Edit Reliance Life Insurance Co. Ltd

7/28/2019 Edit Reliance Life Insurance Co. Ltd

1/76

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 RelianceCapital.

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. 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.

Think Bigger, Think Better!


2/76

INDEX

CHAPTERNO.

SUBJECT PAGENO.

1 INSURANCE INDUSTRY

1.1 Meaning of Insurance1.2 Importance of Insurance1.3 Difference between Insurance and Assurance1.4 Principles of Insurance1.5 History of Insurance1.6 Time line in Insurance history

1.7 Meaning of Life Insurance1.8 History of Life Insurance1.9 Key features of Life Insurance1.10 Benefits of Life Insurance1.11 Role of Life Insurance in the growth of economy

2 INTRODUCTION TO THE COMPANY

2.1 About Reliance Life Insurance2.2 History2.3 Journey so far2.4 Role of IT at Reliance Life Insurance

2.5 Mission2.6 Core Values2.7 Future Plans2.8 Head Office2.9 Branches

3 PRODUCT MIX

3.1 Traditional Plans3.2 Unit linked Plans

4 RESEARCH METHODOLOGY

6.1 Objective of the study6.2 Questionnaire6.3 Sampling Method and Sampling Size6.4 Limitations6.5 Analysis of Questionnaire6.6 SWOT Analysis

2


3/76

5 FINANCE DEPARTMENT

6 CONLUSION

7 BIBLIOGRAPHY AND REFRENCES

8 APPENDIX

3


4/76

CHAPTER-1

INSURANCE INDUSTRY

4


5/76

1.1 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 isa 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.

5


6/76

1.2 IMPORTANCE OF INSURANCE

Insurance constitutes one of the major segments of the financial market.

Insurance services play predominant role in the process of financialintermediary. 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 ofLIC 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

6


7/76

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 isinsurance? How the word insurance is different from the word

assurance? etc.

1.3 DIFFERENCE BEETWEN 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.

7


8/76

The scope of the word, insurance is wider.

1.4 PRINCIPLES OF INSURANCE

An insurance contract is based on some basic principles of insurance.

(1)Principle of Uberrima Fides or Principle of utmost good

faith

It means maximum truth. Both the parties should disclose all

material information regarding the subject matter of insurance.

(2)Principle of indemnity

This means that if the insured suffers a loss against which the policy has

been made, he shall be fully indemnified only to the extent of loss. Inother words, the insured is not entitled to make a profit on his loss.

(3)Principle of subrogation

This means the insurer has the right to stand in the place of the insured

after settlement of claims in so far as the insureds right of recovery from

an alternative source is involved. The insurer before the settlement of the

claim may exercise the right. In other words, the insurer is entitled to

recover from a negligent third party any loss payments made to the

insured. The purposes of subrogation are to hold the negligent person

8


9/76

responsible for the loss and prevent the insured from collecting twice for

the same loss. The concept of Third Party Claims is based on the same

principle.

(4)Principle of causa proxima

The cause of loss must be direct and an insured one in order to claim of

compensation.

(5) Principle of insurable interest

The assured must have insurance interest in the life or property insured.

Insurable interest is that interest which considerably alters the position of

the assured in the event of loss taking place and if the event does not take

placed, he remains in the same old position.

1.5 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

9


10/76

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 placecalled 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. TheOriental 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 per cent. The

10


11/76

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 bothlife 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.

1.6 TIME LINE IN INSURANCE HISTORY(MAJOR LANDMARKS)

1818 British introduced the life insurance to India with the

establishment of the Oriental Life Insurance Company .

in Calcutta.

11


12/76

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 to

draw 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

12


13/76

market in India.

2000 IRDA started giving license to private insurers. ICICIPrudential, 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, insurersstart setting non-life claims in the

cashless mode.

1.7 MEANING OF LIFE INSURANCE

There are three parties in a life insurance transaction: the insurer, the insured,

and the owner of the policy (policyholder), although the owner and the

insured are often the same person.

Another important person involved in a life insurance policy is the

13


14/76

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 a specified

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

14


15/76

website (www.naic.org/cis) or your local library for information on the

financial soundness of insurance companies.

