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PROJECT REPORT

ON

“RELIANCE LIFE INSURANCE”

IN CONTEXT WITH “RELIANCE LIFE INSURANCE BHILAI”


Bhilai (C.G)

Submitted in the partial fulfillment for the award of degree of

BACHELOR OF BUSSINESS ADMINISTRATION


Of

Pt.Ravishankar Shukla University, Raipur (C.G)


Session 2009-2010

SUBMITTED BY:- GUIDED BY:-


ABHISHEK KUMAR Mr. SANDEEP JASHWANT
BBA 6TH SEM
HOD (MANAGEMENT)

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DEPARTMENT OF MANAGEMENT
SHRI SHANKARACHARYA MAHAVIDYALAYA
SECTOR-6 BHILAI (C.G)

Certificate

To whom may ever it may concern

This is to certify that ABHISHEKKKUMAR student


of B.B.A 6th sem of shri shankaracharya
mahavidyalaya , bhiai has carried a research project
on the topic Reliance life insuranc to hero Honda
under my supervision .
This report is original and data collected by the
researchers himself are true authentic up to my
knowledge.
We wish success in his professional
career .

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Declaration
I ABHISHEK KUMAR student of sixth semester at ‘
shri shankaracharya mahavidyalaya ‘ here by declare that
these research report under the title “RELIANCE LIFE
INSURANCE” is the record of my original work under the
guidance of Mr. Sandeep Jashwant (H.O.D ) B.B.A . These
report has never been submitted any where for award of any
degree or diploma.

Place: ABHISHEK KUMAR


BBA 6TH SEM
Date:

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Certificate
This is to certify that ABHISHEK KUMAR a
student of B.B.A sixth semester at our
institute under my guidance and supervision he
had carried out the research project under title

“RELIANCE LIFE INSURANCE“

This research report is the original one.

Project guide PRINCIPAL


(H.O.D management)

Place:

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Date :

Acknowledgement

Perhaps the most awaited moment of any endeavor in its successful


competition of their project report cases study having worked on the
project for the whole academic session. I would like to express my sincere
gratitude to all those who made it possible.

Firstly I am heartily thankful to my guide Mr. Sandeep Jaswant


(H.O.D) of the B.B.A department under whose able guidance. I had the
privilege to work and who guided at every stage.

I take this opportunity to express my sincere gratitude to our principle


for being guide of philosopher throughout B.B.A program.

I shall be failing in my duty if I don’t express my deep sense of


gratitude to all my friends and the relatives who have share their
valuable time and helped me directly or indirectly in the preparation of the
project .

At the end last but not the least, I would like to thanks the other staff
and non staff member of this college.
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ABHISHEK KUMAR
BBA 6TH SEM

index
Page no:

Chapter -1 Introduction 8-12

Chapter-2 Company profile 14-19


Reliance capital 20
Capital holdings 21
Reliance ADA group 22

Chapter-3 Product of the company 25-40


Reliance mutual fund 26
Reliance general insurance 27-31
Reliance communication 32
Reliance life insurance 33-14

Chapter-4 Insurance plan 42-51

Chapter-5 IRDA 53-54

Chapter- 6 Recruitment process 55-62

Chapter-7 Market analysis 64-68


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Chapter-8 Questionnaire 70-75

Chapter -9 Recommendation 77

Chapter-10 Bibliography 78

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Introduction to the Industry


THE HISTORY OF INDIAN INSURANCE INDUSTRY

ORIGIN OF LIFE INSURANCE


Almost 4,500 years ago, in the ancient land of Babylonia, traders used to
bear risk of the caravan trade by giving loans that had to be later repaid
with interest when the goods arrived safely. In 2100 BC, the Code of
Hammurabi granted legal status to the practice.
That, perhaps, was how insurance made its beginning.
Life insurance had its origins in ancient Rome, where citizens formed burial
clubs that would meet the funeral expenses of its members as well as help
survivors by making some payments.
As European civilization progressed, its social institutions and welfare
practices also got more and more refined. With the discovery of new lands,
sea routes and the consequent growth in trade, medieval guilds took it
upon themselves to protect their member traders from loss on account of
fire, shipwrecks and the like.
Since most of the trade took place by sea, there was also the fear of pirates.
So these guilds even offered ransom for members held captive by pirates.
Burial expenses and support in times of sickness and poverty were other
services offered. Essentially, all these revolved around the concept of
insurance or risk coverage. That's how old these concepts are, really.

“In 1347, in Genoa, European maritime nations entered into the earliest
known insurance contract and decided to accept marine insurance as a
practice.”

The First Step


Insurance as we know it today owes its existence to 17th century England.
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In fact, it began taking shape in 1688 at a rather interesting place called


Lloyd's Coffee House in London, where merchants, ship-owners and
underwriters met to discuss and transact business. By the end of the 18th
century, Lloyd's had brewed enough business to become one of the first
modern insurance companies.

Insurance and Myth...


Back to the 17th century. In 1693, astronomer Edmond Halley constructed
the first mortality table to provide a link between the life insurance
premium and the average life spans based on statistical laws of mortality
and compound interest. In 1756, Joseph Dodson reworked the table,
linking premium rate to age.

Enter companies...
The first stock companies to get into the business of insurance were
chartered in England in 1720. The year 1735 saw the birth of the first
insurance company in the American colonies in Charleston, SC.
In 1759, the Presbyterian Synod of Philadelphia sponsored the first life
insurance corporation in America for the benefit of ministers and their
dependents.
However, it was after 1840 that life insurance really took off in a big way.
The trigger: reducing opposition from religious groups.

The growing years...


The 19th century saw huge developments in the field of
insurance, with newer products being devised to meet the
growing needs of urbanization and industrialization.
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In 1835, the infamous New York fire drew people's attention to


the need to provide for sudden and large losses. Two years later,
Massachusetts became the first state to require companies by law
to maintain such reserves. The great Chicago fire of 1871 further
emphasized how fires can cause huge losses in densely
populated modern cities. The practice of reinsurance, wherein
the risks are spread among several companies, was devised
specifically for such situations.
There were more offshoots of the process of industrialization. In
1897, the British government passed the Workmen's
Compensation Act, which made it mandatory for a company to
insure its employees against industrial accidents.
With the advent of the automobile, public liability insurance,
which first made its appearance in the 1880s, gained importance
and acceptance?
In the 19th century, many societies were founded to insure the
life and health of their members, while fraternal orders provided
low-cost, members-only insurance.
Even today, such fraternal orders continue to provide insurance
coverage to members as do most labor organizations. Many
employers sponsor group insurance policies for their employees,
providing not just life insurance, but sickness and accident
benefits and old-age pensions. Employees contribute a certain
percentage of the premium for these policies.

