase value to investors. Reliance Mutual Fund schemes are managed by Reliance Capital Asset Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd.

Types of Mutual Funds on the Basis of Risk Vs Returns

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Sector Funds Diversified Equity Funds

R e t u r n s

Balanced Funds MIPs Gilt Funds Income Funds Floaters Money Market Funds


Frequently used term in Mutual Funds Net Asset Value (NAV) Net Asset Value is the market value of the assets of the scheme minus its liabilities. The per unit NAV is the net asset value of the scheme divided by the number of units outstanding on the Valuation Date. Sale Price Is the price you pay when you invest in a scheme. Also called Offer Price. It may include a sales load. Repurchase Price Is the price at which a close-ended scheme repurchases its units and it may include a backend load. This is also called Bid Price Redemption Price
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Is the price at which open-ended schemes repurchase their units and close-ended schemes redeem their units on maturity? Such prices are NAV related. Sales Load Is a charge collected by a scheme when it sells the units. Also called, Front-end load. Schemes that do not charge a load are called No Load schemes Repurchase or Back-end Load Is a charge collected by a scheme when it buys back the units from the unit holders. Types of Reliance Mutual Funds 1. Reliance Growth Fund 2. Reliance Vision Fund 3. Reliance Banking Fund 4. Reliance Diversified Power Sector Fund 5. Reliance Pharma Fund 6. Reliance Media & Entertainment Fund 7. Reliance NRI Equity Fund 8. Reliance Equity opportunities Fund 9. Reliance Index Fund 10.Reliance Tax Saver (ELSS) Fund 11.Reliance Equity Fund 12.Reliance Long Term Equity Fund 13.Reliance Regular Saving Fund The key term in mutual funds

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Dividend Policy: Dividend will be distributed from the available distributable surplus after the deduction of the divided distribution surplus after the deduction of the dividend distribution tax and the applicable surcharge, if any. The mutual fund is not guaranteeing or assuring any dividend. Pease read the offer document for details. Further payment of all the dividends shall be in compliance with SEBI circular No. SEBI/IMD/CIR No. 1/64057/06 dated 4/4/06. Applicable NAV : Sale of units by reliance mutual fund: in respect of valid applications received up to 3 p.m. by the mutual fund alongwith a local cheque or a demand draft payable at par at the place where the application is received, the closing NAV of the day on which application is received shall be applicable. Repurchase including Switch-out: in respect of valid applications received upto 3 pm by the mutual fund, same days closing NAV shall be applicable. In respect of valid applications received after 3 p.m. by the mutual fund, the closing NAV of the next business day shall be applicable. Daily net Asset Value(NAV) publication: the NAV will be declared on all working days and will be published in 2 newspaper. NAV can also be viewed on and . Tax Benefits to the mutual fund: Reliance Mutual Fund is a Mutual fund registered with the securities & exchange board of India and hence the entire income of the mutual fund will be exempt from income tax in accordance with the provisions of section 10(23D) of the income tax act, 1961. The mutual fund will receive all income without any deduction of tax at source under the provisions of section 196(iv) of the act. An exemption has been granted under the finance (No.2) act, 2004 to open ended equity oriented mutual funds from paying distribution tax on income distributed without any time limit, effective from 1 April 2004. Securities transaction Tax:
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Name of Transaction Payable by Rate of Tax Purchase and sale of Both purchaser as well 0.125% equity shares or units of as seller equity oriented mutual funds on a recognized stock exchange on 0.025% delivery basis Sale on stock exchange Seller of equity shares or units of equity oriented mutual funds on nondelivery basis sale of derivatives Seller reorganized stock 0.25% exchange Sale of units of equity Seller oriented mutual funds to the mutual fund There are two types of investment in Mutual Funds. Lump Sum Systematic Investment Plan(SIP) .


Lump sum: In Lump sum the investment is only one times that

is of Rs. 5,000. and if the investment is monthly then the investment will be 6,000/-.

