MIT SCHOOL MANAGEMENT OF

TELECOM AND STUDIES

A PROJECT REPORT ON
“RELIANCE LIFE
INSURANCE”
Submitted by:
KUNAL SINHA
(G30839)
 ACKNOWLEDGEMENT
Working for this project was a revelation to me on more than
one account. It introduced myself to the world of present day
marketing coming to know the functioning of a large company
and meeting and exciting across section of people was a quite
a thrilling experience. So, I express my sincere gratitude to all
those without whose encouragement as assistance and
cooperation, the success and completion of this project would
not have been possible
.
I am highly indebted to Mr. Rohit sinha (Territory
manager) for encouraging and guiding me during project work.
Despite his busy schedule, he always provided time to answer
my queries whenever I approached him.

Finally, I pay sincere regards to my parents

 CONTENTS
1. INTRODUCTION TO INSURANCE
2. ORGANISATION AT GLANCE
3. R.L.I.C PRODUCT
4. COMPARATIVE ANALYSIS
5. SWOT ANALYSIS
6. UNDERWRITING PROCESS
7. CONCLUSION AND SUGGESTIONS
RELIANCE LIFE INSURANCE
Anil Dhirubhai Ambani Group
 INTRODUCTION TO
INSURANCE
INSURANCE:-
*INSURANCE IS A MECHANISM THAT HELPS TO REDUCE THE
EFFECT OF SOME ADVERSE SITUATIONS.IT PROMISE TO PAY TO
THE OWNER OR BENEFICIARY OF THE ASSET,A CERTAIN SUM IF
THE LOSS OCCURS.

*INSURANCE IS THE ONLY WAY TO SAFEGUARD AGAINST THE

UNPREDICTABLE RISK OF THE FUTURE.IT IS UNAVOIDABALE.

TYPES OF INSURANCE
a) LIFE INSURANCE
b) GENERAL INSURANCE
 ORIGIN OF INSURANCE IN
INDIA
*IN INDIA INSURANCE BEGAN IN 1818 WITH LIFE
INSURANCE BEGIN TRANSACTED BY AN ENGLISH
COMPANY, “THE ORIENTAL LIFE INSURANCE CO.LTD”.

*THE FIRST INDIAN INSURANCE COMPANY WAS

THE”BOMBAY MUTUAL ASSURANCE SOCIETY
LTD”,FORM IN 1870 IN MUMBAI.

*THIS WAS FOLLOWED BY “BHARAT INSURANCE CO.IN

1896 IN DELHI,UNITED INDIA IN CHENNAI,&NATIONAL
INDIAN &THE HINDUSTAN COOPERATIVE IN KOLKATTA.
OVERVIEW OF RELIANCE
LIFE INSURANCE
*ABOUT RELIANCE LIFE INSURANCE:-
Reliance Life Insurance is a licensed Life Assurance Company
Registered with
The Insurance Regulatory & Development Authority(IRDA).

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 Anil Dhirubhai Ambani Group has presence in

Communication,Energy,Natural
Resources,Media,Entertainment,Health care&Infrastructure.
RELIANCE LIFE
INSURANCE
VISION: Empowering everyone live
their dreams.
MISSION: Create unmatched value for
eveyone through
depedable,effective,transparent and profitable
life insurance and pension plans.
GOALS: Emerge as transnational life insurer
of global scale and standard and achieve
impeccable reputation and credentials through
best business practices.
 RLIC ACHIEVEMENTS
*RLIC has been one of the fast gainers in
market share in new business premium
among the private players, with an
incremental market share of 4.1% in the
financial year 2007 -08 – from 3.9% in
April 2007 to 8% in Feb 2008. (source
IRDA…)

RLIC is the fastest growing private life

insurance companies with a Growth of
195% in new business premium as of
 Continues…..
RLIC 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 1600 branches.
KEY PERSON IN RLIC
M.D OF RLIC: Gautam Doshi
DIRECTOR OF RLIC: Satyalpal
Talwar
CEO OF RLIC : P Nanda Gopal
 RLIC PRODUCTS
Traditional Unit Linked
Plans Insurance
Reliance cash flow plan Plans
Reliance Money Guaranty plan

