Life Insurance Company Limited

Anil Dhirubhai Ambani

CONTENTS
Preface----------------------------------------------------Acknowledgement---------------------------------------Certificate-------------------------------------------------Executive Summary--------------------------------------

Index--------------------------------------------------------

Declaration-----------------------------------------------------

PREFACE
Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private players and FDI up to 26%. Life Insurance in India was nationalised

by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993 the Government of Republic of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector. While the committee submitted its report in 1994, it took another six years before the enabling legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000. The same year that the newly appointed insurance regulator - Insurance Regulatory and Development Authority IRDA -- started issuing licenses to private life insurers.

*Life Insurer in Public Sector 1.Life Insurance Corporation of India

*Life Insurers in Private Sector 1. Reliance Life Insurance Company Limited 2.Metlife India Life Insurance 3.ICICI Prudential Life Insurance 4.Bajaj Allianz Life 5.Max New York Life Insurance 6.Sahara Life Insurance 7.Tata AIG Life 8.HDFC Standard Life 9.Birla Sunlife 10.Kotak Life Insurance 11.Aviva Life Insurance 12. SBI Life Insurance

The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers where in the catch 22 situation wherein for one they wanted competition, development and growth of this insurance sector which is extremely essential for channeling the investments in to the infrastructure sector. At the other end the policy makers had the fears that the insurance premium, which are substantial, would seep out of the country; and wanted to have a cautious approach of opening for foreign participation in the sector.

ACKNOWLEDGEMENT
I would like to thank my project guide Mr. AMIT KUMAR TRIPATHI, Territory Manager of RELIANCE Life Insurance, Kanpur. Alwar for guiding me through my summer internship and research project. His encouragement, time and effort are greatly appreciated. I would like to thanks My Faculity Guide Dr. PAVNESH, for supporting me during this project and providing me an opportunity to learn outside the class room. It was a truly wonderful Experience Facuilty. I would like to dedicate this project to my parents. Without their help and constant support this project would not have been possible. Lastly I would like to thank all the respondents who offered their opinions and suggestions through the survey that was conducted by me in Alwar.Once again my Gratitude to the RELIANCE Lifeinsurance. For thei kind cooperation.

CERTIFICATE FROM THE ORGANIZATION

This is to certify that Mr. JITENDRA PANDEY has undergone Summer Training at RELIANCE Life Insurance Co. Ltd. From 07th June 2010 to 17th July 2010. During this Period He did Research & Survey of Brand Image & Comparative Analysis of Reliance Life Insurance at Kanpur. During the Training we found him Sincere & Punctual towards all assignments. We wish him all the Successes in future endeavour.

Authorised Signatory ( AMIT KUMAR TRIPATHI ) Territory Manager

Executive Summary
Anil Dhirubhai Ambani Group (ADAG) announces the acquisition of 100 percent shareholding in AMP Sanmar Life Insurance Company Limited. Reliance Life Insurance Company Limited is officially launched on February 1, 2006. This was after obtaining the required regulatiry approvals from the Registrar of Companies and the Insurance Regulatory and Development Authority. Reliance Life Insurance is the part of the Reliance Capital.

Reliance Life Insurance has plenty of plans on the anvil. It has also 118branches, with strong presence in South and a bouquet of products cateringsavings protection and investment need of individuals and corporate. The head-office of it is at Chennai. The company has already added 600 employees in addition to the 1000 plus staff of the erstwhile AMP Sanmar Life Insurance Company Limited. Reliance Life Insurance aims to be the consumers preferred life insurer by understanding and meeting his needs. In todays corporate and competitive world, I find that insurance sector has the maximum growth and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts me to enter in this sector and RELIANCE LIFE INSURANCE has given me the opportunity to work and get experience in highly competitive and enhancing sector.

Think Bigger, Think Better!

CONTENTS

Introduction of the Insurance Industry Life Insurance General Insurance Various types of Life Insurance Policies Meaning of Insurance Importance of Insurance Difference between Insurance and Assurance Principles of Insurance

History of Insurance Time line in Insurance history Meaning of Life Insurance History of Life Insurance Key features of Life Insurance Benefits of Life Insurance Role of Life Insurance in the growth of economy

Introduction of the Company About Reliance Life Insurance History Journey so far Mission Future Plans Head Office Company Profile Branches Company Profile MetLife Inc. Values Management Insurance Plans/Products

Research Methodology Objective Scope of study Significance To The Industry Significance For The Researcher Sampling Methodology Questionnaire Limitations Survey Graph Analysis & Data Interpretation

 Findings & recommendations Findings & Recommendations Growth Potential Conclusion Bibliography Annexure

THE HISTORY OF INDIAN INSURANCE INDUSTRY

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era past few centuries yet its beginnings date back almost 6000 years.

Life Insurance

In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the industry were made with the introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given to the Government to collect statistical information about the insured and the high level of protection the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party), stricter control on investments and, generally, much tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban areas and targeted the higher echelons of society. Unethical practices adopted by some of the players against the interests of the consumers then led the Indian government to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that nationalization has lent the industry fairness, solidity, growth and reach. General Insurance The General insurance business in India started with the establishment of Triton Insurance Company Limited in 1850 at Calcutta. In 1907, the first company, The Mercantile Insurance Ltd. was set up to transact all classes of general Insurance business. General Insurance Council, a wing of the Insurance Association of India in 1957, framed a code of conduct for ensuring fair conduct and sound business practices. In 1968 the Insurance Act was amended to regulate investments and to set minimum solvency margins. In the same year the Tariff Advisory Committee was also set up. In 1972, The General Insurance Business (Nationalization) Act was passed to nationalize the general Insurance Business in India with effect from 1st January 1973. For these 107 Insurers was amalgamated and grouped into four companys viz., the National

Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United India Insurance Company Ltd. General Insurance Corporation of India was incorporated as a company.

Various types of Life Insurance Policies

Various types of life insurance policies: Endowment policies: This type of policy covers risk for a specified period, and at the end of the maturity sum assured is paid back to policyholder with the bonuses during the term of the policy. Money back policies: This type of policy is for periodic payments of partial survival benefits during the term of the policy as long as the policy holder is alive. Group insurance: This type of insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives etc it also provides insurance coverage for people in certain approved occupations at the lowest possible premium cost.

Term life insurance policies: This type of insurance covers risk only during the selected term period. If the policy holder survives the term, risk cover comes to an end. These types of policies are for those people who are unable to pay larger premium required for endowment and whole life policies. No surrender, loan or paid up values are in such policies. 1.Whole life insurance policies: This type of policy runs as long as the policyholder is alive and is covered for the entire life of the policyholder. In this policy the insured amount and the bonus is payable only to nominee on the death of policy holder. 2.Joint life insurance policies: These policies are similar to endowment policies in maturity benefits and risk cover, but joint life

policies cover two lives simultaneously such as married couples. Sum assured is payable on the first death and again on the death of survival during the term of the policy. 3.Pension plan: a pension plan or annuity is an investment over a certain number of years but does not provide any life insurance cover. It offers a guaranteed income either for a life or certain period. Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover as well as return on premium paid over a certainperiod of time. The investment is denoted as units and represented by theva lue called as net asset value (NAV).

Meaning of Insurance
Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Insurance is a collective bearing of risk. Insurance is a financial device 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.
Reliance Life Insurance has plenty of plans on the anvil. It has also 118 branches, with strong presence in South and a bouquet of products catering savings protection and investment need of individuals and corporate. Insurance is a policy from a large financial institution that offers a person, company, or other entity reimbursement or financial protection against possible future losses or damages.