1.8 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 underwriters.

Life insurance came about a little 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

15


16/76

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 decline

of 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, isderived 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.

16


17/76

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 LloydsCoffee 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. Thegreat 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.

17
http://www.nitec-canadian-insurance.com/index.htmlhttp://www.nitec-canadian-insurance.com/index.html


18/76

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, members-

only insurance. Even today, such fraternal orders continue to provideinsurance 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.

18


19/76

1.9 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.

19


20/76

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 in

force and continue to grow

20


21/76

1.10 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 deduction

on premiums up to one lakh rupees. Life Insurance policies thus decrease the

total taxable income of an individual.

3) Loans: -

21


22/76

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 lifeinsurance schemes can be utilized for educational needs of the insurer or his

children.

1.11 ROLE OF LIFE INSURANCE IN THE GROWTH OFTHE 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

22


23/76

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.

CHAPTER-2

INTRODUCTION TO THE COMPANY

23


24/76

2.1 ABOUT RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd.

of the 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

24


25/76

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 Capital Limited (RCL) is a Non-Banking Financial Company

(NBFC) registered with the Reserve Bank of India under section 45-IA of the

Reserve Bank of India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial

services sector in India and aims to become a dominant player in this industry

and offer fully integrated financial services.

Reliance Life Insurance is another steps forward for Reliance Capital Limited

to offer need based Life Insurance solutions to individuals and Corporate.

2.2 HISTORY

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

25


26/76

(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 policycontracts also stand transferred to the Reliance Life Insurance entity with all

the original contractual terms and commitments intact.

2.3 JOURNEY SO FAR

2005

August: Anil Dhirubhai Ambani Group (ADAG) announces the

acquisition of 100 percent shareholding in AMP Sanmar Life Insurance

Co Ltd.

2006

26


27/76

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.

2.4 ROLE OF IT AT RELIANCE LIFE INSURANCE

1) World Class Data Centre: -

27


28/76

They plan to establish a Primary Data Centre at Navi Mumbai

(Dhirubhai Ambani Knowledge City) which will cater to their company needs

across India, with fail-over capability to their Chennai Data Centre within the

same business day in occurance if an incident or Disaster happens.

2) Inter Office Connectivity: -

All their Branch / Area and Regional offices will be

interconnected to their Data Centre with a 24x7 access to Core

Applications like Lotus Mail, Life-Asia and Internet Applications. This

will enable their associates to work faster and better with high-speedInternet connectivity and also ensure faster Turn Around Time for their

customers.

3) Customer Care Centre: -

They will host a centralized Customer Care Centre at

Dhirubhai Ambani Knowledge City at Navi Mumbai, which cater services

to internal and external queries and complications. A customer

Relationship Management Tool (CRM) and Lead Management System

(LMS) are in progress.

4) Web Portal: -

This portal will be an interface between both internal employees

and their external users. Some of the functions included in their portal are

28


29/76

Policy Tracking Systems, Corporate News, Quality Checking System,

Under Writing Medical System, and Agent Management System etc.

5) R World: -

Reliance Mobile R-World will provide online information about

their Company, Products, and Policy Services to their existing customers,

Agents/Advisors and Lead Generators.

6) SMS Alerts: -

SMS Alerts will be provided to their Sales Managers about thelatest happenings like Contests and Campaigns, Employee Alerts will

include Company News and Welcome/Birthday/Anniversary message etc.

Customer Alerts will include Welcome/Birthday/Anniversary message,

Policy Dispatch Details, Policy Servicing SMS like Premium Receipt and

Renewal Premium reminders etc.

7) Life and Group Asia: -

Single Life and Group Life details will be captured and managed

by Life and Group Asia. A common middleware between these

applications will enable Group Life Customers to view their individual

Single Life Insurance Plan details taken with Reliance Life Insurance and

vice versa.

8) Advisor Lounge: -

It is a dedicated area for Reliance Life Insurance

Agents/Advisors in all the branches across India. This Lounge will be

29


30/76

equipped with desktops and printers with Internet connectivity, where

their Advisors can bring in the prospects and can have discussions across

the table and they can create and print quotes. The Agents/Advisors can

use this area to service their existing customers.

