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A Project

On

MARKETING AND HUMAN RESOURCE (H.R)

“RELIANCE LIFE INSURANCE”

Submitted By :

Shruti Pal (08552706)

In partial fulfillment of requirement

For the award of degree of

BECHOLAR OF BUSINESS ADMINISTRATION

(2007-2010)

SHRI RAM COLLEGE MUZAFFARNAGAR


ACKNOWLEDGEMENT

It was a great pleasure to present this report, which is the study of “MARKETING
AND HUMAN RESOURESE (H.R)” The area of my study was muzaffarnagar.

Working on this poject was a great challenge. I thanks this opportunity to express
my gratitude to all those who helped me in completion of my project successfully.

I would like to express my sincere thanks to MR. VIKAS KUMAR faculty of


SHRI RAM COLLEGE MUZAFFARNAGAR for their guidance and
suggestions.

I would also like to express my sincere thanks to my external guides and project
head MR.BUSHAN LAL SHARMA for their valuable contribution in the
successful completion of my project.

I would like to give thanks to all the respondents who gave their valuable time in
the recruitment of financial consultant or financial advisors, or, insurance agent,
providing valuable information and helped me in completing my project.

At last I would like to thank who have indirectly helped me for the same my
parents, friends, and member of RELIANCE LIFE INSURANCE OFFICE.

SHRUTI PAL
DECLARATION

I hereby declare that the project report “MARKETING AND HUMAN


RESOURCE” submitted for bachelor in business Administration is my original
work and the project report has not formed the basis for award of any degree,
diploma, associate ship, or other similar titles

Date:

Place: Signature
.
CONTENTS

S.R. NO. Page No.


1. Introduction 1-2

2. History of insurance in India 3-4

3. Major players of Life Insurance in India 5

4. History of Dhiru Bhai Ambani 6-7

5. Objectives 8

6. Research Methodology 9

7. Executive Summary 10-13

8. History of Reliance 14-15

9. Organizational structure 16-18

10. List of key Management Personnel 19

11. The product Mix 20

12. The product Life 21

13. Genral Exclusion 30-77

14. Findinges 78

15. Suggestion 79

16. Conclusion 80-81

17. Recommendation 82

18. Questionnaire 93-95

19. Bibliography 96
INTRODUCTION

Since the earliest time, human kind’s most earnest desire has been to leave something for

posterity. Be it learning or material possession, our memory lives in what we leave behind.

It is in this very need that there lies the origin of life insurance. After independence near about

209 Life Insurance companies were doing business worth Rs. 712.76 crore. The first Indian-

owned life insurance company, the Life Assurance Society, was set up in 1870 by six friends. It

insured Indian lives at the normal rates instead of charging a premium of 15 to 20 percent as

foreign insurers did. But today the concept has really changed. Today Life Insurance protects the

economic vale of a human life for the benefit of those who are financially dependent on it. It has

now started ensuring peace of mind and quality of life to million of families.

LIFE INSURANCE IN INDIA

Life Insurance in its existing form came to India from the United Kingdom with the

establishment of a British firm Oriental Life Insurance Company in Calcutta in 1818 followed by

Bombay Life Assurance Company in 1823. The Indian Life Assurance Companies Act, 1912 was

the first statutory measure to regulate life insurance business. Later in 1928 the Indian Insurance

Companies Act was enacted to enable the Government to collect statistical information about

both life and non-life insurance business transacted in India by Indian and foreign insurers

including provident insurance societies. In 1938 with a view to protecting the interest of insuring

public earlier legislation was consolidated and amended by the Insurance Act 1938 with

comprehensive provisions detailed and effective control over the activities of insurers. The Act

was amended in 1950 resulting in far reaching changes in the insurance sector. These included a

statutory requirement of equity capital for companies carrying on life insurance business, ceiling
on share holdings in such companies, stricter control on investments, submission of periodical

returns

relating to investments and such other information to the controller. The controller could also call

for appointment of administrators and put a ceiling on expenses of management and agency

commission for mismanaged companies. By 1956, 154 Indian insurers, 16 foreign insurers and

75 provident societies were carrying on life insurance business in India. Life insurance business

was

concentrated in urban areas and confined to the higher strata of the society. On January 19, 1956,

the management of life insurance business of 245 Indian and foreign insurers and provident

societies then operating in India was taken over by the Central Government. Life Insurance

Corporation was formed in September 1956 by an Act of Parliament, viz. LIC Act 1956 with a

capital contribution of Rs.50 mn.


HISTORY OF INSURANCE IN INDIA

Insurance in India has been under public sector for over four decades. Life Insurance was

nationalized way back in 1956 by merging 245 private insurance companies thus forming Life

Insurance Corporation (LIC) of India. Similarly after nationalisation of general insurance in

1972, General Insurance Corporation (GIC) was formed by merging 106 private insurance

companies. General Insurance Corporation currently has four subsidiary companies operating in

India. When the insurance industry was nationalised, it was considered a landmark and a

milestone on the way to the socialistic pattern of society that India had chosen after

independence.

But now four decades after the Insurance sector was nationalised, the nationalised sector

companies could not cater to the Indian market to cover its entire potential. so the main

objectives of privatization are: -

1. To provide for proper back ups if there is any unforeseen economic shocks.

2. To make sure there is a win-win situation for both the common man and the industry players.

The other reasons for opening up the insurance sector to the private insurers
are as under:
1. To provide better Insurance coverage to Indian citizens.

2. To augment the flow of long-term financial resources to finance the growth of Infrastructure.

3. The Public Sector Insurance Companies had not succeeded in extending the insurance cover to

all the needy people of the country due to various reasons. Hence this onerous responsibility now

has been entrusted to the private insurers.


4. Penetration of Insurance: LIC and GIC could not ensure very fast growth of insurance in India

even in a long period extending over four decades. Hence the penetration of insurance is very

low in India. The following indices as explained will indicate and support this contention:

While per capita insurance premium in developed countries is very high, it is quite low in India.

For instance, per capita insurance premium in India in 1999 was only $8 while it was $4800 for

Japan, $1000 for Republic of Korea, $887 for Singapore, $823 for Hong Kong and $144 for

Malaysia.

Similarly the penetration of insurance is also assessed by the ratio of the insurance premium to

the Gross Domestic Product (GDP) in a country. While insurance premium as a percentage of

GDP was 14% for Japan, 13% for South Africa, 12% for Korea, 9% for UK and France, it was

only around 2% in India in 1999. Hence the penetration of insurance is low here.

The penetration of insurance is also assessed by a ratio of the insurance premium to the Gross

Domestic Savings (GDS). While the insurance premium as a percentage of GDS was 52% for

UK, 35% for other European and American countries, it was only 9% in India in 1999.

Hence even this index indicates low level of penetration of insurance in India.

The share of India in the world market in terms of gross insurance premium is again very small.

For instance, while Japan has 31%, European Union 25%, South Africa 2.3%, Canada 1.7%

share of the global insurance premium it is only 0.3% for India.


EXECUTIVE SUMMARY

Insurance sector has always been volatile right from the very beginning. As private players are

entering into the Indian market, the competition has become very stiff. Today a lot of companies

are there is the market with their products. The common consumer is under dilemma to decide to

go for which company.

The Reliance Life Insurance is also one among these private players. The project with Reliance

Life Insurance deal with the market survey of Life Insurance Policy. In today’s world, one can

hardly find a person without a life insurance policy. The project helps to find out that which

company policy is most prevalent in the market and what was the reason of purchase. It also

helps to find out which is the most prevalent insurance plan in the market. The project is also

concerned about finding the awareness level of ING Vysya Life Insurance is the market.

At last the project suggests some recommendation to the organization which is the outcome of

finding and analysis.

THE CHANGING SCENARIO

Prior to liberalization the regulatory environment was primarily based on consolidated provisions

of the Insurance Act 1938. The Controller of Insurance has wide ranging powers, which included

directing, cautioning, advising, prohibiting, inspecting, investigating, searching, seizing,

prosecuting, penalizing, authorizing, registering, malgamating and liquidating insurance

companies. It was in 1956 that Life Insurance was nationalized followed by General Insurance in

1972.

In the aftermath of nationalization much of the powers of the Controller of Insurance were

abridged for operational convenience of state owned LIC and GIC. Meanwhile great
developments were taking place around the world due to strong possibilities offered by insurance

sector to the geopolitical and politico-economical systems in the new global order. In 1993, a

new committee was constituted. Review of insurance regulations started only with the Malhotra

Committee of reforms constituted in April 1993. Unlike Financial Sector Reforms Committee

who had the only choice of determining the phase of reforms to align with the internationally

accepted Basle provisions under the aegis of Bank of International Settlement (BIS), Malhotra

Committee had a real brainstorming at hand. Insurance order of the world has no unique pattern.

The committee recommendations were the prudence of that day and a few of the suggestions

were economically enticing for the regimented political outfit of the country.

FOREIGN PARTICIPATION

Now that the gates have opened and foreign insurance companies are allowed to participate in

the Indian insurance market there are experiments and experiences of all hues. India has adopted

one of them based on its politico-economics dynamics. Indian market expects a continuation of

trend in companies to expand their horizons beyond domestic borders. This is true both in terms

of expansion plans by domestic companies and in the acquisition of insurance companies by

foreign concerns. Insurance investors from developed economies, particularly in Western Europe

and the US find some foreign markets as having greater growth potential than their domestic

markets. Therefore, a high level of interest exists for these companies to acquire insurance

concerns. IRDA has to recognize this global trend and act prudentially for India. India is already

moving up from the foothill of globalization in insurance industry. Of course the initial

expectation that IRDA will be inundated with insurance license applications from the Joint

Ventures (JV) formed by domestic


and foreign companies has not happened. A part of the phenomenon is explained by bad

understanding of the tenets of Joint Venture formation but major business sense may be lying in

becoming a more equipped second fast-mover. Whichever way the business moves from now on

life in insurance industry can never be the same again in India. Subjective prudence of the

lawmaker and the regulator of the day mark the stipulated stake of only 26 percent of the equities

by the foreign partners in any insurance JV. The prudential perception may change with time and

persons. But for the present we have to live with the provisions. As the experience is well

dispersed in the contiguous geographical area, we cannot distinguish one set of prudence from

the other for the time being. Even the recently amended IRA Bill provides enough room for

foreign participation. Already a handful of entrants have taken place and more are expected in

the near future. A bunch of mergers are also in the queue.