Insurance may be described as a social device to reduce or eliminate risk ofloss to life and property. Insurance is a collective bearing of risk. Insurance is a financial device 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 event, which may be certain or uncertain. The other party called insured pays in exchange a fixed sum known as premium. Insurance is desired to safeguard oneself and ones family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events. The meaning of insurance is important to understand for anybody that is considering buying an insurance policy or simply understanding the basics of finance. Insurance is a hedging instrument used as a precautionary measure against future contingent losses. This instrument is used for managing the possible risks of the future. Insurance is bought in order to hedge the possible risks of the future which may or may not take place. This is a mode of financially insuring that if such a incident happens then the loss does not affect the present well-being of the person or the property insured. Thus, through insurance, a person buys security and protection. A simple example will make the meaning of insurance easy to understand. A biker is always subjected to the risk of head injury. But it is not certain that the accident causing him the head injury would definitely occur. Still, people riding bikes cover their heads with helmets. This helmet in such cases acts as insurance by protecting him/her from any possible danger. The price paid was the possible inconvenience or act of wearing the helmet; this i.e, equivalent to the insurance premiums paid. Though loss of life or injuries incurred cannot be measured in financial terms, insurance attempts to quantify such losses financially. Insurance can be defined as the process of reimbursing or protecting a person from contingent risk of losses through financial means, in return for relatively small, regular payments to the insuring body or insurance company.

Insurance can range from life to medical to general (residential,commercial property, natural incidents, burglary, etc).

Life_Insurance
It insures the life of the person buying the Life Insurance Certificate. Once a Life Insurance is sold by a company then the company remains legally entitled to make payment to the beneficiary after the death of the policy holder.

Medical Insurance
This is also known as mediclaim. Here, the policy holder is entitled to receive the amount spent for his health purposes from the insurance company.

General Insurance
This insurance type involves insuring the risks associated with the general life such as automobiles, business related, natural incidents, commercial and residential properties, etc.

Importance of Insurance One of my good friend had a small argument with me, that she would not invest in Term Plan of Insurance, because she will not get any returns out of it. I believe investing in a term plan looked a very unprofitable thing to her as she never gets back the money she paid as premiums , if she survives. Endowment plans looked nice to her, because they provide money if you are dead and even if you survive. You get back money as the prize for not dying !!!. With respect to Term insurance , she understood the fact that her family will get the money from insurance company in case of her death, but she was concentrating on the fact that she would not get back anything if she survives. What is the return in that case? Nothing !!! , and looked like some one is fooling

you with a product called Term Insurance , where you are investing premiums to get nothing at the end. Let me now tell why this happens and some give you some insight on this matter. I have already talked earlier in my last post Life Insurance and how to go about it , about Term Insurance . Let me now take more deep dive into it and talk about the reasoning part. I will first talk about fundamentals of Insurance and then talk about Endowment Policies and why are they popular, and what people dont realise about them and how Term insurance is the right thing for most of the people.

Insurance constitutes one of the major segments of the financial market. Insurance services play predominant role in the process of financial intermediary. Today insurance industry is one of the most growing sectors in India. There is lot of potential in the Indian Insurance Industry. There are many issues, which require study. The scope of the study of insurance industry of India would be very great as there are ongoing developments in the industry after the opening of the sector. The major issue right now is the hike in FDI (Foreign Direct Investment) limit from 26% to 49% in the insurance sector. Government may in near future allow 49% FDI in Insurance. This would lead to more capital inflow by foreign partners. Another major issue is the effects on LIC after the entry of private players in the market. Though market share of LIC has been affected, it has improved in terms of efficiency. There are number of other hot topics like penetration of Health Insurance, Rural marketing of insurance, new distribution channels, new product ranges, insurance brokers regulation, incentive scheme of development officers of LIC etc. So it offers lot of scope for studying the insurance industry. Right now the insurance industry has great opportunities in a country like India or China which huge population. Also the penetration of insurance in

India is very low in both life and non-life segment so there is lot potential to be tapped. Before starting the discussion on insurance industry and related issues, we have to start with the basics of insurance. So first we understand what is insurance? How the word insurance is different from the word assurance? etc. What happens in a average family There is someone who earns and his family comprises of wife , kids , parents . if not all there is a subset of these family members. The head of the family earns and his family lives happily. All the expenses are met from the earnings of this main member , most of the time the husband. Now consider this person dies in an accident or for that matter because of any event. What happens? What happens to his family members other than the psychological trauma . If they dont have money to take care for them selves ,either some one from family have to take up the job and start working which may not be possible for them, or They have to decrease their standard of life to maintain the expenses . They are now totally unsecured from futures point of view. In short they are totally messed up , which should not have happened. I gave this detailed explanation for the circumstances because i wanted you to understand how bad can happen and proper measures must be taken care for this..

Difference between Insurance and Assurance Assurance is older in history and it was used to describe all types of insurances. From 1826, the term assurance came to be used only for the risks covered by life insurance and the term insurance was exclusively used to denote the risks covered by marine, fire, etc. The word assurance indicated certainty. In life insurance, there is an Assurance from the insurance company to make payment under the policy either on the maturity or at earlier death. On the other hand the word Insurance was used to denote indemnity type of insurances where the Insurance company was liable to pay only in case of the loss damage the property. The Insured event was bound to happen sooner or later under assurance but the event insured against may or may not happen under insurance. The principle of indemnity applies to insurance contracts(non-life) only. The scope of the word, insurance is wider.

 Principles of Insurance FUNDAMENTAL PRINCIPLES OF INSURANCE Some useful terms in Insurance:

INDEMNITY A contract of insurance contained in a fire, marine, burglary or any other policy (excepting life assurance and personal accident and sickness insurance) is a contract of indemnity. This means that the insured, in case of loss against which the policy has been issued, shall be paid the actual amount of loss not exceeding the amount of the policy, i.e. he shall be fully indemnified. The object of every contract of insurance is to place the insured in the same financial position, as nearly as possible, after the loss, as if he loss had not taken place at all. It would be against public policy to allow an insured to make a profit out of his loss or damage. UTMOST GOOD FAITH Since insurance shifts risk from one party to another, it is essential that there must be utmost good faith and mutual confidence between the insured and the insurer. In a contract of insurance the insured knows more about the subject matter of the contract than the insurer. Consequently, he is duty bound to disclose accurately all material facts and nothing should be withheld or concealed. Any fact is material, which goes to the root of the contract of insurance and has a bearing on the risk involved. It is only when the insurer knows the whole truth that he is in a position to judge (a) whether he should accept the risk and (b) what premium he should charge. If that were so, the insured might be tempted to bring about the event insured against in order to get money. Insurable Interest - A contract of insurance effected without insurable interest is void. It means that the insured must have an actual pecuniary interest and not a mere anxiety or sentimental interest in the subject matter of the insurance. The insured must be so situated with regard to the thing insured that he would have