9) Document Management System: -

DMS will enable both policy issuance and contract servicing

through an automated workflow, which yields a faster Turn around Time

to both internal and external users. This application will enable them to

have a paperless office and thus mitigate the risk of losing vitalrecords/papers.

10) Wireless Data Access: -

This will enable identified Top Sales Managers and Top Advisors

to access real time data for both LMS and CRM on the fly through Handheld

PDA device.

11) SAP ERP Modules: -

SAP (Finance and HR Modules), will automate the Expense,

Travel and Leave Management Systems.

2.5 MISSION

30


31/76

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.

2.6 CORE 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

2.7 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

31


32/76

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.

2.8 HEAD OFFICE

Reliance Life Insurance Company Limited,

The Trapezium,

39, First Floor,

Nelson Manickam Road,

Chennai 600 029.

2.9 BRANCHES

They have so many branches and substations in the India. They have around

160 branches in the India. And they have planned to open more branches

across the country in the coming months.

32


33/76

CHAPTER 3

PRODUCT MIX

33


34/76

3.1 TRADITIONAL PLAN:-

Life insurance products are designed to suit the requirements of

customers. Fundamentally the product provide for:

Risk cover

Investment

34


35/76

Health cover

In every product, to a certain degree, risk cover is imperative for

it to fall under the category of insurance. Based on the coverage of theproduct, the premiums are calculated and the customer pays accordingly. In

order to suggest the right product, it is essential for an agent to understand the

requirements of the customer well.

Reliance Life Insurance Company Limited has offered 9

traditional plans to the customers, which are listed as follows:

1) Reliance Term Plan

2) Reliance Whole Life Plan

3) Reliance Child Plan

4) Reliance Endowment Plan

5) Reliance Special Endowment Plan

6) Reliance Cash Flow Plan

7) Reliance Credit Guardian Plan

8) Reliance Special Credit Guardian Plan

Each of the above traditional plans is discussed as follows:

1) Reliance Term plan: -

This insurance policy is designed for those who only want life cover for the

protection of their family, and do not wish to save for themselves. It can also

be useful to business firms that wish to provide financial security to their

35


36/76

business against the sudden loss of partners or valuable manpower. Since

there is no saving element or bonus provision, the premium is very low.

Hence, this is a high-risk plan with a low premium.

Features: -

a) Purely a term plan

b) Entry age minimum 18 years and maximum 65 year

c) Maximum premium paying term is 30 year

d) Loan facility N.A.

e) Maturity amount = Sum assured

2) Reliance Whole Life Plan: -

This insurance policy is designed for people who do not wish to avail of any

benefits themselves but wish to create an immediate estate to protect their

family by availing of insurance cover on their life at a very low cost.

Features: -

a) It is a whole life insurance policy with profits

b) Low cost life cover

c) Maturity age is 85 year or 99 years last birthday as chosen

36


37/76

d) Maturity amount = Sum assured + Vested bonus

e) Tax benefit is available

3) Reliance Child Plan: -

This insurance policy is designed for people who wish to save money for a

future time when there will be a recurring need for substantial amounts of

money. This is especially true when it comes to paying large sums of money

for higher education as and when your son or daughter is studying to become

an Engineer, a Doctor or specialize in some other field, or is perhaps planning

to go abroad.

This money is payable in equal installments over the last 4 years of the policy

term.

Features: -

I. Minimum entry age is 20 year and maximum 60 year

a) Minimum sum assured is Rs. 25,000.

b) Minimum premium paying term is 5 year and maximum 20

year

c) Tax benefit is available

d) Maturity amount = Four equal installment of sum insured in

last four year plus vested bonus in the last year

e) Loan facility is available

37


38/76

4) Reliance Endowment Plan: -

Reliance Life Insurances Reliance Endowment Plan is the key to all your

financial needs. It is an inexpensive and easy way to protect you, your family

or your business.

