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On
Under
Submitted To
Master of Finance and
Control
Department of Applied Economics and
Commerce
Patna University, Patna
Under the supervision of: Submitted
by:
Dr. Md. Aalamgir Abha Kumari
Senior Lecturer Roll No - 31
M.F.C. Programme M.F.C.-II
Department Of Applied Session - 2009-11
Economics & Commerce
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Patna University, Patna.
Preface
Summer projects during the break in studies after the completion
of the 1st year in postgraduate courses in management, are a
regular feature in the curriculum of MASTER OF FINANCE AND
CONTROL, DEPARTMENTOF APPLIED ECONOMICS AND COMMERCE,
PATNA UNIVERSITY, PATNA.
These summer impart training to the students through the
assignment of an on line project, which they have to complete for
the organization, while staying with them the whole period of
work.
The projects not only give a chance to the students to apply
whatever knowledge they have gained over in the 1st year in a
practical way, but they also help them a practical experience of
life as a manager in a real work setting. These projects help the
students to practically apply the concepts of management, like
planning, organizing etc., in a real work setting as well. These
projects are also the means of initiating the students to the
discipline of corporate life.
Overall the summer projects are an effective learning experience
for the management students and are very helpful for them in
their later lives as management professionals.
In my case the summer project at Reliance, has provided me with
an excellent opportunity to learn under some of the top
professionals in the field of finance. The project has also provided
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me with an opportunity to interact with the various persons
related with the field of insurance.
Acknowledgement
I would like to thank my project guide Mr. Aditya Kumar Singh, TerritoryManager RELIANCE Life Insurance, Patna for guiding me through my summer
internship and research project. His encouragement, time and effort are greatly
appreciated.
I would like to thank Lect. Dr. Md. Aalamgir , for supporting me during this
project and providing me an opportunity to learn outside the class room. It was a
truly wonderful learning experience.
I would like to dedicate this project to my parents. Without their help and
constant support this project would not have been possible.
Lastly I would like to thank all the respondents who offered their opinions and
suggestions through the survey that was conducted by me in Patna.
Once again my gratitude to the RELIANCE Life insurance. For their kind co-
operation.
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Declaration
I Abha Kumari, student of MFC (part - II) of “Department of Applied
Economics & Commerce, Patna University” hereby declare that the
summer training report entitled “Effect of Reforms on Insurance
Sector” in Reliance Life Insurance is an original work and the same has
not been submitted to any other institute for the award of any otherdegree.
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Signature of candidate
(ABHA KUMARI)
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E xecutive Summary
In today’s corporate and competitive world, I find that insurance
sector has the maximum growth and potential as compared to the
other sectors. Insurance has the maximum growth rate of 70-80%
while as FMCG sector has maximum 12-15% of growth rate. This
growth potential attracts me to enter in this sector and LIFE
INSURANCE POLICY has given me the opportunity to work and get
experience in highly competitive and enhancing sector.
The success story of good market share of different market
organizations depends upon the availability of the product and
services near to the customer, which can be distributed through a
distribution channel. In insurance sector, distribution channel
includes only agents or agency holders of the company. If a
company like LIFE INSURANCE POLICY has adequate agents in the
market they can capture big market as compared to the other
companies.
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CHAPTERCHAPTER -I -I
Introduction
Industry Reforms
Industry Reforms• Industry Reform was initiated with the passage of IRDA Bill in Parliament in
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December 1999
• IRDA has stuck to its schedule of framing regulations & registering the privateinsurance companies
• As an independent statutory body of IRDA, it put in a framework of globallycompatible regulation
•Provided supporting systems and IRDA online service for issue & renewal of agents’ licenses
• Approval ensured that companies would have a trained workforce of agents tosell their products.
