Arvind Singh

8/14/2019 Arvind Singh

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BVM O E'E O3 M*.*'EME.TEDU *TIO.

D*RP*. O O.Y '5* IOR

DECLARATION

I *r,i"d #i" $ student of mba 3 rd semester BVM O E'E O3

M*.*'EME.T EDU *TIO. , Gwalior declare that all the information, facts and

figures presented in this report are actually based on my experience & my open market

research during the project PERFORMANCE APPRAISAL SYSTEM with special

references to RELIANCE LIFE INSURANCE . I assure that this project is the result ofmy own sincere efforts and has not been submitted in any other institute for the award of

any degree or diploma.

Date ! *r,i"d Si" $

Pla"e ! M#a $ r% SEM


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AC&NO'LEDGEMENT

It is pri!ilege to express my gratitude & a sincere thanks to BVM O E'E O3

M*.*'EME.T EDU *TIO. has gi!en us the opportunity to carry research on

the PERFORMANCE APPRAISAL SYSTEM RELIANCE LIFE INSURANCE & .

I am thankful to (((((((((. )Ma*a+e e*t %e-art e*t faculty guide for

her !aluable guidance and support throughout report presentation.

Date ! *r,i"d Si" $

Pla"e ! M/A $ r% SEM

3


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CERTIFICATE

"his is to certify that Mr . *r,i"d #i" $ student of #$% 3 rd '# completed his summer

training project report 'ntitled PERFORMANCE APPRAISAL SYSTEM RELIANCE

LIFE INSURANCE ( under my guidance.

DATE

PLACE

)


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CERTIFICATE OF FACULTY GUIDE

"his is to certify that M0. AR1IND SING2 student of M/A $ r% Se e0ter programme

has completed his summer training of )* days prepared this report under my guidance.

Date ! )Mr. &.G. S3ar a

Pla"e ! (((((((((((.

*


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TA/LE OF CONTENTS

C2ATER Pa+e No.

4.4 2i0tor5 o6 t3e or+a*i7atio* 8 it0 o#9e"ti:e0

4.; Or+a*i7atio* Str Pro%


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4.4 2ISTORY OF T2E ORGANI ATION 8 ITS O/JECTI1ES

eliance -apital imited announced the launch of its life insurance business on /ebruary 1,

00+. "his was after obtaining the re uired regulatory appro!als from the egistrar 2f

-ompanies and the Insurance egulatory and e!elopment %uthority.

It was in %ugust 00* that the ball was set rolling when eliance -apital imited, the financial

arm of eliance 4 %nil hirubhai %mbani 5roup 6% %57 4 announced the re uisition of 1008

shareholding in %#9 anmar ife Insurance -ompany imited: and the formal transfer of

shares took place in 2ctober 00*. "he company will issue all policy contracts under the

eliance ife Insurance -ompany limited name. %ll the existing policy contracts also stand

transferred to the eliance ife Insurance entity with all the original contractual terms andcommitments intact.

A Reliance Capital company

Reliance started from scratch, only to become Indiaslargest private sector company in ~40 years

1966 1971 7! 1977 19"# 199! 199$

%irth ofReliance &

'irst(e)tile *illat +aroda

%irth ofReliance &

'irst(e)tile *illat +aroda

a-nch of./nlyimal

brand

a-nch of./nlyimal

brand

ales 2ross 4000 2r3%ecomes argestprivate sector 2o3 inIndia

ales 2ross 4000 2r3%ecomes argestprivate sector 2o3 inIndia

a-nch of 1 stI / for general

p-blic start of atrend

a-nch of 1 stI / for general

p-blic start of atrend

(otal 5ssetscross 1000 2r

(otal 5ssetscross 1000 2r

( in I /s receive1million applications

( in I /s receive1million applications

The Story of Growth First corporate inAsia to issues

50 and 100 yrsbond in US

debt market

First corporate inAsia to issues

50 and 100 yrsbond in USdebt market

1997 199"

(otal assetscross $#000 2r Reven-es cross

14000 2r3

(otal assetscross $#000 2r Reven-es cross

14000 2r3

.