In the Indian market one of the important issues that need to be immediately addressed to

enhance the speed of foreign participation is the role of intermediaries. In Western markets there

are many intermediaries like agents, brokers, consultants, surveyors, third party administrators,

etc. They form a crucial link between the insurance carrier and the final customer. In India,

insurance agency is the only recognized intermediary by the Insurance Act, 1938. The agency

system may work well in personal lines of business like

Life Insurance, Mediclaim, Personal accident, etc. There is a need for more specialized entities to

service commercial lines. Many banks are showing interest to take up corporate agency. But

regulations pertaining to corporate agency need to be made more liberal. There are

representations asking IRDA to review/modify certain sections, e.g., the mandatory 100 hour

training which all the directors of the corporate willing to take up agency, have to undergo.

Another issue is 26 percent cap on foreign equity participation. Typically, the


HISTORY OF DHIRUBHAI AMBANI

Few men in history have made as dramatic a contribution to their country’s economic fortunes as

did the founder of Reliance, Sh. Dhirubhai H 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, 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.

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 a Rs 60,000 crore colossus—an achievement which earned Reliance a place on the global

Fortune 500 list, the first ever 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-earned money 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.

Through out 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.
OBJECTIVES

The Research Report is consisting of following objectives:


1. To study the life insurance.
2. To know about Reliance life insurance.
3. To study the importance of insurance.
4. To study the different productof Reliance life insurance.
COMPANY PROFILE OF 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 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.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 Corporates

Reliance Life Insurance is another step forward for reliance Capital Limited to offer need
based Life insurance solution to individuals and cop orates with its 55K crore capital
Reliance started from scratch today, it is India’s largest private
sector company
HISTORY OF RELIANCE

 1956 Birth of reliance first textile mill at NARODA

 1971-72 Launch only VIMAL brand

 1997 First corporate in Asia issue 50 and 100 yrs Bond in US

 2000RELIANCE infocomm plans announced

 2003 CONTROLLING STAKE IN BSES(REL) LARGEST MOBILE SERVICES


CO. IN INDIA

 2005 ADA ENTERPRISES FORMED FOLLOWING SPLIT IN RELIANCE GRP


AMP SANMAR ACQUIRED

 2006 Emerging of RELINCE LIFE INSURANCE

RELIANCE IN OTHER AREAS

1. Mudra communications

2. Reliance infocomm

3. Reliance energy

4. Adlabs

5. Reliance capital

6. NIS Sparta Ltd.

7. Reliance ADAG
Reliance Life Insurance Company Limited

Vision

To be the dominant new player in life insurance industry

This will be achieving through:

 Recruitment of quality advisors

 Intensive product training

 Selling skill training

 Superior technology & processes

 Innovative financial solution

Achievements so far

 Leading private life insurance company

 Strong brand recognition

 We cover life

 State –of –art support services


ORGANIZATIONAL STRUCTURE

BRANCH DEVELOPMENT MANAGER

EXECUTIVE SALES MANAGER

SR. SALES MANAGER SR.SALES MANAGER

8 TO ASST. SALES MANAGER


IN EAH SR. SALES MANAGER

25 TO 35 ADVISORES IN EACH
ASST. SALES MANAGER
This is the hierarchy, which Reliance Life insurance follows

Every Reliance life insurance branch has a Executive sales manager (EMS who supervises the

senior sales manager (SSM) working under him. The number of the senior sales manager (SSM)

may vary between 3 to 5 in every branch. The ESM has the direct reporting to the branch

development manager (BSM) for each zone of India (North, South, West, East) there are 4

distinct BSM’s

Each senior sales manager further has 10 to 15 Asst manager (ASM) working under his

supervision. The job of these ASM’s to recruit advisors

Of various profile who have the capability to give business to the company

While the ASM’s has report to their respective SSM, the ASM’s further have to give the

performance feedback of their respective ASM’s team to the ESM of the branch

Each Asst. sales manager of the company has average 25 to 30 advisor various profiles working

under him and they together form , which is headed by that respective Asst. sales manager. When

any of the life advisor sell a policy i.e. he fetches business for the company, he has to report his

respective ASM

Thus, each Asst. sales manger has track record of all the life advisors working under him and the

business they are fetching as well.


An advisor/agent does not have particular boss. There are no working hours and any particular

day on which the advisor has report in office.

An advisor can do his/her operations from any branch of the company located anywhere the

country.

The rest 25% of the distribution in life insurance is not permanent. It is usually done through

1. Banker & brokers

2. Workshop

3. Small allied group

A target of selling of at least 12 policies in a year has been fixed by IRDA as the minimum

specification, which needs to be met each advisor of any insurance company


LIST OF KEY MANAGEMENT PERSONNEL

1) BRANCH DEVELOPMENT MANAGER Mr. ANURAG TYAGI


(NEW DELHI BRANCH)

2) EXCUTIVE SALES MANAGER Mr. ABHIROOP PANDAY


(ESM NEW DELHI)

3) SENIOUR SALES MANAGER Mr. AJAY TYAAGI


(NEW DELHI BRANCH)

4) ASST. SALES MANAGER Mr. SANDEEP MOUDGIL


(ASM OF NEW DELHI)

5) ASST. SALES MANAGER Mr. VINAY JAISWAL


(ASM OF NEW DELHI)

6) ASST. SALES MANAGER Mr. RAJIVE KAPOOR


(ASM OF NEW DELHI)
THE PRODUCT MIX

Reliance cover customer at every step in life.

Reliance Life Insurance lives up to its promise to customers. Its wide range of policies cover the

gamut of insurance product including

 Saving cum protection plans

 Pure protection plans

 Child plans

 Market plans

 Retirements solutions

In addition each every feature of the products equips the customer with the power of choice in

their hands

The various riders allow customization of policies.


THE PRODUCT FILE

Reliance Cash Flow Plan

While most insurance plans block your money for a certain period of time, Reliance Cash Flow

Plan gives you the double benefit of life insurance along with easy liquidity through lump sum

cash. It provides money periodically when you need it.

It lets you live life to the fullest today and at the same time, helps you stay protected for

tomorrow by giving you the flexibility of receiving a specified percentage of the Sum Assured at

specified intervals.

Key Features

 Easy Liquidity - Get periodic cash flows at the end of the fourth year and thereafter at the

end of every three years

 Wealth creation through bonus additions

 On maturity receive accumulated bonuses along with final lump sum payout

 More value for your money by way of High Sum Assured Rebate

 Full Sum Assured plus bonuses in case of your unfortunate death. This is over and above

the Survival Benefits already paid

 Option to add two riders – Critical Illness Rider and Accidental Death Benefit & Total

and Permanent Disablement Rider


How does this Plan work?

You pay premium every year for the entire term and get Survival Benefits at periodical intervals

as mentioned below.

On death, your Beneficiary will get the full Sum Assured, plus accumulated bonuses, over and

above the Survival Benefits already paid to you.

Benefits

Survival Benefit: Get a percentage of the Sum Assured on the fourth anniversary and on every

third Policy Anniversary till maturity.

Maturity Benefit: On maturity you get the remaining percentage of the Sum Assured plus

accumulated bonuses.

Life Cover Benefit: In the unfortunate event of loss of life, your Beneficiary will receive the full

Sum Assured plus accumulated bonuses till that date.

Rider Benefit: You also have the option to add two additional benefits to customize the Policy as

per your needs:

a. Accidental Death Benefit & Total and Permanent Disablement Rider

b. Critical Illness Ride

Accidental Death Benefit & Total and Permanent Disablement Rider Accidents are unfortunate

and sometimes fatal. You can customise your basic Policy with an Accidental Death & Total and

Permanent Disablement Benefit Rider.

The Accidental Death benefit is payable if death occurs directly as a result of an accident and is

intimated within 90 days of the occurrence.

The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000

and the maximum under all Policies taken together is Rs 50,00,000.


The Total and Permanent Disablement Benefit is payable if the Life Assured becomes totally and

permanently disabled directly as a result of an accident.

The Disablement Benefit is equal to the basic Sum Assured paid in ten equal annual installments

Total and Permanent Disablement is defined as the total and irrecoverable loss of sight of both

eyes, or loss by severance of two limbs at or above wrist or ankle, or total and irrecoverable loss

of the sight of one eye and loss by severance of one limb at or above wrist or ankle for a period

of at least six months Inbuilt Waiver of Premium If the Life Assured becomes totally and

permanently disabled, then Reliance Life Insurance will waive all future premiums under the

basic Policy and riders up to a limit of Rs 40,000 p. a.

Accidental Death Benefit & Total and Permanent Disablement Rider


Age at entry 18 yrs 59 yrs
Age at expiry 25 yrs 64 yrs
Rs 50,00,000
Sum assured Rs 25,000 (Basic Policy Sum Assured subject to
a maximum of Rs 50,00,000 per life)
Exclusions

The Company will not pay any Accidental Death Claim or Total and Permanent Disablement

Claims which results directly or indirectly from any one or more of the following:

 An act or attempted act of self-injury,

 Participation in any criminal or illegal act,

 Being under the influence of alcohol or drugs except under direction of a registered

medical practitioner,

 Racing or practicing racing of any kind other than on foot, flying or attempting to fly in,

or using or attempting to use, an aerial device of any description, other than as a fare

paying passenger on a recognised airline or charter service,


 Participating in any riot, strike or civil commotion, active military, naval, air force, police

or similar service, or

 War, invasion, act of foreign enemies, hostilities or war like operations (whether war be

declared or not), civil war, mutiny, military rising, insurrection, rebellion, military or

usurped power or any act of terrorism or violence.

Critical Illness

Sudden onset of a major illness causes worries and heavy expenses. Our optional Critical

Conditions Cover helps provide financial relief in such cases. It pays you the Sum Assured

upfront in respect of ten major illnesses.

a. Cancer

b. Coronary Artery Bypass Surgery

c. Heart Attack

d. Stroke

e. Kidney Failure

f. Aorta Surgery

g. Coma

h. Heart Valve Replacement

i. Major Organ Transplant

j. Paralysis

This Benefit can be availed only once against any one of the illnesses and the Company will not

pay the claim if it arises from deliberate self-injury or attempted suicide by the Life Assured,

whether sane or insane. This benefit will only be given, if the diseases are confirmed by a

Consultant Physician.
Critical Illness Rider
Age at entry 18 yrs 59 yrs
Age at expiry 25 yrs 64 yrs
Rs 10,00,000
(Basic Policy Sum
Sum assured Rs 1,00,000 Assured subject to a
maximum of Rs
10,00,000 per life)
Minimum Policy Term 5
Exclusion with Critical Illness

Cancer: Any CIN stage (cervical intraepithelial neoplasia); any pre-malignant tumour; any non-

invasive cancer (cancer in situ); prostate cancer stage 1 (T1a, 1b, 1c); all skin cancers including

malignant melanoma stage IA (T1a N0 M0); any malignant tumour in the presence of any

Human Immunodeficiency Virus.