Present Scenario - Life Insurance Industry in India
Life Insurance in India
• The Industry grew by impressive 47.38% with premium income at Rs. 1560.41bn during 2006-2007
• Total volume of LIC’s business increased but its market share came down from
85.75% to 81.91%• The 17 private insurers increased their market share from about 15% to 19% in a
year’s time
• The share of LIC further came down to 75%, while the private players havegrabbed over 24%
• With opening of the Insurance industry in India, many foreign players haveentered the market
• The foreign companies are restricted not to have more than a 26% stake in acompany’s ownership
• Foreign funds (Rs. 8.7 bn) poured into Indian market & 19 private players havebeen granted licenses
• Innovative products, smart marketing & aggressive distribution enabled privateto sign up Indians
• Now it was a step to snap up the new innovative products on offer than only atax saving device
• It includes plans (investment with insurance & good returns (unit linked plans),multi-purpose insurance plans, pension plans, child plans and money back plans
Objectives of Study
Objectives
• Proper understanding & analysis of life insurance industries
• To know about brand awareness of Reliance Life Insurance and customers’preference
• To know about how much potential of insurance market in our city by marketsurvey
• Make a report on research on base of analysis of result obtained
• Training aims at recruiting maximum Life advisors to sell the maximum policiesfor company benefit
• To observe different products launch by other competitors: ICICI Prudential,Bajaj Alliance, LIC etc
• To understand the overall working of the Life Insurance Sector
• To find the right candidate
• To know about their family background, occupation, social relation, qualification,age
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Objectives
Primary Objectives
•
To determine reasons behind opting for an insurance• To provide the company with information of customer’s insurance policy &
reason for opting that
• To know the most preferred policy
Secondary Objectives
• To determine customer’s perception & related expectation towardsprivate insurance companies
• To determine the feedback on services provided by any other insuranceagent(s)
• To study the types of benefits provided by insurance services
• To determine the use of Internet for valuable information and decision-making process
Hypothesis
Hypothesis
• The liberalization of the Indian insurance sector has been heated subject of debatefor some years
• Competition, development & growth are essential for channeling investment toinfrastructure sector
• A cautious approach needed for foreign participation to stop seep out of substantialpremium
• IRDA saw that maturing polity emerging consensus among factions of differentpolitical parties
• IRDA allowed private entry into insurance with some changes & restrictive clauses
• Market expansion presents multitude of challenges & opportunities for old/new,public/private insurer
• Key issues, possible trends, opportunities & challenges were under the realm of possibilities & speculation
Methodology
Scope• Big boom has witnessed due to enterance of large number of new players into
Insurance industry
• The study deals with Reliance in focus & the various segments that it caters to
• To evaluate & analyse the findings so as to present a clear picture of trends ininsurance sector
Significance (to Industry)
• Limited study takes into consideration the responses of 100 people
• Data can be explorate to take in the trends across the industry
• Industry’s significance lies in studying these trends that emerge from study
• Being a rapidly changing & evolving sector, people are begining to wake up toits vast possibilities
• This study can attemp to guide the future of industry based on current trends
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Significance (for Researchers)
• To facilitate & provide all useful information of study, the company, theinsurance industry
• To provide marketing ways, methods of Reliance Life Insurance
Limitations
Limitations
• The research is confined to a certain parts of Patna & does not necesserily shows apattern to all country
• Some respondent were reluctant to divulge personal information which can affect thevalidity of response
• Being a rapidly changing industry, one day analysis is not stable
• The environmental changes are vital to be considered in order to assimilate thefindings
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Chapter II
Profile of Organization
Introduction to the Company
Reliance Life Insurance - Founder
Few men in history have made as dramatic a contribution to their country’s
economic fortunes as did the founder of Reliance, Sh. Dhirubhai Ambani. Fewer still have
left behind a legacy that is more enduring and timeless.
• As with all great pioneers, there is more than one unique way of describing the true
genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud
patriot, the leader of men, the architect of India’s capital markets, and the champion
of shareholder interest.
• But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth
creator. In one lifetime, he built, starting from the proverbial scratch, India’s largest
private sector enterprise.
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• When Dhirubhai embarked on his first business venture, he had a seed capital of
barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he
converted this fledgling enterprise into an Rs 60,000 crore colossus—an
achievement which earned Reliance a place on the global Fortune 500 list, the firstever Indian private company to do so.
• Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when
Reliance Textile Industries Limited first went public, the Indian stock market was a
place patronized by a small club of elite investors which dabbled in a handful of
stocks.
• Undaunted, Dhirubhai managed to convince a large number of first-time retail
investors to participate in the unfolding Reliance story and put their hard-earnedmoney in the Reliance Textile IPO, promising them, in exchange for their trust,
substantial return on their investments. It was to be the start of one of great stories
of mutual respect and reciprocal gain in the Indian markets.