In India...
Insurance in India can be traced back to the Vedas. For instance, yogakshema, the
name of Life Insurance Corporation of India's corporate headquarters, is derived from
the Rig Veda. The term suggests that a form of "community insurance" was prevalent

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around 1000 BC and practiced by the Aryans.


Burial societies of the kind found in ancient Rome were formed in the Buddhist period
to help families build houses, protect widows and children.
Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in
1870. Other companies like Oriental, Bharat and Empire of India were also set up in the
1870-90s.
It was during the swadeshi movement in the early 20th century that insurance
witnessed a big boom in India with several more companies being set up.
As these companies grew, the government began to exercise control on them. The
Insurance Act was passed in 1912, followed by a detailed and amended Insurance Act
of 1938 that looked into investments, expenditure and management of these
companies' funds.

By the mid-1950s, there were around 170 insurance companies and 80 provident fund
societies in the country's life insurance scene. However, in the absence of regulatory
systems, scams and irregularities were almost a way of life at most of these companies.
As a result, the government decided nationalizes the life assurance business in India.
The Life Insurance Corporation of India was set up in 1956 to take over around 250 life
companies.
For years thereafter, insurance remained a monopoly of the public sector. It was only
after seven years of deliberation and debate - after the RN Malhotra Committee report
of 1994 became the first serious document calling for the re-opening up of the
insurance sector to private players -- that the sector was finally opened up to private
players in 2001.

The Insurance Regulatory & Development Authority, an autonomous


insurance regulator set up in 2000, has extensive powers to oversee the
insurance business and regulate in a manner that will safeguard the
interests of the insured

Life insurance
Life assurance is a contract between the policy owner and the insurer,
where the insurer agrees to pay a sum of money upon the occurrence of
the insured individual's or individuals' death or other event, such as terminal
illness or critical illness. In return, the policy owner (or policy payer) agrees
to pay a stipulated amount called a premium at regular intervals or in lump
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sums. There may be designs in some countries where bills and death
expenses plus catering for after funeral expenses should be included in
Policy Premium. In the United States, the predominant form simply specifies
a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the


insurer and the policy owner (policyholder) whereby a benefit is paid to the
designated Beneficiary (or Beneficiaries) if an insured event occurs which is
covered by the policy. To be a life policy the insured event must be based
upon life (or lives) of the people named in the policy.

Life policies are legal contracts and the terms of the contract describe the
limitations of the insured events. Specific exclusions are often written into
the contract to limit the liability of the insurer; for example claims relating to
suicide, fraud, war, riot and civil commotion.

Life based contracts tend to fall into two major categories:

· Protection policies - designed to provide a benefit in the event of


specified event, typically a lump sum payment. A common form of this
design is term insurance.
·
· Investment policies - where the main objective is to facilitate the
growth of capital by regular or single premiums. Common forms (in
the US anyway) are whole life, universal life and variable life policies.

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Company profile

Founder
Few men in history have made as dramatic a contribution to their country’s economic
fortunes as did the founder of Reliance, Shri. Dhirubhai H Ambani. Fewer still have left
behind a legacy that is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the true
genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud
patriot, the leader of men, the architect of India’s capital markets, the champion of
shareholder interest.

But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth
creator. In one lifetime, he built, starting from the proverbial scratch, India’s largest
private sector enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of
barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he

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converted this fledgling enterprise into a Rs 60,000 crore colossus—an achievement


which earned Reliance a place on the global Fortune 500 list, the first ever Indian
private company to do so.

Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when
Reliance Textile Industries Limited first went public, the Indian stock market was a
place patronised by a small club of elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors


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

Under Dhirubhai’s extraordinary vision and leadership, Reliance scripted one of the
greatest growth stories in corporate history anywhere in the world, and went on to
become India’s largest private sector enterprise.

Though the company's oil-related operations form the core of its business, it has
diversified its operations in recent years. After severe differences between the
founder's two sons, Mukesh and Anil Ambani, the group was divided between
them in 2006.

Reliance Capital (RCAP), a non banking financial company, is the financial service arm
of the Anil Dhirubhai Ambani Group (ADAG) which has varied interests in areas like
telecom, energy, entertainment. Reliance Capital is one of India's leading and fastest
growing private sector financial services companies and ranks among the top 3 private
sector financial services and banking companies, in terms of net worth. Through the
company’s subsidiaries, it offers products and services like mutual fund, life insurance
and general insurance. It has sizable private equity and proprietary investments and is
pursuing new ventures like stock broking, consumer financing and the asset recovery
business as well. Reliance Capital, initially focused on the asset management
business, has recently expanded its presence in life insurance, general insurance
space and ebroking business as well. Reliance Capital launched Reliance Money, a
retail broking and distributor of a range of financial service products. It has a network of
over 2,200 outlets (India’s largest retail network by a non banking financial services
company). Reliance Capital has 100% economic interest in all the business

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“We will create the next generation communication network and information
technology infrastructure that will bring immense value to every Indian, and
leapfrog India into the center stage of global Infocomm space “

“We were small then - an infant in industry


we are small now - at the doorsteps of opportunity.”
- Dhirubhai Ambani

Elected in India as
“Businessman of the Millennium”

· Founded by Shri. Dhirubhai Ambani in the year 1966.


· Reliance Group was started with a capital of Rs. 15000/-.
· He converted this fledgling enterprise into a Rs. 95,000 crore colossus.
· Over time, Reliance Group has diversified into a core specialization in
petrochemicals with additional interests in telecommunications, information

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technology, energy, power, retail, textiles, infrastructure services, capital


markets, & logistics

He is credited with having pioneered a number of


path-breaking financial innovations in the Indian capital
markets. He spearheaded the country's first forays into
the overseas capital markets with international public
offerings of global depositary receipts, convertibles and
bonds. Starting in 1991, he directed Reliance Industries
in its efforts to raise over US$ 2 billion. He also steered
the 100-year Yankee bond issue for the company in
January 1997.