In a nutshell this plan will keep you financially prepared for all the special

occasions in your life - your daughters wedding, your childs university

education or even a new office for your business - by eliminating the burden

that a shortage of money creates.

In the event of your untimely death, Reliance Endowment Plan will also

assist your loved ones through this difficult time by the financial support that

it provides.

Reliance Endowment Plan also gives you the additional benefit of

participating in the companys profits, which you will receive at the end of

the policy period.

Features: -

a) Entry age minimum is 5 year and maximum 65 year

38


39/76

b) Maturity age minimum is 18 year and maximum 75 year

c) Minimum premium paying term is 5 year and maximum 35

year in case of regular and in case of single 15 year

d) Minimum sum assured is Rs. 25,000 or as determined by the

minimum premium

e) Maximum sum assured is Rs. 5,00,000 (entry age below 18

years and no limit for entry age 18 and above)

f) Premium mode annual, half yearly, quarterly and monthly (bysalary deduction only)

g) Loan up to 90% of the surrender value of the policy

h) Maturity amount = Guaranteed sum assured + Reversionary

bonus

5) Reliance Special Endowment Plan: -

This insurance policy is designed for people who wish to combine savings

with extended security. The unique feature of this policy is that life protection

continues for five years after you have stopped the payment of premium.

Payment of sum assured at the end of premium paying term and extension of

life cover thereafter for the full sum assured for a period of 5 years, are

characteristics of the policy.

This plan also participates in the profits.

39


40/76

Features: -

a) Entry age minimum 12 year and maximum 65 year

b) Minimum sum assured is Rs. 25,000c) Minimum premium paying term is 10 year and maximum 40

year

d) Unique feature of this policy is that five year life protection

continues after you have stopped the payment of premium

e) Tax benefit is available

f) Under this policy bonus is compounded yearly

g) Loan facility is available

h) Maturity amount = Full sum assured before maturity date +

Vested bonus at the time of maturity date

6) Reliance Cash Flow Plan: -

This insurance policy is designed for those who have a recurring need for

reinvestment in business or look for short-term investment channels. The

advantage of the policy is that they need not part with a sizable amount of

money at any one time, but create, through regular premium payments, a

periodic return of lump sums which become available for reinvestment at

higher returns, while providing simultaneously, substantial life cover.

Alternatively, it can be used to meet any immediate financial crisis in the

family like your son's college admission, your daughter's engagement, and

renovation of your home or perhaps, a holiday abroad.

40


41/76

The money is payable in installments. The first installment is paid at the end

of the 4th year and thereafter at the end of every 3rd year.

Features:-

a) Plan with profits

b) Minimum entry age is 15 year and maximum is 63 year

c) Maximum premium paying term is 34 year

d) Loan facility is not available

e) In case of death full sum assured + accrued bonuses up to the

date of death is payable immediately

f) In case of survival up to maturity date all premium paid

g) Rider accident death and critical illness

h) Mode of payment is available

7) Reliance Credit Guardian Plan: -

This insurance policy is designed for those who not only safeguards

individuals but also families and businesses from the financial hardship that

could arise from unfortunate and unexpected death.

Features: -

a) Loan protection against home, home improvement, two

wheelers and four wheelers

b) In case of death remaining loan amount paid immediately

41
http://smb//maximum/http://smb//maximum/


42/76

c) In case of survival no benefit is available

d) Premium payment option for single and regular is available

e) Premium paying term is 2/3 of loan period and remaining

period paid by the company

8) Reliance Special Credit Guardian Plan: -

This insurance policy is designed for those who not only safeguards

individuals but also families and businesses from the financial hardship that

could arise from unfortunate and unexpected death, disability or critical

illnesses.

Features: -

a) Loan protection against home, home improvement, two wheelers

and four wheelers

b) In case of death remaining loan amount paid immediately

c) In case of survival no benefit is available

d) Premium payment option for regular and single is available

e) Premium payment term is 2/3 of loan period and remaining

period paid by the company

f) Maturity amount = All the premium paid amountg) Tax benefit is available

42


43/76

3.2 UNIT LINKED PLAN

A unit-linked policy is a life assurance policy in which the benefits

depend on the performance of a portfolio of shares.