Systematic Investment Plan(SIP) :

We have already mentioned about SIPs in brief in the previous pages but now going into details, we will see how the power of compounding could benefit us. In such case, every small amounts invested regularly can grow substantially. SIP gives a clear picture of how
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an early and regular investment can help the investor in wealth creation. Due to its unlimited advantages SIP could be redefined as a methodology of fund investing regularly to benefit regularly from the stock market volatility. In the later sections we will see how returns generated from some of the SIPs have outperformed their benchmark. But before moving on to that lets have a look at some of the top performing SIPs and their return for 1 year:

Amoun Scheme Reliance t diversified 62.74 22.20 8 18.86 35.31 42.14 NAV

NAV Date

Total Amount

power sector retail 1000 Reliance regular savings equity principal 1000 global

30/5/2008 14524.07 30/5/2008 13584.944 30/5/2008 14247.728 30/5/2008 13791.157 30/5/2008 13769.152

opportunities fund 1000 DWS investment opportunities fund BOB growth fund 1000 1000

In the above chart, we can see how if we start investing Rs.1000 per month then what return well get for the total investment of Rs. 12000. There is reliance diversified power sector retail giving the maximum returns of Rs. 2524.07 per year which comes to 21% roughly. Next we can see if anybody would have undertaken the SIP in Principal would
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have got returns of app. 18%. We can see reliance regular savings equity, DWS investment opportunities and BOB growth fund giving returns of 13.20%, 14.92%, and 14.74% respectively which is greater than any other monthly investment options. Thus we can easily make out how SIP is beneficial for us. Its hassle free, it forces the investors to save and get them into the habit of saving. Also paying a small amount of Rs. 1000 is easy and convenient for them, thus putting no pressure on their pockets. Now we will analyze some of the equity fund SIP s of Birla Sunlife with BSE 200 and bank fixed deposits In a tabular format as well as graphical. Exposure of Mutual Funds Companies in India The concept of mutual funds in India dates back to the year 1963. The era between 1963 and 1987 marked the existence of only one mutual fund company in India with Rs. 67bn assets under management (AUM), by the end of its monopoly era, the Unit Trust of India (UTI). By the end of the 80s decade, few other mutual fund companies in India took their position in mutual fund market. The new entries of mutual fund companies in India were SBI Mutual Fund, Canbank Mutual Fund, Punjab National Bank Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund. The succeeding decade showed a new horizon in Indian mutual fund industry. By the end of 1993, the total AUM of the industry was Rs. 470.04 bn. The private sector funds started penetrating the fund families. In the same year the first Mutual Fund Regulations came into existence with re-registering all mutual funds except UTI. The regulations were further given a revised shape in 1996. Kothari Pioneer was the first private sector mutual fund company in India which has now merged with Franklin Templeton. Just after ten years with private sector players penetration, the total assets rose up to Rs. 1218.05 bn. Today there are 33 mutual fund companies in India in which some are as below.
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ABN AMRO Mutual Funds Birla Sun life mutual Funds Bank of Baroda Mutual Fund HDFC Mutual Fund HSBC Mutual Fund ING Vysya Mutual Fund Prudential ICICI Mutual Fund Sahara Mutual Fund State Bank of India Mutual Fund Tata Mutual Fund (TMF) Kotak Mahindra Asset Management Company (KMAMC) UTI Asset Management Company Private Limited Reliance Mutual Fund (RMF) Standard Chartered Mutual Fund Escorts Mutual Fund Alliance Capital Mutual Fund Benchmark Mutual Fund Canbank Mutual Fund Chola Mutual Fund LIC Mutual Fund GIC Mutual Fund Working of a Mutual Fund

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Terms and conditions This facility offered only to the investors having bank accounts in selected cities which are specific in the form of the SIP. Submit the following document at least 21 working days before the first SIP date for ECS (Electronic clearing Service). The first SIP cheque should be issued from the same bank account which is to be debited under ECS for subsequent installments. The bank account provided for ECS (Debit) should participate in local MICR clearing.

SIP auto debit facility is available only on specific dates of the month i.e. 2 nd or 10th or 18th or 28th.

The investor agrees to abide by the terms and conditions of ECS facility of Reserve bank of India. An investor can opt for monthly or quarterly frequency. Only one SIP per month or per quarter is permitted per folio/account. Minimum investment amount monthly SIP option 60 installments of Rs. 100/each or 12 installment or Rs. 500/- each or 6 installments of Rs. 1000/- each and in multiples of Re.1/- thereafter.
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The gap between the 1st cheque/ installment & the 2nd cheque / installment should be at least 21working days. However subsequent cheques should have a gap of at least a month or a quarter depending upon the frequency chosen.