Our Chairman

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· Shri. Anil D. Ambani was born to Dhirubhai Ambani and Kokilaben Ambani on June 04,
1959 at Mumbai

· He did his schooling and graduation in Mumbai and thereafter pursued his Masters of
Business Administration from Wharton Business School, USA

· Anil Dhirubhai Ambani is the Chairman of all listed Group companies, namely: Reliance
Communications, Reliance Capital, Reliance Energy, Reliance Health, Reliance
Entertainment and Reliance Natural Resources Limited.
· Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer
· Under his leadership, Reliance pioneered India's first forays into overseas capital markets
with international public offerings of global depository receipts, convertibles and bond
· Wharton Board of Overseers, The Wharton School, USA
· Central Advisory Committee, Central Electricity Regulatory Commission
· Board of Governors, Indian Institute of Management, Ahmedabad
· Board of Governors Indian Institute of Technology, Kanpur
· In June 2004, he was elected for a six-year term as an independent member of the Rajya
Sabha, Upper House of India’s Parliament a position he chose to resign voluntarily on
March 25, 2006.
· Conferred the ‘CEO of the Year 2004’ in the Platts Global Energy Awards
· Rated as one of ‘India’s Most Admired CEOs’ for the sixth consecutive year in the
Business Barons – TNS Mode opinion poll,2004
· Conferred ‘The Entrepreneur of the Decade Award’ by the Bombay Management
Association, October 2002
· Awarded the First Wharton Indian Alumni Award by the Wharton India Economic
Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a
global leader in many of its business areas, December 2001

Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer, and was centrally involved in every aspect of the company's
management over the next 22 years.

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Awards & Achievements

· Conferred the ‘CEO of the Year 2004’ in the Platts Global


Energy Awards

· Rated as one of ‘India’s Most Admired CEOs’ for the sixth


consecutive year in the Business Barons – TNS Mode
opinion poll,2004

· Conferred ‘The Entrepreneur of the Decade Award’ by the


Bombay Management Association, October 2002

· Awarded the First Wharton Indian Alumni Award by the


Wharton India Economic Forum (WIEF) in recognition of
his contribution to the establishment of Reliance as a
global leader in many of its business areas, December 2001

· Selected by Asia week magazine for its list of ‘Leaders of the


Millennium in Business and Finance’ and was introduced as
the only ‘new hero’ in Business and Finance from India, June
1999

· Voted 'MTV Youth Icon of the Year', in September 2003

· Voted as India’s “Business Icon For The Youth” in a poll


conducted by India Today magazine.- August 2006

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Honorable members

Amitabh Jhunjhunwala, vice president

Shri Amitabhabh Jhunjhunwala, 51, is a Fellow Chartered Accountant. He has vast experience in the
areas of financial services and capital markets. Shri Jhunjhunwala was appointed to the Board on
March 7, 2003 and was appointed Vice Chairman on March 20, 2006. He is a Director on the Board of
Harmony Art Foundation and Reliance Anil Dhirubhai Ambani Group Pvt. Ltd.

Rajendra Chitale, Independent Director

Shri Rajendra P. . Chitalale, 46, an eminent Chartered Accountant, is the Managing Partner of M/s M. P.
Chitale & Associates. He is a Director on boards of the National Securities Clearing Corporation Limited,
Asset Reconstruction Company (India) Ltd, Hinduja TMT Limited, HTMT Global Solutions Ltd, Ambuja Cement
Limited, SME Rating Agency of India Limited, Ishan Real Estate PLC and Reliance General Insurance
Company Ltd. He is also a member of the advisory board of the Insurance and Regulatory Authority of India (IRDA). He has
also served on the boards of Life Insurance Corporation of India, Unit Trust of India, SBI Capital Markets Ltd., National Stock
Exchange of India Ltd. and Small Industries Development Bank of India.

Shri C. P. Jain

Shri C.P. Jain, 61, is the former Chairman and Managing Director of NTPC Ltd. (National Thermal Power
Corporation). Shri Jain has an illustrious career spanning over four decades of contribution in the
fields of financial management, general management, strategic management and business leadership.
He is a fellow member of the Institute of Chartered Accountants of India with an advanced diploma in
Management and is a law graduate. Shri C. P. Jain joined the Board of NTPC in 1993 as Director
(Finance), was elevated as Chairman & Managing Director in September 2000 and superannuated in
March 2006. He is Chairman of the Global Studies Committee of World Energy Council (WEC), world's largest energy NGO
with nearly hundred member-nations. He has been on several important committees of the Government of India, latest being
the 'Adhoc Group of Experts on Empowerment of CPSEs'. He was Chairman of Standing Conference of Public Enterprises
(SCOPE) between April 2003 and March 2005. He is a Director on the Board of IL & FS Infrastructure Development
Corporation and, is also a member of the Audit Advisory Board of the Comptroller and Audit General of India.

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Reliance Capital Ltd is a part of the Reliance - Anil Dhirubhai Ambani Group, and is
ranked among the 25 most valuable private companies in India.
Reliance Capital is one of India's leading and fastest growing private sector financial services
companies, and ranks among the top 3 private sector financial services and banking groups, in
terms of net worth.

The Reliance Anil Dhirubhai Ambani Group is one of India's top 2 business houses, and has
a market capitalization of over Rs.2,90,000 crore (US$ 75 billion), net worth in excess of
Rs.55,000 crore (US$ 14 billion), cash flows of Rs. 11,000 crore (US$ 2.8 billion) and net
profit of Rs. 7,700 crore (US$ 1.9 billion

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 million customers and the largest distribution network.
Reliance Consumer finance has disbursed loans of over Rs.7,000 crores at
the end of March 2008.
Reliance Capital has a net worth of Rs.6,086 crores (US$ 1.5 billion) and
total assets of Rs. 16,371 crores (US$ 4.1 billion) as of March 31, 2008 and
over 21,000 employees

Reliance capital holdings


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Reliance A DA GROUP HOLDINGS

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Vision

“To build a global enterprise for all our stakeholders, and a great future for our country,

To give millions of young Indians the power to shape their destiny, the means to realize
their full potential…”

Symbol

· Our symbol, ‘Reliance APEX’ conveys the spirit of excellence,


the human urge for progress, the desire to reach higher, the
resolve to ‘shape a better future’.