Heart Attack: Non-ST-segment elevation myocardial infarction (NSTEMI) with elevation of

Troponin I or T; other acute Coronary Syndromes.

Stroke: Transient ischemic attacks (TIA); neurological symptoms due to migraine.

Coronary Artery (Bypass) Surgery: Angioplasty and/or any other intra-arterial procedures;

key-hole surgery.

Paralysis: Paralysis due to Guillain-Barré-Syndrome.

Waiting and Survival Period

The Company will not pay the Critical Illness Benefit if:

 The critical illness begins prior to or within six months of the commencement date or

date of reinstatement of the Benefit - Waiting Period

 Death from critical illness takes place within 30 days of the onset of the same – Survival

Period
Flexibility
These riders may be attached to your Policy at the beginning or at any Policy Anniversary during

the term of the Contract, subject to underwriting conditions prevailing at that time. Sum Assured

for Critical Illness Rider may be increased or decreased by the Policyholder:

 The increase is subject to underwriting conditions

 Once decreased, further increases will not be allowed

The Contract can be terminated and opted for only once, by the Policyholder at any time. Though

above are general conditions of the rider, we may specify restrictions (like time of exercise) on

the above options. Such restrictions would be filed along with the based product filing.

When & how much of Fixed Benefits paid?


Money Back survival benefits paid per Rs.1,000 sum assured
Term on survival to the end of year
4 7 10 13 16 19 22 25 28 31 34
7 500 500
10 333 333 333
13 250 250 250 250
16 200 200 200 200 200
19 167 167 167 167 167 167
22 143 143 143 143 143 143 143
25 125 125 125 125 125 125 125 125
28 111 111 111 111 111 111 111 111 111
31 100 100 100 100 100 100 100 100 100 100
34 90.9 90.9 90.9 90.9 90.9 90.9 90.9 90.9 90.9 90.9 90.9

Sample Illustration:
The tables show the indicative premiums for an individual Life Assured across different Sum
Assured for a Policy Term of 16, 25 and 31 years
Sum Assured: 1 Lakh Sum Assured: 3 Lakh Sum Assured: 5 Lakh
Age\Term 16 25 31 16 25 31 16 25 31
30 8580 5950 5045 25440 17550 14835 41900 28750 24225
35 8700 6140 5295 25800 18120 15585 42500 29700 25475
40 8905 6445 NA 26415 19035 NA 43525 31225 NA
45 9320 7010 NA 27660 20730 NA 45600 34050 NA

What is the Policy Term?


Minimum Policy Term: 7 years
Maximum Policy Term: 34 years
Who can buy this product?
Minimum age at entry: 15 years
Maximum age at entry: 63 years
Minimum age at maturity: 22 years
Maximum age at maturity: 70 years
What is the Sum Assured?
Minimum Sum Assured: Rs 25,000
Maximum Sum Assured: No Limit
Savings and accumulation through bonuses

The Company will declare simple reversionary bonus which is payable at maturity or on death,

whichever is earlier.

More value for money – High Sum Assured Rebate Reliance Cash Flow Plan offers an attractive

premium discount for Sum Assured over and above 99,999 as mentioned below. For example, as

per the tabular premium rates, the annual premium for a 30 year

old male for a 25 year Policy for Rs 5 lakh Sum Assured comes to Rs 30,250 before the High

Sum Assured Rebate. After the High Sum Assured Rebate, the premium is Rs 28,750.

Sum Assured Range High Sum Assured Rebate


Rs 100,000 – Rs 249,000 Re 1 per 1,000 sum assured
Rs 250,000 – Rs 499,000 Rs 2 per 1,000 sum assured
Rs 500,000 – Rs 9,99,000 Rs 3 per 1,000 sum assured
Rs 10,00,000 and above Rs 4 per 1,000 sum assured
Can I take a loan against my Policy?

No loan is available under this Policy

What happens if I discontinue paying premium?

During the first three years, if premiums are not paid within the grace period the Policy will

lapse.

After the first three years if premiums are not paid within the grace period the Policy will be

made paid up and the Sum Assured will be reduced,

 firstly, in the proportion of completed duration to Original Policy Term and

 secondly, by the amount of periodic lump sum payments already made.

Any accumulated bonuses attached to this Policy will remain attached in full. Once this Policy

becomes ‘paid-up’, no further bonuses are paid. You will receive the ‘paid-up’ Sum Assured plus

bonuses on the maturity date of the Policy or in the event of loss of life. Once the Policy

becomes paid-up no further Survival Benefits are paid.

What if I want to discontinue the Policy?

We provide you the option to surrender your Policy and receive the Surrender Value. If your

Policy has accumulated any bonuses, then you will also receive the cash value of that total

amount upon surrendering your Policy. Your plan acquires a Surrender Value after 3 years’

premium payment and after three years have elapsed from date of commencement of Policy. We

guarantee a minimum Surrender Value of 30% of the total premiums paid (excluding any extra

premiums and premiums for additional benefits) subsequent to the first year premium, less the

total of lump sum Survival Benefits already paid under this Policy.
On surrender, the insurance protection provided under the Policy will also cease.

Can I revive a Policy which is lapsed?

A lapsed Policy can be reinstated for full benefits anytime before the date of maturity at terms

and conditions required by the Company.

Flexible Premium Payment Modes

a. Yearly

b. Half-Yearly

c. Quarterly

d. Monthly (with salary deduction schemes only)

Grace period

There is a grace period of 30 days for payment of premium.

Tax Benefit

Premiums paid are eligible for tax deduction under Section 80C & 80D of the Income Tax Act,

1961. Maturity & Death Benefit are tax free under Section 10(10) D of the Income Tax Act,

1961. Under Section 80C, premiums upto Rs 100,000 are allowed as deduction from your

taxable income. Under Section 80 D premium upto Rs 10,000 (Rs 15,000 for senior citizens) are

allowed as deduction from your taxable income.

(80 D - Applicable to Critical Conditions Premium)

General Exclusions
We will not pay any claim on death if the life Assured, whether sane or insane, commits suicide

within 12 months from the date of issue of this Policy or the date of any reinstatement of this

Policy.

15 Days Free Look Period:

The Policyholder may cancel this Policy by returning it to the Company within 15 days of

receiving it together with a letter requesting it be cancelled. The Company will refund the

premium paid by the Policyholder less a deduction:

 of the proportionate premium for the time cover has been provided till cancellation

 of expenses incurred by the Company for medical examination of the Life Assured,

Stamp Charges and expenses incurred in that connection.

Prohibition of Rebate: Section 41 of the Insurance Act, 1938 states:

1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any

person to take out or renew or continue an insurance in respect of any kind of risk relating to

lives or property in India, any rebate of the whole or part of the commission payable or any

rebate of the premium shown on the Policy, nor shall any person taking out or renewing or

continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with

the published prospectuses or tables of the insurer.

2) Any person making default in complying with the provisions of this section shall be

punishable with a fine which may extend to five hundred rupees.

Reliance Life Insurance is a fully licensed life assurance Company registered with Insurance

Regulatory & Development Authority (IRDA). Registration No: 121.

Reliance Child Plan


As a parent, it is only natural to dream of a smooth and blissful life for your child. Which is

exactly why you need to secure your child’s tomorrow, today.

Reliance Child Plan helps you save systematically so that you can give your child the much-

needed financial security in the future. Simply put, Reliance Child Plan gives you the freedom to

enjoy every moment with your child today, without worrying about his/her tomorrow.

Key Features

Risk protection for you during the term of the Policy Accumulated bonus at the end of the Policy

Term 25% of Sum Assured payable every year as lump sum benefit during the last four Policy

anniversaries All future premiums are waived in the event of unfortunate loss of life Guaranteed

Fixed Benefits continue even after loss of life of the Policyholder

More value for your money by way of High Sum Assured Rebate Choose to add the benefit of

two riders – Critical Illness Rider and Accidental Death Benefit & Accidental Death Benefit &

Total and Permanent Disablement Rider Policy participates in profit even after the loss of life of

the Life Assured

How does this Plan work?

You pay premium every year for the entire term and get guaranteed fixed benefits every year

during the last four years of the Policy Term.

On death, your Beneficiary will get the Sum Assured, guaranteed fixed benefits on specified

dates and all future premiums will be waived.

All attached bonuses are payable at the end of the Policy Term and will remain attached to your

Policy even after payment of Life Cover Benefit.

Benefits
Life Cover Benefit: In the unfortunate event of loss of life, your Beneficiary will receive the Sum

Assured immediately and all future premiums will be waived.

Guaranteed Fixed Benefit: Get 25% of Sum Assured every year on the last four Policy

Anniversaries irrespective of the survival of the Life Assured.

For example if you have taken a Policy for Rs 1 lakh for 20 years, then fixed benefits payable

will be Rs 25,000 each at the end of 17th, 18th, 19th and 20th year.

Maturity Benefit: On maturity you get accumulated bonuses irrespective of the survival of the

Life Assured.

Rider Benefit: You also have the option to add two additional benefits to customize the policy as

per your needs.

Accidental Death Benefit & Total and Permanent Disablement Rider

Critical Illness Rider

Accidental Death Benefit & Total and Permanent Disablement Rider

Accidents are unfortunate and sometimes fatal. You can customise your basic Policy with an

Accidental Death Benefit & Total and Permanent Disablement Rider.

The Accidental Death Benefit is payable if death occurs directly as a result of an accident and is

intimated within 90 days of its occurrence.

The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000

and the maximum under all Policies taken together is Rs 50,00,000.

The Total and Permanent Disablement Benefit is payable if the Life Assured becomes totally and

permanently disabled directly as a result of an accident.

The Disability Benefit is equal to the basic Sum Assured paid in ten equal annual installments
Total and Permanent Disablement is defined as the total and irrecoverable loss of sight of both

eyes, or loss by severance of two limbs at or above wrist or ankle, or total and irrecoverable loss

of the sight of one eye and loss by severance of one limb at or above wrist or ankle for a period

of at least six months.

Inbuilt Waiver of Premium

If the Life Assured becomes totally and permanently disabled, then Reliance Life Insurance will

waive all future premiums under the basic Policy and riders up to a limit of Rs 40,000 p. a.