Reliance Endowment plan Reliance super market return plan

Reliance special Endowment plan Reliance Super Golden years plan

Reliance term plan Reliance super Automatic

Investment Plan
Reliance Child plan Reliance super Invest Assure plan

Reliance Pension plan Reliance secure child plan

Reliance Credit Guardian plan Reliance wealth and health plan

Reliance Whole life plan

 DIFFERENCE BETWEEN
TRADITIONAL & ULIP
ULIP PLAN
The premium,in excess of risk
cover,is
Invested as desired by the policy
Benefits
holder are variable
Loss is likely
Gains likely depending on market
movements
TRADITIONAL
PLAN
All the premiums go into a common
fund and are invested at the
insurers discretion.
Benefits are pre determined
Loss is unlikely
Gains unlikely except through
bonuses
RLIC – COMPETETIORS
.Bajaj Allianz Life insurance company
Limited.
.Life insurance corporation of India.
.ICICI prudential Life Insurance co.Ltd.
.Aviva life Insurance company Ltd.
.SBI Life insurance Co.ltd.
.Kotak Mahindra Old Mutual life
insurance Ltd.
.HDFC Standard Life Insurance co.Ltd.
.Sahara India Life insurance CO.Ltd.
.Birla Sun Life Insurance Co. Ltd,
.Shriam Life Insurance Co.Ltd.
 COMPARATIVE
ANALYSIS
• Reliance life insurance:-
• Among top five private life companies in terms of new business
premium in the ninth month period reliance life grew by 66%
SBI life by 57% &Birla sun life by 63%.
• In terms of no. of policies sold reliance bagged the 1st rank.
• Anil Dhirubhai Ambani group reliance life insurance will least
170% of growth in 2008-09.
• The year the life insurance industry paid out commission of Rs
8930cr a marginal increase over Rs 8543cr paid out in the
corresponding period last year.
• Our market share among the pvt.insurers is nearly 9% and we
are confident in becoming no.1 in the next few year said CEO of
RLIC P. Nandgopal.
 CONTINUES….
• LIC,ICICI Pru &Bajaj Allianz losing
grounds.
• It is shown that public insurer company LIC
has managed to garner around Rs 8,200cr
in sept ’08’ down by 35% from the
Rs12,500cr collected a year earlier in
receiving actual new premium.
• Pvt. Insurer Bajaj Allianz has seen a close to
10% drop at it received Rs 1,900cr (sept
08)compared with the Rs 2,050cr(sept
07).Weighted new received premium
(WNRP) which represents the actual new
 CONTINUES….
• ICICI Pru life growth registerd a marginal
decline to 3%.Even Bajaj Allianz de-
growth21% during the period despite high
new premium.
• LIC de-growth to a negative 2% in the first
9 months,on the other hand SBI
life,Reliance life,Birla sunlife,Kotak life &Met
life grew by over 50%among the top pvt.
companies
 SWOT ANALYSIS OF
RLIC
EXTERNAL ENVIRONMENT : It includes all the factors
outside the organisation which provide opportunities
or pose threat to the organisation.
STRENGTH OF RLIC: It is a Anil Dhirubhai Ambani group
company.
• India’s leading pvt.sector financial company.
• In terms of policies sold Reliance bagged the 1st rank
in 08-09.
• Reliance life insurance shows growth 170% in WRNP
IN 08-09.
• 100% growth in FP as compared to oct 07.
• It is 100% Indian company,it has no any collaboration
with any other company.
 SWOT ANALYSIS
CONTINUES….
• OPPORTUNITIES:
• Opportunity is a favorable condition of any company
which means a growing demand for the product or
services that a company provides.
• RLIC is the 1st pvt. Sector company to offer insurance
cover for rural population at a afforadable premium.
• The product for rural market are available at
comparatively at lower premium
Rs300,Rs500,Rs1000 every three month.\
• The companies employees strength is also likely to
be upped to about 1,00,000 from present 30,000.
• Consumer based is expected to rise to 50million
from 14million in specific period(2011-13).
 SWOT ANALYSIS
CONTINUES…
• THREATS: Threat is the emerges of new
competitors who are likely to occur stiff competition
to the existing company in an industry.
• Threats are its competitors like:
• Bajaj Allianz
• ICICI Prrudentials
• SBI life
• LIC
• Birla sun life
• HDFC standard life insurance
• WEAKNESS: *Premium amount is not less than
5,000 For ULIP Plans.
 UNDER WRITING
TRAINING PROCESS
• How to Login The proposal
Form?
• What are The necessary
documents should be attached
with the proposal form?
• During Login Guide line should
be kept in mind which are
 IMPORTANT GUIDELINES
1.Form is to be filled by the proposer
himself/herself.
3.Commencement of the risk shall be effective
from the date of acceptance of the risk by the
company.
4.All details are mandatory and should be filled
completely including email ID, mobile number
etc.
5.As per IRDA guidelines on anti money
laundering(AML),premium receipts by way of
cash are restricted to 50,000/month. If premium
is equal to or more than 1,00,000/p.a. by any
mode of payment evidence of source of income
 CONTINUES…..
6.Customers are advised not to hand over cash
to reliance life insurance Advisors to meet the
premium dues. Customers are requested to
visit the nearest Reliance Life Insurance
branch to deposit the cash directly with the
branch.
7.Encashment of cheque does not mean the
policy has been accepted and the company
reserves the right to call for additional
requirements, if any.
8.Form should be filled in “black ink and in block
letters only”.
 CONCLUSION
At the end of this project the
conclusion drawn from the study is
that there is very good potential
market for insurance company. The
company is facing competition from
‘ICICI prudential’, LIC And ‘Bajaj
Allianz’.
That is why the
success of the company does not
mean only the good service rather it
 SUGGESTIONS
• On the basis of extensive study and market
analysis, I have some suggestion for the
company to recommend:-
• To penetrate the market, service can
further value added as marketing to the
tune of its competitors.
• Company needs for perfect market strategy
and planning.
• Assurance about good quality of service.
• Company should have a proper
infrastructure and schedule.