benefit by its existence and loss from its destruction. The owner of a ship run a risk of losing his ship, the charterer of the ship runs a risk of losing his freight and the owner of the cargo incurs the risk of losing his goods and profit. So, all these persons have something at stake and all of them have insurable interest. It is the existence of insurable interest in a contract of insurance, which distinguishes it from a mere watering agreement. Causa Proxima - The rule of causa proxima means that the cause of the loss must be proximate or immediate and not remote. If the proximate cause of the loss is a peril insured against, the insured can recover. When a loss has been brought about by two or more causes, the question arises as to which is the causa proxima, although the result could not have happened without the remote cause. But if the loss is brought about by any cause attributable to the misconduct of the insured, the insurer is not liable. Risk - In a contract of insurance the insurer undertakes to protect the insured from a specified loss and the insurer receive a premium for running the risk of such loss. Thus, risk must attach to a policy. Mitigation of Loss - In the event of some mishap to the insured property, the insured must take all necessary steps to mitigate or minimize the loss, just as any prudent person would do in those circumstances. If he does not do so, the insurer can avoid the payment of loss attributable to his negligence. But it must be remembered that though the insured is bound to do his best for his insurer, he is, not bound to do so at the risk of his life. Subrogation - The doctrine of subrogation is a corollary to the principle of indemnity and applies only to fire and marine insurance. According to it, when an insured has received full indemnity in respect of his loss, all rights and remedies which he has against third person will pass on to the insurer and will be exercised for his benefit until he (the insurer) recoups the amount he has paid under the policy. It must be clarified here that the insurer's right of subrogation arises only when he has paid for the loss for which he is liable under the policy and this right extend only to the rights and remedies available to the insured in respect of the thing to which the contract of insurance relates. Contribution - Where there are two or more insurance on one risk, the principle of contribution comes into play. The aim of contribution is to distribute the actual

amount of loss among the different insurers who are liable for the same risk under different policies in respect of the same subject matter. Any one insurer may pay to the insured the full amount of the loss covered by the policy and then become entitled to contribution from his co-insurers in proportion to the amount which each has undertaken to pay in case of loss of the same subject-matter. In other words, the right of contribution arises when (I) there are different policies which relate to the same subject-matter (ii) the policies cover the same peril which caused the loss, and (iii) all the policies are in force at the time of the loss, and (iv) one of the insurers has paid to the insured more than his share of the loss.

History of Insurance The concept of insurance is believed to have emerged almost 4500 years ago in the ancient land of Babylonia where traders used to bear risk of the carvan by giving loans, which were later repaid with interest when the goods arrived safely. The concept of insurance as we know today took shape in 1688 at a place called Lloyds Coffee House in London where risk bearers used to meet to transact business. This coffee house became so popular that Lloyds became the one of the first modern insurance companies by the end of the eighteenth century. Marine insurance companies came into existence by the end of the eighteenth century. These companies were empowered to write fire and life insurance as well as marine. The Great Fire of London in 1966 caused huge loss of property and life. With a view to providing fire insurance facilities, Dr. Nicholas Barbon set up in 1967 the first fire insurance company known as the Fire office. The early history of insurance in India can be traced back to the Vedas. The Sanskrit term Yogakshema (meaning well being), the name of Life Insurance Corporation of Indias corporate headquarters, is found in the Rig Veda. The Aryans practiced some form of community insurance around 1000 BC. Life insurance in its modern form came to India from England in 1818. The Oriental Life Insurance Company was the first insurance company to be set up in India to help the widows of European community. The insurance companies, which came into existence between 1818 and 1869, treated Indian lives as subnormal and charged an extra premium of 15 to 20 percent. The first Indian

insurance company, the Bombay Mutual Life Assurance Society, came into existence in 1870 to cover Indian lives at normal rates. The Insurance Act, 1938, the first comprehensive legislation governing both life and non-life branches of insurance were enacted to provide strict state control over insurance business. This amended insurance Act looked into investments, expenditure and management of these companies. By the mid- 1950s there were 154 Indian insurers, 16 foreign insurers, and 75 provident societies carrying on life insurance business in India. Insurance business flourished and so did scams, irregularities and dubious investment practices by scores of companies. As a result the government decided to nationalize the life assurance business in India. The Life Insurance Corporation of India (LIC) was set up in 1956. The nationalization of life insurance was followed by general insurance in 1972. Time line in Insurance history 1818 British introduced the life insurance to India with the establishment of the Oriental Life Insurance Company in Calcutta. 1850 Non life insurance started with Triton Insurance Company. 1870 Bombay Mutual Life Assurance Society is the first India owned life insurer. 1912 The Indian Life Assurance Company Act enacted to regulate the life insurance business. 1938 The Insurance Act was enacted. 1956 Nationalization took place. Government took over 245 Indian and foreign insurers and provident societies. 1972 Non-life business nationalized, General Insurance Corporation (GIC) came into being. 1993 Malhotra committee was constituted under the chairmanship of former RBI chief R. N. Malhotra todraw a blue print for insurance sector reforms. 1994 Malhotra committee recommended reentry of private players.

 1997 IRDA (Insurance Regulatory and Development Authority) was set up as a regulator of the insurance market in India. 2000 IRDA started giving license to private insurers. ICICI Prudential, HDFC were first private players to sell insurance Policies. 2001 Royal Sundaram was the first non-life private player to sell an insurance policy. 2002 Bank allowed to sell insurance plans as TPAs enter the scene, insurers start setting non-life claims in the cashless mode.. Meaning of Life Insurance It insures the life of the person buying the Life Insurance Certificate. Once a Life Insurance is sold by a company then the company remains legally entitled to make payment to the beneficiary after the death of the policy holder. There are three parties in a life insurance transaction: the insurer, the insured, and the owner of the policy (policyholder), although the owner and 16 the insured are often the same person. Another important person involved in a life insurance policy is the beneficiary. The beneficiary is the person or persons who will receive the policy proceeds upon the death of the insured.Life insurance may be divided into two basic classes term and permanent. Term life insurance provides for life insurance coverage for aspecified term of years for a specified premium. The policy does not accumulate cash value. Permanent life insurance is life insurance that remains in force until the policy matures, unless the owner fails to pay the premium when due. Whole life insurance provides for a level premium, and a cash value table included in the policy guaranteed by the company. The primary advantages of whole life are guaranteed death benefits, guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy. Universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium

payment and the potential for a higher internal rate of return. A universal life policy includes a cash account. Premiums increase the cash account. If you want insurance protection only, and not a savings and investment product, buy a term life insurance policy. If you want to buy a whole life, universal life, or other cash value policy,plan to hold it for at least 15 years. Canceling these policies after only a few years can more than double your life insurance costs. Check the National Association of Insurance Commissioners website (www.naic.org/cis) or your local library for information on the financial soundness of insurance companies. History of Life Insurance Risk protection has been a primary goal of humans and institutions throughout history. Protecting against risk is what insurance is all about. Over 5000 years ago, in China, insurance was seen as a preventative measure against piracy on the sea. Piracy, in fact, was so prevalent, that as a way of spreading the risk, a number of ships would carry a portion of another ship's cargo so that if one ship was captured, the entire shipment would not be lost.In another part of the world, nearly 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. It formalized concepts of bottomry referring to vessel bottoms and respondentia referring to cargo. These provided the underpinning for marine insurance contracts. Such contracts contained three elements: a loan on the vessel, cargo, or freight; an interest rate; and a surcharge to cover the possibility of loss. In effect, ship owners were the insured and lenders were the under writers. Life insurance came about a later in ancient Rome, where burial clubs were formed to cover the funeral expenses of its members, as well as help survivors monetarily. With Rome's fall, around 450 A.D., most of the concepts of insurance were abandoned, but aspects of it did continue through the Middle Ages, particularly with merchant and artisan guilds. These provided forms of member insurance covering risks like fire, flood, theft, disability, death, and