Accidental Death & Disability Benefit

Age at entry 18 yrs 59 yrs

Age at expiry 25 yrs 64 yrs

Sum Assured Rs 25,000 Rs 50,00,000 (subject to a maximum of basic policy sum assured)

Exclusions

The Company will not pay any Accidental Death Claim or Total and Permanent Disablement

Claims, which results directly or indirectly from any one or more of the following:

An act or attempted act of self-injury,

Participation in any criminal or illegal act,

Being under the influence of alcohol or drugs except under direction of a registered medical

practitioner,

Racing or practicing racing of any kind other than on foot,

Flying or attempting to fly in, or using or attempting to use, an aerial device of any description,

other than as a fare paying passenger on a recognised airline or charter service,


Participating in any riot, strike or civil commotion, active military, naval, air force, police or

similar service, or

War, invasion, act of foreign enemies, hostilities or war like operations (whether war be declared

or not), civil war, mutiny, military rising, insurrection, rebellion, military or usurped power or

any act of terrorism or violence.

Critical Illness

Sudden onset of a major illness causes worries and heavy expenses. Our optional Critical

Conditions Cover helps provide financial relief in such cases. It pays you the Sum Assured

upfront in respect of ten major illnesses.

Cancer

Coronary Artery Bypass Surgery

Heart Attack

Stroke

Kidney Failure

Aorta Surgery

Coma

Heart Valve Replacement

Major Organ Transplant

Paralysis

This Benefit can be availed only once against any one of the illnesses and the Company will not

pay the claim if it arises from deliberate self-injury or attempted suicide by the Life Assured,

whether sane or insane. This Benefit will only be given, if the diseases are confirmed by a

Consultant Physician.
Critical Illness

Age at entry 18 yrs 55 yrs

Age at expiry 25 yrs 64 yrs

Sum Assured Rs 1,00,000 Rs 10,00,000 (subject to a maximum of basic policy sum assured)

Minimum policy term 5

Exclusion with Critical Illness

Cancer: any CIN stage (cervical intraepithelial neoplasia); any pre-malignant tumour; any non-

invasive cancer (cancer in situ); prostate cancer stage 1 (T1a, 1b, 1c); all skin cancers including

malignant melanoma stage IA (T1a N0 M0); any malignant tumour in the presence of any

Human Immunodeficiency Virus.

Heart Attack: Non-ST-segment elevation myocardial infarction (NSTEMI) with elevation of

Troponin I or T; other acute Coronary Syndromes.

Stroke: Transient ischemic attacks (TIA); neurological symptoms due to migraine.

Coronary Artery (Bypass) Surgery: Angioplasty and/or any other intra-arterial procedures; key-

hole surgery.

Paralysis: Paralysis due to Guillain-Barré-Syndrome.

Waiting and Survival Period

The Company will not pay the Critical Illness Benefit if:

The critical illness begins prior to or within six months of the commencement date or date of

reinstatement of the Benefit - Waiting Period

Death from critical illness takes place within 30 days of the onset of the same – Survival Period

Flexibility
These riders maybe attached to your Policy at the beginning or at any Policy Anniversary during

the term of the Contract, subject to underwriting conditions prevailing at that time.

Sum assured for Critical Illness Rider may be increased or decreased by the Policyholder:

The increase is subject to underwriting conditions

Once decreased, further increases will not be allowed

The Contract can be terminated and opted for only once, by the Policyholder at any time. Though

above are general conditions of the rider, we may specify restrictions (like time of exercise) on

the above options. Such restrictions would be filed along with the based product filing.

Sample Illustration

The tables below show the indicative premiums for an individual Life Assured across different

Sum Assured for a Policy Term of 15, 18 and 20 years.

Sum Assured: 1 Lakh Sum Assured: 3 Lakh Sum Assured: 5 Lakh

Age\Term 15 18 20 15 18 20 15 18 20

30 7665 6230 5520 22695 18390 16260 37325 30150 26600

35 7830 6415 5720 23190 18945 16860 38150 31075 27600

40 8115 6720 6045 24045 19860 17835 39575 32600 29225

45 8655 7290 6630 25665 21570 19590 42275 35450 32150

What is the Policy Term?

Minimum Policy term: 5 years

Maximum Policy term: 20 years

Who can buy this product?

Minimum age at entry: 20 years

Maximum age at entry: 60 years


Minimum age at maturity: 25 years

Maximum age at maturity: 70 years

What is the Sum Assured?

Minimum Sum Assured: Rs 25,000

Maximum Sum Assured: No Limit

Savings and accumulation through bonuses:

The Company will declare simple reversionary bonus which is payable at maturity (i.e. at the end

of the Policy Term).

More value for money – High Sum Assured Rebate

Reliance Child Plan offers an attractive premium discount for Sum Assured over and above Rs

99,999 as mentioned below. For example, as per the tabular premium rates, the Annual Premium

for a 30 year old male for a 20 year Policy for Rs 5 lakh Sum Assured

comes to Rs 28,100 before the High Sum Assured Rebate. After the High Sum Assured Rebate,

the premium is Rs 26,600.

Sum Assured Range High Sum Assured Rebate

Rs 100,000 – Rs 249,000 Re 1 per 1,000 sum assured

Rs 250,000 – Rs 499,000 Rs 2 per 1,000 sum assured

Rs 500,000 – Rs 9,99,000 Rs 3 per 1,000 sum assured

Rs 10,00,000 and above Rs 4 per 1,000 sum assured


Waiver of Premium Benefit

In the event of unfortunate loss of life, your child is completely protected. The Company waives

the entire future premium apart from paying the Sum Assured to the Beneficiary. In additions all

the fixed benefits are paid as and when due. Bonuses will remain attached to your Policy and are

payable at maturity.

Can I take a loan against my Policy?

Yes, you can take loan against your Policy. The Policy loan can be up to a maximum of 90% of

the Surrender Value of the Policy at the time of taking the loan based on the terms and conditions

at that time.

This facility is available after premium payment of 3 full years’ and after 3 years have elapsed

from date of commencement of the Policy. The interest will be charged on any outstanding loan

at a rate of interest set by us, from time to time.

What happens if I discontinue paying premium?

During the first three years, if premiums are not paid within the grace period the Policy will

lapse.

After the first three years if premiums are not paid within the grace period the Policy will be

made paid up and the Sum Assured will be reduced, firstly, in the proportion of completed

duration to original policy term and secondly, by the amount of periodic lump sum payments

already made.

Any accumulated bonuses attached to this Policy will remain attached in full. Once this Policy

becomes ‘paid-up’, no further bonuses are payable. You will receive the ‘paid-up’ Sum Assured

in the event of loss of life. Once the Policy becomes paid-up any outstanding fixed benefits will
be reduced to the paid up Sum Assured divided by the number of outstanding fixed benefits. On

maturity, the accumulated bonuses up to the date of ‘paid-up’ are paid.

What if I want to discontinue the Policy?

We provide you the option to surrender your Policy and receive the Surrender Value. If your

Policy has accumulated any bonuses, then you will also receive the cash value of that total

amount upon surrendering your Policy.

Your plan acquires a Surrender Value after 3 years’ premium has been paid and after three years

have elapsed form date of commencement of Policy. We guarantee a minimum Surrender Value

of 30% of the total premiums paid (excluding any extra premiums and premiums for additional

benefits) subsequent to the first year premium, less the total of any periodic lump sum fixed

benefits already paid under this Policy.

On surrender, the insurance protection provided under the Policy will also cease.

Flexible Premium Payment Modes

Yearly

Half-yearly

Quarterly

Monthly (with salary deduction schemes only)

Grace Period

One month or 30 days from the due date for the payment of premiums.

Tax Benefit

Premiums paid are eligible for tax deduction under Section 80C & 80D of the Income Tax Act,

1961. Maturity & Death Benefit are tax free under Section 10(10) D of the Income Tax Act,

1961. Under Section 80C, premiums upto Rs 100,000 are allowed as deduction from your
taxable income. Under Section 80 D premium upto Rs 10,000 (Rs 15,000 for senior citizens) are

allowed as deduction from your taxable income.

(80 D - Applicable to Critical Conditions Premium)

General Exclusions

We will not pay any claim on death if the Life Assured, whether sane or insane, commits suicide

within 12 months from the date of issue of this Policy or the date of any reinstatement of this

Policy.

15 Days Free Look Period

The Policyholder may cancel this Policy by returning it to the Company within 15 days of

receiving it together with a letter requesting it be cancelled. The Company will refund the

premium paid by the Policyholder less a deduction:

of the proportionate premium for the time cover has been provided till cancellation

of expenses incurred by the Company for medical examination of the Life Assured, Stamp

Charges and expenses incurred in that connection.

Prohibition of Rebate: Section 41 of the Insurance Act, 1938 states:1) No person shall allow or

offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or

continue an insurance in respect of any kind of risk relating to lives or property in India, any

rebate of the whole or part of the commission payable or any rebate of the premium shown on

the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate,

except such rebate as may be allowed in accordance with the published prospectuses or tables of

the insurer.
2) Any person making default in complying with the provisions of this section shall be

punishable with a fine which may extend to five hundred rupees.

Reliance Life Insurance is a fully licensed life assurance company registered with Insurance

Regulatory & Development Authority (IRDA). Registration No: 121.

Reliance Term Plan

Life, as we know, is full of uncertainties. And to keep ahead of them, you need to plan ahead.

Reliance Term Plan is a pure life insurance plan that offers you comprehensive and affordable

coverage for a limited period of time to suit your needs.

Key Features

 Get higher insurance protection at economical rates

 Optional accidental & disability rider to enhance protection

 Economical way to protect your family against financial liabilities like loss of income

and outstanding loans etc.

 Discount on premium rates for women

 Suitable for business owners who want to cover the life of their key employees

How does this Plan work?

You pay premium every year for the entire policy term. On death your Beneficiary will get the

Sum Assured. There is no Maturity Benefit under this plan.

Benefits

Life Cover Benefit: In the unfortunate event of loss of life, your beneficiary will receive the

Sum Assured.

Maturity Benefit: There is no Maturity Benefit payable under this Policy.


Rider Benefit: You also have the option to add Accidental Death Benefit and Total and

Permanent Disablement Rider.

Accidental Death Benefit & Total and Permanent Disablement Benefit Accidents are unfortunate

and sometimes fatal. You can customise your basic Policy with an Accidental Death Benefit &

Total and Permanent Disablement Rider.

The Accidental Death Benefit is payable if death occurs directly as a result of an accident and is

intimated within 90 days of its occurrence.

The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000

and the maximum under all Policies taken together is Rs 50,00,000.

The Total and Permanent Disablement Benefit is payable if the Life Assured becomes totally and

permanently disabled directly as a result of an accident.

The Disability Benefit is equal to the basic Sum Assured paid in ten equal annual installments

Total and permanent disablement is defined as the total and irrecoverable loss of sight of both

eyes, or loss by severance of two limbs at or above wrist or ankle, or total and irrecoverable loss

of the sight of one eye and loss by severance of one limb at or above wrist or ankle for a period

of at least six months.