Each premium paid by the insured person is split: a part is used to

provide life assurance cover, while the balance (after the deduction of costs,

expenses, etc.) is used to buy units in a unit trust.

In this way, a small investor can benefit from investment in a managedfund without making a large financial commitment. As they are linked to the

value of shares, unit linked policies can go up or down in value.

Policyholders can surrender the policy at any time and the surrender value is

the selling price of the units purchased by the date of cancellation 9less

expense). A small part of the contribution is used for providing life cover and

the balance is invested in unit. Legal heirs are entitled to the amount of

insurance cover and entitled units in case of death of the insured.

Reliance Life Insurance Company Limited has also offered the two Unit

Linked Plans, which are listed as follows:

1) Reliance Market Return Plan

2) Reliance Golden Years Plan

Amongst the above plans the Reliance Market Return Plan is the

largest selling plan of the Reliance Life Insurance Company Limited. The

above two ULIP plans are discussed as follows:

43


44/76

1) Reliance Market Return Plan: -

Reliance Market Return Fund is the unit-linked product that helps you invest

in the financial markets in a combination of investment instruments of your

choice. You can enjoy the returns from the markets without the trouble of

monitoring and managing your own investment portfolio and keeping track of

the market movements. At the same time your investment premiums provide

you with insurance cover. Reliance Market Return Fund unit-linked insurance

plan provides you with a basket of fund options that balances your return and

risk exposure while providing life cover at the same time.

Features: -

a) Minimum entry age is 30 days and maximum entry age

is 65 year

b) Maximum policy term 40 year and minimum policy term

5 year

c) Mode of premium as annual, quarterly, half yearly and

monthly Rs. 1000 (for salary deduction only) and Rs.

2500 (standing order/credit card)

d) Top up premium minimum Rs. 2500

e) Option of investment fund

i. Capital secure 100% fixed interest securities

ii. Balanced minimum 80% fixed interest securities

and maximum 20% in equity

iii. Equity 100% equity

44


45/76

iv. Growth minimum 60% fixed interest securities and

maximum 40% in equity

f) Loan facility is not available

g) One switches every year free and subsequent switchescharged 1% of the amount switched

h) Partial withdrawals per year under regular and single

premium options is 2 times

i) Lock in period till today is 3 year

j) Minimum unit account balance after each withdrawals is

Rs. 10,000

2) Reliance Golden Years Plan: -

Reliance Golden Years Plan.. The Reliance Life Insurance no-worry stay

happyretirementplan. Reliance Golden Years Plan is a flexible package that

provides freedom of choice in choosing the type of investment, life cover,vesting options such as commuting and annuity options. Contributions

provide Income tax savings as well.

Reliance Golden Years Plan, a flexible pension product is available for all

individuals who are between the ages of 18 and 65.

Features: -

a) Entry age minimum is 18 year and maximum 65 year

b) Minimum premium amount Rs. 10,000 and maximum

is unlimited

45


46/76

c) Mode of premium payment is available

d) Pension plan with risk cover and without risk cover

e) Choice of investmenti. Capital secure fund 80% in equity and 20% in

government security

ii. Balanced fund 80% in government and 20% in

equity

f) No loan facility is available

g) Tax benefit is available

h) Annuity options

i. Annuity payable for life

ii. Annuity payable for 5/10/15 years certain and

thereafter with life

iii. Annuity payable for life with return of capital on

death of the annuitant

46


47/76

CHAPTER 6

RESEARCH METHODOLOGY

47


48/76

1.1 OBJECTIVES OF STUDY

1) To get some good market exposure by dealing with the prospectsface to face.

2) To improve our ability to sell a financial product like life insurance.

3) To know the perception of the consumer about life insurance.

4) To get a deep knowledge of the financial product like insurance.

5) 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.

1.2 QUESTIONNAIRE

It is most common instrument whether administered in person

by phone or online questionnaires are very flexible. The form of each

question is also important. Closed end question include all the possibleanswers and subjects matters choices among them.

I have used open-end questions so that customers can write

answer in their own words.

