SCHOOL OF BUSINESS GWALIOR (M.P.

) FOR PARTIAL FULFILLMENT OF SUMMER INIRENSHIP PROJECT REPORT (25 JUNE TO 9 AUGUST) UNDER GUIDENCE OF Miss Twesha Chharia Assistant Professor ITM UNIVERSITY SUBMITTED BY punitgupta

Branch address: - 101, narayan Krishna building 1st floor, 44city center, Gwalior-474011 Ph:- 0751-3058034

STUDENTS DECLARATION
I am PUNIT GUPTA, student of M.B.A. in ITM UNIVERSITY GWALIOR here by declare that project entitled Descriptive Study of reliance life insurance submitted in the partial fulfillment of the degree for Master of Business Administration, I further declare that all the facts and figures furnished in this project report are the outcome of my own intensive research and findings.

Submitted By
PUNIT GUPTA

DECLARATION FORM
This is to verify that Mr./Mspunit gupta of ITM UNIVERSITY GWALIOR has undergone training from (Name of Organization reliance life insurance for a period of 45.days (From 25.06.2012.Date to 09.08.2012 Date) in the field of.. (Marketing, Finance, Production, Human Resource, Operations)

During the training the student has abided by the rules and regulation of our organization and his/her code of conduct was satisfactory.

Signature of Authorized Person

ACKNOWLEDGEMENT
Expression of feelings by words makes them less significant when it comes to make statement of gratitude

I would thank to my project guide Abhishek ajmera for his guidance in preparing this report. I would also like to thank my co employees who gave Guidance and support during the completion of the project.

PUNIT GUPTA

CONTENTS
1) 2) Name of the Organization Name of Reporting Manager (ADD THE DECLATION FORM HERE) No of Days Sip Done (Kindly Mention the Period of Commencement of SIP-Date wise) Industry/Sector Wise History of Organization Promoters Vision Mission Quality Policy

3)

4) 5) 6) 7) 8) 9)

10) Organization Chart 11) Departmentation 12) Department Details Which Are Studied 13) Major Activities Performed 14) Flow of Inputs 15) Type of Project Commenced 16) Internal; Departmental Coordination

17) Major Findings 18) Conclusion 19) Recommendation 20) Bibliography

1) NAME OF ORGANIZTION- RELIANCE LIFE INSURANCE

2) NAME OF REPORTING MANAGER- MR.ABHISHEK

AJMERA

3) SIP PERIOD- 25th June to 9st Aug 2012 4) INDUSTRY/SECTOR WISE:

Industry/Sector Wise
Investment Banking, Reliance Capital financial services Wealth Management,, Investment Advisory Services, Portfolio Management Services, Commodities Broking, Mutual Funds, Insurance

Online Trading,

5) HISTORY OF ORGANIZATION: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 away 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 thatched 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 clubswere formed to cover the funeral expenses of its members, as well as helpsurvivors monetarily. With Rome's fall, around 450 A.D., most of theconcepts of insurance were abandoned, but aspects of it did continue throughthe 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 thedecline 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, is derived from the Rig Veda. The term suggests that a form of community insurance" was prevalent around 1000 BC and practiced by the.

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 Coffeehouse, was the location where merchants, ship owners and underwriters metro 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. 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 Lloyds Coffee House that became known as the real Lloyds. Making wagers on peoples 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 1735saw 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 ministersand 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. The Great Chicago fire of 1871 further emphasized how fires can cause huge Losses in densely populated modern cities. The practice of reinsurance, Where in the risks are spread among several companies, was devised Specifically for such situations. 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 ofindustrialization. In 1897, the British government passed the Workmens Compensation Act, which made it mandatory for a company to insure itsemployees 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, membersonlyinsurance. Even today, such fraternal orders continue to provide insurance coverage to members, as do most labor organizations. Manyemployers sponsor group insurance policies for their employees, providing not just life insurance, but sickness and accident benefits and old.

 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 acolonial 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.

6) PROMOTERS:-

Malay Ghosh Executive Director & President

Malay is the Executive Director and President of Reliance Life Insurance Company Malay leads all activities at Reliance Life Insurance Company Limited and his key focus is on rapid expansion of all channels and accelerating the Companys growth trajectory. Malay has over 24 years of work experience in the insurance industry. He has worked for 17 years with LIC across various functions and for 7 years with Bajaj Allianz Life Insurance where he was last

designated Head of Sales.