even imprisonment. During the feudal period, early forms of insurance ebbed with the declineo f travel and long-distance trade. But during the 14th to 16th centuries, transportation, commerce, and insurance would again reemerge. 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 around 1000 BC and practiced by the Aryans.And similar to ancient Rome, burial societies were formed in the Buddhist period to help families build houses, and to protect widows and children. Modern Insurance Illegal almost everywhere else in Europe, life insurance in England was vigorously promoted in the three decades following the Glorious Revolution of 1688. The type of insurance we see today owes it's roots to 17th century England. Lloyd's of London, or as they were known then, Lloyd's Coffee House, was the location where merchants, ship owners and underwriters met to discuss and transact business deals. While serving as a means of risk-avoidance, life insurance also appealed strongly to the gambling instincts of England's burgeoning middle class. Gambling was so rampant, in fact, that when newspapers published names of prominent people who were seriously ill, bets were placed at Lloyds on their anticipated dates of death. Reacting against such practices, 79 merchant underwriters broke away in 1769 and two years later formed a New Lloyds Coffee House that became known as the real Lloyds. Making wagers on people's deaths ceased in 1774 when parliament forbade the practice. Insurance moves to America The U.S. insurance industry was built on the British model. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston, SC. The Presbyterian Synod of Philadelphia in 1759, sponsored the first life insurance corporation in America for the benefit of ministers and their dependents. And the first life insurance policy for the general public in the United States was issued, in Philadelphia, on May 22, 1761. But it wasn't until 80 years later (after 1840), that life insurance really took off in a big way. The key to its success was reducing the opposition from religious groups. 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. With the creation of the automobile, public liability insurance, which first made its appearance in the 1880s, gained importance and acceptance? More advancement was made to insurance during 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. During the 19th century, many societies were founded to insure the life and health of their members, while fraternal orders provided low-cost, membersonly 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. Final Thoughts Even though the American insurance industry was greatly influenced by Britain, the US market developed somewhat differently from that of the United Kingdom. Contributing to that was America's size; land diversity and the overwhelming desire to be independent. As America moved from a colonial outpost to an independent force, from a farming country to an industrial nation, the insurance business developed from a small number of companies to a large industry. Insurance became more sophisticated, offering new types of coverage and diversified services for an increasingly complex country. Key features of Life Insurance 1) Nomination: -When one makes a nomination, as the policyholder you continue to be the owner of the policy and the nominee does not have any right under the policy so long as you are alive. The nominee has only the right to receive the policy monies in case of your death within the term of the policy. 2) Assignment: -If your intention is that your policy monies should go only to a particular person, you need to assign the policy in favor of that person. 3) Death Benefit: -The primary feature of a life insurance policy is the death benefit it provides.Permanent policies provide a death benefit that is guaranteed

for the life of the insured, provided the premiums have been paid and the policy has not been surrendered. 4) Cash Value: -The cash value of a permanent life insurance policy is accumulated throughout the life of the policy. It equals the amount a policy owner would receive, after any applicable surrender charges, if the policy were surrendered before the insured's death. 5) Dividends: -Many life insurance companies issue life insurance policies that entitle the policy owner to share in the company's divisible surplus. 6) Paid-Up Additions: -Dividends paid to a policy owner of a participating policy can be used in numerous ways, one of which is toward the purchase of additional coverage, called paid-up additions. 7) Policy Loans: -Some life insurance policies allow a policy owner to apply for a loan against the value of their policy. Either a fixed or variable rate of interest is charged. This feature allows the policy owner an easily accessible loan in times of need or opportunity. 8) Conversion from Term to Permanent: -When in need of temporary protection, individuals often purchase term life insurance. If one owns a term policy, sometimes a provision is available that will allow her to convert her policy to a permanent one without providing additional proof of insurability. 9) Disability Waiver of Premium:-Waiver of Premium is an option or benefit that can be attached to a life insurance policy at an additional cost. It guarantees that coverage will stay inforce and continue to grow Benefits of Life Insurance 1) Risk cover: -Life Insurance contracts allow an individual to have a risk cover against any unfortunate event of the future. 2) Tax Deduction: -Under section 80C of the Income Tax Act of 1961 one can get tax deductionon premiums up to one lakh rupees. Life Insurance policies thus decrease the total taxable income of an individual. 3) Loans: -An individual can easily access loans from different financial institutions by pledging his insurance policies. 4) Retirement Planning: -What had provided protection against the financial consequences of premature death may now be used to help them enjoy their

retirement years. Moreover the cash value can be used as an additional income in the old age. 5) Educational Needs: -Similar to retirement planning the cash values that flow from ones life insurance schemes can be utilized for educational needs of the insurer or his children.

Role of Life Insurance in the growth of economy The Life Insurance Industry has an enviable track record among public sector units. It has a Consistent profit and dividend paying record accompanied by a steady growth in its financial resources. Through investments in the Government sector and socially- oriented sectors the Industry has contributed immensely to the nation's development. The industry is recognized as one of the largest financial Institutions in the country. The ventures initiated by the industry in the areas of Mutual Fund, Housing Finance has done exceedingly well in recent years. To protect the country's foreign exchange reserves, the reinsurance arrangement are so Organized that maximum retention is made possible within the country while at the same time protecting interests of the policy holders.

Insurance Concept And History The insurance plan was developed for modern day laws and as a means of providing individuals and businesses with protection against risks. Prior to insurance being offered, as a service and product, when people ran into problems the community would come together to make repairs. For instance, before insurance was formally offered, if a neighbors home were to burn down, other neighbors, family members, and friends would gather all the necessary materials and tools, and together rebuild the home. However, as population grew this small community in most parts of the world changes.Interestingly, the insurance plan that we know of today was actually based on ancient traditions of the Babylonian and Chinese traders. Historians tell us that during the second and third millennia BC, merchants in China would have to travel over horrific rapids of the rivers as a means of distributing the things they made. To accomplish this, the wares were moved using several vessels because it was common for one to capsize.

Introduction of the Company

RELIANCE Life Insurance Limited

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd., a part of Reliance - Anil Dhirubhai Ambani Group.

After many years of debate, the government has decided to increase the foreign direct investment (FDI) limit in insurance firms from 26 percent to 49 percent. The government will now introduce a bill in Parliament to effect this change. The government, however, conceded that the bill might not be passed by the current Parliament for want of_time.
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 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 Indias 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. 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 Dhirubhais extraordinary vision and leadership ,Reliance scripted one of the greatest growth stories in corporate history anywhere in the

world, and went on to become Indias largest private sector enterprise. Through out this amazing journey, Dhirubhai always kept the interests of the ordinary shareholder uppermost in mind, in the process making millionaires out of many of the initial investors in the Reliance stock, and creating one of the worlds largest shareholder families.

About Reliance Life Insurance Reliance Life Insurance offers you products that fulfill your savings 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 Reliance Capital Ltd., a part of Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activities in financial services. Reliance - Anil Dhirubhai Ambani Group also has presence in Communications, Energy, Natural Resources, Media, Entertainment, Healthcare and Infrastructure.