;


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!000 !000 !001 !00$ !00# !006 07

ro-p rofitscross !#00 2r

Reven-es cross!0000 2r

(otal 5ssetscross #0000 2r

ro-p rofitscross !#00 2r

Reven-es cross!0000 2r (otal 5ssets

cross #0000 2r

Re-i!"6e1ommu"i6!tio"

7-!"# !""ou"6ed

Re-i!"6e1ommu"i6!tio"

7-!"# !""ou"6edRe-i!"6e 2i+e

I"#ur!"6e r!"%8t$ !t / 0 1r

Re-i!"6e 2i+eI"#ur!"6e r!"%8t$ !t / 0 1r

ro-p reven-escross 60000 2r argest

%-siness gro-pin India

ro-p reven-escross 60000 2r

argest%-siness gro-p

in India

Controlling stake inBSES (Reliance

Energy)Largest mobile

services co. in India

Controlling stake inBSES (Reliance

Energy)Largest mobile

services co. in India

*D* 'rou7 +ormed*MP S!"m!r !69uired

!"d re"!med Re-i!"6e2i+e I"#ur!"6e

*D* 'rou7 +ormed*MP S!"m!r !69uired

!"d re"!med Re-i!"6e2i+e I"#ur!"6e

And the journey%ecame the 1 st

company tocross 1 millionpolicy mar8 in !

years ofoperations

%ecame the 1 stcompany tocross 1 millionpolicy mar8 in !

years ofoperations

ep !007 !007

Reliance became onlythe second +ationalIns-rance player toget I / 9001 !000

Reliance became onlythe second +ationalIns-rance player toget I / 9001 !000


Be t$e 1$!")e

!00" !00" !00" !007 0" !00" 09

Reliance *'becomes 1 st

5*2 tocross

100,000 2r

Reliance *'becomes 1 st

5*2 tocross

100,000 2r

R2/* crosses#0 million

c-stomers

R2/* crosses#0 million

c-stomers

5 total of more than !000%ranches on anvil in thefiscal year33

5 total of more than !000%ranches on anvil in thefiscal year33

Continues.

RLIC jumps to4th position

with 2750 Cr

RLIC jumps to4th position

with 2750 Cr

2rosses !millionpolicies

2rosses !millionpolicies


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T2E COMPANY

/ew men in history ha!e made as dramatic a contribution to their country=s economic fortunes as

did the founder of eliance, hri. hirubhai > %mbani . /ewer still ha!e left behind a legacy that is more

enduring and timeless.

%s with all great pioneers, there is more than one uni ue way of describing the true genius of

hirubhai? "he corporate !isionary, the unmatched strategist, the proud patriot, the leader of

men, the architect of India=s capital markets, the champion of shareholder interest.

$ut the role hirubhai cherished most was perhaps that of India=s greatest wealth creator. In one

lifetime, he built, starting from the pro!erbial scratch, India=s largest pri!ate sector enterprise.

@hen hirubhai embarked on his first business !enture, he had a seed capital of barely A B 300

6around s 1),0007. 2!er the next three and a half decades, he con!erted this fledgling enterprise

into a s +0,000 crore colossusCan achie!ement which earned eliance a place on the global

/ortune *00 list, the first e!er Indian pri!ate company to do so.

hirubhai is widely regarded as the father of India=s capital markets. In 1D;;, when eliance

"extile Industries imited first went public, the Indian stock market was a place patroniEed by a

small club of elite in!estors which dabbled in a handful of stocks.

Andaunted, hirubhai managed to con!ince a large number of firstFtime retail in!estors to

participate in the unfolding eliance story and put their hardFearned money in the eliance

"extile I92, promising them, in exchange for their trust, substantial return on their in!estments.

It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian

markets.

Ander hirubhai=s extraordinary !ision and leadership, eliance scripted one of the greatest

growth stories in corporate history anywhere in the world, and went on to become India=s largest

pri!ate sector enterprise.