48


49/76

I have also used closed-end questions, which provide answers

that are easier to interpret and tabulate. I have taken care in the wording

and ordering of questions. I have used simple, direct, unbiased wordingquestions, which are arranged in a logical order. I have asked personal

questions at last so that respondent does not become defensive.

Questionnaire of the customer

I have made questionnaire consisting seventeen questions to

get customers view about life insurance. I have asked personal questions

at last so that they do not become defensive. I have tried to know their

performance i.e. whether they want to invest, where thy want to invest, up

to what amount and since when.

1.3 SAMPLING METHOD AND SAMPLE SIZE

Introduction:-

Any organization whether big or small, private or public need

different types of information are to know its popularity. I have gathered

secondary data and primary data and collected information from the

combination of these two data.

Secondary data: -

49


50/76

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.

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.

Sample size: -

I have taken sample size of 50 respondents. Because the population is too

large so it is difficult to survey.

1.4 LIMITATIONS

50


51/76

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.

There are some limitations of this study. But in spite of their limitation I

worked with the enthusiasm. And I tried to give the best results to the

research of this report.

1.5 ANALYSIS OF QUESTIONNAIRE

51


52/76

Here 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 7 questions in the questionnaire. Out of these 7 questions, 6

questions are close ended and one question is an open ended one.

Target Population:-

I had conducted this survey among 50 people, and the target group was a mix

of people from the society. I asked the questions to Doctors, Professionals,

Professors, Advocates, Engineers, and general public.

Analysis:-

I have used pie charts, and some other statistical measures to analyze thequestions.

Q.1 What is your main motive behind investing in life insurance?

(a) Tax Benefit

52


53/76

(b) Savings

(c) Risk Cover

(d) Return/Yield

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

policy. The main purpose of life insurance is the Risk cover of ones life. But

some people consider different advantages of a life insurance policy. Some

people consider Tax benefit as the main advantage of life insurance. Some

believe that life insurance is an investment so they tend to invest in life

insurance. While some people believe that it is a compulsory saving. Now

lets see what all people say

MOTIVE NO.

TAX 20

SAVING 5

RISK COVERAGE 23RETURN/YIELD 2

TOTAL 50

53


54/76

TAX

SAVING

RISKCOVERAGE

RETURN/YIELD

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

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

the discussion with public and some experts that those people with a low

income tend to invest in life insurance to gain tax benefit.

Saving motive constitutes very small part of the total sample. Return comes

last.

But this is the general conclusion of 50 people. If we take a larger sample, wecan get a different result.

As the private players have launched ULIPs, more and more people are

turning towards these products so the Investment motive has been gaining

command. Also the number of those people who wish to invest for return is

also increasing.

According to a life insurance expert (Vinod Thakkar ), life insurance is for

protection first then for Savings and Tax benefits all those things.

54


55/76

Q.2 Rank the above motives according to your preference

MOTIVE OFINVESTMENT

TAX BENEFIT SAVINGS RISK COVER RETURN/YIELD

Preference

1 21 3 24 1

2 19 11 16 4

3 8 25 7 10

4 2 11 3 35

05

10152025303540

Pre

fere

nce 1 2 3 4

TAX BENEFIT

SAVINGS

RISK COVER

RETURN/YIELD

We can see from the table and the graph that the number one motive of

people about investing in life insurance is risk coverage, which is the main

theme of life insurance followed by Tax benefit. The third position is of

saving and fourth is Return. This shows that still people consider other

financial tools more viable for return and life insurance is for Tax benefit and

risk cover.

Q.3 How do you decide about investing in life insurance?

55


56/76

(a) On my own

(b) family decision

(c) Employer decides

(d) as per the guidance of agent

This is a very crucial question as most of the people are not much familiar

about different life insurance plans offered by different life insurance

companies so people take help of the life insurance agent and as he guides

understanding the needs of the individual, people would invest.

Here one hazardous factor is the moral hazard. People tend to invest in life

insurance plans to maintain relations though they are not in need of life

insurance.

Also sometimes it depends upon the convincing power of the agent.

SOURCE NO.