Reliance Life Insurance Company Limited INSIDERS ON BOARD OF DIRECTORS

Name Relationships (Connections)

R. Nandagopal Malay Ghosh 12 Relationships

Title

Age

Chief Executive Officer and 50 Director --

12 Relationships President and Director

Saumen Ghosh

Non Executive Director and 12 Relationships Group President of Reliance Capital Limited 12 Chief Risk Officer and Relationships Director 12 Chief Investment Officer Relationships and Director 12 Chief Technology Officer Relationships and Director Head of Legal & 12 Relationships Compliance, Company Secretary and Director
12 Relationships

--

S. Krishnan R. Rangarajan C. Mohan

----

Saroj Panigrahi

--

Maneesha Thakur

Chief Human Resources Officer and Director

--

Other Board Members on Board of Directors

Name Relationships (Connections) Gautam Doshi Rajesh Bahl Pournima Gupte S. Talwar B.A. L.LB. C.A.I.I.B. Rajendra Chitale Primary Company Age 57 --70

61 Reliance - Anil Dhirubhai Relationships Ambani Group 12 University of Delhi Relationships 12 Reliance Life Insurance Relationships Company Limited 77 Housing Development and Relationships Infrastructure Limited 63 Ishaan Real Estate Plc Relationships

Company Profile

Reliance Life Insurance Company Limited provides life insurance products to individuals and corporates in India. It offers solutions for individuals, such as protection, term, credit guardian, endowment, wealth creation with health coverage, cash flow, savings and investment, unit linked investment and insurance, automatic investment, market return, retirement, and child plans. The company also provides solutions for groups, which include employers liability, group superannuation, group gratuity, group leave encashment, employee protection, group credit shield, group term assurance, and employee voluntary benefit plans. It offers its products through agents. The company was incorporated in 2001 and is based in Mumbai, India. As of October 22, 2005, Reliance Life Insurance Company Limited operates as a subsidiary of Reliance Capital Ltd. Key Executives Mr. R. Nandagopal Chief Executive Officer and Director Age: 50 Mr. Malay Ghosh President and Director Mr. Sunil Agrawal Chief Financial Officer Mr. Saumen Ghosh Non Executive Director and Group President of Reliance Capital Limited Mr. S. V. Sunder Krishnan Chief Risk Officer and Director Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd., a part of Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India's leading private sector financial services companies, which ranks among the top 3

private sector financial services and banking companies. Reliance Life Insurance is not only one of India's fastest growing life insurance companies, but also counts among the top 4 private sector insurers. In just 2 years, the Company has crossed the mark,of_1.7Million_policies. RLIC launched around 600 branches in 10 months, taking the overall branch network above to 740. Reliance Life Insurance Co. is one of the only two ISO 9001:2000 certified Life Insurance companies in India. It has been awarded with the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Ceritificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP). Given below is the list of the policies provided by Reliance Life Insurance Company: Protection Plans

Reliance Term Plan Reliance Simple Term Plan Reliance Special Term Plan Reliance Credit Guardian Plan Reliance Special Credit Guardian Plan Reliance Endowment Plan Reliance Special Endowment Plan Reliance Connect 2 Life Reliance Whole Life Plan Reliance Wealth + Health Plan Reliance Cash Flow Plan

Child Plans

Reliance Super Invest Assure Plan Reliance Child Plan Reliance Secure Child Plan Reliance Wealth + Health Plan

Savings & Investment Plans

Reliance Savings Linked Insurance Plan Reliance Super Invest Assure Plus Plan Reliance Super Invest Assure Plan

Total Investment Plan I - Insurance Reliance TIPS -Series I- Insurance Reliance Wealth + Health Plan Reliance Super Automatic Investment Plan Reliance Money Guarantee Plan Reliance Cash Flow Plan Reliance Super Market Return Plan Reliance Endowment Plan Reliance Special Endowment Plan Reliance Whole Life Plan Reliance Super Golden Years Plan Reliance Super Golden Years Plan - Value Reliance Super Golden Years Plan - Plus Reliance Connect 2 Life Plan Reliance Imaan Investment Plan

Retirement Plans

Total Investment Plan II - Pension Reliance Super Golden Years Plan Reliance Super Golden Years Plan - Value Reliance Super Golden Years Plan - Plus Reliance Wealth + Health Plan Reliance Super Automatic Investment Plan Reliance Money Guarantee Plan

Group Plans

Employers Liability Solutions Employee Protection Solutions Employee Voluntary Benefits

History
Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002) Insurance Industry in this year, so far has 5new entrants; namely

Life Insurers: S.No. Registration Date of Number Reg. 1 121 Name of the Company

03.01.2002 Reliance Life Insurance Company Limited

Reliance Capital Limited announced the launch of its life insurance business on February 1, 2006. This was after obtaining the required regulatory approvals from the Registrar Of Companies and the Insurance Regulatory and Development Authority. It was in August 2005 that the ball was set rolling when Reliance Capital Limited, the financial arm of Reliance Anil Dhirubhai Ambani Group (ADAG) announced the requisition of 100% shareholding in AMP Sanmar Life Insurance Company Limited; and the formal transfer of shares took place in October 2005. The company will issue all policy contracts under the Reliance Life Insurance Company limited name. All the existing policy contracts also stand transferred to the Reliance Life Insurance entity with all the original contractual terms and commitments intact.

Journey so far
Most organizations focus their energies on growth during early stages of the business-building exercise. Over a period of time, when the business reaches a critical mass, the tiny leakages start looking fatal. The overall extent of such inefficiencies and lack of control results in major erosion in the company's capital asset value as well as a leap in operational expenses. If this phase coincides with an economic slump, the company's leadership comes under the scanner. Therefore, right from the beginning, we at Reliance Life Insurance built a

mechanism to ensure an in-built IT governance track which remains invisible irrespective of the business' dynamic nature 2005 August: Anil Dhirubhai Ambani Group (ADAG) announces the acquisition of 100 percent shareholding in AMP Sanmar Life Insurance Co Ltd. 2006 January 17: Mr. Nandgopal participates in a one-day conference on Optimising growth opportunities through Distribution Matrix: Emerging Bancassurance organized by the Asia Insurance Post at the Taj President, Mumbai. February 1: Rliance Life Insurance officially launched. February 16, 17, 18: Strategy meet at the Reliance Management Institute. Amongst those who participate are the CEO, COO, Functional Heads, Regional Managers and Regional Sales Managers. February 26: A Puja held at the Churchgate office situated in Express Building, 4th Floor, 14 E Road, Mumbai. March 1: Churchgate office inaugurated by Mr. Amitabh Jhunjhunwala, Mr. Amitabh Chaturvedi and Mr. Nandgopal. March 6: Shifting to the new premises at Churchgate commences. March 7: The new office at Chennai, at the Trapezium, First Floor, # 39, Nelson Manickam Road, inaugurated by their CEO Mr. Nandgopal, Mr. KV Srinivasan and Mr. Sureshbabu also graced the occasion.

Mission
The mission of Reliance Life Insurance Company Limited is to be the best in every sphere- business results, customer care and employee focus. The aim of the company is to Think Bigger and Think Better. Vision, Mission & Goal And Achievements

Vision
Empowering everyone live their dreams.

Mission
Create unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plans.

Our Goal
Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:

Emerge as transnational Life Insurer of global scale and standard Create best value for Customers, Shareholders and all Stake holders Achieve impeccable reputation and credentials through best business practices

Achievements

3rd largest private player in a span of just 4 years, moved from 11th position to 3rd Amongst the fastest growing Companies for 4 years in a row Continuous increase in market share over 4 years; from 1.9% in 2005-06 to 10.26% in 2009 -10 RLIC has achieved a growth rate of 21% while the private industry has grown at 13% Fastest to reach the 5 million policy mark Largest private insurer in terms of policy count in 2009-10 1145 branches 1,95,000 Advisors and over 16,000 employees RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 9001:2000 for all the processes.

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP). The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting 'self help channels for service'

Future Plans
Forty-four new branches to be opened across the country in the coming months; and a pan India presence with 162 branches in the coming year. A state-of-the-art customer care centre will provide continuous, responsive services to the caller and promptly address queries, collate feedback and suggestions from the caller, who may be both prospective and existing clientele and from channel partners in Chennai and Mumbai. It will be launching additional products aimed at providing unparalleled service to its valued clientele.