Advantages of Mutual Funds

Diversification: The best mutual funds design their portfolios so individual investments will react differently to the same economic conditions. For example, economic conditions like a rise in interest rates may cause certain securities in a diversified portfolio to decrease in value. Other securities in the portfolio will respond to the same economic conditions by increasing in value. When a portfolio is balanced in this way, the value of the overall portfolio should gradually increase over time, even if some securities lose value.

Professional Management: Most mutual funds pay topflight professionals to manage their investments. These managers decide what securities the fund will buy and sell.

Regulatory oversight: Mutual funds are subject to many government regulations that protect investors from fraud.

Liquidity: It's easy to get your money out of a mutual fund. Write a check, make a call, and you've got the cash.

Convenience: You can usually buy mutual fund shares by mail, phone, or over the Internet.

Low cost: Mutual fund expenses are often no more than 1.5 percent of your investment. Expenses for Index Funds are less than that, because index funds are not

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actively managed. Instead, they automatically buy stock in companies that are listed on a specific index

Transparency Flexibility Choice of schemes Tax benefits Well regulated

Drawbacks of Mutual Funds Mutual funds have their drawbacks and may not be for everyone:

No Guarantees: No investment is risk free. If the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio. Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money.

Fees and commissions: All funds charge administrative fees to cover their day-today expenses. Some funds also charge, financial consultants, or financial planners. Even if you don't use a broker or other financial adviser, you will pay a sales commission if you buy shares in a Load Fund.

Taxes: During a typical year, most actively managed mutual funds sell anywhere from 20 to 70 percent of the securities in their portfolios. If your fund makes a profit
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on its sales, you will pay taxes on the income you receive, even if you reinvest the money you made.

Management risk: When you invest in a mutual fund, you depend on the fund's manager to make the right decisions regarding the fund's portfolio. If the manager does not perform as well as you had hoped, you might not make as much money on your investment as you expected. you invest in Index Funds, you forego management risk, because these funds do not employ managers

CHAPTER 3:Project Profile And Unit Linked Plans Of Reliance Capital RESEARCH MEATHODOLOGY

significancce of the study Objective And Scope Of The Study Hypothesis Sample size and type Questionnaire Statistical tool ULIP PLANS

o o o o o

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1-RELIANCE AUTOMATIC INVESTMENT PLAN:Key Features Reliance Automatic Investment Plan

Two plan option to choose from ready- made and tailor- made. Freedom to decide your own fund mix based on your risk Profile under the tailor-made plane Regular ,limited , single premium paying option Unmatched flexibility through our exchange option Liquidity in the form of partial withdrawal

The Key Benifits Of Reliance Automatic Investment Plan Are As Follows A smart plan which adapts to your changing risk profile with increasing age. Option to lower the average cost of unit through systematic transfer of your fund. Flexibility to switch between fund and plan. Option for additional insurance cover available through riders.

How Does This Plan Work

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As a customer you have the liberty to choose between the ready made and tailormade plan option . The premium contributions made by you, net of premium allocation charges and sum assured related charges are invested in fund of your choose and unit are allocated depending on the price of unit for the fund

The fund value is the total value of units that you hold in the fund. The mortality charges and policy administration charges are deducted through cancellation of units, whereas the fund management charge is priced in the units value.


As per current tax rules premium paid are eligible for tax deduction under sec.80c of the income tax act,1961. Provided the premium in any years during the term of the policy does not exceed 20% of the sum assured, maturity and withdrawals are eligible for tax benefit under sec.10(10d). Death benefits are tax free under sec.10(10)d of the income tax act,1961. Under sec 80c premiums up to rs.100,000 are allowanced as deduction from your taxable income.