Inbuilt Waiver of Premium If the Life Assured becomes totally and permanently disabled, then

Reliance Life Insurance will waive all future premiums under the basic policy and riders up to a

limit of Rs 40,000 p. a.

Accidental Death & Disability Benefit


Age at entry 18 yrs 59 yrs
Age at expiry 25 yrs 64 yrs
Sum Assured Rs 25,000 Rs 50,00,000 (subject to a maximum of basic policy
sum assured)

Exclusions

Exclusion with Accidental Death & Total and Permanent Disablement Benefit Rider:

The Company will not pay any accidental death claim or total and permanent disablement

claims which results directly or indirectly from any one or more of the following:

 An act or attempted act of self-injury,

 Participation in any criminal or illegal act,

 Being under the influence of alcohol or drugs except under direction of a registered

medical practitioner,

 Racing or practicing racing of any kind other than on foot,

 Flying or attempting to fly in, or using or attempting to use, an aerial device of any

description, other than as a fare paying passenger on a recognised airline or charter

service,

 Participating in any riot, strike or civil commotion, active military, naval, air force, police

or similar service, or

 War, invasion, act of foreign enemies, hostilities or war like operations (whether war be

declared or not), civil war, mutiny, military rising, insurrection, rebellion, military or

usurped power or any act of terrorism or violence.

Flexibility

This rider can be attached to your policy at the beginning or at any Policy Anniversary during the

term of the Contract, subject to underwriting conditions prevailing at that time.


Sample Illustration:

The tables below show the indicative premiums for a male Life Assured across different Sum

Assured and ages for policy term of 20, 25 and 30 years.

Sum Assured: 10 Lakh Sum Assured: 15 Lakh Sum Assured: 20 Lakh


Age\Term
20 25 30 20 25 30 20 25 30
30 2600 3070 3640 3650 4355 5210 4700 5640 6780
35 3630 4380 5260 5195 6320 7640 6760 8260 10020
40 5400 6540 NA 7850 9560 NA 10300 12580 NA
45 8220 NA NA 12080 NA NA 15940 NA NA

What is the Policy Term?


Minimum Policy Term: 5 years
Maximum Policy Term: 30 years
Who can buy this product?
Minimum age at entry: 21 years
Maximum age at entry: 60 years
Maximum age at maturity: 65 years
What is the Sum Assured?
Minimum Sum Assured: Rs 2,50,000
Maximum Sum Assured: No Limit
Minimum Premium: Rs 2,000 per installment
What happens if I discontinue paying premium?

The Policy will lapse if the premiums are not paid within the grace period. The grace period is

one month but not less than 30 days.

However, you have the option to revive the Policy within three years from the date of lapse

subject to revival conditions.

The policy is not eligible for any Paid-up or Surrender Value.


Flexible Premium Payment Modes?

a. Yearly

b. Half-yearly

c. Quarterly.

The Company will charge a Policy Fee, depending on the Premium Payment Mode selected by

you.

Advantage Women:

Women Policyholders have an advantage as they receive discount on premium paid. For the

basic Policy, basic premium payable will be equivalent to the premium for a three-year younger

male Policyholder.

Tax Benefit:

Premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

Death Benefit is tax free under Section 10 (10 D) of the Income Tax Act, 1961. Under Section

80C, premiums paid up to Rs 1,00,000 are allowed as deduction from your taxable income.

General Exclusion

We will not pay any claim on death if the Life Assured, whether sane or insane, commits suicide

within 12 months from the date of issue of this Policy or the date of any reinstatement of this

Policy.
15 Day Free Look Period:

The Policyholder may cancel this policy by returning it to the Company within 15 days of

receiving it together with a letter requesting it be cancelled. The Company will refund the

premium paid by the Policyholder less a deduction:

 of the proportionate premium for the time cover has been provided till cancellation

 of expenses incurred by the Company for medical examination of the Life Assured,

Stamp Charges and expenses incurred in that connection.

Prohibition of Rebate: Section 41 of the Insurance Act, 1938 states:

1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any

person to take out or renew or continue an insurance in respect of any kind of risk relating to

lives or property in India, any rebate of the whole or part of the commission payable or any

rebate of the premium shown on the policy, nor shall any person taking out or renewing or

continuing a policy accept any rebate, except such rebate as may be allowed in accordance with

the published prospectuses or tables of the insurer.

2) Any person making default in complying with the provisions of this section shall be

punishable with a fine which may extend to five hundred rupees.

Reliance Life Insurance is a fully licensed life assurance company registered with Insurance

Regulatory & Development Authority (IRDA). Registration No: 121.

Reliance Whole Life Plan

You always loved your family. As a loving person you also wanted to be rest assured in the

knowledge that they will be happy, even if something were to happen to you. With Reliance

Whole Life Plan you can be sure that your family will receive that timely financial support they

need.
Key Features

 Insurance protection till age 85

 Choose to extend your insurance coverage till age 99

 Convenient Premium Payment Term Wealth creation through bonus additions

 More value for your money by way of High Sum Assured Rebate

 Get Sum Assured plus bonuses in case of your unfortunate death

 Option to add two riders – Critical Illness and Accidental Death Benefit & Total &

Permanent Disablement Rider

 Policy Loan available after three full years’ premium payment

How does this Plan work?

You pay premium every year for the desired Premium Paying Term. You get Sum Assured plus

bonuses on reaching age 85. You choose to continue with the insurance cover uptil the age of 99

and the Policy will continue to participate in profits till then. On death, your Beneficiary will get

the Sum Assured plus accumulated bonuses.

Benefits

Maturity Benefit: On attaining age 85 you get Sum Assured plus accumulated bonuses

Life Cover Benefit: In the unfortunate event of loss of life, your beneficiary will receive the

Sum Assured plus accumulated bonuses till that date.

Rider Benefit: You also have the option to add 2 additional benefits to customize the Policy

as per your needs.

a. Accidental Death Benefit & Total & Permanent Disablement Rider

b. Critical Illness Rider


Accidental Death Benefit & Total & Permanent Disablement Rider Accidents are unfortunate

and sometimes fatal. You can customise your basic Policy with an Accidental Death Benefit &

Total and Permanent Disablement Benefit Rider.

The Accidental Death benefit is payable if death occurs directly as a result of an accident and is

intimated within 90 days of the occurrence.

The Benefit payable is equal to the Rider Sum Assured. The minimum Sum Assured is Rs 25,000

and the maximum under all Policies taken together is Rs 50,00,000.

The Total and Permanent Disablement Benefit is payable if the Life Assured becomes totally and

permanently disabled directly as a result of an accident.

The Disablement Benefit is equal to the basic Sum Assured paid in ten equal annual installments

Total and Permanent Disablement is defined as the total and irrecoverable loss of sight of both

eyes, or loss by severance of two limbs at or above wrist or ankle, or total and irrecoverable loss

of the sight of one eye and loss by severance of one limb at or above wrist or ankle for a period

of at least six months.

Inbuilt Waiver of Premium

If the Life Assured becomes totally and permanently disabled, then Reliance Life Insurance will

waive all future premiums under the basic policy and riders up to a limit of Rs 40,000 p. a.

Accidental Death & Disability Benefit


Age at entry 18 yrs 59 yrs
Age at expiry 25 yrs 64 yrs
Rs 50,00,000 (subject to a maximum of basic policy
Sum Assured Rs 25,000
sum assured)

Exclusions

The Company will not pay any Accidental Death Claim or Total and Permanent
Disablement Claims which results directly or indirectly from any one or more of the

following:

 An act or attempted act of self-injury,

 Participation in any criminal or illegal act,

 Being under the influence of alcohol or drugs except under direction of a registered

medical practitioner,

 Racing or practicing racing of any kind other than on foot,

 Flying or attempting to fly in, or using or attempting to use, an aerial device of any

description, other than as a fare paying passenger on a recognised airline or charter

service,

 Participating in any riot, strike or civil commotion, active military, naval, air force, police

or similar service, or

 War, invasion, act of foreign enemies, hostilities or war like operations (whether war be

declared or not), civil war, mutiny, military rising, insurrection, rebellion, military or

usurped power or any act of terrorism or violence.

Critical Illness Rider

Sudden onset of a major illness causes worries and heavy expenses. Our optional Critical

Conditions Cover helps provide financial relief in such cases. It pays you the Sum Assured

upfront in respect of ten major illnesses.

a. Cancer

b. Coronary Artery Bypass Surgery

c. Heart Attack

d. Stroke
e. Kidney Failure

f. Aorta Surgery

g. Coma

h. Heart Valve Replacement

i. Major Organ Transplant

j. Paralysis

This Benefit can be availed only once against any one of the illnesses and the Company will not

pay the claim if it arises from deliberate self-injury or attempted suicide by the Life Assured,

whether sane or insane. This Benefit will only be given, if the diseases are confirmed by a

Consultant Physician.

Critical Illness
Age at entry 18 yrs 55 yrs
Age at expiry 25 yrs 64 yrs
Rs 10,00,000 (subject to a maximum of basic policy
Sum Assured Rs 1,00,000
sum assured)
Minimum policy term 5
Exclusion with Critical Illness

Cancer: any CIN stage (cervical intraepithelial neoplasia); any pre-malignant tumour; any non-

invasive cancer (cancer in situ); prostate cancer stage 1 (T1a, 1b, 1c); all skin cancers including

malignant melanoma stage IA (T1a N0 M0); any malignant tumour in the presence of any

Human Immunodeficiency Virus.

Heart Attack: Non-ST-segment elevation myocardial infarction (NSTEMI) with elevation of

Troponin I or T; other acute Coronary Syndromes.

Stroke: Transient ischemic attacks (TIA); neurological symptoms due to migraine.


Coronary Artery (Bypass) Surgery: Angioplasty and/or any other intra-arterial

procedures; key-hole surgery.

Paralysis: Paralysis due to Guillain-Barré-Syndrome.

Waiting and Survival Period

The Company will not pay the Critical Illness Benefit if:

 The critical illness begins prior to or within six months of the commencement date or

date of reinstatement of the Benefit - Waiting Period

 Death from critical illness takes place within 30 days of the onset of the same – Survival

Period

Flexibility

These riders may be attached to your Policy at the beginning or at any Policy Anniversary during

the term of the Contract, subject to underwriting conditions prevailing at that time.

Sum assured for Critical Illness Rider may be increased or decreased by the Policyholder:

 The increase is subject to underwriting conditions

 Once decreased, further increases will not be allowed

The Contract can be terminated and opted for only once, by the Policyholder at any time. Though

above are general conditions of the rider, we may specify restrictions (like time of exercise) on

the above options. Such restrictions would be filed along with the based product filing.