"hrough out this amaEing journey, hirubhai always kept the interests of the ordinary

shareholder uppermost in mind, in the process making millionaires out of many of the initial

in!estors in the eliance stock, and creating one of the world=s largest shareholder families.

D


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A/OUT RELIANCE LIFE INSURANCE

eliance ife Insurance offers you products that fulfill your sa!ings and protection needs. 2ur

aim is to emerge as a transnational ife Insurer of global scale and standard.

eliance ife Insurance is an associate company of eliance -apital td., a part of eliance F

%nil hirubhai %mbani 5roup. eliance -apital is one of India=s leading pri!ate sector financial

ser!ices companies, and ranks among the top 3 pri!ate sector financial ser!ices and banking

companies, in terms of net worth. eliance -apital has interests in asset management and mutual

funds, stock broking, life and general insurance, proprietary in!estments, pri!ate e uity and other

acti!ities in financial ser!ices.

eliance F %nil hirubhai %mbani 5roup also has presence in -ommunications, 'nergy, Gatural

esources, #edia, 'ntertainment, >ealthcare and Infrastructure.

0I1I/+ 9 *I11I/+

1i0io*

'mpowering e!eryone li!e their dreams.

Mi00io*

-reate unmatched !alue for e!eryone through dependable, effecti!e, transparent and profitable

life insurance and pension plans.

GOAL

eliance ife Insurance would stri!e hard to achie!e the 3 goals mentioned below?

'merge as transnational ife Insurer of global scale and standard.

-reate best !alue for -ustomers, hareholders and all take holders.

%chie!e impeccable reputation and credentials through best business practices.

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52:I0;*;+(1 /' R; I5+2; I'; I+1


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RELIANCE LIFE INSURANCE APPOINTS MR ANUP RAU AS NE'

CEO

1


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M< #ai, Ja*


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strengthening of $ancassurance business. 9rior to > /- he had was the Gational >eadF

$ancassurance, %lliances and International $usiness at I-I-I 9rudential ife.

A#o


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eliance ife Insurance -ompany limited is a joint !enture between two leading conglomerates

eliance %uto limited and eliance ife company, whose total asset !alue is of s *D00000 cr.

eliance whose wealth as of now is s


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N "o be the preferred employer for staff in the insurance industry.

N "o be the number one insurer for creating shareholder !alue.

Mi00io*

%s a responsible, customer focused market leader, we will stri!e to understand the insurance

needs of the consumers and translate it into affordable products that deli!er !alue for money.

4.$ Fi*a*"ial Per6or a*"e

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ife insurance products are designed to suit the re uirements of customers. /undamentally the

product pro!ide for?

isk co!er

In!estment

>ealth co!er

In e!ery product, to a certain degree, risk co!er is imperati!e for it to fall under the category of

insurance. $ased on the co!erage of the product, the premiums are calculated and the customer

pays accordingly. In order to suggest the right product, it is essential for an agent to understand

the re uirements of the customer well.

"he traditional plans of the company ha!e the following features?F

/ixed "enure.

9otential for better returns

"ransparency

/lexibility in in!estment

/lexibility to in!est more

/lexibility to skip the premium

/lexibility to choose the co!er

>igh li uidity

%ge, term, and sum assured decide the amount of premium.

"opF ups and switches are not allowed

eliance ife Insurance -ompany imited has offered D

"raditional plans to the customers, which are listed as follows?

17 eliance "erm 9lan

7 eliance @hole ife 9lan

37 eliance 'ndowment 9lan

)7 eliance pecial 'ndowment 9lan

*7 eliance -ash /low 9lan

1;


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+7 eliance -redit 5uardian 9lan

;7 eliance pecial -redit 5uardian 9lan

'ach of the abo!e traditional plans is discussed as follows?

4 Relia*"e ter -la* ?F"his insurance policy is designed for those who only want life co!er for the protection of their

family, and do not wish to sa!e for themsel!es. It can also be useful to business firms that wish

to pro!ide financial security to their business against the sudden loss of partners or !aluable

manpower. ince there is no sa!ing element or bonus pro!ision, the premium is !ery low.