· The APEX is the highest point – the pinnacle - an abiding symbol


of hope and optimism, achievement and success.

· The blue in Reliance APEX represents the inner strength, the self
belief, the quiet confidence, the sense of purpose that go into the
making of an epic journey.

· The red in Reliance APEX represents the energy and dynamism


that propels one to the pinnacle of one’s ambition.
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· Reliance Mutual fund

· Reliance General insurance

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· Reliance Communication

· Reliance Life Insurance

Reliance Mutual Fund, a part of the Reliance - Anil Dhirubhai Ambani Group (R- ADAG)
is one of the fastest growing mutual funds in the country.

· Reliance Mutual Fund offers investors a well rounded portfolio of


products to meet varying investor requirements.

· Reliance Mutual Fund has a presence in over 115 cities across the
country, an investor base of over Rs. 40.28 Lacs with Assests Under
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Management (AUM) of Rs.77,765 crores

· Reliance Mutual Fund schemes are managed by Reliance Capital Asset


Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd.

· Reliance Life Insurance is an associate company of Reliance Capital


Ltd., which along with its associates has acquired 100% shares in AMP
Sanmar Life Insurance Co Ltd.

· Reliance Life Insurance has a pan presence and a range of products


catering to individual as well as corporate needs

· A total of 16 products covering savings, protection & investment


requirements

Reliance General Insurance, a part of the Reliance - Anil Dhirubhai Ambani Group and a
Subsidiary of Reliance Capital, is one of the first non-life companies to get the license from the
IRDA. Reliance General Insurance is India's fastest growing general insurance company and the
top 3 private sector insurers.
Reliance General Insurance has 200 branches across 171 cities and over 20,000 intermediaries.
Reliance General Insurance offers an exhaustive range of insurance products that covers most
risks including Auto, Health, Property, Marine, Casualty and Liability. Insurance Indemnifies
Assets & Income. Every Asset has a value and generates Income to its Owner. There is a
normally expected Life-time for the Asset during which time it is expected to perform. If the

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Asset gets lost earlier, being destroyed or made Non-functional through an Accident or other
unfortunate event the Owner is Prejudiced. Insurance helps to reduce CONSEQUENCES of such
Adverse Circumstances which are called Risks
· Insurance is the SCIENCE OF SPREADING OF THE RISK. It is the system of spreading
the losses of an Individual over a group of Individuals
· Insurance is a Method of sharing of financial losses of a FEW from a COMMON FUND
formed out of Contribution of the MANY who are equally exposed to the same loss
· What is UNCERTAIN for an Individual becomes a CERTAINTY for a Group. This is the
basis of All Insurance Operations. Thus INSURANCE CONVERTS UNCERTAINTY
TO CERTAINTY

RGICL PRODUCTS

Health
· Individual Med claim Insurance Policy
· Group Med claim Insurance Policy
· Overseas Travel Care Insurance Policy
· Reliance Health Wise Policy (inclusive of PED & Critical Illness) – NEW - a
specialized retail product

Personnel accident

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· Personal Accident Insurance (Individuals) Policy


· Group Personal Accident Insurance

Fire
· Standard Fire and Special Perils Policy
· Industrial All Risks Insurance Policy
· Consequential Loss (Fire) Insurance Policy

Engineering
· Erection All Risks/Storage-cum-Erection Insurance Policy
· Contractor’s All Risks Insurance Policy
· Contractor’s Plant and Machinery Policy
· Machinery Breakdown Insurance Policy
· Machinery Loss of Profits Insurance Policy
· Boiler & Pressure Plant Insurance Policy
· Electronic Equipment Insurance Policy

Marine
· Marine Cargo Insurance Policy
· NEW - Marine Turnover based Policy
· NEW - Multi Transit Polices.

Motor
· Private Car Comprehensive Insurance Policy

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Liability
· Directors and Officers Liability Insurance Policy
· Public Liability (Act) Insurance Policy
· Public Liability Insurance Policy
· Product Liability Insurance Policy
· Professional Indemnity Insurance Policy
· Workmen’s Compensation Insurance Policy

Policies for corporate


· Commercial Care Insurance Policy
· Office Package Insurance Policy
· Fidelity Guarantee Insurance Policy
· Burglary and Housebreaking Policy
· Money Insurance Policy
· Householder’s Package Insurance Policy
· Shopkeeper’s Package Insurance Policy

Reliance Shopkeeper’s package Policy

Key Advantage
· Comprehensive coverage against various perils spread across different
sections of the policy.
· The policy offers the flexibility to customize the policy by selecting
appropriate covers.

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· The coverage is available at reasonably priced premiums.


· Insured has the option of selecting coverage either on the basis of market
value or the reinstatement value.
· Discounts ranging from 5% to 20% for customers opting for four or more
sections, for favorable claims experience and on renewal of the policy.

Policy exclusions
At reliance general insurance, we would like our policy to be as transparent as possible.
To ensure that you do not face any unpleasant surprises when you make a claim, we
would like you to know some of the major exclusions under the policy.

· Loss or damage due to war and nuclear perils


· Damage to property due to pollution and contamination
· Loss or damage due to wear and tear, gradual deterioration or slowly
developing flaws
· Consequential loss of any kind
· Willful act or gross negligence on the part of the insured

Scope of the cover


Coverage under this policy is spread across 11 optional sections, enabling you to
choose from them and customize the policy
· Section 1A. – Fire and allied perils for building
· Section 2B. – Fire and allied perils for contents

The physical structure of your shop (under section 1A) and the contents therein (under
section 1B) can be covered against fire and allied perils. These comprise-

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· Fire
· Lightning
· Explosion / implosion
· Aircraft Damage
· Riot, Strike and Malicious Damage
· Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, and
Inundation
· Impact Damage
· Subsidence and landslide including Rockslide demolition, construction,
structural alterations or repair of any property or ground works or excavations

· Bursting and / or overflowing of water tanks, apparatus and pipes.