S V Sunder Krishnan, Chief Risk Officer

Sunder is the Chief Risk officer for Reliance Life Insurance and is responsible for overseeing Risk Management, Internal Audit and Compliance functions at Reliance Life Insurance. Sunder came with 23 years of experience and knowledge in Internal Audits, Compliance, Assurance Consulting and Risk Management. He has worked for various leading organizations such as DSP Merrill Lynch, ING Vysya, Credit Lyonnais, Standard Chartered, Bank International Indonesia, Ernst & Young and Delloitte at senior and middle management positions with exposure to businesses and operations in more than 12 countries. Sunder is a qualified FCA, CISA, and CCSA. He is currently the advisor to the Board of Information Systems Audit Control Association (ISACA-USA), Mumbai Chapter. He was president of Information Systems Audit Control Association (ISACA-USA), Mumbai Chapter for the year 2007-08.

Sunil Agrawal, Chief Financial Officer

Sunil Agrawal is the Chief Financial Officer (CFO) of Reliance Life Insurance Company Limited and he is responsible for Financial strategy formulation and implementation. Sunil has over 10+ years of post qualification experience of which he has more than 9+ years experience in the insurance industry in financial function. Prior to joining Reliance Life Insurance, he has worked with ICICI Prudential Life Insurance in various roles right from the inception of the company including compliance, special projects, Financial Control and finance operations. He is a B.E. Computer Science, a Chartered Accountant and DISA (ICAI).

Saroj K Panigrahi, Head Legal, Compliance & Company Secretary

Saroj K Panigrahi heads the Legal, Compliance and Company Secretarial function of Reliance Life Insurance'. He is armed with twelve years of valuable experience in the Corporate Legal, Commercial, Regulatory Compliance and Corporate Governance domains. Prior to joining Reliance, he headed the Legal & IP department at Accentures India Outsourcing Business. During his fulfilling tenure, he skillfully managed the Legal, Intellectual Property,

Regulatory Risk & Compliance aspects of several Fortune 500 companies. Prior to his assignment with Accenture, Saroj was Associate Legal Counsel & Company Secretary at ING Vysya Life Insurance and was also associated with ICRA, an associate of Moodys Investors Inc. Saroj holds a degree in Law. He is also a Fellow Company Secretary, a Chartered Secretary (UK) and a Chartered Financial Analyst (CFA).

Pournima Gupta, Appointed Actuary

Pournima is the Appointed Actuary at Reliance Life Insurance Company Limited where she has the overall responsibility for statutory reporting, risk appetite, pricing, valuation, reinsurance, etc. Prior to joining Reliance, Pournima served at Life Insurance Corporation of India for 20 long and rewarding years. Her stint with LIC included a four-year deputation at the London branch, as Manager. She then moved on to be the Chief Manager Actuarial, at Kodak Mahindra Life Insurance Company and Associate Vice President Actuarial at Bajaj Allianz Life Insurance Company. Pournima is a graduate in Statistics and a Fellow of the Actuarial Society of India (FASI).

R Rangarajan, Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited. He along with his team, strives to give the best possible returns on investments to shareholders and policyholders, keeping in mind their appetite for risk. Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organization are metwithout any compromise on the benefits of the investors. Prior to being a part of Reliance Life Insurance, Rangarajan worked with AMP Sanmar Life Insurance as Head Investments for three years. His earlier assignment was with a large Mutual Fund organization. Rangarajan is a qualified Chartered Accountant.

Manoranjan Shoo , Head- Agency

Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited. Manoranjan started his career in Parma before Joining LIC as an Administrative officer. Manoranjan has 20 years of experience in insurance industry. He has indepth knowledge of Life Insurance Business by virtue of working in different

functions at Life Insurance Corporation of India. His core competence is setting up of new business.Prior to joining the Company; he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head Sales (North & Central). Manoranjan holds a Masters Degree in Science from Utkal University. Manoranjan has undergone many Leadership development courses at ISB, IIM(K) & Michigan University.

C Mohan, Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment. Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas. He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life. In Year 2008 he has been awarded as Pioneer CIO by CIOLDataQuest and Bold 100 CIO by IDG-CIO Forum. He also received the Early SOA Adopter Award from IBM.He recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USA.He Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum.

Mohan is an Engineering Graduate and holds many International IT Certifications.

