Mahendra Raut Nashik

INTERIM REPORT ON
Sale 20 policies or generated 500000 /-Businesses Of
Presented By:Guided By:-
Sale 20 Policy & Generated 500000 /- Business Of Reliance Life Insurance Co.Ltd
Jagdish V.Patil Miss.Rupali Prabhugavkar
ICFAI NATIONAL COLLEGE
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INDEX
Sr. No. 1 2 3 4 5 6 7 9 10 11 12 14
Name of Chapter
Executive Summary Introduction to Project Industry Profile Company Profile Product Profile Objectives of Study Scope of the Study & Limitations. Customer analysis Findings Recommendations & Suggestions Conclusions References
Page No. 4 5 6 10 13 15 16 18 19 20 21 22
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ACKNOWLEDGEMENTS
While more individuals and organizations are co-operative and extend their support for an academic purpose, in case of this report, it has been more so. I would like to acknowledge my special thanks to Honble Principal Prof.Mokashi, for providing me an opportunity for doing the Summer Internship Project (SIP) training. I am sincerely thankful to Mr. Nitin Parkhi, Branch Manager & Mr. Bharat Shinde, Unit Manager Reliance Life Insurance Co. Pvt. Ltd. for giving me their invaluable time and for providing me the relevant information about the company. They have also provided the proper guidance regarding the project, so I am really thankful to them.
Finally I would like to extend my thanks to ICFAI National College and Reliance Life Insurance Co. Pvt. Ltd. for providing me such a great opportunity.
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EXECUTIVE SUMMARY
The topic in this project report dealt with is Sale 20 policies or generated 500000 /-business of Reliance Life Insurance Co.Ltd.
Objective of the Research: 1.
To study companys (Reliance Life Insurance) marketing strategies. To know about the ground level operations of the company. To find out how the advisors are trained and motivated to perform the selling of insurance products. To get information about the companys products. To find out the market share wise position of company. To find out the strategies of Reliance Life Insurance Co. ltd. to face the intense competition in the field.
2. 3. 4. 5.
6.
Research Methodology:1. 2. 3. 4. Research Approach Data Sources Research Instrument Type of Universe : : : : Interview Primary & Secondary. Questionnaire$
Staff and Customers
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INTRODUCTION TO PROJECT
In the times when insurance industry is one of the fastest growing industries in India, this project report contains the policies of recruitment of sales persons and the strategies to face the intense competition in the field, of Reliance Life Insurance Co. Ltd. This report tells that how a life insurance company approaches to customer. It tells that what are the skills required for sales person and now they are trained and motivated to improve their skills. This report also contains the information about the products, which are marketed by the company.
In this project it is discussed that now lower level sales persons (Advisors, Agents etc) play most important role in the marketing of life insurance products and how they perform their activities. The competition in the insurance sector and what are the strategies that Reliance Life Insurance Co. Ltd. has acquired to face and fight the competition is described in the report.
Overall scenario of competition in the life insurance market is presented in the report.
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INDUSTRY PROFILE
Insurance may be defined as a social device to reduce or eliminate the risk of life and properties. Risks which can be insured against include fire, peril of sea, death incident and burglary. Insurance is a contract whereby in return for the payment of premium by the insured. The insurance pay, financial losses suffered by the insurer as result of the Occurrence of the unforeseen events.
INSURANCE IN INDIA
The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in Indian insurance sector reveals the 3600 degree turn witnessed over a period of almost two centuries.
BRIEF HISTORY OF INSURANCE SECTOR The business of life insurance in India in existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
Milestones in the Life Insurance Business in India are: 1912: The Indian Life Insurance companies act enacted as the first statue to regulate the life insurance business.
ICFAI NATIONAL COLLEGE Page 7