• Under Dhirubhai’s extraordinary vision and leadership, Reliance scripted one of
the greatest growth stories in corporate history anywhere in the world, and went on
to become India’s largest private sector enterprise.
• Throughout this amazing journey, Dhirubhai always kept the interests of the
ordinary shareholder uppermost in mind, in the process making millionaires out of
many of the initial investors in the Reliance stock, and creating one of the world’s
largest shareholder families.
About Reliance
Reliance Life Insurance Company Limited is a part of Reliance Capital
Ltd. of the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of
India’s 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.
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• 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 step forward for Reliance Capital
Limited to offer need based Life Insurance solutions to individuals and
Corporate.
Corporate Objective
At Reliance Life Insurance, we strongly believe that as life is
different at every stage, life insurance must offer flexibility and
choice to go with that stage. We are fully prepared and committed
to guide you on insurance products and services through our well-
trained advisors, backed by competent marketing and customer
services, in the best possible way.
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It is our aim to become one of the top private life insurance
companies in India and to become a cornerstone of RLI integrated
financial services business in India.
Corporate Mission
“To set the standard in helping our customers manage their
financial future”.
Insurance Plans Available
No.
Plans Names Formerly knownas
1 Insurance Products (Individual plans) Saving (Endowment)2 Reliance Endowment Plans Divya Shree3 Reliance Special Endowment
PlansShubh Shree
4 Reliance Cash Flow Plans Dhan Shree5 Reliance Child Plans Yuva Shree6 Reliance Whole Life Plans Nithya Shree7 Pension Reliance Golden Years Plan Bhaagya Shree8 Reliance EDLI
Scheme -Pension
Reliance Group Gratuity Policy Group Gratuity Policy9 Reliance Group
Superannuation Policy
Group Superannuation
Policy10 Investment Reliance Market Return Plan Kanak Shree
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11 Risk/Protection ---12 Reliance Term Plan Raksha Shree13 EDLI Scheme Reliance Money Guarantee
Plan---
14 Products Plans
(Group/Corporate)
Reliance Group Term
Assurance Policy
Group Term Assurance
Policy
Tax Benefits
Income Tax Section
Gross Annual Salary
Tax Saving HDFC Standard LifePlans
Section 80C AcrossAll
IncomeSlabs
Up to Rs.33,990 on Rs.
1,00,000
All Life Insurance plansSection 80CCC All Pension Plans
Section 80D Up to Rs.3,399 on Rs.
10,000
All Health Insurance Ridersavailable with Conventional
PlansTotal Saving
PossibleRs. 37,389
(Rs. 33,990 under Sec. 80C and under Sec. 80 CCC, Rs.3,399 under Sec. 80 D, calculated for a male with gross
annual incomeexceeding Rs. 10, 00,000.)
Section 10 (10)D Benefits received are completely tax-free, subject to conditionslaid down therein.
Reliance Policies
• Reliance Children Plan
Introduction (Reliance Secure Child Plan)
• Reliance Secure Child Plan, a unit linked insurance cum savings plan securingchild’s future.
Key Features (Reliance Secure Child Plan)
• Will continue to pay the premium even if you are not alive i.e. child iscompletely protected
• Life time income to child in the event of disability
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• Return shield option to protect your investment returns & Liquidity in the form of partial withdrawls
• Capital guarantee on maturity/death of the child with an option to package withAccidental Death.
• Riders (Total & Permanent Disablement, Critical Conditions and Term Life
Insurance Benefit)
• Reliance Health + Wealth policy
Introduction (Reliance Wealth Health plan)
• For those who are in the cat race of making money and forgeting to take care of health.
• Investment risk in investment portfolio is borne by the policy holder.
Key Features (Reliance Wealth Health plan)
• A unit linked plan with unique saving component to choose from two differentplan options
• Twin benefits of market linked return and health protection• Flexibility to take care of your family’s health as well as
• Flexibility to switch between funds/plan options
• Option to pay top-ups
• Reliance Pension policy
Introduction (Reliance Super golden Years plan)
• Allows to save systematically & generate the corpus to make your olden yearslook golden.
• Investment risk in investment portfolio is borne by the policy holder.
