Rlic Presentation

MIT SCHOOL MANAGEMENT OF TELECOM AND STUDIES A PROJECT REPORT ON “RELIANCE

INSURANCE”

LIFE

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. 2. 3. 4. 5. 6. 7.

INTRODUCTION TO INSURANCE ORGANISATION AT GLANCE R.L.I.C PRODUCT COMPARATIVE ANALYSIS SWOT ANALYSIS UNDERWRITING PROCESS 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 Plans Reliance cash flow plan

Unit Linked Insurance Reliance Money Guaranty plan Plans

Reliance Endowment plan

Reliance super market return plan

Reliance special Endowment plan

Reliance Super Golden years plan

Reliance term plan Reliance Child plan

Reliance super Automatic Investment 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

TRADITIONAL PLAN All the premiums go into a common fund and are invested at the insurers discretion. Benefits are pre determined

Loss is likely

Loss is unlikely

Gains likely depending on market movements

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:•

• • •

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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 degrowth21% 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.