>ence, this is a highFrisk plan with a low premium.

Feat


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$ Relia*"e E*%ow e*t Pla* ? F

eliance ife Insurance=s eliance 'ndowment 9lan is the key to all your financial needs. It is

an inexpensi!e and easy way to protect you, your family or your business.

In a nutshell this plan will keep you financially prepared for all the special occasions in your life

F your daughter=s wedding, your child=s uni!ersity education or e!en a new office for your business F by eliminating the burden that a shortage of money creates.

In the e!ent of your untimely death, eliance 'ndowment 9lan will also assist your lo!ed ones

through this difficult time by the financial support that it pro!ides.

eliance 'ndowment 9lan also gi!es you the additional benefit of participating in the company=s

profits, which you will recei!e at the end of the policy period.

Feat


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Feat


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4.;. / TRADITIONAL PLANS OF RELIENCE LIFE INSURANCE

I. ENDO'MENT PLAN

a!ing plan, which offer bonuses, are excellent long term plan with complete safety. 2ur

products offer additional benefits which include ) times life co!er at a little extra cost,

limited premium payment terms and compounded re!ersionary bonuses making it a !ery

good long term in!estment.

4. Relia*"e li6e I*:e0t Gai*

In!est 5ain is a specially designed plan that offers a uni ue combination of benefits that help

you de!elop a sound financial portfolio for your family.

) "imes ife -o!er at a little extra cost.

imited premium payment option a!ailable.

A%%itio*al /e*e6it0 ?

a7 %ccidental eath $enefit and isability $enefit.

b7 -ritical Illness $enefit and >ospital -ash $enefit.

c7 /amily Income $enefit? In case of death or accidental total permanent disability of insured, all

future premiums are wai!ed and 18 of the sum assured is paid monthly.

1

In!est 5ain a!e -are 'conomy 9 ife "ime -are

uper a!er
http://bajajallianzlife.com/product-detail.asp?prodid=46http://bajajallianzlife.com/product-detail.asp?prodid=59http://bajajallianzlife.com/product-detail.asp?prodid=94http://bajajallianzlife.com/product-detail.asp?prodid=124http://bajajallianzlife.com/product-detail.asp?prodid=46http://bajajallianzlife.com/product-detail.asp?prodid=59http://bajajallianzlife.com/product-detail.asp?prodid=94http://bajajallianzlife.com/product-detail.asp?prodid=124


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;. Relia*"e li6e 0a:e Care E"o*o 5 SP

% 2neFtime payment In!estment plan that pro!ides for sa!ings with high risk co!er for 10 years

and also participates in the profits of the company. It offers you high risk co!er with easy

li uidity and high returns.

a7 % single premium endowment plan that participates in the profits.

b7 10 year In!estment plan.

c7 $enefits payable on maturity.

c7 oans a!ailable.


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$. Relia*"e li6e ti e "are

% whole life plan, which pro!ides sur!i!al benefits at the age of ospital -ash -o!er.

c7 @ai!er of 9remium $enefit.

=.Relia*"e li6e S


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% #oney back plan which guarantees 1 *8 payout P bonuses.

Juadruple life co!er.

* easy payouts which gi!e upto 1 *8 P bonuses.

A%%itio*al /e*e6it0 ?

a7 %ccidental eath $enefit and isability $enefit.

b7 -ritical Illness $enefit and >ospital -ash $enefit.

c7 /amily Income $enefit? In case of death or accidental total permanent disability of

insured, all future premiums are wai!ed and 18 of the sum assured is paid monthly.

4.$ Co0ti*+ Met3o%0 A*% A*al50i0 O6 State e*t

MEANING OF INSURANCE

)


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Insurance may be described as a social de!ice to reduce or eliminate risk of loss to life and

property. Insurance is a collecti!e bearing of risk. Insurance is a financial de!ice to spread the

risks and losses of few people among a large number of people, as people prefer small fixed

liability instead of big uncertain and changing liability.