Key Features (Reliance Super golden Years plan)
• Invest systematically and secure your golden years
• Flexibility to advance/extend your Vesting Age & to switch between funds
• Eight different investment funds to choose from
• Option to pay Regular, Single as well as Top-up premiums
• Tax free commutation up to one third of Fund Value at Vesting Age
• Reliance Whole Life Insurance policy
Introduction (Reliance Whole Life plan)
• Family will recieve timely financial support they need even at/after yourunfortunate death.
Key Features (Reliance Whole Life plan)
• Insurance protection till age of 85 & choice of extending your insurancecoverage till age of 99
• Convinient Premium Payment Term as well as wealth creation through bonusadditions
• High Sum Assured Rebate get Sum Assured plus bonuses in case of yourunfortunate death
• Option to add 2 Riders - Critical Illness, Accidental Death Benefit & Total &Permanent Disablement
• Policy loan available after 3 full years premium payment
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Chapter III
ResearchMethodology
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Research Methodology
Title
• To determine customer-buying behavior with a focus on market segmentation forRLI
Title Justification
• The above title is self explanatory
• The study deals mainly with studying the buying pattern in insurance industrywith focus on RLI
• Various segments of divided in terms of insurance needs, age groups,
satisfaction level etc were studied
Sampling Methodology
Sampling Techniques
• A rough draft was prepared keeping in mind the objective of research
• A pilot study was done in order to know the accuracy of questionnaire
• Final questionnaire was arrived only after certain important changes were done
• Finally sampling was judgemental and convinient
Sampling unit • The respondents who filled questionnaire are sampling units
• These comprise of employees of MNCs, Govt. Employees, and Self Employedetc.
Sample Size
• Sample size was restricted to only 100
• The size comprised of mainly people from different regions of Patna due totime constraints
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CHAPTER IV
Analysis & interpretation of collected data
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DATA ANALYSIS & INTERPRETATION
DATA GIVES PREFERENCE OF RESPONDENTS OFINSURANCE COMPANIES
Companies Respondents Share (%)L.I.C. 78 78
Reliance Life Insurance 3 3
ICICI Prudential 10 10
SBI Life 7 7
HDFC 2 2
Total 100 100
27
3
10
78
LIC
REL
ICICI
SBI
HDF
INTERPRETATION
78% of the people contacted prefer LIC policy to any other and therefore
it is ranked no.1 by that percent of respondents.
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DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY
RESPONDENTS
Benefits Respondents Share (%)
Cover Future Uncertainty 55 55Tax Deductions 20 20
Future Investment 25 25
Total 100 100
INTERPRETATION
55% of the respondents believe that covering future uncertainty is the
biggest benefit of an insurance policy.
Whereas, 20% and 25% of them believe that the other benefits are Tax
deduction and future investments respectively.
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55%20%
25%Cover Future
Uncertainty
Tax Deductions
Future Investment
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DATA PROVIDES FEATURES OF INSURANCE POLICY THAT
ATTRACTED RESPONDENTS
FEATURE NO.OF
RESPONDENTS
SHARE (%)
Money Back Guarantee 15 15
Larger Risk Coverance 37 37
Easy Access to Agents 7 7
Low Premium 30 30
Company’s Reputation 11 11
TOTAL 100 100
15%
37%
7%
30%
11%
FEATURES OF INSURANCE POLICY
MONEY BACK GUAARENTEE
LARGER RISK COVERANCE
EASY ACCESS TO AGENTS
LOW PREMIUM
REPUTATION OF COMPANY
INTERPRETATION
Majority of the respondent (37%) found Larger risk coverance as the
most attracted feature of the all.
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DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE
RESPONDENTS
POLICY TYPE NO. OFRESPONDENTS
SHARE (%)
LIFE POLICY 75 75
NON LIFE POLICY 25 25
BOTH 45 45
NATURE OF POLICY
75
25
45
LIFE
POLICYNON LIFE
POLICYBOTH
INTERPRETATION
75% of the respondents have Life Insurance Policy while 45% have
both. (The % is calculated out of 280 positive response)
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DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
A saving tool 81 81%
A tax saving device 74 74%
A tool to protect your family 100 100%
81
74
100
SAVING
TOOL
TAX SAVING
TOOL
FAMILY
INTERPRETATION
• 81% of the respondents have perception of Insurance being a saving
tool.
• And 74% of the respondents have perception of Insurance being a tax
saving device.
• But 100% of the respondents are with the view that Insurance is a tool
to protect your family.