· Missile testing operations
· Leakage from automatic sprinkler installations
· Bush fire
· Terrorism cover (optional)

· Launched in 2002, PAN India CDMA based telecom


service provider, an integrated telecom company
having largest infrastructure
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· India’s No. 1 wireless service provider with more than


50 million customers.

· Largest pan India coverage-over 11000 towns & 3


lakh villages.

· Over 10 million subscribers carry a handset that’s


capable of getting high speed internet connectivity.

· More than 50% of the international calls coming to


India use Reliance network.

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

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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


income replacement for your loved ones

Types of Life Insurance Policies

· Most Insurance policies are a combination of Savings &


Protection.

· Products are formulated by either increasing or decreasing


either one of these components.

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· These combinations can be broadly divided into 4 groups

· ULIPs
· Term Insurance
· Endowment Policies : Whole Life; Unit Linked etc
· Annuities & Pension

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Peak earning age range.


High asset creation &
build up of liabilities.
Critical stage for

Introduction of
dependents
Asset base build up Ne
dependents. Start of & liabilities reduced/
financial planning –
balance between asset
taken care of. Need
for retirement ed
creation & protection planning more than
An
No dependents/ Need for protection
aly
liabilities therefore low. Greater need
need for insurance
is less
for regular income
flow.
sis
in
life
Sta
· 45
· 30-45 yrs ge
years and
Couples abov
18-25
with
children
s e Retired

Endowment / ULIP’s Endowment / ULIP’s +


Annuities

At each stage, requirements, responsibilities and Financial needs differ

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AGE STATUS INSURANCE SUGGESTED


NEEDS PRODUCTS

1.Go on a holiday
18yrs - 25yrs Unmarried Short Term
2.Buy a new Car
Endowment
3.Set up a new house
Product
4.Set up Interiors

5.Buy jewellery

1.High Debt, high


expenditure Phase

2.Family dependency Temporary term


25yrs -30yrs Married on your income
or whole life
3.Low accumulated
Product
wealth

4.Need for Planning


Requirement

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1.Retirement Planning
30yrs - 45yrs Matured Profits or Unit
2.Wealth transfer or
couple saving vehicles Linked
Endowment/
3.Returns on
investment
Deferred
4.Opting for annuities
guaranteed Product

1.Single Premium
1.Protection in case annuities
60yrs and Post you live long

above Retirement 2.Protection for


2.Long term care
spouse in case of products
death

3.Wealth
3.Whole life
accumulation for products
children

Life Stage Example

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Term
Endowment

Annuities

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 Products of Life
Savera has just come to
our lives. As proud
parents, We need to Insurance Worked for almost 25
years, now want to
protect her as well as
live…. I want something
create her own financial
that will make my life
standing
Chinta-free after
retirement….
Life Insurance products are u sua l l y
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 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

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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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Solutions for Individuals - RGI

Taking time out from your daily schedule to plan your future is a necessary
task. You could do with some help, but who can help you? Reliance Life
Insurance is here with Solutions for Individuals, a series of plans that will
help you make wise investments, protect your family, secure your child’s
future and even chalk out a plan for your retirement.

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· Protection Plans
Protect your family even when you’re 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


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 family’s
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

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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
14. Reliance life Highest NAV guarantee 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
7. Reliance Money Guarantee Plan

· Child Plans
Save systematically and secure your child’s 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

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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
· 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.

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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).
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.

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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.

They are:
1. Capital Secure Fund:
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:

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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.

4. Equity Fund:
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 30 days

Maximum age at entry 65 years

Maximum age at maturity 80 years

What is the policy term


Minimum policy term 5 years

Maximum policy term 40 years

Flexible premium payment modes:

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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
Policy year Allocation charges Reduced allocation charges
for policy sold through direct
mark./internet
For regular premium

1st year 20% 5%

2nd&3rd year 3% 0%

4th&5th year 2% 0%

6thyear and onwards 1% 0%

For single premium and top up 2% 1%

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premium

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

2. Policy Administration charges:


Rs. 40 will be deducted from your unit account each month.

3. Fund Management Charges:

For highest NAV guaranteed fund is1.35%is built into the NAV

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. Surrender Charge/ partial withdrawl


This charge is levied on the unit fund at the time of surrender of the policy
as under:

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Would be as applicable if exercised no charges on withdrawal or surrender from top up and single
premium policy.

5. 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 10.3% 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.

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· 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 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.

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IRDA

Insurance Regulatory and Development


Authority
The Insurance Regulatory and Development Authority (IRDA) is a national
agency of the Government of India, based in Hyderabad. It was formed by an act of
Indian Parliament known as IRDA Act 1999, which was amended in 2002 to
incorporate some emerging requirements. Mission of IRDA as stated in the act is "to
protect the interests of the policyholders, to regulate, promote and ensure orderly
growth of the insurance industry and for matters connected therewith or incidental
thereto."

Mission
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To protect the interests of the policyholders, to regulate, promote and


ensure orderly growth of the insurance industry and for matters connected
therewith or incidental thereto.

Composition of authority
As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which
was constituted by an act of parliament) specify the composition of Authority
The Authority is a ten member team consisting of
(a) a Chairman;
(b) five whole-time members;
(c) four part-time members,
(all appointed by the Government of India)
DUTIES, POWER & FUNCTIONS OF IRDA:

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of
IRDA...

(1) Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the
insurance business and re-insurance business.
(2) Without prejudice to the generality of the provisions contained in sub-section the
powers and functions of the Authority shall include, -
(a) issue to the applicant a certificate of registration, renew, modify, withdraw,
suspend or cancel such registration;
(b) protection of the interests of the policy holders in matters concerning assigning of
policy, nomination by policy holders, insurable interest, settlement of insurance claim,
surrender value of policy and other terms and conditions of contracts of insurance;
(c) specifying requisite qualifications, code of conduct and practical training for

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intermediary or insurance intermediaries and agents;


(d) specifying the code of conduct for surveyors and loss assessors;

(e) promoting efficiency in the conduct of insurance business;


(f) promoting and regulating professional organizations connected with the insurance
and re-insurance business;
(g) levying fees and other charges for carrying out the purposes of this Act;

(h) calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries
and other organizations connected with the insurance business;
(I) control and regulation of the rates, advantages, terms and conditions that may be
offered by insurers in respect of general insurance business not so controlled and
regulated by the Tariff Advisory Committee under section 64U of the Insurance Act,
1938 (4 of 1938);
(j) specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance
intermediaries;
(k) regulating investment of funds by insurance companies;
(l) regulating maintenance of margin of solvency;
(m) adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
(n) supervising the functioning of the Tariff Advisory Committee;
(o) specifying the percentage of premium income of the insurer to finance schemes for
promoting and regulating professional organisations referred to in clause.