Sample Illustrations

The tables below show the indicative premiums for an individual life assured across different

sum assured for a premium paying term of 20, 30 and 40 years


Sum Assured: 1 Lakh Sum Assured: 3 Lakh Sum Assured: 5 Lakh
Age\Term
20 30 40 20 30 40 20 30 40
30 3300 2720 2490 9600 7860 7170 15500 12600 11450
35 3735 3105 NA 10905 9015 NA 17675 14525 NA
40 4250 3580 NA 12450 10440 NA 20250 16900 NA
45 4920 NA NA 14460 NA NA 23600 NA NA
Indicative Maturity Benefit:

The table below shows the Indicative Maturity Benefits for different Sum Assured levels for

individual life at age 85 for ages 30, 35 and 40 years.

Maturity Benefit @ 6%* Maturity Benefit @ 10%*


Sum Assured\Ages
30 35 40 30 35 40
100000 320000 300000 280000 375000 350000 325000
300000 960000 900000 840000 1125000 1050000 975000
500000 1600000 1500000 1400000 1875000 1750000 1625000
* The above Maturity Benefits are calculated for an illustrative gross investment return of 6% &

10% per annum as specified by IRDA.

What is the Policy Term?


Minimum Premium Paying
5 years
Term:
Maximum Premium Paying
40 years
Term:
Who can buy this product?
Minimum age at entry: 20 years
Maximum age at entry: 60 years
Minimum age at maturity: 85 years
Maximum age at maturity: 99 years
What is the Sum Assured?
Minimum Sum Assured: Rs 25,000
Maximum Sum Assured: No Limit

Savings and accumulation through bonuses:


The Company will declare simple reversionary bonus and is payable at maturity or on death,

whichever is earlier.

More value for money – High Sum Assured Rebate Reliance Whole Life Plan offers an attractive

premium discount for Sum Assured over and above 99,999 as mentioned below. For example, as

per the tabular premium rates, the annual premium for a 30 year old male for a 30 year premium

paying term for Rs 5 lakh Sum Assured comes to Rs 14,100 before the High Sum Assured

Rebate. After the High Sum Assured Rebate, the premium is Rs 12,600.

Sum Assured Range High Sum Assured Rebate


Rs 100,000 – Rs 249,000 Re 1 per 1,000 sum assured
Rs 250,000 – Rs 499,000 Rs 2 per 1,000 sum assured
Rs 500,000 – Rs 9,99,000 Rs 3 per 1,000 sum assured
Rs 10,00,000 and above Rs 4 per 1,000 sum assured
Can I take a loan against my Policy?

Yes, you can take loan against your Policy. The Policy Loan can be up to a maximum of 90% of

the Surrender Value of the Policy at the time of taking the loan based on the terms and conditions

at that time.

This facility is available after 3 full years’ premium payment and after 3 years have elapsed from

date of commencement of the Policy. The interest will be charged on any outstanding loan at a

rate of interest set by us, from time to time.

What happens if I discontinue paying premium?

During the first three years, if premiums are not paid within the grace period the Policy will

lapse.
If you discontinue paying premium after paying premium for three full years’, then your Policy

will be converted in to a Paid up for a reduced Sum Assured determined in the same proportion

as the amount of premiums actually paid bears to the total amount of premiums payable. The life

insurance protection will continue to the extent of the Paid-up value until the end of the Policy

Term.

Any accumulated bonuses attached to this policy will remain attached in full. Once this Policy

becomes ‘Paid-up’ no further bonuses will be attached to the Policy. You will receive the ‘Paid-

up’ Sum Assured plus bonuses on the maturity date of the Policy or in the event of loss of life.

Grace Period:

One month or 30 days from the due date for the payment of premium.

What if I want to discontinue the Policy?

We provide you the option to surrender your Policy and receive the surrender value. If your

Policy has accumulated any bonuses, then you will also receive the cash value of that total

amount upon surrendering your Policy.

Your plan acquires a Surrender Value after 3 years’ premium has been paid. We guarantee a

minimum Surrender Value of 30% of the Total Premiums Paid (excluding any extra premiums

and premiums for additional benefits) subsequent to the first year premium.

On surrender, the insurance protection provided under the Policy will also cease.

Can I revive a Policy which is lapsed?

A lapsed Policy can be revived/reinstated for full benefits anytime before the date of maturity at

terms and conditions required by the Company.


Flexible Premium Payment Modes

a. Yearly

b. Half-yearly

c. Quarterly

d. Monthly (with salary deduction schemes only)

For Regular Premium Mode the grace period is 30 days

Tax Benefit:

Premiums paid are eligible for tax deduction under Section 80C & 80D of the Income Tax Act,

1961. Maturity & Death benefit are tax free under Section 10(10 D) of the Income Tax Act,

1961. Under Section 80C premiums upto Rs 1,00,000 are allowed as deduction from your

taxable income. Under Section 80D premium upto Rs 10,000 (Rs 15,000 for senior citizens) are

allowed as deduction from your taxable income.

(80 D - Applicable to Critical Conditions Premium)

General Exclusion:

We will not pay any claim on death if the Life Assured, whether sane or insane, commits suicide

within 12 months from the date of issue of this policy or the date of any reinstatement of this

Policy.

15 Days Free Look Period:


The Policyholder may cancel this Policy by returning it to the Company within 15 days of

receiving it together with a letter requesting it be cancelled. The Company will refund the

premium paid by the Policyholder less a deduction:

 of the proportionate premium for the time cover has been provided till cancellation

 of expenses incurred by the Company for medical examination of the Life Assured,

Stamp Charges and expenses incurred in that connection.

Prohibition of Rebate: Section 41 of the Insurance Act, 1938 states:

1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any

person to take out or renew or continue an insurance in respect of any kind of risk relating to

lives or property in India, any rebate of the whole or part of the commission payable or any

rebate of the premium shown on the policy, nor shall any person taking out or renewing or

continuing a policy accept any rebate, except such rebate as may be allowed in accordance with

the published prospectuses or tables of the insurer.

2) Any person making default in complying with the provisions of this section shall be

punishable with a fine which may extend to five hundred rupees.

Reliance Life Insurance is a Fully Licensed Life Assurance Company registered with Insurance

Regulatory & Development Authority (IRDA). Registration No: 121.

Reliance Market Return plan

You have always aspired for the best in life. And we help you achieve just that.

With Reliance Market Return plan you can have the twin advantage of insurance protection as

well as reaping the benefits of investment growth. It is a flexible plan which works all through

your life and meets the changing requirements like additional protection, liquidity through cash,

option to invest in different asset class, steady golden years and many more.
Key Features – Reliance Market Return Plan:

 Twin benefit of market linked return and insurance protection

 A Unit Linked Plan, different form traditional Life Insurance products, with maximum

maturity age of 80 years

 Option to create your own portfolio depending on your risk appetite

 Choose from 4 different investment funds

 Flexibility to switch between funds

 Option to pay regular as well as single premium & Top-ups

 Option to package with Accidental riders

 Flexibility to increase the Sum Assured

 Liquidity through partial withdrawals

How does this Plan work?

The premium made net of Premium Allocation Charges by you is invested in fund/funds of your

choice and units are allocated depending on the price of units for the fund/funds.

The value of your Unit Account is the total value of units that you hold in the fund/funds. The

Mortality Charges and Policy Administration Charges are deducted through cancellation of units

whereas the Fund Management Charge is priced in the unit value.

Benefits

Life Cover Benefit: You can choose the basic Sum Assured within the minimum and

maximum levels mentioned below

Minimum Sum Assured:


 Regular Premium: Annualized Premium for 5 years or for half the Policy term

 Single Premium: 125% of the single premium

Maximum Sum Assured: No Limit (Rs 500,000 for age up to 12 years)

In case of unfortunate loss of life, your Beneficiary will get sum Assured or Unit Account Value

whichever is higher.

Maturity Benefit: On survival, at maturity the value of your Unit Account will be paid out.

Rider Benefit: You can add the Accidental Death & Accidental Total and Permanent

Disablement Benefit Rider (available only with regular premium option).

This benefit doubles the life coverage in case of accidental death or accidental total and

permanent disablement at a very nominal additional cost. The maximum cover is Rs. 50,00,000

per life.

In case of accidental total and permanent disablement, 1/10th of the Sum Assured will be paid at

the end of each year for ten years. If the total and permanent disablement has commenced, the

Accidental Death Benefit Cover ceases.

In case of maturity or on death of the Assured, after payment of installments of Accidental Total

and Permanent Disablement Benefit, the remaining unpaid installments if any will be paid in one

lump sum.

Accidental total and permanent disablement means disability caused by bodily injury, which

causes permanent inability to perform any occupation or to engage in any activities for

remuneration or profits. This disability should last for at least 6 months before being eligible for

Accidental Total and Permanent Disablement Benefits.


Total and permanent disablement includes loss of both arms or both legs or one arm and one leg

or of both eyes. Loss of arms or legs means dismemberment by amputation of the entire hand or

foot. Loss of eyes means entire and irrecoverable loss of sight.

Exclusions to Rider Benefit

Reliance Life Insurance will not be liable to pay any Accidental Death Benefit Claim or Total

and Permanent Disablement Claim which results directly or indirectly from any one or more of

the following:

 An act or attempted act of self – injury

 Participation in any criminal or illegal acts

 Being under the influence of alcohol or drugs

 Racing or practicing racing of any kind other than on foot

 Flying or attempting to fly in, or using or attempting to use, an aerial device of any

description, other than as a fare paying passenger on a recognized airline or charter

service.

 Participating in any riot, strike or civil commotion, active military service, naval airforce,

police or similar services or

 War, invasion, act of foreign enemies, hostilities or war like operations (whether war be

declared or not), civil war, mutiny, military rising, insurrection, rebellion, military or

usurped power or any act of terrorism.

What are the different fund options?

Reliance Life Insurance understands the value of your hard earned money and in our endeavour

to help you grow your wealth, we offer you 4 different tailor-made investment funds. You have

the option to allocate your premium in these funds as you wish.


The four different funds offered are

1. Capital Secure Fund: The investment objective of this fund is to maintain the value of all

contributions (net of charges) and all interest additions. This Fund offers steady return for very

little risk. The risk profile of this fund is low. Your funds are invested 100% in Bank Deposits,

Government Bonds and debt instruments that offer financial security.

Further, allocation in Capital Secure Funds for a policy is a subject to a maximum limit of

20% at any time.