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who can buy this product ? reliance automatic investment plan Minimum age at entry: Maximum age at entry: Minimum age at vesting : Maximum age at vesting : Minimum policy term: minimum sum assured : Maximum sum assured : 18 years last birthday 59 years last birthday 45 years last birthday 64 years last birthday 5 years or up to age 45 years, if later 5 times of the annualised premium 50times of the annualised premium


KEY FETURE RELIANCE INVESTASSURE PLAN Twin benefits of marke linked return and insurance protection Investment opportunity with flexibility choose from 8 pure investment fund option Option to pay top up premium's Liquidity in the form of partial withdrawals A host of optional rider benefits to enhance protection cover

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How does the reliance super investassure plan ? As a customer you have the liberty to choose between 8 fund options the premium contribution made by you, net of premium allocation charges ae invested in fund of your choice. The units are allocated depending on the price of units of the funds. The fund value is the total value of units that u hold across all the unit-linked funds.

Minimum Sun Assured: Annualized Premium Payable For 5 Years. Maximum Sum Assured : Depends On The Age At Entry

age at entry (last birthday) 0 to 40 41 to 45 46 to 50 51 to 60

maximum sum assured 20 times of annualized premium 15 times of annualized premium 10 times of annualized premium 5 times of annualized premium

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BENEFITS LIFE COVER BENEFITS if death of the life assured occur before commencement of risk cover#, total fund value as on the date of intimation of death will be paid.

if death of the life assured occurs on or after 60th birthday, the higher of 1or 2 will be paid

1. sum assure( less all partial withdrawals made from the policy fund

during the 24 months before attaining 60th birthday withdrawals made from the basic policy fund after attaining 60th birthday) 2. total fund value as the date of intimation of death.

MATURITY BENIFIT on survival of the life assured to maturity, the total fund value will be paid. the policy terminates on payment of maturity benefits .

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you can add following optional rider benefits reliance major surgical benefit rider reliance critical conditions(25) rider reliance term life insurance term benefits reliance accidental death and total and permanent disablement rider


Research Methodology deals with, the procedure adopted to carry out the study. According to green and Tull: A research design is the specification of methods and procedures acquiring the information needed It is the overall operational pattern or framework of the project that stipulates which information is to be collected from which sources by what procedures. For conducting the study, the researcher has adopted both primary as secondary method of data collection.

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Data sources: Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by primary data collection, and primary data has been collected by interacting with various people.


Q 1.

Do you make investments?



% 73 27

0% 27% 73%

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Interpretation For conducting the study, the researcher has adopted both primary as secondary method of data collection.There are 73% of the value of people stand with yes,and then 23%of the people says no. Q 2. What are the reasons to make investments? OPTION TAX SAVING SECURE INVESTMENT LIFE COVER RETURN OTHER PEOPLE 7 6 9 5 3 % 23.33333 20 30 16.66667 10



10% 30%

23% 20%


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Interpretation Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by primary data collection, and primary data.30%of them are with life cover.

3. Which companys policy you are having? COMPANIES LIC Reliance Icici OTHER PEOPLE 18 4 3 5 % 61 8 7 11

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13% 11% 7% 8%


LIC RelianceI Icici OTHER

Interpretation Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by primary data collection, and primary data 61% of the lic and the rest of the with the other people.

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Q.4 Are you satisfied with your Investment?



% 58 42


42% YES NO 58%

Interpretation Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by primary data collection, and primary data and 58% stands with yes and 42% no.

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Q5. Have you heard about private insurance company reliance capital?



% 58 42


42% YES NO 58%

Interpretatiom Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by primary data collection, and primary data and 58% stands with yes and 42% no.

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Q6. How did you come to know about the company.


NO. OF PEPOLE 12 8 3 7

% 40 29 7 24



Interpretation 40% of the people came to know about the company from the advertising while the minor came to know from there bank only and 29% came to now from the word of mouth publicity.

Q7.what kind of plan do you have?

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NO.OF PEPOLE 6 4 15 5

TOTAL% 19 11 57 13





Interpretation 57% of the people came to know about the company from the advertising while the minor came to know from there bank only and 19% came to now from the word of mouth publicity. Q8 Are you satisfied with your Investment?


NO. OF PEOPLE 16 9 5

% 56 31 13

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Interpretation Majority of the people says that they are satisfied. And 31% of people are unsatisfied. And overall in the company 13% do not have any account.

Q9.Are you aware about the benefit and the condition about your plan?
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NO. OF PEPOLE 8 5 2 4 2

% 23 17 13 19 15 13


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13% 15%





Q10 How much return you are expecting from your ULIP?