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RECRUITMENT
Recruitment is a linking function – joining together those with job to fill and those
seeking for jobs. It is a joining process in that it tries to bring together job seekers and
employer with a view to encourages the former to apply for a job with the latter.

The basis purpose of recruitment is to develop a group of potentially qualified people.


To this end the organization must communicate the position in such a way that job
seekers respond. To be cost effective, the recruitment process should attract qualified
applicants and provide enough information for unqualified persons to self-select
themselves out.

Relationship with other activities


This figure illustrates the relationship between job analysis, human resource planning,
and the selection process.

Human resource planning: Determines the specific number of jobs that are to be filled.

Job analysis Personnel planning

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Nature and requirement of specific jobs Number of specific job to be filled

Recruitment

Constraints Inducement
· Poor image · Compensation
· Unattractive job Pool of qualified · Career
· Government applicants opportunities
policies · Image
· reputation

Selection

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RECRUITMENT PROCESS IN RLIC


Selected

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SELECTION OF THE
APPLICANT

SCREENING

Candidate having KSA to effectively perform the job


Criteria’s in RLIC
· Candidate should be graduate
· Work Experience 2 Years Sales(others) 1 years sales(insurance)
· Age Maximum 35

INTERVIEW
Generally 3 interviews are to be taken for the selection of a candidate. First interview is
taken by a senior HR manager.
Second interview is being taken by senior most HR manager.
Finally Third interview is being taken by HR manager. A HR manager can reject any
candidate who has been selected in first 2 interviews on the basis of educational
qualification, work experience, past criminal records and reference check. Final salary
package is being decided during this interview.
There is an Interview assessment sheet .whatever the Interviewer observe about
interviewee Write in the IAS.
The IAS Provides Following Entitlements:

· Name of the candidates


· Position Considered for
· Location
· Source/Reference
· Date

Interview Assessment
· Technical Strengths
· Behavioral Strengths
· Area Of Improvement
· Recommendation

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· Compensation Solution Suggested

OFFER CLOSING
Closing is done by a HR manager .In this HR Person mainly focus on salary
negotiation.
Offer closing is based on the persons Qualification, Total no. of work
experience, Last CTC earned Last company brand. When the salary
negotiated is accepted by the candidate then offer mail is released.

OFFERMAIL
An offer mail is being released to all the selected candidate .In this offer
mail all the details regarding joining are present. Generally an offer mail is
floated before two days of joining.

The offer mail entitles the following details:


· Date of joining
· Day of joining
· Designation Of The candidates
· Package per annum
· Venue

Along with this following document is asked to bring at


the time of joining:

· Resignation acceptance which should be signed and stamped by immediate


boss
· Last Company appointment letter
· Last drawn Salary slip (if the candidates was an agent then he is required to
bring IRDA license ,commission statement ,Bank Statement , or form 16A
· Pan Card If applied then Acknowledgement for the same.
· Identity prove: Driving license/ ration card/voter ID card/Passport
· 10 Photographs with blue background.
· Qualification certificates and mark sheet
· NOC of the previous company.
· Person should be aware of his blood group.

All the documents are mandatory to bring

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PROCESS OF JOINING
Final Joining date is the date decided by the HR person .Jonnie has to fill two forms on
the day of joining. One form is online and one is Joining kit.

BASE DATA FORM

It is an on line form present on the official website of Reliance Life Insurance


(www.rclhrssg.com). This form contain all the personal details of the employee which is
recorded in the employee data base .After completion of base data form a BD number
is assign to each employee. This BD number is being written on the Joining kit of
employee.

VALIDATION
: Base data form is used as a reference during validation of an employee joining kit.
Without validation a joining kit cannot be dispatched to HO.

BASE DATA FORM


Following information is to be filled in this form:

· Name
· Gender
· Fathers name
· DOB, Place of Birth
· Blood Group, Height, Weight
· Identification Mark
· Present & Permanent Address(Period of staying)
· Contact Number
· PAN
· E mail ID
· Place of posting
Submitted to Regional HR & in UP- Uttaranchal Region

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CONTENT JOINING KIT BOOKLET

· Joining report

· Personal Information Form

· Information Released form

· Data Reference Check Form

· Salary Account Declaration

· Medical Insurance data

· I Card Form

· Requisition Form For E Mail

· Business Card Requisition

· Hardware Requisition Form

· Data Card Requisition Form

· PF/EPS Declaration/ Nomination Form

· PF Transfer Form

· Gratuity Nomination Form

· Superannuation Nomination Form

· Term Insurance Nomination Form

· CTC Allocation Plan

· Investment Declaration Form

· Data Ownership Undertaking

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· IT security Policy Declaration

· Code Of Ethics Undertaking

· Specimen Signature Form

JOINING KIT EVALUATION


While evaluating the joining kit it is required that joiner must
submit Xerox of the entire document that were asked in the offer
mail. Signature of the joiner is mandatory in the company
appointment letter. It is also to be check that joining kit is been
properly filled without any errors.

PROCESS OF KIT DISPATCHING

Before dispatching the joining kit to Mumbai head office following things are
provided:
· Compensation sheet.(CTC Comparables)
· Reference check for E3 and above
· BDF validation(validation of the salary , designation, grade, function,
reporting authority, SAP code)

Preparing of Partial kit


· Personal Information
· Interview Assessment sheet
· Curricular Vitae of the candidate
· Resignation of previous company
· Appointment Letter of RLIC
· Background verification form
· Salary Account Declaration
· Medical Hospitalization insurance form

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All these are further processed for Xerox and then


original of Following:

· Requisition Form For E Mail

· Business Card Requisition

· Hardware Requisition Form

Are kept regional office for record

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Markets
In tune with the global stock markets that began to recover from the second half of 2003; Indian stock
markets too witnessed rapid growth. India’s two leading indices, the most popular BSE Sensex, and the
one most used by the markets the National Stock Exchanges’ S&P CNX Nifty rose to record levels. Both
primary and secondary market activity experienced sharp surge. Much progress was made in further
strengthening and streamlining risk management, market regulation and supervision. A few aspects of
the major developments in the India’s stock markets are described below. And the insurance sector is
also play an important role in the growth of the financial market.