Head Office
BOARD OF DIRECTORS Gautam Doshi, Non Executive Director Gautam is the Group Managing Director of Reliance Anil Dhirubhai Ambani Group and Non Executive Director of Reliance Life Insurance Company Limited. In his long and illustrious career spanning 30 years, Gautam has held key positions in various organisations such as M/s. Bansi S. Mehta, RSM & Co. and Ambit Corporate Finance Pvt. Ltd. Presently, as a Board member of various reputed

public limited companies, Gautam continues to power the industry with his profound knowledge and expertise. He has served as the Chairman of the Institute of Chartered Accountants of India for the year 198283. He was also elected to the Council of the Institute of Chartered Accountants of India for two consecutive terms spanning over 1992 to 1998. Gautam is a qualified Chartered Accountant. Reliance Life Insurance Company Limited, Regd Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai,Maharashtra-400710,India. Reliance Life Insurance Company Limited is licensed life insurance company registered with the Insurance Regulatory and Development Authority (Registration No: 121) in accordance with the provisions of the Insurance Act 1938.

Branches
RLIC launched around 600 branches in 10 months, taking the overall branch network above to 740. Reliance Life Insurance Co. is one of the only two ISO 9001:2000 certified Life Insurance companies in India. It has been awarded with the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Ceritificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP).

Given

few Branches with Exact Location of Lucknow & Kanpur in Uttar_Pradesh:-

Given below are the branches located in Lucknow

Locatio n
Vikar Nagar

Branch

Type Address

Phone No.
05223213883/0522321388 1

Branc FF, PLOT NO 12, SECTOR h 9,VIKAR NAGAR, KK

Office PALACE , ABOVE BANK OF MAHARSHTRA , LUCKNOW, Uttar Pradesh- 226006

Sector 1, LDA Colony

2ND FLOOR, ANURAG Branc PLAZA, CP 5/1,SECTOR h 1, LDA COLONY, Office AASHIYANA, LUCKNOW, Uttar Pradesh- 226012 Reliance House, 118 TCV, Branc Behind Wave Multiplex, h Vibhuti Khand, Gomti Office Nagar, Lucknow-226010 Rohit Building, 1st Floor, No.1 Opp to Sahara Area Complex,Shahnajaf Office Road, Hajaratganj,Lucknow,Utt ar Pradesh-226001

05223020274/'052232138 84

Lucknow

05223020300

Lucknow

05223020255'0522302024 0

Given below are the branches located in Kanpur Location Branch Address Type Phone No.

Pandu Nagar

Branch Office

Asthana Towers, 117/H1/283, Pandu Nagar, Kanpur, Uttar Pradesh - 208005 14-113 Kn Chambers, Civil Lines , Kanpur208001 GF, GROUND FLOOR,5 PARADEVANPUR, LAL BUNGLOW, KANPUR, Uttar Pradesh-208007 GF NILGIRI COMPLEX, 122/30,SHASTRI NAGAR, KANPUR, Uttar Pradesh-208005 OFFICE NO 3 GROUND FLR KAN CHAMBERS CIV IL LINES KANPUR KNPR UP 208002 INDIA WIRELINE KANPUR

0512-3918861

Civil lines

Branch Office

05123918095/3918117

Lal Bunglow

Branch Office

0512-3200889

Shastri Nagar

Branch Office

0512-3299981

Kanpur

Branch Office

5123918860 - 61

Values
Reliance Life Insurance Company Limited has some core values which are listed as follows: 1) Result Oriented 2) Performance Driven 3) Customer Focused 4) Learning and Development Oriented

5) Employee Centric 6) Informal and Fun

Management
BOARD OF DIRECTORS

Gautam Doshi, Non Executive Director Gautam is the Group Managing Director of Reliance Anil Dhirubhai Ambani Group and Non Executive Director of Reliance Life Insurance Company Limited. In his long and illustrious career spanning 30 years, Gautam has held key positions in various organisations such as M/s. Bansi S. Mehta, RSM & Co. and Ambit Corporate Finance Pvt. Ltd. Presently, as a Board member of various reputed public limited companies, Gautam continues to power the industry with his profound knowledge and expertise. He has served as the Chairman of the Institute of Chartered Accountants of India for the year 198283. He was also elected to the Council of the Institute of Chartered Accountants of India for two consecutive terms spanning over 1992 to 1998. Gautam is a qualified Chartered Accountant.

Satya Pal Talwar, Independent Director Satya Pal is an Independent Director of Reliance Life Insurance Company Limited. He holds an experience of more than 35 years in operations and policy formulation. Through his distinguished service in the financial industry, Satya Pal has served as the Chairman and Managing Director of renowned organisations such as Bank of Baroda, Union Bank of India and Oriental Bank of Commerce. His in-depth knowledge of the sector has seen him rise quickly into pivotal positions at advisory and board levels in Indian and as well Global organisations such as SEBI,

IDBI and MasterCard International. He has also held the coveted position of Deputy Governor of RBI from 1994 to 2001. Satya Pal holds a degree in Law. He is a Certified Associate of the Indian Institute of Bankers and a member of the Indian Council of Arbitration. Rajendra Chitale, Independent Director Rajendra is an independent Director at Reliance Life Insurance Company Limited. Rajendra is the Managing Partner of M/s. M.P. Chitale & Associates, Indias leading financial boutique specialist with converging expertise in financial structuring, legal, tax and regulatory advice.Government of Maharashtra. Rajendra serves as independent director on the boards of the National Securities Clearing Corporation Limited, Asset Reconstruction Company (India) Limited, Reliance Capital Limited, Ambuja Cements Limited, Hinduja Global Solutions Limited, Hinduja Ventures Limited, Ishaan Real Estate Plc, Reliance General Insurance Company Ltd. He is a member of the Insurance Advisory Committee of the IRDA and the Advisory Committee on Regulations, Competition Commission of India. He has served on the board of LIC, UTI, NSE, SIDBI, and has served as a member of Takeover Panel of SEBI, the Company Law Advisory Committee, Government of India, the Investor Education and Protection Fund, Government of India, and the Maharashtra Board for Restructuring of State Enterprises, Rajendra is an eminent Chartered Accountant and law graduate.

Soumen Ghosh, Non Executive Director Soumen is currently the Group President of Reliance Capital Limited and Non Executive Director of Reliance Life Insurance Company Limited. Soumen has an experience of around 22 years in the areas of General Insurance and Life Insurance in India and abroad. Soumen was previously responsible for the overall Allianz operations in India and Middle East. Soumen worked as the Chief Executive Officer of Bajaj Allianz Life Insurance Company and Country Manager, Bajaj Allianz, India. At Bajaj Allianz Life Insurance Company, Sam was attributed

with bringing new strategic initiatives on distribution and at the same time launching customer need based flexible and simple products designed for India. Soumen is a member of the Institute of Chartered Accountant in England & Wales and Institute of Chartered Accountant of Australia Malay Ghosh, Executive Director & President Malay is the Executive Director and President of Reliance Life Insurance Company. Malay leads all activities at Reliance Life Insurance Company Limited and his key focus is on rapid expansion of all channels and accelerating the Companys growth trajectory. Malay has over 24 years of work experience in the insurance industry. He has worked for 17 years with LIC across various functions and for 7 years with Bajaj Allianz Life Insurance where he was last designated Head of Sales. Malay holds a Masters degree in statistics from Indian Statistical Insititute, Kolkata.

