sumer project report on insurance by pchhina

By Prabhjeet singh

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•SUMMER TRAINING PROJECT REPORT

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• “A comparative study on the offerings of Insurance products between

• Reliance Life Insurance Company Ltd• Vs• Life Insurance Corporation of India”

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•INTRODUCTION

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• Starting in 1957

With LIC India

In 2007

16 new companies

The Malhotra committee, appointed in 1993

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• 1. HDFC Standard Life Insurance Company Ltd.• 2. Max New York Life Insurance Co. Ltd.• 3. ICICI Prudential Life Insurance Company Ltd.• 4. Kotak Mahindra Old Mutual Life Insurance Limited.• 5. Birla Sun Life Insurance Company Ltd.• 6. Tata AIG Life Insurance Company Ltd. • 7. SBI Life Insurance Company Limited.• 8. ING Vysya Life Insurance Company Private Limited. • 9. Met life India Insurance Company Ltd.• 10. Royal Sundaram Life Insurance Company Limited. • 11. Aviva Life Insurance Co. India Pvt. Ltd.• 12. Sahara India Insurance Company Ltd.• 13. Shriram Life Insurance Company• 14. Life Insurance Corporation of India.• 15. Reliance Life Insurance Company Limited.• 16. Bharti AXA Life Insurance Company Limited.

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VS

Why ?

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To know where Reliance life insurance Company limited & life insurance Corporation of India companies stands in the market.

Find out the strength and the weakness of their plans.

And making comparative analysis between the products of Reliance life insurance Company limited with Life insurance Corporation of India.

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Scope of the study

This study can be conducted by comparing the performances & products of three private & government insurance players in insurance industry.

The number of respondents to be surveyed can be improved.

The study can be conducted in Amritsar city only.This study can be conducted to analyze the market

stand of Reliance Life Insurance Company Limited and Life Insurance Corporation of India Insurance companies.

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• INDUSTRY PROFILE

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Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed amount of money on the happening of a certain event

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Life insurance Corporation of India

• LIC of India is one of India’s leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking to stock broking to mutual funds to life insurance to investment banking, the group caters to the financials needs of individuals and corporate.

• The LIC has a net of over Rs. 1,800 crore and employs over 7,500 employees in its various businesses. With a presence in 82cities in India and it services a customer base of over 20, 00,000.

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Reliance Life Insurance Company Limited

• Reliance Capital Ltd. of the Reliance – Anil Dhirubhai Ambani Group. Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need based Life Insurance solutions to individuals and Corporate.

• Reliance Capital Ltd. is one of India’s leading and fastest

growing 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 Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services

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SWOT ANALYSIS

• Strengths: • Dedicated Employees.

• Well Efficient Management.

• Technology.

• Diversification of funds.

• Strong and popular brand name.

• Adaptability to changes.

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Weakness

• Lack of good services.

• Lack of awareness about insurance among people.

• Less coverage in Rural Areas

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Opportunities

• Fast growing economy.

• Increasing per –capita income in India.

• Saving behavior.

• High growth of ULIP industry.

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REVIEW OF LITERATURE

The primary purpose of life insurance is the protection of the family. Insurance in its various forms protects against such misfortunes by having the losses of the unfortunate few paid by the contribution of the many that are exposed to the same risk. This is the essence of insurance –the sharing of losses and substitution of certainty for uncertainty.

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METHODOLOGY

• The study will conduct on the bases of survey through questionnaires given to respondents.

• • Sampling Design

• Population: Amritsar• Sample Size: Population of 100• Sample Technique: Convenience Sampling• Statistical Tools: Correlation.

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CONCLUSION

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Thanks

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