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DATA SHOWS PEOPLES HAVING INSURANCE
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Yes 70 70%
No 30 30%Total 100 100%
INTERPRETATION
• Of the sample size of 400 surveyed respondents 70% of the
respondents are having Insurance policy.
• 30% of the respondents are either not having any Insurance policy at
present or their policy is already matured.
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70%
30%
Yes
No
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• And at present 100% of the respondents are with the view that
Insurance is a tool to protect your family.
DATA SHOWS BUYING PROCESS OF THE PEOPLE
BUYING PROCESS NO. OF
RESPONDENTS
SHARE (%)
Customer approached
Insurance company/Agent
45 45%
Company/agent approachedcustomer
55 555
Total 100 100%
INTERPRETATION
• 44.5% of the respondents approached the Insurance Company / Agent.
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55%
45%
Customer approached Insurance company/Agent
Company/agent approached customer
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• Whereas, 55.5% of the respondents were approached by the
Company /Agent.
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DATA SHOWS REASONS BEHIND FOR INSURANCE
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Tax saving 80 80%
Saving / Investment 80 80.%
Family protection 100 100%
INTERPRETATION
•
80.71% of the Respondents opted for Insurance for tax saving benefits.
• 80.71% of the Respondents opted for saving / Investments.
• But all of them, i.e. 100% of the respondents have opted for insurance
for their family protection.
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80
100
80
Slice 1 Slice 2 Slice 3
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DATA SHOWS SATISFACTION OF RESPONDENTS
WITH RESPECT TO POLICY
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Satisfied 60 60%
Not satisfied 40 40%
Not Responded 0 0.0%
Total 100 100%
INTERPRETATION
• 60% of the respondents are more or less satisfied with their existing
policy.
• 40% of the respondents are not satisfied with their existing policy.
• In this case all of those who have taken a policy have responded.
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0%
40%
60%
Satisfied Not satisfied Not Responded
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DATA SHOWS SATISFACTION OF +RESPONDENTS
WITH RESPECT TO SERVICE AGENT
RESPONSE NO. OF
RESPONDENT
S
SHARE (%)
Satisfied 45 45%
Not satisfied 55 55%
Not Responded 0 0.0%
Total 100 100%
INTERPRETATION
• 45% of the respondents are satisfied with their existing service agent.
• 55% of the respondents are not satisfied with their existing insurance
agent.
• All of those who have taken a policy have responded.
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55.00%45.00%
Satisfied Not satisfied
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DATA SHOWS NUMBER OF RESPONDENTS PAYING
TAX
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Paying tax 100 100%
Not paying tax - 0%
Total 100 100%
INTERPRETATION
• Of the sample size of 400 respondents, all the respondents are paying
tax.
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0%
100%
Paying tax Not paying tax
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DATA SHOWS RESPONDENT’S INVESTMENTS
FOR TAX SAVING
INVESTMENTS NO. OF
RESPONDENTS
SHARE (%)
LIC 51 51%
NSC 33 33%
Bonds 32 32%
PPF 25 25%
PF 21 21%
EPF 11 11%
INTERPRETATION
• 51% of the respondents save their tax by investing in LIC, which is the
highest among all Investment. This shows that most people for getting taxes
benefits invest in LIC.
• 33.25% of the respondents do their tax saving by investing in NSC.
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33
32
25
2151
LIC NSC BOND PPF PF EPF
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• 32.25% of the respondents to their tax saving by investing in bonds.
DATA SHOWS RESPONDENTS PERCEPTION ABOUT
BEST FORM OF INVESTMENT FOR SECURING THEIR FUTURE
NO. OF
RESPONDENTS
SHARE (%)
Fixed Assets 75 75%
Bank deposits 11 11%
Jewellery 25 25%
Securities i.e. bonds, MFs 40. 40%
Shares 10 10%
Insurance 70 70%
INTERPRETATION
• 75.25% of the respondents as with the view that Fixed Assets is the
best form of investment for securing their future.
• 70.5% of the respondents are with the perception that Insurance is the
best form of investment for securing their future, which is one of the highest
and this shows that insurance is an important key for securing your future.