Top Management Team-Reliance Life Insurance Malay Ghosh Executive Director & President Malay is the Executive Director and President of Reliance Life Insurance Company Malay leads all activities at Reliance Life Insurance Company Limited and his key focus is on rapid expansion of all channels and accelerating the Companys growth trajectory. Malay has over 24 years of work experience in the insurance industry. He has worked for 17 years with LIC across various functions and for 7 years with Bajaj Allianz Life Insurance where he was last designated Head of Sales. Malay holds a Masters degree in statistics from Indian Statistical Insititute, Kolkata.

S V Sunder Krishnan, Chief Risk Officer Sunder is the Chief Risk officer for Reliance Life Insurance and is responsible for overseeing Risk Management, Internal Audit and Compliance functions at Reliance Life Insurance. Sunder came with 23 years of experience and knowledge in Internal Audits, Compliance, Assurance Consulting and Risk Management. He has worked for various leading organizations such as DSP Merrill Lynch, ING Vysya, Credit Lyonnais, Standard Chartered, Bank International Indonesia, Ernst & Young and Delloitte at senior and middle management positions with exposure to businesses and operations in more than 12 countries. Sunder is a qualified FCA, CISA, and CCSA. He is currently the advisor to the Board of Information Systems Audit Control Association (ISACA-USA), Mumbai Chapter. He was president of Information Systems Audit Control Association (ISACA-USA), Mumbai Chapter for the year 2007-08. Sunil Agrawal, Chief Financial Officer Sunil Agrawal is the Chief Financial Officer (CFO) of Reliance Life Insurance Company Limited and he is responsible for Financial strategy formulation and implementation. Sunil has over 10+ years of post qualification experience of which he has more than 9+ years experience in the insurance industry in financial function. Prior to joining Reliance Life Insurance, he has worked with ICICI Prudential Life Insurance in various roles right from the inception of the company including compliance, special projects, Financial Control and finance operations. He is a B.E. Computer Science, a Chartered Accountant and DISA (ICAI). Saroj K Panigrahi, Head Legal, Compliance & Company Secretary Saroj K Panigrahi heads the Legal, Compliance and Company Secretarial function of Reliance Life Insurance'. He is armed with twelve years of valuable experience

in the Corporate Legal, Commercial, Regulatory Compliance and Corporate Governance domains. Prior to joining Reliance, he headed the Legal & IP department at Accentures India Outsourcing Business. During his fulfilling tenure, he skillfully managed the Legal, Intellectual Property, Regulatory Risk & Compliance aspects of several Fortune 500 companies. Prior to his assignment with Accenture, Saroj was Associate Legal Counsel & Company Secretary at ING Vysya Life Insurance and was also associated with ICRA, an associate of Moodys Investors Inc. Saroj holds a degree in Law. He is also a Fellow Company Secretary, a Chartered Secretary (UK) and a Chartered Financial Analyst (CFA). Pournima Gupte, Appointed Actuary Pournima is the Appointed Actuary at Reliance Life Insurance Company Limited where she has the overall responsibility for statutory reporting, risk appetite, pricing, valuation, reinsurance, etc. Prior to joining Reliance, Pournima served at Life Insurance Corporation of India for 20 long and rewarding years. Her stint with LIC included a four-year deputation at the London branch, as Manager. She then moved on to be the Chief Manager Actuarial, at Kotak Mahindra Life Insurance Company and Associate Vice President Actuarial at Bajaj Allianz Life Insurance Company. Pournima is a graduate in Statistics and a Fellow of the Actuarial Society of India (FASI). R Rangarajan, Chief Investment Officer Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited. He alongwith his team, strives to give the best possible returns on investments to shareholders and policyholders, keeping in mind their appetite for risk. Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organisation are metwithout any

compromise on the benefits of the investors.Prior to being a part of Reliance Life Insurance, Rangarajan worked with AMP Sanmar Life Insurance as Head Investments for three years. His earlier assignment was with a large Mutual Fund organization. Rangarajan is a qualified Chartered Accountant. Manoranjan Sahoo , Head- Agency Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited. Manoranjan started his career in Pharma before Joining LIC as an Administrative officer. Manoranjan has 20 years of experience in insurance industry. He has indepth knowledge of Life Insurance Business by virtue of working in different functions at Life Insurance Corporation of India. His core competence is setting up of new business.Prior to joining the Company, he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head Sales (North & Central). Manoranjan holds a Masters Degree in Science from Utkal University. Manoranjan has undergone many Leadership development courses at ISB,IIM(K) & Michigan University. Maneesha Thakur, Chief Human Resources Officer Maneesha in her role as the Chief Human Resource Officer at Reliance Life Insurance Company Limited, has developed a performance driven and employee centric culture. She has been at the forefront of the organization growth by facilitating talent acquisition and management. Maneesha in her career span of 15 years has worked with companies like SHCIL, ALLTEL, Transamerica, ICICI Bank and VSNL. In addition to an MA in English Literature, Maneesha holds a Post Graduate Diploma in Personnel Management & Industrial Relations from XLRI, Jamshedpur C Mohan, Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment. Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas. He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life. In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum. He also received the Early SOA Adopter Award from IBM.He recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USA.He Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum. Mohan is an Engineering Graduate and holds many International IT Certifications.

Insurance Plans/Products Solutions for Individuals

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 childs future and even chalk out a plan for your retirement. So what are you waiting for? Invest in one of Reliance Solutions for Individuals and pave the way for a worry-free life!

Plans

Protection_Plans Protect your family even when youre not around by investing in Reliance Protection Plans. Choose a limited period plan or a lifetime protection plan depending on your needs. 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 familys daily needs.

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.

Child_Plans
Save systematically and secure your childs future needs by investing in Reliance Child Plans. You can always be there for your child when he or she needs you.

Solutions for Groups

As an employer, you believe in providing the best opportunities for your employees while keeping the interests of the company in mind. How will you strike a balance between the two? Reliance Life Insurance offers you a win-win solution with Solutions for Groups. Not only are your employees covered for life from accidents and disablements, you can also efficiently manage their future with gratuity and pension plans. So invest in Reliance Solutions for Groups to give your employees a sense of belonging and feel at peace knowing that you have fulfilled your obligation

towards your corporate family. Plans Employers Liability Solutions Freedom from forecasting and managing liability for employees Gratuity, Leave Encashment and Pension. Employee Protection Solutions Have you always wanted to give your employees total cover from any accidents, disabilities or untimely deaths? Invest in Reliance Employee Protection Solutions today and show your employees that you care... Read More Employee Voluntary Benefits Empower your employees by offering convenient access to most competitive financial services solutions to manage their investment and insurance needs.

Research Methodology

Research Methodology is to determine customer-buying behavior with a focus on market segmentation for Reliance Life Insurance. The study deals mainly with studying the buying pattern in the insurance industry with a special focus on Reliance life Insurance.

The various segments of the markets divided in terms of Insurance Needs, Age groups , Satisfaction levels etc will alsostudied.

Objective
The numbers of objectives is related with the Study of Research Methodology :A. To know the perception of the consumer about life insurance B. To get a deep knowledge of the financial product like insurance. C. To determine reasons behind opting for an insurance. D. To get some good market exposure by dealing with the prospects face to face. E. To get some information about the market share of Reliance Life Insurance as compared to the giants like LIC and to know the standing of the company in the market. F. To provide the company with information of customer's Insurance policy if they have any and reasons for opting for that particular policies. G. To improve our ability to sell a financial product like life Insurance. H. To determine customers perception towards private insurance companies and their expectation form private insurance companies.

I. To determine the feedback on services provided by any other insurance agent. J. To study the types of benefits provided by insurance services.