7)VISION:- Empowering everyone live their dreams

8) MISSION:- Create unmatched value for everyone through dependable,

effective, transparent and profitable life insurance and pension plans.

9) QUALITY POLICY:-

QUALITY & RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years, moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years; from 1.9% in 200506 to 10.26% in 2009 -10

RLIC has achieved a growth rate of 21% while the private industry has grown at 13%

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 1,95,000 Advisors and over 16,000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 9001:2000 for all the processes.

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP).

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting 'self help channels for service

QUALITY
Reliance Quality Policy

10)Organization chart:RELIANCE LIFE INSURANCE. LTD

CHIEF EXUTIVE OFFICER

Chief financial Officer

Chief operating officer

Chief marketing officer

Production head

Risk officer

Online Dept.

Retail Dept.

Client acquisitions & marketing

Accounts

RMS

HNI Dept.

11) DEPARTMENTATION:1) Retail Sales 2) Under Writing 3) Actuarial 4) Insurance Operations 5) Customer Service 6) Quality and Processes 7) Human Resources 8) Finance

12) Department Details Which Are Studied:

I have studied in operations department. There are two office in operations department. First one is front office and second one back office. in it some times I worked in front office and in some times in back office. What happens in front office is that to listen the customer and solve the customers queries and other one work is to check the form of advisor. Basically it is a process from front office to back office .personally I checked the form of advisor and after that full check and I gave him received .it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia. in life Asia what happens is that the data is to be punched .it means invocation of data entry .all the data is to be the checked .what is the policy no., contact no. ,forms, clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed. if the case is issued then it goes for the quality check. and if it fails then it goes for under light it means for rechecks and then goes for quality check .the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work.

13) Major Activities Performed: Investment banking & corporate finance Brokerage & distribution Wealth management

Products
Equities I bonds I mutual funds I derivatives Managed investment services /PMS Commodities Fx trading Life insurance General insurance Alternative asset Private equity funds Structured products Real estates opportunities Special situation opportunities. Offshore structures & global investments.

Services
Creation of a customized financial strategy Diversification of assets based on a formal process of asset allocation Active tracking monitoring and review of portfolios Creation of private trusts Tax planning Estate planning Structuring of family wealth

15) Type of Project Commenced :-

Sales the policy in market

16) Internal; Departmental Coordination:Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner. The structure of organization helps the employee to work in systematic manner .all have well informed about their respective work and how they contribute in each others work. They all tried to do their best so that the firms work in the best manner and ultimately provide their product & services to their customer satisfactorily.

17) Major Finding:On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market. It provides information about insurance and future financial planning in our life& Study also concludes that people are not much aware of commodity market and while its going to be biggest market in India. Many People are not aware about insurencs sectore.. .

18) Conclusion:-

Empowering Everyone Live their Dreams is the corporate vision of Reliance Life Insurance. Insurance knowledge is complex. It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge. Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance. Misselling is very common in insurance industry. This occurs when, perhaps, to earn a much highercommission rate. Agents do not assess the needs of the customer properly while recommending products. Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers, or even provide incorrect information on product features. As a result, the customer is unhappy and saddled with a product that does not meet either his immediate or future needs. Rebating has been an unfortunate practice in every variety of financial products in India. From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company, Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues, Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool. This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry, innovative products based on the perception of the clients. .

19) Recommendation: First aid kit for new entrants into security market-the more you care

for your customer more the faith will get develop from customer side.

There should be a provision for class room training for new investors.

Toll free numbers should be given for free customer service; it shows
that company care for them.

There should be a customer care section for handling general queries as

solving each and every query for manager is not possible all the time.

Technology system should be developed to the fullest. There should be

proper backup system in order to compensate sudden breakdowns.

I felt lack of professionalism, but it is very necessary in an organization.

So that work discipline can be maintained for achieving predefined targets on time.

A customer judge the company in his first visit by companys

infrastructure and their hospitality. There is lack of both the aspects, so company should work on these aspects.

NOTE: All the recommendations are strictly based on my experience and knowledge I acquired in one month of training.

20) Bibliography:-

www.reliancelife.com www.indiainfoline.com www.bimaonline.com

www.google.com

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academys Life Insurance Book Broachers of Reliance Life Insurance

21.

ANNEXURE

Questionnaire

Survey by student of punit gupta On Life Insurance

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

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 (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 (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 (d) More than 4