2. Balanced Fund: The investment objective of this Fund is to provide you with investment

returns which exceed the rate of inflation in the long term while maintaining a low probability of

negative investment returns. In this fund, a major portion of your funds are invested in fixed

securities while a small percentage is invested in the equity market, which is exposed to market

movements. The risk profile of this fund is low to medium.

Investment would be at least 80% in fixed interest securities and maximum 20% in equities.

3. Growth Fund: The investment objective of this Fund is to provide you with investment

returns which exceed the rate of inflation in the long term while maintaining a moderate

probability of negative investment returns. This fund offers a greater portion of your funds are

invested in fixed securities while a small percentage is invested in the equity market, which is

exposed to market movements. The risk profile of this fund is medium to high.

Investment would be at least 60% in fixed interest securities and maximum 40% in equities.

4. Equity Fund: The investment objective of this fund is to provide Policyholders with high

exposure to equities and the possibility of investment returns which generate a high real rate of

return in the long term while recognizing that there is a significant probability of negative

investment returns in the short term. This fund offers a totally equity based investment option.
Your returns depend entirely upon the performance of the equity market. The risk profile of this

fund is high. The higher risk of this portfolio means that expected returns would also be higher.

Investments would not exceed 30% in Bank Deposits and may be 100% in equities.

Value of Units: The unit price of each Fund will be the unit value calculated on a daily basis.

Total Market Value of assets plus/less expenses incurred in the


purchase/sale of assets plus Current Assets plus any accrued income net
of fund management charges less Current Liabilities less Provision
Unit Price =
Total Number of units on issue (before any new units are
allocated/redeemed)

Flexibility

Pay top-ups

If you have received a bonus or some lumpsum money you can use that as a top-up to increase

the investments component in your Policy. Top-ups are allowed only if all premiums due till date

are paid.

There is no restriction on the maximum amount of top-ups. However top-ups made over and

above 25% of the basic regular premium paid till date will lead to an increase in Sum Assured to

the extent of 125% of the excess top up premiums. The minimum top-up amount is Rs. 2,500.

98% of any amount paid as top-up is allocated to your funds.

Make partial withdrawals

After three years,

 If your Unit Account Value is less than the Sum Assured, then the maximum partial

withdrawal can be Rs 5,000 per partial withdrawal.


 If your Unit Account Value is more than the Sum Assured, then the maximum partial

withdrawal is the difference between the Unit Account Value and the Sum Assured plus

Rs 5000.

 Higher amounts of partial withdrawals are allowed subject to underwriting.

 Two partial withdrawals are allowed every year. Minimum Fund Value after each partial

withdrawal should be Rs 10,000.

 For the purpose of partial withdrawals, top-ups would have a lock-in of three years from

the date the top-ups are made until then no partial withdrawals are allowed. This

condition is not applicable if the top-ups premiums are paid during the last three years of

the Policy term.

 Where the Life Assured is minor, - partial withdrawals are allowed on or after attainment

of age 18 years or after 3 years if later.

Increase the Sum Assured

You are free to increase the Sum Assured. Once Sum Assured is increased it remains for the

entire outstanding Policy term.

Increase in Sum Assured is subject to underwriting.

Control your investments

You have full control on your investments. Depending upon the performance of your funds you

can switch between funds. There will be one free switch in a Policy year.

Redirect future premiums

Redirection is retaining the units you have already invested and purchasing units using

subsequent premium payments in an alternative proportion of your choice. The units you have

already purchased with your premiums remain as they are while you redirect your future
premium payments to other funds of your choice. (applicable for regular premium payment

option only)

Settlement Options

This option enables you to take the maturity proceeds in the form of periodical payments after

the maturity date instead of a lump sum on the maturity date. You can choose to redeem the units

in his/her Unit Fund anytime up to 5 years from the date of maturity.

Who can buy this product?

Minimum Age at entry 30 days


Maximum Age at entry 65 years
Maximum Age at maturity 80 years

What is the Policy term?

Minimum Policy term 5 years


Maximum Policy term 40 years

Flexible Premium Payment Modes?

You have a choice of five premium payment modes

Annual Rs. 10,000


Half-yearly Rs. 5,000
Quarterly Rs. 2,500
Monthly Rs. 1,000
Single premium Minimum Premium is Rs. 25,000

What if I want to discontinue the Policy?

You may surrender a Policy at any time after three year from commencement. The Surrender

Values are detailed below:


Regular Premium Policies

Surrender Value as percentage of Unit


No of Years premiums paid
Account Value
Less than 1 0%
1 50%
2 80%
3 and more 100%

Single premium Policies

Under single premium policies, Surrender Value is 100% of Unit Account.

Charges Under the plan:

1. Premium Allocation Charge

For regular premium policies:

Term of the Policy


Year 5-9 10-14 15+
First Year 10% 15% 20%
Thereafter 5% 5% 5%
The Premium Allocation Charge for single premium & top-ups is 2%.

2. Policy Administration Charge: Rs 40 will be deducted from your Unit Account each month.

3. Fund Management Charge:

Unit Linked Funds Annual Rate*


Capital Secure 1.50%
Balanced 1.50%
Growth 1.75%
Equity 1.75%
*The Fund Management Charges will be deducted on a daily basis.

Revision of Charges:
The Fund Management Charges are subject to revision at any time, but they will not exceed 2%

p.a. for the Capital Secure Fund and 2.5% p.a. for the other funds.

4. Partial Withdrawal Charges: Rs 100 per withdrawal will be deducted from your Unit

Account.

5. Switching Charge: 1% of the amount switched, with a maximum of Rs.1,000/-.

6. Mortality Charge: The Mortality Charges, based on your attained age, are determined

using 1/12th of the charges mentioned in Appendix 1 and are deducted from the Unit Account

monthly.

7. Surrender charge: This charge is levied on the Unit Fund at the time of surrender of the

Policy as under:

Regular Premium

Surrender Charge as percentage of Unit


Years’ premiums paid
Account Value
Less than 1 100%
1 50%
2 20%
3 and more NIL

Single Premium - NIL

Any changes made to the charges under this Policy will be subject to IRDA approval

How safe is your investment?

 The investments made in the Unit Funds are subject to investment risks associated with

Capital Markets and the NAVs of the units may go up or down based on the performance
of the fund and the factors influencing the Capital Market, and the insured is responsible

for his / her decisions.

 The Unit Price is a reflection of the financial and equity/debt market conditions and can

increase or decrease at any time due to this.

 Benefit payable under the Policy will be made according to the tax laws and other

regulations in force at that time.

 There are no guarantees for any fund of any kind under this Policy. The benefit payable

on maturity will be equal to the value of your units.

 The name in the funds in no way indicates the returns derived from them.

What happens if I discontinue paying regular premiums?

Within 3 years of the inception of the Policy:

If premiums have not been paid for at least three consecutive years the insurance cover will cease

immediately. However, you will continue to participate in the performance of Unit Funds chosen

by you.. The monthly Policy Administration Charges will be deducted from your account by

cancellation of units.

You may revive the Policy by re-commencing the premium payment within a period of three

years from the date of first unpaid premium or before the maturity date of the Policy whichever

is earlier.

In case the Contract is not revived during revival period, the Contract shall be terminated and the

surrender value, if any, shall be paid at the end of third Policy Anniversary or at the end of the

period allowed for revival whichever is later.

After paying of at least 3 full years’ premiums:


If premiums have been paid for at least three consecutive years and subsequent premiums are

unpaid, the Policy will remains in force with Sum Assured intact. The Mortality and Policy

Administration Charges will be deducted from your account by cancellation of units. You will

continue to participate in the performance of the Unit Funds chosen by you.

You may revive the Policy by re-commencing the premium payment within a period of three

years from the date of first unpaid premium or before the maturity date of the Policy whichever

is earlier

At the end of the allowed period for revival, if the Policy is not revived, the Policy shall be

terminated by paying the surrender value.

However, you may opt to continue the Policy even beyond the revival period (but not beyond the

maturity date of the Policy). The mortality and administration charges will be deducted from

your account by canceling the units. You will continue to participate in the performance of the

Unit Funds chosen by you. This option will be available until the Fund Value does not fall below

an amount equivalent to one full year’s premium.

If at any point of time, the Fund Value reaches an amount equivalent to one full year’s premium,

the Policy shall be terminated by paying the Fund Value.

Tax Benefit

Premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

Provided the premium in any years during the term of the Policy does not exceed 20% of the

Sum Assured, maturity and withdrawals are eligible for tax benefit under Section 10(10D). Death

benefit are tax free under Section 10(10) D of the Income Tax Act, 1961. Under Section 80C

premiums up to Rs 100,000 are allowed as deduction from your taxable income.

General Exclusion
If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of

issue of this Policy or the date of any revival of a Policy, the Company will limit the death

benefit to the value of the Unit Account and will not pay any insured benefit.

15 day free look period

The Policyholder may cancel this Policy by returning it to the Company within 15 days of

receiving it together with a letter requesting it be cancelled. The Company will refund the

premium paid by the Policyholder less a deduction:

 of the proportionate premium for the time cover has been provided till cancellation

 of expenses incurred by the Company for medical examination of the Life Assured,

Stamp Charges and expenses incurred in that connection.

Please note that Reliance Life Insurance Company Limited is only the name of the insurance

Company and Reliance Market Return Plan is only the name of the unit linked life insurance

Policy and does not in anyway indicate the quality of the Policy or its future prospects or returns.

Prohibition of Rebate: Section 41 of the Insurance Act, 1938 states:

1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any

person to take out or renew or continue an insurance in respect of any kind of risk relating to

lives or property in India, any rebate of the whole or part of the commission payable or any

rebate of the premium shown on the Policy, nor shall any person taking out or renewing or

continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with

the published prospectuses or tables of the insurer.

2) Any person making default in complying with the provisions of this section shall be

punishable with a fine which may extend to five hundred rupees.


Reliance Golden Years Plan

Retirement means different things to different people, while some want to relax and take a trip

around the world, some want to start up a venture of their own, and pursue a dream harnessed for

years.

The power to make your autumn years special lies only with you. The Reliance Golden Years

Plan gives you the power and the right kind of solution - A retirement plan that allows you to

save systematically and generate the much-needed corpus to make your olden years look golden.

Under this plan the investment risk in the investment portfolio is borne by the policyholder.

Key Features

 Invest systematically and secure your golden years

 A flexible unit-linked pension product that is different from traditional life insurance

products with Vesting Age between 45 and 70 years

 Four different investment funds to choose from

 Flexibility to switch between funds

 Option to pay Regular, Single as well as Top-up Premiums

 Flexibility to advance/extend your Vesting Age

 Tax free commutation up to one third of Fund Value at Vesting Age

How does Reliance Golden Years Plan work?