Insurance can be defined as a legal contract between two parties whereby one party called

insurer undertakes to pay a fixed amount of money on the happening of a particular e!ent, which

may be certain or uncertain.( "he other party called insured pays in exchange a fixed sum known

as premium.

Insurance is desired to safeguard oneself and one=s family against possible losses on account of

risks and perils. It pro!ides financial compensation for the losses suffered due to the happeningof any unforeseen e!ents.

IMPORTANCE OF INSURANCE

Insurance constitutes one of the major segments of the financial market.

Insurance ser!ices play predominant role in the process of financial Intermediary. "oday

insurance industry is one of the most growing sectors in India. "here is lot of potential in theIndian Insurance Industry.

"here are many issues, which re uire study. "he scope of the study of Insurance industry of

India would be !ery great as there are ongoing e!elopments in the industry after the opening of

the sector.

2ne of the major issues is the effects on I- after the entry of pri!ate players in the market.

"hough market share of I- has been affected, it has impro!ed in terms of efficiency.

"here are number of other hot topics like penetration of >ealth Insurance, ural marketing of

insurance, new distribution channels, new product ranges, insurance brokers= regulation,

incenti!e scheme of de!elopment officers of I- etc. o it offers lot of scope for studying the

insurance industry.

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ight now the insurance industry has great opportunities in a country like India or -hina which

huge population. %lso the penetration of insurance in India is !ery low in both life and nonFlife

segment so there is lot potential to be tapped. $efore starting the discussion on insurance

industry and related issues, we ha!e to start with the basics of insurance. o first we understand

what is insurance R How the word 'i sura (e) is different from the word 'assura (e ? 'tc.

4.> Pro%


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Creation of a customi,ed financial strate#y

-i!ersification of assets ased on a formal process of asset

allocation

Acti!e trac in# monitorin# and re!iew of portfolios

Creation of pri!ate trusts

Ta' plannin#

Estate plannin#

Structurin# of family wealth

;


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4.? La5oerti+i6!te o+ Merit i" the &inancial Ser!ices cate#ory y Council for

&air ;usiness %ractices


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4. MarBeti*+

RELIANCE @UALITY POLICY

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INTRODUCTION

"he abo!e uotes are actual comments made by managers on employees= performance re!iew

forms 4 although humorous, they illustrate what performance is G2"S

9erformance #anagement is a key process in any organisation and should assist the managementand staff to focus on the key issues and business objecti!es to ensure sustainability.

9erformance #anagement is therefore much more than merely telling a person what to do and

policing( them until it is done. ather, it is an integral part of the manager and the employee=s

job 4 it is a 9oi*t -ro"e00 .

"he bottomFline reality is that we all need to know what is expected in a specific role 4 if that is

lacking, uncertainty and frustration, resulting in demoti!ation and ineffecti!eness, is created.

"his in turn impacts negati!ely on company performance and longFterm sustainability of the

organisation. "o a!oid this, clear goals and objecti!es need to be defined and that is the crux of

an effecti!e 9erformance #anagement system.

PERFORMANCE MANAGEMENT '2AT IS 2APPENING IN SA

ome perspecti!es 6 eloitte and "ouche >-- ur!ey, 0017?


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ard measures are

uantitati!e, and often include profit targets, numerical targets, etc. oft measures are less

uantitati!e and more ualitati!e and refer to beha!iours, ser!ice le!els, etc.

PERFORMANCE MANAGEMENT DEFINED

9erformance #anagement is the process of defining clear objecti!es and targets for indi!iduals

and teams, and the regular re!iew of actual achie!ement and e!entual rewarding for target

achie!ement.

"he process should ensure that indi!idual and team effort support the organisational objecti!es

and that key stakeholder expectations are realised by focusing on key !alue dri!ers. "hus?

9lanning is crucial

takeholder expectations are key dri!ers of 9erformance #anagement

#anagement and employee buyFin and in!ol!ement are paramount

Mey objecti!es and targets should be linked to corporate strategy

"hese factors are often not addressed in organisations and as a result the process is often

destructi!e and draws a tremendous amount of energy from the organisation 4 leading to a

situation where !alueFadd and benefits are minimal.

