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MIT SCHOOL MANAGEMENT OF TELECOM AND STUDIES

A PROJECT REPORT ON

“RELIANCE LIFEINSURANCE”

Submitted by:KUNAL SINHA

(G30839)



ACKNOWLEDGEMENT

Working for this project was a revelation to me on more thanone account. It introduced myself to the world of present daymarketing coming to know the functioning of a large company

and meeting and exciting across section of people was a quitea thrilling experience. So, I express my sincere gratitude to allthose without whose encouragement as assistance andcooperation, the success and completion of this project wouldnot have been possible

.I am highly indebted to Mr. Rohit sinha (Territory

manager) for encouraging and guiding me during project work.Despite his busy schedule, he always provided time to answermy queries whenever I approached him.

Finally, I pay sincere regards to my parents



CONTENTS1. INTRODUCTION TO INSURANCE2. ORGANISATION AT GLANCE

3. R.L.I.C PRODUCT

4. COMPARATIVE ANALYSIS

5. SWOT ANALYSIS

6. UNDERWRITING PROCESS

7. CONCLUSION AND SUGGESTIONS



RELIANCE LIFE INSURANCEAnil Dhirubhai Ambani Group



INTRODUCTION TO

INSURANCEINSURANCE:-*INSURANCE IS A MECHANISM THAT HELPS TO REDUCE THE

EFFECT OF SOME ADVERSE SITUATIONS.IT PROMISE TO PAY TO THE OWNER OR BENEFICIARY OF THE ASSET,A CERTAIN SUM IF

THE LOSS OCCURS.

*INSURANCE IS THE ONLY WAY TO SAFEGUARD AGAINST THEUNPREDICTABLE RISK OF THE FUTURE.IT IS UNAVOIDABALE.

TYPES OF INSURANCEa) LIFE INSURANCE

b) GENERAL INSURANCE



ORIGIN OF INSURANCE ININDIA

*IN INDIA INSURANCE BEGAN IN 1818 WITH LIFEINSURANCE BEGIN TRANSACTED BY AN ENGLISH

COMPANY, “THE ORIENTAL LIFE INSURANCE CO.LTD”.

*THE FIRST INDIAN INSURANCE COMPANY WAS THE”BOMBAY MUTUAL ASSURANCE SOCIETY

LTD”,FORM IN 1870 IN MUMBAI.

*THIS WAS FOLLOWED BY “BHARAT INSURANCE CO.IN1896 IN DELHI,UNITED INDIA IN CHENNAI,&NATIONAL

INDIAN &THE HINDUSTAN COOPERATIVE IN KOLKATTA.



OVERVIEW OF RELIANCE

LIFE INSURANCE*ABOUT RELIANCE LIFE INSURANCE:-

Reliance Life Insurance is a licensed Life Assurance CompanyRegistered with

The Insurance Regulatory & Development Authority(IRDA).

Reliance Life Insurance offers you products that fulfill yoursavings and protection needs.Our aim is to emerge as a

transnational life insurer of global scale and standard.Reliance life insurance is an associate company of RelianceCapital Ltd,a part of Reliance Anil Dhirubhai Ambani Group.

Reliance Anil Dhirubhai Ambani Group has presence in

Communication,Energy,NaturalResources,Media,Entertainment,Health care&Infrastructure.



RELIANCE LIFE

INSURANCEVISION: Empowering everyone live

their dreams.

MISSION: Create unmatched value foreveyone throughdepedable,effective,transparent and profitable

life insurance and pension plans.GOALS: Emerge as transnational life insurer

of global scale and standard and achieveimpeccable reputation and credentials throughbest business practices.



RLIC ACHIEVEMENTS*RLIC has been one of the fast gainers inmarket share in new business premium

among the private players, with an

incremental market share of 4.1% in thefinancial year 2007 -08 – from 3.9% inApril 2007 to 8% in Feb 2008. (source

IRDA…)

RLIC is the fastest growing private lifeinsurance companies with a Growth of

195% in new business premium as of



Continues…..

RLIC Accomplished a largedistribution ramp up in the

industry in a short span of timeby opening 600 branches in 10

months taking the overall branch

network above 1600 branches.



KEY PERSON IN RLIC

M.D OF RLIC: Gautam Doshi

DIRECTOR OF RLIC: Satyalpal Talwar

CEO OF RLIC : P Nanda Gopal



RLIC PRODUCTSTraditional

Plans

Unit Linked

Insurance

PlansReliance cash flow plan Reliance Money Guaranty plan

Reliance Endowment plan Reliance super market return plan

Reliance special Endowment plan Reliance Super Golden years plan

Reliance term plan Reliance super AutomaticInvestment Plan

Reliance Child plan Reliance super Invest Assure plan

Reliance Pension plan Reliance secure child plan

Reliance Credit Guardian plan Reliance wealth and health plan

Reliance Whole life plan



DIFFERENCE BETWEEN

TRADITIONAL & ULIPULIP PLAN TRADITIONAL

PLAN The premium,in excess of risk

cover,isInvested as desired by the policyholder

All the premiums go into a common

fund and are invested at theinsurers discretion.