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11
2540
10
7075
Fixed Assets
Bank deposits
Cash &
JewellerySecurities i.e.
bonds, MFsShares
Insurance
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DATA SHOWS WHAT PEOPLE INTENT TO GAIN
FROM THEIR INVESTMENT
RESPONSE NO. OFRESPONDENT
S
SHARE (%)
Saving & Returns 100 100%
Security 90 90%
Tax benefits 71. 71.%
INTERPRETATION
• 100% of the respondents intent to gain saving and returns from their
investment.
• 90% of the respondent’s intent to gain security from their investments.
• Whereas, 71.75% of the respondent’s intent to gain tax benefits from
their investments.
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90
71
100
Saving & Returns Security Tax benefits
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DATA SHOWS WHAT PEOPLE WOULD LOOK
FOR IN AN INSURANCE COMPANY
RESPONSE NO. OFRESPONDENTS
SHARE (%)
A trusted name 82 82%
Friendly service &responsiveness
71 71%
Good plans 81 81%
Accessibility 49 49%
INTERPRETATION
• 82% customers look for a Trusted name in a company for insurance.
• 81.5% customers look for a good plan in a company for insurance.
• Friendly service & responsiveness and Accessibility are also important
factors looked by customers in a company.
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71
81
49
82
A trusted name
Friendly service & responsiveness
Good plans
Accessibility
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• DATA SHOWS PEOPLE PLANNING FOR NEW
INVESTMENTS
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Planning 87 87%
Not planning 13 13%
Total 100 100%
INTERPRETATION
•
Only 12.5% of the customers contacted are not planning for new
investments presently.
• Whereas, 87.5% of the customers are still planning for new
investments this can be a great potential for Reliance Life Insurance to take
them on their favor.
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87.0%
13.0%
Planning Not planning
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DATA SHOWS PEOPLE INTERESTED IN GOING FOR
INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY
OFFERS BETTER SERVICE & PRODUCTS
RESPONSE NO. OF RESPONDENTS SHARE (%)
Yes 43 43%
No 44 44%
Uncertain 13 13%
Total 100 100%
INTERPRETATION
The interested customers i.e. 43% are ready to go for insurance even away from
a city if services and products are worthwhile, which again is a good prospect
(potential) for Reliance Life Insurance to take them on their favor.
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43%
44%
13%
Yes No Uncertain
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CHAPTER V
Conclusions & Suggestions
CONCLUSION
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Our exhaustive research in the field of Life Insurance threw up some
interesting trends which can be seen in the above analysis. A general impression
that we gathered during Data collection was the immense awareness and
knowledge among people about various companies and their insurance products.
People are beginning to look beyond LIC for their insurance needs and are
willing to trust private players with their hard earned money.
People in general have been impression by the marketing and
advertising campaigns of insurance companies. A high penetration of print, radio
and Television ad campaigns over the years is beginning to have its impact now.
The general satisfaction levels among public with regards to policy and
agents still requires improvement. But therein lays the opportunity for a relative
new comer like ING. LIC has never been known for prompt service or customer
oriented methods and Reliance can build on these factors.
SUGGESTION
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• According the survey only 42% people are insured in PATNA so
reaming other part is potential for insurance sector.
• Among that 42% people who having insurance, they have
insurance 40% for self 28%for spouse 21% for children and 18%
for their parents and 11% for all family member, also its very
help full for insurance sector so they should take necessary step
for capture this potential.
• Only 42% people having insurance in PATNA in that 42% there
are 82 % people are under insured and other 18% people are
fully insured according to their income so that is also plus point
for insurance sector to capture the market
BIBLIOGRAPHY
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1. BOOKS/MAGAZINES REFFERED:
STUDY GUIDE- PRINCILES & PRACTICES OF LIFE / GENERAL
INSURANCE, by AIMA.
Books published by INSURANCE INSTITUTE OF INDIA
LIFE-INSURANCE, by Mc GILL
INSURANCEWATCH.
MONEYOUTLOOK.
2. WEBSITES REFFERED:
WWW.RELIANCELIFE.CO.IN
WWW.CIFAI
NSURANCE.COM
WWW.MONE
YOUTLOOK.COM
WWW.INSUR
ANCE.IND.COM
3. REPORTS/ARTICLES REFFERED:
REPORT: ISSUES & CHALLENGES FACING THE INSURANCE INDUSTRY….
Dec2005.
BRIEF PROFILE OF LIC, INDIA…Dec 2006.
REPORT: COPING WITH COMPETITION…Jan2007
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