9erformance #anagement should be a process that incorporates the following?

9lanning 9erformance ? setting Mey 9erformance %rea=s 6M9%=s7, objecti!es and

standards that are linked to corporate strategy, de!elopment plans

#aintaining 9erformance ? monitoring, feedback, coaching and mentoring and regular

interactions regarding goal achie!ement

e!iewing 9erformance ? formal feedback and ratings 4 e!aluating performance

ewarding of 9erformance ? increases, bonuses, incenti!es, etc

3+


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"he 9lanning 9hase is crucial F


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S"3e ati"all5 t3e -ro"e00 "a* #e %e-i"te% a0 6ollow0

Shareholders

EmployeesCustomers

STRATEGY

KEY VALUE DRIVERS

2nce the key !alue dri!ers are identified 6!alue dri!ers are the key aspects that create economic

wealth for the key stakeholders, and can include profitability, uality ser!ice, training, etc7, the

following is re uired?

3


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9erformance #anagement will be effecti!e when a cascading model is followed. /lowing from

the strategy and key !alue dri!ers, the following can be defined?

efining Mey 9erformance %reas 6M9%=s7

efining 2bjecti!es

efining "argets

3D

STRATEGIC

PERFOR A!CE AREAS

Key Strategic Objectives

ACTIO! PLA!!I!G

PERFOR A!CE A!AGE E!T"

WHO (accountabilities)WHAT WHEN

HOW (measures)

KEY VA !E "#$VE#S(Sta%e&ol'er E ectations


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% key aspect of any good performance management system is training and de!elopment.

9art of the planning phase includes the agreement on a formal de!elopment plan for the

employee. "ypically this plan should be based on re uisite skills, beha!iours and knowledge

6key competencies7 that will be re uired to achie!e the objecti!es and targets set. "he

de!elopment plan can also include longFterm de!elopmental initiati!es 6usually based on potential, good performance, etc7.

"raining acti!ities should ideally be based on performance gaps that are identified during the

#aintaining of 9erformance phase. $y linking training to identified performance gaps, training

will be focused, specific and rele!ant. %s such, performance data should be a major input source

of the annual training needs analysis.

$oth the training and de!elopment strategy and the performance management process should be

closely aligned with the o!erall etention strategy of the organisation. esearch 6"eke, #, 00 7

suggests that rele!ant trainingTde!elopment inter!entions and regular performance feedback are

important factors in skills retention. >igh flyers start to look elsewhere for opportunities if these

are not present in their working en!ironment.

)0

The #L$%&'"

"esire' er*ormance

Actual er*ormance

+easurement

"evelo ment

Vision+issionStrategyValue "rivers


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C2APTER !;

O/JECT OF T2E STUDY

)1


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O/JECTI1ES

"o ha!e a detailed understanding of eliance ife Insurance and eliance Allianz ifeInsurance.

"o find out !arious reasons considered while in!esting in policies.

"o get knowledge about the market exposure and future prospects about eliance ifeInsurance.

"o know the perception of the consumers about the life insurance.

"o analyEe the "raditional plans of eliance ife Insurance and compare it with eliance%llianE.

"o know about the brand awareness of eliance ife Insurance, its customer preferenceso!er eliance %llianE in the market.

"o study a proper knowledge about the life insurance industry.

"o understand the consumer choice while in!esting in policies.

SCOPE OF T2E STUDY

4. "his helps in finding out !ast potential of insurance company.

;. "he study was conducted in Gational -apital egion 6G- 7 only.

$. "he number of respondents to be sur!eyed can be impro!ed.

=. "his study was conducted by comparing the performances & products of three pri!ate &

go!ernment insurance players in insurance industry.

>. "his study was conducted to analyEe the market stand of eliance life insurance -ompany

limited and eliance %llianE ife Insurance -ompany imited of India insurance companies.

?. "his study is done to eliminate all the myths which people ha!e in their minds regarding

Insurance ector.