ON MY OWN 29

FAMILY DECISION 7

EMPLOYER DECIDES 0

AGENT GUIDANCE 14

TOTAL 50

56


57/76

ON MY OWN

FAMILY

DECISION

EMPLOYER

DECIDES

AGENT

GUIDANCE

Here we can see that majority people (58%) decides on their about investing

in life insurance. 28% persons decides as per the guidance of the agent. There

is no contribution of employers in the decision of ones investment in life

insurance. 14% people invest in life insurance as per the family decision.

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

(a) Term Assurance

(b) Whole Life

(c) Endowment

(d) Combination of Whole Life and Endowment

(e) Unit Linked

This is another crucial question as there are number of products offered by

life insurance companies. The products range from pure Term Assurance

Plans to Unit Linked Insurance Plans, which are relatively new entrant in the

market.

57


58/76

We have already explained all these policies ahead.

Now lets find out what people have to say:

Term

Assurance

Whole Life

Endowment

Combined

ULIPs

As it is evident from the chart and the table 38% people prefer combination of

Whole Life and Endowment product. It gives people double advantage. The

person would get some amount at the end of the stipulated period; for

Type of policy N0.

Term Assurance 9

Whole Life 9

Endowment 7

Combined 19

ULIPs 6

TOTAL 50

58


59/76

instance 20 years, and after that period the risk cover continues and the rest of

the amount would be paid when the person dies.

Q.5 Would you prefer Reliance Life Insurance or LIC for buying the life

insurance policy?

(a) Reliance Life Insurance

(b) LIC

This is the most important question as it reflects the scope of the study. It is

the main theme of this questionnaire.

Prior to 2000 LIC was the only player in the life insurance market and it had

the total market. So people had to go to LIC for buying life insurance policy.

But after the entry of private players in 2000, some people have also turned to

private life insurers.

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

has fewer customers as compared to LIC. But the ULIP plans are sold more

of Reliance life insurance as compared to LIC in todays environment.

Now lets see what people say:

Particulars No.

Reliance Life Insurance 15

LIC 35

TOTAL 50

59


60/76

Reliance Life

Insurance

LIC

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

Insurance while 70% would prefer LIC.

60


61/76

Personal Details: -

1) Age

(a) 18 to 30

(b)31 to 50

(c) 51 to 65

18 to 30

31 to 50

51 to 65

Age No.

18 to 30 531 to 50 3051 to 65 15TOTAL 50

61


62/76

As evident from the chart that I have taken a sample of 50. Out of

which 10% people are aged between 18 to 30, 60% people are aged between

31 to 50, and remaining 30% people are aged between 51 to 65.

2) Occupation

(a) Service

(b) Business

(c) Profession

(d) Housewife

(e) Retired

Occupation No.

Service 5

Business 15

Profession 10

Housewife 5

Retired 15

62


63/76

TOTAL 50

Service

Business

Profession

Housewife

Retired

As the evident from the chart that out of 50 respondents 10% are of service

men, 30% are of business men, 20% are of professions, 10% are of

housewives and remaining 30% are of retired.

3) Income

(a) 50,000 to 1,00,000

(b) 1,00,000 to 5,00,000

(c) More than 5,00,000

63


64/76

50,000 to

1,00,000

1,00,000 to

5,00,000

More than

5,00,000

As the evident from the chart out of 50 respondents 20% are earning annually

between 50,000 to 1,00,000, 50% are earning between 1,00,000 to 5,00,000

and 30% are earning more than 5,00,000.

Income (Per Annum) No.

50,000 to 1,00,000 10

1,00,000 to 5,00,000 25

More than 5,00,000 15

TOTAL 50

64


65/76

4) Family members

(a) 2

(b)3

(c) 4

(d) More than 4

Family Members No.

2 5

3 15

4 20

More than 4 10

TOTAL 50

2

3

4

More than 4

65


66/76

As the evident from the chart out of 50 respondents 10% have 2 family

members, 30% have 3 family members, 40% have 4 family members and

remaining 20% have more than 4 family members.