Sale 20 Policy & Generated 500000 /- Business Of Reliance Life Insurance Co.Ltd 1928: The Indian insurance companies act enacted to enable the Govt. to collect statically information about both life and non life insurance business. 1956: 245 Indian and Foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an act of parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 Cores from the Government of India.
Insurance Sector Reforms:In 1993, Malhotra Committee, headed by Former Finance Secretary and RBI Governor R. N. Malhotra, was formed to evaluate the Indian insurance industry and recommend its future direction.
The Malhotra Committee was set up with the objective of complementing the reforms initiated in the financial sector.
The reforms were aimed at creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary the need for similar reforms
Some of the key points of the recommendations of the Committee in 1994 are as below: Govt. stake in the insurance companies to be brought
down to 50%.
Sale 20 Policy & Generated 500000 /- Business Of Reliance Life Insurance Co.Ltd All the insurance companies should be given greater Private companies with a minimum paid up capital of Rs. No company should deal in both life and non-life Foreign companies may be allowed to enter the industry An insurance regulatory body should be set up. Mandatory investments of Lice Life Fund in Govt. Insurance companies must be encouraged to set up unit Computerization of operations and updating of
freedom to operate. 1 Bn should be allowed to enter the industry. insurance through a single entity. in collaboration with the domestic Cos.
securities to be reduced from 75% to 50%. linked-pension plans. technology to be carried out in the insurance industry.
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IRDA
The Insurance Regulator and Development Authority (IRDA) were established in December, 1999 by the parliament. As name suggests IRDA is the statutory body, which regulates all the insurance companies operating in India. All the agents (advisors) of insurance companies get license after exams held by IRDA and then they can work as insurance agents.
Entry of Private Players:The introduction of private players in the industry has added to the colours in the dull industry. The initiatives taken by the private players are very competitive and have given immense competition to the one time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new innovative steps taken by the players in the sector. The new players have improved the service quality of the insurance. The following companies are present in the life insurance industry in India: LIC ICICI Prudential Life Insurance Co. Ltd. Bajaj Allianz Life Insurance Co. Ltd. Birla Sun Life Insurance Co. Ltd. HDFC Standard Life Insurance Co. Ltd. ING Vysya Life Insurance Co. Ltd. Max New York Life Insurance Co. Ltd. Met Life India Insurance Co. Ltd. Kotak Mahindra Old Mutual Life Insurance Limited. SBI Life Insurance Co. ltd. Tata AIG Life Insurance Co. Ltd. Reliance Life Insurance Co. Ltd. Aviva Life Insurance Co. India Pvt. Ltd.
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Sale 20 Policy & Generated 500000 /- Business Of Reliance Life Insurance Co.Ltd Sahara India Life Insurance Co. Ltd. Shriram Life Insurance Co. Ltd. Bharati AXA Life Insurance Co. Ltd.
COMPANY PROFILE
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 Communications, Energy, Natural Resources, Healthcare and Infrastructure. also has presence in Media, Entertainment,
Distribution:
RLIC has been one of the fast gainers in market share in new business premium amongst the private players with an incremental market share of 4.1% in the Financial Year 2007-08 from 3.9% in April 07 to 8% in Feb 08. ( Source: IRDA) Also continues to be amongst the fast growing Private Life Insurance Companies with a YOY growth of 195% in new business premium as of Mar08. A Company that has crossed 1.7 Million policies in just 2 years of operation, post takeover of AMP Sanmar business. Initiated Express Life and Unique Over the Counter sales process for Unit Linked Insurance Policies in the Industry. Accomplished a large distribution ramp-up in the Industry in a short span of time by opening 600 branches in 10 months taking the overall branch network above 740. RLIC continues to be one of the two Life Insurance companies in India to be certified ISO 9001:2000 for all the processes.
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Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007Ceritificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP).
Vision & Mission