Benefits are variable Benefits are pre determined

Loss is likely Loss is unlikely

Gains likely depending on marketmovements

Gains unlikely except throughbonuses



RLIC – COMPETETIORS.Bajaj Allianz Life insurance companyLimited.

.Life insurance corporation of India.

.ICICI prudential Life Insurance co.Ltd.

.Aviva life Insurance company Ltd.

.SBI Life insurance Co.ltd.

.Kotak Mahindra Old Mutual life

insurance Ltd..HDFC Standard Life Insurance co.Ltd..Sahara India Life insurance CO.Ltd.

.Birla Sun Life Insurance Co. Ltd,

.Shriam Life Insurance Co.Ltd.



COMPARATIVE

ANALYSIS•

Reliance life insurance:-• Among top five private life companies in terms of new business

premium in the ninth month period reliance life grew by 66%SBI life by 57% &Birla sun life by 63%.

• In terms of no. of policies sold reliance bagged the 1st rank.

• Anil Dhirubhai Ambani group reliance life insurance will least170% of growth in 2008-09.

• The year the life insurance industry paid out commission of Rs8930cr a marginal increase over Rs 8543cr paid out in thecorresponding period last year.

• Our market share among the pvt.insurers is nearly 9% and weare confident in becoming no.1 in the next few year said CEO of RLIC P. Nandgopal.



CONTINUES….•

LIC,ICICI Pru &Bajaj Allianz losinggrounds.

• It is shown that public insurer company LIC

has managed to garner around Rs 8,200crin sept ’08’ down by 35% from theRs12,500cr collected a year earlier inreceiving actual new premium.

• Pvt. Insurer Bajaj Allianz has seen a close to10% drop at it received Rs 1,900cr (sept08)compared with the Rs 2,050cr(sept07).Weighted new received premium

(WNRP) which represents the actual new



CONTINUES….• ICICI Pru life growth registerd a marginal

decline to 3%.Even Bajaj Allianz de-growth21% during the period despite high

new premium.• LIC de-growth to a negative 2% in the first

9 months,on the other hand SBIlife,Reliance life,Birla sunlife,Kotak life &Met

life grew by over 50%among the top pvt.companies



SWOT ANALYSIS OF

RLICEXTERNAL ENVIRONMENT : It includes all the factorsoutside the organisation which provide opportunitiesor pose threat to the organisation.

STRENGTH OF RLIC: It is a Anil Dhirubhai Ambani group

company.• India’s leading pvt.sector financial company.

• In terms of policies sold Reliance bagged the 1st rank in 08-09.

• Reliance life insurance shows growth 170% in WRNPIN 08-09.

• 100% growth in FP as compared to oct 07.

• It is 100% Indian company,it has no any collaborationwith any other company.



SWOT ANALYSIS

CONTINUES….•

OPPORTUNITIES: • Opportunity is a favorable condition of any company

which means a growing demand for the product orservices that a company provides.

•

RLIC is the 1st pvt. Sector company to offer insurancecover for rural population at a afforadable premium.

• The product for rural market are available atcomparatively at lower premium

Rs300,Rs500,Rs1000 every three month.\• The companies employees strength is also likely to

be upped to about 1,00,000 from present 30,000.

• Consumer based is expected to rise to 50million

from 14million in specific period(2011-13).

SWOT ANALYSIS



SWOT ANALYSISCONTINUES…

• THREATS: Threat is the emerges of new

competitors who are likely to occur stiff competitionto the existing company in an industry.

• Threats are its competitors like:

• Bajaj Allianz

• ICICI Prrudentials

• SBI life

•

LIC• Birla sun life

• HDFC standard life insurance

• WEAKNESS: *Premium amount is not less than

5,000 For ULIP Plans.



UNDER WRITING

TRAINING PROCESS• How to Login The proposal

Form?• What are The necessary

documents should be attached

with the proposal form?• During Login Guide line should

be kept in mind which are



IMPORTANT GUIDELINES1.Form is to be filled by the proposer

himself/herself.3.Commencement of the risk shall be effective

from the date of acceptance of the risk by thecompany.

4.All details are mandatory and should be filledcompletely including email ID, mobile numberetc.

5.As per IRDA guidelines on anti moneylaundering(AML),premium receipts by way of cash are restricted to 50,000/month. If premiumis equal to or more than 1,00,000/p.a. by any

mode of payment evidence of source of income



CONTINUES…..6.Customers are advised not to hand over cash

to reliance life insurance Advisors to meet thepremium dues. Customers are requested tovisit the nearest Reliance Life Insurancebranch to deposit the cash directly with thebranch.

7.Encashment of cheque does not mean thepolicy has been accepted and the company

reserves the right to call for additionalrequirements, if any.

8.Form should be filled in “black ink and in blockletters only”.



CONCLUSION

At the end of this project theconclusion drawn from the study isthat there is very good potential

market for insurance company. Thecompany is facing competition from‘ICICI prudential’, LIC And ‘Bajaj

Allianz’.That is why the

success of the company does not

mean only the good service rather it



SUGGESTIONS•

On the basis of extensive study and marketanalysis, I have some suggestion for thecompany to recommend:-

• To penetrate the market, service can

further value added as marketing to thetune of its competitors.

• Company needs for perfect market strategyand planning.

• Assurance about good quality of service.

• Company should have a properinfrastructure and schedule.

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