)


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C2APTER!$

RESULTS AND DISCUSSION

)3


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RESULTS AND DISCUSSION

RESEARC2 DESIGN ?F

COMPARITI1E STUDY F % comparati!e study has been undertaken to compare the traditional

9lans of eliance ife Insurance with that of eliance %llianE life insurance.

DATA TYPE

INTRODUCTION ? F %ny organiEation whether big or small, pri!ate or public needs different

type of information to know its popularity. I ha!e gathered secondary data and primary data and

collected information from the combination of these two data.

PRIMARY DATA ? F 9rimary data collection method was decided for obser!ing working

of the company and approaching the customers directly face to face .% great care was

taken while collecting the primary data to answer that it is rele!ant, accurate, current and

unbiased.

SECONDARY DATA ? F econdary data collection method was used by referring to!arious websites, books and newspapers for collecting information regarding the project

under study. econdary data consist of the information that already exists somewhere else

for some another purpose.

SAMPLING TEC2NI@UES !

SAMPLE SI E F % sample siEe of *0 was taken to be analyEed.

SAMPLE LOCATION ?FQarious sectors of Mamla Gagar, -i!il lines, #ukherji Gagar, #odel

"own and selected areas of elhi.

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SAMPLING PROCESS ? F -on!enient sampling was used to o!ercome the time and money

constraints that could ha!e been faced by us while collecting the data. "he customers were

contacted face to face directly and also by way of telephonic con!ersation with them.

ANALYTICAL TOOLS ? F "he data collected were arranged accordingly and statistical toolslike bar graphs and pieFcharts were used to analyEe and present the data.

RESEAR*+ INSTRU$ENT USE -.

SAMPLING MEDIA ? F 9rinted uestionnaires consisting se!eral uestions were asked to ha!e

an idea of customers !iew about eliance ife Insurance plans followed by personal uestions.

FIELD 'OR& ? F igorous field work was undertaken to locate the interested and potential respondents to fulfill the objecti!es of the study.

T2E PRIMARY O/JECTI1EOF T2E STUDY ?F

"he primary objecti!e of the research study is to ha!e a detailed analysis of eliance ifeInsurance bringing in focus the future prospects of the 6%nil hirubhai %mbani group7 with

rele!ance to the customer perception regarding the !arious plans and products offered by

eliance ife Insurance.

)*


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$.4 DATA ANALYSIS AND INTERPRETATION

PERSONAL DETAILS

4 AGE

a7 1


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; OCCUPATION

a7 er!ice

b7 $usiness

c7 9rofession

d7 >ousewife

e7 etired

OPTION NO. OF RESPONDENTS PERCENTAGE

er!ice 1+ 3 8

$usiness 1) ousewife < 1+8

etired ; 1)8

TOTAL > 4 K

);

26

6>

17

1:

1/

7

8

17

18

67

68

27

28

Ser!ice ;usiness %rofession ?ousewife Retired

OCCUPATION

/22


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INTERPRETATION ?F"he abo!e bar graph re!eals that 3 8 of the total respondents

were ser!icemen,


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= FAMILY MEM/ERS

a7 b7 3c7 )d7 %bo!e )

29"I2G G2. 2/ ' 92G 'G" 9' -'G"%5'11 8

3 D 1


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INTERPRETATION "he abo!e bar graph shows that 8 of the total respondents had a

family of members, 1


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I*ter-retatio* "he abo!e pie chart shows that out of *0 respondents, 108 preferred to in!est in

fixed deposits, 08 in stocks, 08 in mutual funds, 3+8 in insurance and 1)8 in others like

property, gold, etc.

@?. '3at are 5o


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I*ter-retatio* "he abo!e pie chart shows that out of *0 respondents, 08 of them in!est for

protecting their family against premature death,


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@ . '3at Bi*% o6 i*:e0t e*t %o 5o< -re6era7 high risk high gain

b7 low risk low gain

c7 moderate

d7 !ary times to times

O-tio* No. o6 re0-o*%e*t0 Per"e*ta+e

>igh risk high gain < 1+8ow risk low gain * 108

#oderate 1 )8Qary times to times * *08TOTAL > 4 K

I*ter-retatio* "he abo!e pie chart shows that out of *0 respondents, 1+8 preferred high riskF

high gain form of in!estment 108 preferred low riskF low gain form of in!estment, )8

preferred moderate in!estment and *08 preferred !aried form of in!estment.