NO OF PEPOLE 30 32 28 40 20

% 20 21 19 27 13

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15-25% 25-35% 35-45%

27% 19%



Interpretation There are different categories of peopleand from them 27 % of the group expect more than 45% of the income from the ulip.

Q11 Do you know about the reliance automatic investment plan of ULIP? CATEGORIES YES NO NO.OF PEPOLE 17 13 % 59 41

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41% YES NO 59%

Interpretation Majority says yes they know about the plans. Rest do not know which is 41%.

Q12. Do you think reliance automatic investment plan of reliance capital is better other plans?


NO.OF PEPOLE 10 7 13

% 33 26 41

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Q13. why did you purchase insurance plan?


NO. OF PEPOLE 4 6 11 8

% 15 21 35 29

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Q14 Do you think ULIP is a risky investment?


NO.OF PEPOLE 4 5 10 6 7

% 13 18 34 20 15

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13% 18%


20% 34%




Now people mainly prefer ULIP for saving, then bank then Post-Office and after that prefer P.P.F. and other. The main reason behind the insurance plan or ULIP preference is switching facility or option to choose fund. Mainly people prefer low growth safe return as compare to high growth some risky return.

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People mainly purchase life insurance policy for investment and Approximately 20% people do not know what is insurance. I also find that people mainly prefer L.I.C. as compare to private In my survey, I also find that only 56% people are satisfied with In also find that only 58% people know about the ICICI

then for tax-saving they give 2nd preference to protection.

insurance company. current policy. Prudential Life Insurance.


Brand awarness about the reliance capitals ulip plans. Company preferences should be considered. After sales service should also be provided by the agents. Different promotin schemes should be adopte by the company. Ex- banners, holdings , road shows etc. They should target rural market as well.

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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.

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People in general have been impression by the marketing and advertising campaigns of insurance companies. A high penetration of print,radio and television ad campains over the years is beinning 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.



Q 1.

Do you make investments? Yes ( ) No ( )

Q 2. What are the reasons to make investments? Tax Saving ( ) Return ( ) Capital Appreciation ( )
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secure investment Life cover ( ) Other ( )

( )

Q 3 If Yes, which company's policy you are having? Reliance ( ) icici ( ) Lic ( ) other ( )

Q4. Are you satisfied with your Investment? YES ( ) NO ( ) Q 5. Is private life insurance companies reliable for Investment? Yes ( ) No ( ) ) capital?

Q 6. Have you heard about private insurance company reliance Yes ( ) No (

Q 7. From where did you come to know about reliance capital? Electronic media ( ) print media ( ) Seminar ( ) Work shops ( ) Advisor ( ) others ( ) Q8 Are you aware about the benefit and the condition about your plan? COMPLETE AWARE ADEQUATE AWARE ( CONFUSE LESS KNOWLEDGE ( ( ) ) ( )
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Have you ever invested in ULIP plans? Yes ( ) No ( )


If Yes, please specify: PLAN NAME :

saving plan ( ) protection plan ( ) Pension plan( ) children s plan ( ) Q 10. What are the reason for investment in ulip Life protection ( ) Investment and Savings ( ) Flexibility ( ) Transparency ( ) Q 11. which company policy do you have? ICICI Prudential ( HDFC Standard ( Bajaj Allianz ( ) ) ) ( )

Reliance life insurance

Lic ( ) Other ... Q12. How much return you are expecting from your ULIP? 15-25%
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25-35% 35-45% ABOVE THAN Q13. Do you think ULIP is a risky investment? VERY RISKY LESS RISKY SAFE VERY SAFE Q 14. Do you have any plan to buy ulip plans in near future? Yes ( ) No ( ) Q 15. If you are not taking any ulip plans, please tell us the reasons why? We couldnt afford We dont see any benefit with the system. We dont want insurance. We dont understand how ulip works. We are not too much aware of ulip plans. ( ) ( ) ( ) ( ) ( )

Q 16. What steps do you suggested to the companies to make their ULIP plans more popular? Give more advertisements. Arrange more work shops. Arrange more seminars Reduce charges Create awareness through advisors ( ) ( ) ( ) ( ) ( )
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17. Personal Details













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