Market Structure

Indian securities market is fairly large as compared to several other emerging markets. There are 22
stock exchanges in the country, though the entire liquidity is shared between the countries’ two national
level exchanges namely, the National Stock Exchange of India and the Bombay Stock Exchange Ltd.
The regional stock exchanges are in pursuit of business models that make them viable and vibrant.
Meanwhile, these exchanges have become members of the national level exchanges through formation
of subsidiaries whose business is showing continuous growth and progress. The number of brokers in
various stock exchanges rose from 6,711 in 1994-95 to 9,335 in FY06. The number of brokers in all the
exchanges together peaked to 10,213 in the year FY01 but gradually declined thereafter when the
regional stock exchanges began to lose business in the light of wide ranging market structure reforms
introduced since then. In FY01, when the markets were in upswing, several regional stock exchanges
were generating business owing to the availability of deferral products, such Badla and different
settlement calendars prevailing at that time in these exchanges. For instance in FY01, the Delhi Stock
Exchange registered cash market turnover of Rs 838.71 bn; Uttar Pradesh Stock Exchange, Rs 247.47 bn,

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Ludhiana Stock Exchange Rs 97.32 bn, Pune Stock Exchange Rs 61.71 bn as against Rs 13,395.11 bn of the
turnover at the National Stock Exchange and Rs 10,000.32 bn turnover at the Bombay Stock Exchange. With the
abolition of the deferral products and introduction of uniform T+2 settlement cycle, the liquidity in these
exchanges flowed to the national level system consisting of NSE and BSE.

Major Player in the Insurance Sector


There are many reputed companies in the market which provide the Insurance for living
being and non living beings.
The companies in life Insurance are as follows.

Life Insurer in Public Sector


· Life Insurance Corporation of India

Life Insurer in Private Sector

· Reliance life Insurance Company Limited


· ICICI Prudential Life Insurance
· Bajaj Allianz Life Insurance
· Tata AIG Life Insurance corporation Limited
· HDFC Standard Life Insurance
· Birla Sun Life Insurance
· SBI Life Insurance
· Kotak Mahindra old Mutual Life Insurance
· Aviva Life Insurance
· MetLife India Life Insurance
· ING Vysya Life Insurance
· Max New York Life Insurance
· Shriram Life Insurance

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· Bharti AXA Life Insurance Co. Limited


· IDBI Forties Life Insurance Co. Limited
· Argon Religare Life Insurance Co. Limited

Major Broking house


During the analysis of the market it has been found that there are a lot of the brokeing house in the market
which are providing the online trading facility to the individuals or the group of the individuals.

· 5paisa.com
You can now buy and sell shares on 5paisa.com with speeds comparable and at times
better than NSE's NEAT Terminal. This speed and reliability comes only with
perseverance of pioneer backed by huge investment in technology! You can now buy
and sell shares on 5paisa.com with speeds comparable and at times better than NSE's
NEAT Terminal. This speed and reliability comes only with perseverance of pioneer
backed by huge investment in technology.
· Advani Share Brokers
Advani Share Broker, a reputed Bombay based on investment house, operates from
India's financial hub, Dalal Street, since sixty years. It deals in equities, debt and
derivatives on the Bombay Stock Exchange and the National Stock Exchange of India.
· AGROY Group of Companies
Agroy group of companies is a well established name in the field of capital markets and
financial services. AGROY Finance & Investment Ltd. (AFIL) is the group's flagship
company engaged in capital markets as a premier financial and stock broking house.
The company was formed in July 1992. Since then it has enjoyed patronage of a large
number of valued customers and business partners.
· Anand Rathi Securities Limited
Anand Rathi Securities Limited provides financial and advisory services including
wealth management, investment banking, corporate advisory, brokerage & distribution
of equities, commodities, mutual funds and insurance - all of which are supported by
powerful research teams.
· India bulls

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India bulls are India's leading retail financial services company with 70 locations spread
across 62 cities. While our size and strong balance sheet allow us to provide you with
varied products and services at very attractive prices, our over 450 Client Relationship
Managers are dedicated to serving your unique needs.

· Religare Securities Ltd.


Religare Enterprises Limited (A Ranbaxy Promoter Group Company)
through Religare Securities Limited, Religare Finvest Limited, Religare
Commodities Limited and Religare Insurance Advisory Services Limited
provides integrated financial solutions to its corporate, retail and wealth
management clients. Provides various financial services which include
Investment Banking, Corporate Finance, Portfolio Management Services,
Equity & Commodity Broking, Insurance and Mutual Funds.
· Jaypee Capital Services Ltd.
Jaypee Capital Services Ltd. is a registered self-clearing member with
National Stock Exchange and SEBI. It has the expertise and the experience
to capitalize on daily stock movements and employ over 20 specialist
traders certified by the NSE.
· ICICI Direct
Online share and mutual funds trading facility by the ICICI group.
· Arcade Share & Stock Brokers
Arcadia group began its modest journey in 1995 and now Arcadia proudly
boasts about membership to NSE,BSE, Depository Participant
(CDSL),MCX,NCDEX .The philosophy of client servicing backed by all
principal Indian Stock and Commodity exchange gives Arcadia edge over
other players in the industry segment to offer value based services to its
customers.

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· Indianstockmarket.net
Indianstockmarket.net is an effort to educate Indian investor by providing useful
stock news, stock market websites, informative articles, resources to various
investment guides.

Major Developments in equity brokerage industry in India

· Corporate memberships
· Wider product offerings

· Greater reliance on research

· Accessing equity capital markets

· Foreign collaborations and joint ventures

· Specialized services/niche broking

· Online broking

· Emerging challenges and outlook for the brokerage industry

· Fragmentation

· Global Opportunities

· Competition from foreign firms

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· Investor Protection

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QUESTIONNAIRE

It is most common instrument whether administered in person by phone or


online questionnaires are very flexible. The form of each question is also
important. Closed end question include all the possible answers and
subjects matters choices among them.