1.6 SWOT ANALYSIS

SWOT analysis is the analysis of the internal and external factors, which have

impact on the survival of any organization. Now lets make SWOT analysis

for reliance Life Insurance Company Limited.

STRENGTHS:

1) Reliance Life Insurance Company Limited is the part of the

Reliance Capital.

2) The brand name is enough to sell the products easily.

3) Private placement of Rs. 10,000 crs worth of securities with RBI by

the government. Led to an improvement in market securities.

4) Strong liquidity from FII was the major reason for the up move.

5) Range of products

6) Reliance has a long and strong history of solvency, financial

stability.

66


67/76

WEAKNESSES:

1) Newly established company, so people seems it risky.

2) Lack of staff.

3) Lack of advertisement, so most of the customers are not aware of

the Reliance Life Insurance.

OPPORTUNITY:

1) There is a vast untapped market in India. The life insurance

penetration in India is approximately 2.5%. So it has large

potential.

2) Intention of traditional products is to encourage long term,

regular and disciplined savings to systematically build up atarget fund.

3) The average insurance premium being collected by the company

has been growing exponentially year on year.

67


68/76

THREATS:

1) The main threat is from the other players who have grabbed

approximately 15% of the market share.

2) As the government has scrapped the rebate on the life insurance

premium, the people who used to invest in life insurance for the

sole motive of tax benefit may turn to other instrument

CHAPTER 8

CONCUSION

68


69/76

After the deep study of insurance sector of India, I can tell that this is

the sector, which has most business opportunities perhaps in India.

Insurance industry is one of the fastest sectors in India. Insurance

sector has been growing by 25% to 30% and it is expected to increase

by 50% in coming 5 years. After the opening up of the insurance

sector, it has become much competitive and insurance awareness

among people has increased.

69


70/76

As far as the comparison of Reliance Life Insurance and other players

is concerned, there are both positive as well as negative impacts on

both the sides.

For Reliance Life Insurance, the negative aspect is that its market shareis low.

For private players the negative aspect is that they have to fight with

the public sector giant which is established player with a high brand

value.

But the positive impact is that the life insurance awareness has

increased and the business of Reliance Life Insurance has increased.

CHAPTER 9

BIBLIOGRAPHY AND REFERENCES

70


71/76

www.reliancelife.com

www.indiainfoline.com

www.bimaonline.com

www.google.com

Life Time Magazine of Reliance Life Insurance

71
http://www.reliancelife.com/http://www.indiainfoline.com/http://www.bimaonline.com/http://www.google.com/http://www.reliancelife.com/http://www.indiainfoline.com/http://www.bimaonline.com/http://www.google.com/


72/76


73/76

ANNEXURE

Questionnaire

Survey by student of R.K.C.B.M.

On

Life Insurance

73


74/76

NAME: ___________________________________________

Q.1 What is your main motive behind investing in life insurance?

(a) Tax Benefit

(b) Savings

(c) Risk Cover

(d) Return/Yield

Q.2 Rank the above motives according to your preference

MOTIVE OF

INVESTMENT

TAX BENEFIT SAVINGS RISK COVER RETURN/YIELD

Preference

1

2

3

4

Q.3 How do you decide about investing in life insurance?

(a) On my own

(b) family decision

(c) Employer decides

(d) as per the guidance of agent

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

(a) Term Assurance

(b) Whole Life

(c) Endowment

(d) Combination of Whole Life and Endowment

74


75/76

(e) Unit Linked

Q.5 Would you prefer Reliance Life Insurance or LIC for buying the life

insurance policy?

(a) Reliance Life Insurance

(b) LIC

PERSONAL DETAILS

1) Age

(a) 18 to 30

(b)31 to 50

75


76/76

(c) 51 to 65

2) Occupation

(a) Service

(b) Business

(c) Profession

(d) Housewife

(e) Retired

3) Income

(a) 50,000 to 1,00,000

(b) 1,00,000 to 5,00,000

(c) More than 5,00,000

4) Family members

(a) 2

(b)3

(c) 4

Edit Reliance Life Insurance Co. Ltd

Documents

Transcript of Edit Reliance Life Insurance Co. Ltd