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
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Leadership Team
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PRODUCT PROFILE
Reliance Life Insurance Co. Ltd. has a wide range of products, which can satisfy the needs of all type and class of customers. All the products are classified into 5 basic types; each type targets the different segments of customers. Following table presents the project basket of the Reliance Life Insurance Co. Ltd. (Unit Linked Plans) ULIP
Type
Traditional
Protection Protection, Savings & Investment
Lifeguard - Save & Protect - Cash Back
- Life Time Plus - Life Time Super - Premier Life Gold - Life Link Super Smart Kid New Life cover all Time SuperPension
Child Plan Pension Plans Wealth Plan &
Smart Kid Forever Life
Health -complete support expenses
to -Unmatched of free switches & liquidity through withdrawals Unique Savings partial
health flexibility
-Liquidity through partial withdrawals - Flexibility to take care of your familys health
Component
These are the products, which are solutions to meet the varying needs of diverse customer segments. There is another classification of products viz.
Sale 20 Policy & Generated 500000 /- Business Of Reliance Life Insurance Co.Ltd Traditional & ULIP. In traditional plans there are no returns or lower returns. Unlike traditional plans in ULIP (Unit Linked Plans) not only insurance but higher returns too is there. As name suggests in ULIP, the money of customer is invested into share market (Mutual Funds) and returns are given customer.
1. 2.
Protection types of plans are for those people who only want to insure their lives they do not want any returns on their policy. The combination of protection, savings and investment plans are for those people who want the benefit of savings and investment with the insurance.
3. 4.
Child plans are for the parents who want to require future of their children. Parents can plan, expenses of future education of their children. Pension plans are for those people who want to secure their lives after the retirement. After retirement a person need money but he cant work in that case pension plans are best in which a person invest money when he is in work and earning and after retirement he gets pension.
5.
Wealth & Health Plans are best for those people who are Wealth & Health conscious. Wealth & Health plans can help the person when they get critically deceased. These plans can compensate. Financially to the person who have health problems which make him unable to work and earn.
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OBJECTIVE OF THE STUDY