I have used open-end questions so that customers can write answer in their
own words. I have also used closed-end questions, which provide answers
that are easier to interpret and tabulate. I have taken care in the wording
and ordering of questions. I have used simple, direct, unbiased wording
questions, which are arranged in a logical order. I have asked personal
questions at last so that respondent does not become defensive.

Questionnaire of the customer

I have made questionnaire consisting seventeen questions to get


customer’s view about life insurance. I have asked personal questions at
last so that they do not become defensive. I have tried to know their
performance i.e. whether they want to invest, where they want to invest, up
to what amount and since when.

ANALYSIS OF QUESTIONNAIRE

Here I have formed a questionnaire to study why people go for life


insurance. What is people’s major motive behind investing in life insurance?
Do they decide upon their own or they take guidance of an agent? What is
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their perception about Reliance Life Insurance Company Limited?

· Questions:-
There are 7 questions in the questionnaire. Out of these 7 questions, 6
questions are close ended and one question is an open ended one.

· Target Population:-
I had conducted this survey among 50 people, and the target group was a
mix of people from the society. I asked the questions to Doctors,
Professionals, Professors, Advocates, Engineers, and general public.

· Analysis:-
I have used pie charts, and some other statistical measures to analyze the
questions.
Q.1 What is your main motive behind investing in life insurance?

(a) Tax Benefit


(b) Savings
(c) Risk Cover

(d) Return/Yield

There could be any motive of people behind investing in a life insurance


policy. The main purpose of life insurance is the Risk cover of one’s life. But
some people consider different advantages of a life insurance policy. Some
people consider Tax benefit as the main advantage of life insurance. Some
believe that life insurance is an investment so they tend to invest in life
insurance. While some people believe that it is a compulsory saving. Now
let’s see what all people say

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Here we can see that majority of the people tend to invest in life insurance for the risk

coverage. The next preferred option is Tax Saving. We founded from the discussion with

public and some experts that those people with a low income tend to invest in life insurance to

gain tax benefit.

Saving motive constitutes very small part of the total sample. Return comes last.
But this is the general conclusion of 50 people. If we take a larger sample, we can get a
different result.
As the private players have launched ULIPs, more and more people are turning towards these
products so the Investment motive has been gaining command. Also the number of those
people who wish to invest for return is also increasing.
According to a life insurance expert (HARSHIT JAIN ), life insurance is for protection first
then for Savings and Tax benefits all those things.

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We can see from the table and the graph that the number one motive of
people about investing in life insurance is risk coverage, which is the
main theme of life insurance followed by Tax benefit. The third position
is of saving and fourth is Return.
This shows that still people consider other financial tools more viable
for return and life insurance is for Tax benefit and risk cover.
Q.3 how do you decide about investing in life insurance?

(a) On my own
(b) Family decision
(c) Employer decides

(d) As per the guidance of agent

This is a very crucial question as most of the people are not much
familiar about different life insurance plans offered by different life
insurance companies so people take help of the life insurance agent and

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as he guides understanding the needs of the individual, people would


invest.
Here one hazardous factor is the moral hazard. People tend to invest in
life insurance plans to maintain relations though they are not in need of
life insurance.
Also sometimes it depends upon the convincing power of the agent.

Here we can see that majority people (58%) decides on their about
investing in life insurance. 28% persons decide as per the guidance of
the agent. There is no contribution of employers in the decision of one’s
investment in life insurance. 14% people invest in life insurance as per
the family decision.

Q.4. which life insurance policy would you prefer to buy?

(a) Term Assurance


(b) Whole Life
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(c) Endowment
(d) Combination of Whole Life and Endowment
(e) Unit Linked

This is another crucial question as there are number of products


offered by life insurance companies. The products range from
pure Term Assurance Plans to Unit Linked Insurance Plans,
which are relatively new entrant in the market.
We have already explained all these policies ahead.

Now let’s find out what people have to say:

As it is evident from the chart and the table 38% people prefer
combination of Whole Life and Endowment product. It gives
people double advantage.
The person would get some amount at the end of the stipulated
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period; for instance 20 years, and after that period the risk cover
continues and the rest of the amount would be paid when the
person dies.

Q.5 would you prefer Reliance Life Insurance or LIC for buying the Life
insurance policy?

(a) Reliance Life Insurance


(b) LIC

This is the most important question as it reflects the scope of the study. It is the
main theme of this questionnaire.

Prior to 2000 LIC was the only player in the life insurance market and it had the
total market. So people had to go to LIC for buying life insurance policy.
But after the entry of private players in 2000, some people have also turned to
private life insurers.

Reliance Life Insurance Company Limited is newly launched company. So it has


fewer customers as compared to LIC. But the ULIP plans are sold more of Reliance
life insurance as compared to LIC in today’s environment.

Now let’s see what people say:

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As evident from the chart that 30% of people would prefer Reliance Life

Insurance while 70% would prefer LIC.

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RECOMMENDATION
1. Reliance Life Insurance should give more attention on its Quality and method of Recruitment & Selection
because it helps the company in reducing attrition rate and selecting the right candidate to serve the
company for a long period.

2. Reliance Life Insurance should give more advertisement in Magazines & Newspapers regarding the New
Hire Process and New Recruitments.

3. Reliance Life Insurance should maintain the communication through feedback. They should take
time-to-time feedback regarding customer satisfaction to know about the customer perception about their
insurance products.

4. Budget required for Recruitment & Selection Process must be economical.

5. Reliance Life Insurance should find out the factors for which the customers are purchasing their policies.
This will help it in making appropriate message in advertisement so that that advertisement will much
focused and targeted and may attract excellent candidates to serve the company.

6. Reliance Life Insurance which prefer remote areas also for selling its policies must hire from there to due
to localize expertise.

7. Reliance Life Insurance should make the provision for change in Recruitment & Selection Methodology

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with the advent of time and newer technology.


8. Reliance Life Insurance should provide all details related to any promotions, company schemes and
Packages at the time of Final Selection.

9. The person conducting the Interview should make sure that candidate being interviewed shows better ability
to listen, understand and answer queries.

10. Reliance Life Insurance should ensure that the company is innovative and introduces new products to meet
new customer’s needs and keeps on check with the competitors too.

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