*3


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@ .Are 5o< i*tere0te% to i*:e0t i* Tra%itio*al Pla*0

a7 L'

b7 G2

O-tio* No. o6 re0-o*%e*t0 Per"e*ta+eL' 3+ ; 8

G2 1) 4 K

I*ter-retatio* "he abo!e pie chart shows that ; 8 of the respondents preferred to in!est in

"raditional 9lans.

*)


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@4 . '3at i0 5o


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C2APTER !=

A55' "I2G %G I#9 I-%"I2G

*+


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SUGGESTION AND IMPLICATION

1 .$ased on the obser!ations of the study some suggestions for the organiEation are made asfollows?

4. Juality of ad!isors is also as important as the uantity. "hus company should go mainly for

ualified professionals.

;. -ompany should increase its budget on publicity so that awareness can be increased.

$. -larity and transparency should be pro!ided to the customer regarding !arious products.

=. "raining sessions should be planned in ad!ance so that schedule can be pro!ided to the

ad!isor in ad!ance.

>. %part from the $rand 9ositioning in urban area, a strategy should be adopted by eliance to

make its brand also near to middle le!el, or high aspirant people because they are the main

source of the business in India

?. %wareness -amp to the sub urban area should be focused by eliance.

. ome inno!ati!e techni ue or product is re uired in order to attract the consumer.

*;


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C2APTER!>

CONCLUSION

*


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CONCLUSION

/ffective management of individual and team performance is a crucial and central re0uirement

to ensure stakeholder re0uirements1 organi2ational strateg! and business goals are attained.

3his re0uires accurate data regarding performance levels of business units1 teams and

individuals1 and therefore the need for a standardi2ed and formal performance managements!stem.

An effective performance management s!stem is the centre of an integrated 4" S!stem and

the performance data feeds into a variet! of processes and s!stems1 for e5ample6

Career planning

"ewards

3raining and development

7isciplinar! decisions

8romotions1 etc 9

7espite the importance of performance management1 most organisations find it difficult to

implement1 manage and sustain performance management s!stems and processes effectivel!.

:t is therefore crucial to ensure ade0uate planning1 evaluation and training is done that will

support a sustainable process. 3his is possibl! one of the reasons wh! performance

management s!stems have evolved and changed significantl! over the !ears ; each new

approach an attempt to make it better1 more effective and more acceptable to end,users.

8erformance management will remain on the agenda in man! corporate meetings1 and will be a

ke! concern for South African 4" practitioners and managers for man! !ears to come.

*D


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./I/LIOGRAP2Y

www.reliancelifeinsurance.com

www.adagroup.com

www.irda.com

www. elianceallianElifeinsurance.com

www.allianE eliance.com

+0
http://www.reliancelifeinsurance.com/http://www.adagroup.com/http://www.irda.com/http://www.bajajallianzlifeinsurance.com/http://www.bajajallianzlifeinsurance.com/http://www.bajajallianzlifeinsurance.com/http://www.bajajallianzlifeinsurance.com/http://www.allianzbajaj.com/http://www.allianzbajaj.com/http://www.allianzbajaj.com/http://www.reliancelifeinsurance.com/http://www.adagroup.com/http://www.irda.com/http://www.bajajallianzlifeinsurance.com/http://www.allianzbajaj.com/


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@UESTIONNAIRE

NAME

PERSONAL DETAILS

17 %5'?UUUUUUUUUUUUUUUUU

17 2--A9%"I2G?UUUUUUUUUUUUUU

7 IG-2#'?UUUUUUUUUUUUUUUUUUU

37 /%#I L #'#$' ?UUUUUUUUU

@4. '3ere %o 5o< -re6er to i*:e0ta7 /ixed deposits

b7 tock

c7 #utual funds

d7 Insurance

e7 2thers

@;. '3at are 5o


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