As the name suggests this project report is being prepared to find out the recruitment process of the company and how company faces the competition in the sector but there are other many objectives which are related with the topic.
Following are the main objectives of the study:1. To study the companys marketing strategies. 2. To know the ground revel operations of the company. 3. To study the products of the company. 4. To find out how the advisors are trained and motivated to perform the selling of insurance products.
5.
To find out the competition scenario in the life insurance sector.
6. To find out the market share wise position of life insurance companies.
7. To find out the strategies of Reliance life Insurance to face the
intense competition in the field.
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SCOPE OF THE STUDY AND LIMITATIONS

Scopes:1. This project report gives information about the sales policies of the
company which marketing strategy use by selling the policy. 2. This project report reveals those motivational encourage advisers to work with more proficiency. tools, which
3. This project report also tells about license given by the IRDA. In short the relationship between a life insurance company and IRDA is revealed in this project report. 4. This project report, also tells about process of marketing of financial services.
5. This project report gives the information about Reliance Life
Insurance Companys position in market and the level of competition that is being faced by the company.
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Limitations:1. Out of whole research & analysis, only few segments could be highlighted, leaving the aside the other segments. 2. Unwillingness of certain professional to part with vital information such as client base. 3. The data had to be collected to the convenience & thus the time restrictions were major hurdle.
4. Project is limited to the Pune City only.
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Customer Analysis
NAME RAKESH PATIL AMIT PATIL KALPESH PATIL DEEPAK MAHAJAN BALVANT SHARMA SHEKHAR PATIL SONALI PATIL NANDU NALE
PL AN AIP AIP AIP AIP AIP AIP AIP AIP
S AS UE D T R (YE ) PR MIUM UM S R EM R E 100000 10 10000 100000 10 10000 100000 15 25000 100000 12 10000 150000 11 25000 100000 15 25000 100000 12 10000 150000 7 25000
Weekly Record
WEEK NO. 1ST Week 2nd Week 3rd Week 4TH Week 5th Week 6th Week 7th Week TARGET Sales two policies Sales two policies Sales two policies Data collection Attend the training program Data collection Sale one policy ACHIVEMENT Sold two policies Sold two policies Sold two policies Data collected Attend the training program Data collected Sold two policies 300000 BUSINESS 200000 200000 200000 _ _ _
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FINDINGS
2) The fund collected from the customers are allocated to number of high performing sectors like, software & I.T., Finance, FMCG, Telecom & Media etc. to get the maximum returns, which in turn can be distributed among the customers.
3)
Govt. sector life insurance company (LIC) has market share of 64%, where private sector companies combinable have market share of 36%.
4)
In private sector life insurance companies, Reliance Life Insurance is the No. 1 with the market share of 36% where as Bajaj Allianz has the 20% market share.
5)
Financial advisors can be categorized according to their social status, such as: i) Professionals (CAs, Tax Consultant, Brokers, etc.) ii) Salaried or Self-employed iii) Housewives iv) Retired Persons v) Students Professionals are the biggest contributors in sales with 40% followed by salaried with 30%, housewives, retired persons and students contribute 20%, 51 and 5% respectively.
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RECOMMENDATIONS & SUGGESTIONS
1) 2) 3)
Company should expand its distribution in rural areas of the country keeping competition in the mind. More financial advisors should be added to expand the business. Most of the trainee advisors are part timers. So they dont get time to attend training program organized by the company. So there should be flexibility in training program for example night training classes, distance training program, online training, etc. By which more and more people will comfortably get the training, which in turns will be beneficial for the company.
4) 5)
New investment plans for lower income class should be launched. So that theyll also be able to invest and get profits of returns and insurance. More TV advertisement should be delivered on the channels, which have more reach among rural areas, on the prime time of the channels like Doordarshan and Metro etc.
6) 7) 8)
It is suggested to publish claim settlement cases to increase the reliability in the minds of public. To provide tangibility to insurance policies there should be some free gifts for customers on each purchase of the policy. It is suggested to perform social activities like opening schools, old age homes, orphan Aries etc. to spread social responsibilities of the company, which in turn, will increase the reliability of company in minds of public.
9)
To increase awareness about life insurance in the country, it is suggested to perform awareness companies in all over India.
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CONCLUSION
1) Lower Level distribution channel i.e. financial advisor is the most important part of the marketing structure of the insurance company. 2) Any insurance companys performance depends on the performance of the financial advisors. 3) India is one of the biggest and highest potential market for life insurance. There are big opportunities for the company to grab this market. 4) seen. 5) Reliance Life Insurance Co. Ltd. is performing very well in private life insurance sector and is on the No. 1 position in private players. Lack of awareness about the benefits of life insurance can be clearly
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REFERENCES
Websites 1) 2) 3) 2) 3) 4) www.google.com www.irdaindia.com www.reliancelife.com
Marketing Management by Philip Kotler. Intranet of the Company. Study material of the company. Product Hand Book for effective sales version 2.0,
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INTERIM REPORT ON

Sale 20 policies or generated 500000 /-Businesses Of

Presented By:Guided By:-

Jagdish V.Patil Miss.Rupali Prabhugavkar

ICFAI NATIONAL COLLEGE

ICFAI NATIONAL COLLEGE

ICFAI NATIONAL COLLEGE

Objective of the Research: 1.

Staff and Customers

ICFAI NATIONAL COLLEGE

ICFAI NATIONAL COLLEGE

ICFAI NATIONAL COLLEGE

ICFAI NATIONAL COLLEGE

ICFAI NATIONAL COLLEGE

Vision & Mission

ICFAI NATIONAL COLLEGE

ICFAI NATIONAL COLLEGE

Protection Protection, Savings & Investment

Lifeguard - Save & Protect - Cash Back

Child Plan Pension Plans Wealth Plan &

Smart Kid Forever Life

Health -complete support expenses

ICFAI NATIONAL COLLEGE

OBJECTIVE OF THE STUDY

To find out the competition scenario in the life insurance sector.

intense competition in the field.

ICFAI NATIONAL COLLEGE

SCOPE OF THE STUDY AND LIMITATIONS

ICFAI NATIONAL COLLEGE

ICFAI NATIONAL COLLEGE

PL AN AIP AIP AIP AIP AIP AIP AIP AIP

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ICFAI NATIONAL COLLEGE

RECOMMENDATIONS & SUGGESTIONS

ICFAI NATIONAL COLLEGE

ICFAI NATIONAL COLLEGE

Websites 1) 2) 3) 2) 3) 4) www.google.com www.irdaindia.com www.reliancelife.com

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