Scope of study

The study deals with reliance in focus and the various segments that it caters to. The study then goes on to evaluate and analyze the findings so as to present a clear picture of trends in the Insurance sector. A large number of new players have entered the market and are vying to gain market share in this rapidly improving market.

SIGNIFICANCE TO THE INDUSTRY

This is a limited study which takes into consideration the responses of 100 people. This data can be explorated to take in the trends across the industry. The significance for the industry lies in studying these trends that emerge from the study. It is a rapiddly changing and evolving sector. People are only beginning to wake up to its vast possibilities. A study like this can attempt to guide the future of the industry based on current trends.

SIGNIFICANE FOR THE RESEARCHER

To facilitate and provide all the useful informtaion of the studt, the company, the insurance industry and also provide marketing ways, methods of reliance life insurance.

Sampling Methodology
Any organization whether big or small, private or public need different types of information are to know its popularity. I have gathered primary data and and secondary data collected information from the combination of these two data. Market Research is considered as any organized effort to gather information about Markets or Customers. It is a very Important Components of Business Strategy. It is Significantly different from Marketing

Research. Marketing Research is Concerned with specifically about Marketing Processes, While Market Research is concerned specifically with Markets. So, as part of my Project I had to do a through Market Research for our Target Customers and gather as much information as possible , later a significant Marketing Research was also done to formulate an adaptable Marketing Strategy for our company .
DATA COLLECTION

There are two types of Data Collection Method : 1. PRIMARY DATA 2. SECONDARY DATA

Primary data: I have taken great care while collecting primary data to answer that it is relevant, accurate, current and unbiased. I have taken a sample of 50 people. I have visited them personally to get data with the help of face to face interview and Questionnaires. Sample size I have taken sample size of 50 respondents. Because the population is too large so it is difficult to survey.

Secondary data
Secondary data consist of information that already exists somewhere, having been collected for another purpose. I have gathered secondary data from website of different operators, different magazines, newspapers and libraries.

Sampling Technique

Initially, a rough draft was prepared keeping in mind the objective of the research. A pilot study was done in order to know the accuracy of the Questionnaire. The final Questionnaire was arrived only after certain important changes were done. Thus my sampling came out to be judemental and conveninent.

Sampling Unit
The respondents who were asked to fill out questionnaires are the sampling units. These comprise of employees of MNCs, Govt. Employees, Self Employeds etc.

Sample size
The sample size was restricted to only 50, which comprised of mainly peoples from different regions of Kanpur due to time constraints.

Sampling Area

The area of the research was Kanpur and Lucknow, U.P. in India.

Questionnaire
I have formed a questionnaire to study why people go for life Insurance. What is peoples major motive behind investing in life insurance? Do they decide upon their own or they take guidance of an agent? What is their perception about Reliance Life Insurance Company Limited? Questions:There are Some few questions in the questionnaire. Out of these questions, some 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.

Format of Quetionnaire

QUESSTIONNAIRE
DATE:________ 1. ARE YOU EMPLOYED? YES NO If YES, only then proceed 2. DO YOU HAVE ANY INSURANCE POLICY? I. YES II. NO 3. WHICH INSURANCE POLICY DO YOU HAVE? i. LIFE ii. NON-LIFE iii. BOTH 4. WHICH COS INSURANCE POLICY YOU PREFER THE MOST? (RANK THEM)

a) LIC b) RELIANCE LIFE INSURANCE c) SBI LIFE INSURANCE d) ING VYSYA LIFE e) ICICI PRUDENTIAL f) TATA AIG LIFE g) ANY OTHER ________( Specify) 5. FOR HOW MANY YEARS DO YOU HAVE INSURANCE POLICY? (Please Tick) a) <5Yrs b) 5-10 Yrs c) 10-15 Yrs d) Any Other______(Specify)

6. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE COVER? (RANK THEM) a) COVER FUTURE UNCERTAINITY b) TAX DEDUCTIONS c) FUTURE INVESTMENT d) ANY OTHER _________ (Specify) 7. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY IT? (RANK THEM) a) LOW PREMIUM b) LARGER RISK COVERANCE c) MONEY BACK GUARNTEE d) REPUTATION OF COMPANY e) EASY ACCESS TO AGENTS

f) ANY OTHER _________ (Specify) 8. YOUR MONTHLY INCOME? a)<4k b)4k-8k c)8k-12k d)12k-16k e)Other_____(Specify) 9. DO YOU REALLY THINK INSURANCE POLICY COVER IN TODAYS SCENARIO IS NOT ESSENTIAL? __________________________________________________ 10. WHATS YOUR PERCEPTION ABOUT INSURANCE? (RANK THEM) a) A SAVING TOOL b) A TAX SAVING DEVICE c) A TOOL TO PROTECT FUTURE 11. HOW HAS/WOULD YOU BOUGHT/BUY AN INSURANCE? a) CUSTOMER APPROCHED INSURANCE COs b) INSURANCE COs APPROCHED CUSTOMER 12. ARE YOU SATISFIED WITH THE POLICY? a) SATISFIED SAVING TOOL b) NOT SATISFIED c) NOT RESPONDING 13. ARE YOU SATISFIED WITH THE SERVICE AGENT? a) SATISFIED SAVING TOOL b) NOT SATISFIED

c) NOT RESPONDING 14 DO YOU PAY TAXES? I. YES II. NO

15. WHERE HAVE YOU INVESTED FOR TAX SAVING? (RANK THEM) a) LIC b) NSC c) BONDS d) PPF e) PF f) EPF 16.WHICH IS THE BEST FORM OF INVESTMENTS? (RANK THEM) a) FIXED ASSETS b) BANK DEPOSITS c) JEWELLERY d) SECURITIES, i.e. Bonds, MFs e) SHARES f) INSURANCE 17. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS? a) SAVING & RETURNS b) SECURITY c) TAX BENIFITS

18. WHATS THE RIGHT AGE TO BUY INSURANCE? a) AFTER 25 Yrs b) AFTER 35 Yrs c) AFTER 45 Yrs d) ANYTIME

19.HOW WOULD YOU RATE INDIAN INSURANCE COs? a) RIGID PLANS b) NON-USER FRIENDLY c) UNSATISFATORY SREVICES d) NON-AGGRESSIVE e) SATISFACTORY f) GOOD g) VERY GOOD 20. ARE YOU PLANNING FOR NEW INVESTMENTS? a) PLANNING b) NOT PLANING 21. WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE & PRODUCTS? a) YES b) NO c) UNCERTAIN

THANK YOU
NAME:____________________ ADDRESS:____________________ OCCUPATION:__________________

 Limitations of the Research

I am a human hang, so there is some limitation of the human hangs which is reflected in this research. The following are the limitation of this research study. 1) The sample size of 50 might not represent the perception of whole population, as the sample size is too small for total population of Ahmedabad city. 2) The opinion expressed by the respondents may be biased. 3) The attitude of the research might be biased. 4) One of the most influencing and most critical limitations is that I am not trained for the research study and this is my first study. I tried hard to come at conclusion, but there is lack of expertise. 5) Another limitation is that there is lack of time. If I give more time then studies will be more effective. 6) The research is confined to a certain parts of Kanpur and Lucknow and does not necessarily shows a pattern applicable to all of Country.

7).Some respondents were reluctant to divulge personal information which can affect the validity of all responses. 8).In a rapidly changing industry, analysis on one day or in one segment can change very quickly. The environmental changes are vital to be considered in order to assimilate the findings.

Survey

Graph Analysis & Data Interpretation Findings & recommendations Findings & Recommendations Growth Potential Conclusion Bibliography Annexure