The plan works in two parts – the Accumulation Period (i.e. the Policy Term) and the

Distribution Period. The Accumulation period is the time when you build up your funds through

premiums payment.

On your chosen Vesting Date, the Accumulation Period ends and the distribution period begins.

You are free to choose your age of Retirement (Vesting Date) between 45 and 70 years. After the

Vesting Date, the Annuity Payments begin.

On your Vesting Date, you have the following Annuity Options to choose from

1. Life Annuity

2. Life Annuity with return of purchase price on death. Purchase Price is the amount of

Fund Value used to purchase an annuity.

3. Life Annuity Guaranteed for 5, 10 or 15 years and payable for life thereafter

These options are currently available with Reliance Life Insurance Company Ltd. We may offer

more annuity options in future.

What are the benefits available with Reliance Golden Years Plan?

At Vesting:

1. On vesting, you can purchase annuity plan for the full Fund Value

2. You may commute up to one third of Fund Value as tax free lump sum and the balance

can be used for the purchase of annuity

3. Open Market Option: you can purchase an annuity either from Reliance Life Insurance

Company Limited or from any other registered life insurance company.

At Death: In the unfortunate event of your death during the Policy term, the Beneficiary will get

the Fund Value. This amount can be taken as a lump sum or an annuity can be purchased for the

entire lump sum or portion of it. The Beneficiary will have the option to purchase an annuity
either from Reliance Life Insurance Company Limited or from any other registered life insurance

company.

What are the different fund options?

Reliance Life Insurance Company Limited understands the value of your hard earned money. In

order to make your money grow we offer four different investment funds. You also have the

option to allocate your premium in different funds in the manner you wish.

The four different funds offered are

1.Capital Secure Fund: The Investment Objective of this fund is to maintain the value of all

contributions (net of charges) and all interest additions. This fund offers steady return for very

little risk. The risk profile for this plan is low. Your funds are invested 100% in Bank Deposits,

Government Bonds and Debt Instruments less than 180 days duration.

You may invest a maximum of 20% of the total premiums in the Capital Secure Fund.

2. Balanced Fund: The Investment Objective of this fund is to provide you with investment

returns which exceed the rate of inflation in the long term while maintaining a low probability of

negative investment returns. In this fund, a major portion of your funds are invested in Fixed

Interest Securities while a small percentage is invested in the Equity Market, which is exposed to

market movements. The risk profile of this fund is low to medium.

Investment would be atleast 80% in Fixed Interest Securities and maximum 20% in equities.

3. Growth Fund: The investment objective of this fund is to provide you with investment returns,

which exceed the rate of inflation in the long term while maintaining a moderate probability of

negative investment returns. A greater portion of your funds are invested in Fixed Securities

while a small percentage is invested in the Equity Market, which is exposed to market

movements. The risk profile of this fund is medium to high.


Investment would be at least 60% in Fixed Interest Securities and maximum 40% in Equities.

4. Equity Fund: The Investment Objective of this fund is to provide Policyholders with high

exposure to equities and the possibility of investment returns which generate a high real rate of

return in the long term while recognizing that there is a significant probability of negative

investment returns in the short term. This fund offers a totally equity based investment option.

Your returns depend entirely upon the performance of the equity market. The risk profile of this

fund is high. The higher risk of this portfolio means that expected returns would also be higher.

Investments would not exceed 30% in Bank Deposits and may be 100% in equities.

The investment in Money Market Instruments under the Balanced, Growth and Equity funds is

restricted to 20%.

Value of Units: The Unit Price of each fund will be the Unit Value calculated on a daily basis.

Total Market Value of assets plus/less expenses incurred in the purchase/sale


of assets plus Current Assets plus any accrued income net of Fund
Management Charges less Current Liabilities less Provision
Unit Value =
---------------------------------------------------------------------------------------------
-
Total Number of units on issue (before any new units are allocated/redeemed)
Flexibilities

Flexibility to pay top-ups: If you have received a bonus or some lumpsum money you can use

that as a top-up to increase your investments at any time in your Policy. The minimum Top up

amount is Rs. 2,500. 95% of any amount paid as top-up is allocated to your funds.

Flexibility to pay Single Premium: If you do not want to pay premium regularly, you can

choose to opt for Single Premium. The minimum Single Premium amount is Rs 10,000.

Flexibility to switch between funds: Depending upon the performance of your funds you can

switch between them. There will be one free switch in a Policy Year and for additional switches,
Switching Charge of 1% of amount switched will be levied, subject to a maximum of Rs 1000 on

each such occasion.

Flexibility to advance/extend your Vesting Age: You may choose to extend the Vesting Date to

any later Policy Anniversary, provided the Policy vests before the attainment of age 70 years.

The request for extending the Vesting Date must be made at least one month before the original

Vesting Date.

After the Vesting Date, the benefit payable at any time will be the Fund Value.

The Policyholder may also choose an earlier Vesting Date, after completion of five years of

Policy Term or age 45 years, whichever is later. The request for an earlier Vesting Date should be

received at least one month before the proposed Vesting Date.

On attainment of the new Vesting Date the Policyholder is eligible to purchase Annuity for the

full Fund Value or commute up to one third of the Fund Value as tax free lump sum and the

balance can be used for the purchase of annuity. The annuity can also be purchased from us or

from any other registered Life Insurance Company.

What is the Policy Term?

Minimum Policy Term 5 years


Who can buy this product?
Minimum age at entry 18 years
Maximum age at entry 65 years
Minimum age at vesting 45 years
Maximum age at vesting 70 years
What if I want to discontinue paying premium?

During first 3 years of the inception of the policy: If premiums have not been paid for

at least three consecutive years from inception, the Policy will continue to participate in the

performance of Unit Funds chosen by you.


You may revive the Policy by re-commencing the premium payment within the Revival Period

from the date of first unpaid premium or before the Maturity Date of the Policy whichever is

earlier.

In the event the Policy is not revived during Revival Period, the Policy shall be terminated and

the Surrender Value, if any, shall be paid at the end of the period allowed for revival.

After paying of at least three full years premiums: If premiums have been paid for at

least three consecutive years and subsequent premiums are unpaid, the Policy will continue to

participate in the performance of the Unit Funds chosen by you.

You may revive the Policy by re-commencing the premium payment within a period of three

years from the date of first unpaid premium or before the maturity date of the Policy, whichever

is earlier. At the end of the allowed period for revival, if the Policy is not revived, the Policy shall

be terminated by paying the Surrender Value.

If at any time, the Fund Value reaches an amount equivalent to one full year’s premium, the

Policy shall be terminated by paying the Fund Value.

Revival

You may revive a Policy by recommencing the payment of premiums at any time within a period

of three years from the due date of first unpaid premium but before the maturity date of the

Policy.

What if I want to discontinue the Policy?

You may surrender your Policy after three years from commencement. The Surrender Value we

will pay is a percentage of your Fund Balance according to the following table:
Year of Policy surrender Surrender Value as a percentage of the Fund Value
First 3 years Nil
4th Policy Year 90%
5th Policy Year 95%
6th and subsequent Policy Year 100%

Are there any flexible Premium Payment Modes?

a. Single Premium with minimum premium of Rs 10,000

b. Yearly with minimum premium of Rs 10,000

c. Half-yearly with minimum premium of Rs 5,000

d. Quarterly with minimum premium of Rs 2,500

e. Monthly with minimum premium of Rs 1,000

Minimum top-up premiums is Rs. 2,500

Grace Period

Premiums due, have to be paid within the grace period of 30 days. 15 days for monthly mode.

Charges under the plan

Premium Allocation Charge:

Year 1 10%
Subsequent years 5%
Single premium 5%
Top-Up premiums 5%

Fund Management Charges:

Unit Linked Funds Annual Rate*


Capital Secure 1.50%
Balanced 1.50%
Growth 1.75%
Equity 1.75%

* The Fund Management Charge is levied on daily basis at the time of computation of unit price.

Switching Charge: One free switch is allowed in each Policy Year. Subsequent switches will

attract a charge of 1% of the amount switched subject to a maximum of Rs 1000 per switch. This

charge will be recovered by cancellation of units.

Surrender Charges: The Surrender Charges as percentage of Fund Value are given below:

Year of Policy surrender Surrender Charges as percentage of Fund Value


1 to 3 100%
4 10%
5 5%
6 or more Nil
Revision of Charges

The Fund Management Charges are subject to revision at any time but they will not exceed 2%

p.a. for the Capital Secure Fund and 2.5% p.a. for the Balanced, Growth and Equity Funds.

The change in the Fund Management Charges are subject to IRDA’s approval.

How safe is your investment?

1. The investments made in the funds are subject to market risks that are prevalent at any

point in time.
2. The Unit Price is a reflection of the financial and Equity/Debt Market conditions and can

increase or decrease at any time due to this.

3. Benefit payable under the Policy will be made according to the tax laws and other

regulations in force at that time.

4. There are no guarantees for any fund of any kind under this Policy. The benefit payable

on maturity will be equal to the value of your units.

5. The name of the funds in no way indicates the returns derived from them.

6. Please note that Reliance Life Insurance Company Limited is only the name of the

Insurance Company and Reliance Golden Years Plan is only the name of the Policy and

does not in anyway indicate the quality of the Policy or its future prospects or returns.

Tax Benefit

Premiums paid are eligible for tax deduction under the Income Tax Act, 1961 and subsequent

amendments.

15 Day Free Look Period

The Policyholder may cancel this Policy by returning it to the Company within 15 days of

receiving it together with a letter requesting it be cancelled. The Company will refund the

premium paid by the Policyholder less stamp charges.

Prohibition of Rebate: Section 41 of the Insurance Act, 1938 states:

1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any

person to take out or renew or continue an insurance in respect of any kind of risk relating to

lives or property in India, any rebate of the whole or part of the commission payable or any

rebate of the premium shown on the Policy, nor shall any person taking out or renewing or
continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with

the published prospectuses or tables of the insurer.

2) Any person making default in complying with the provisions of this section shall be

punishable with a fine which may extend to five hundred rupees.

The premium paid in Unit Linked Life Insurance policies are subject to investment risks

associated with capital markets and the NAVs of the units may go up or down based on the

performance of fund and factors influencing the capital market and the insured is responsible for

his/her decisions.

Reliance Life Insurance Company Limited is only the name of the Insurance Company and

Reliance Golden Years Plan is only the name of the unit linked life insurance contract and does

not in any way indicate the quality of the contract, its future prospects or returns.
MAJOR PLAYERS OF LIFE INSURANCE IN INDIA

1. Life Insurance Corporation of India


2. ICICI prudential Life Insurance
3. HDFC Standard Life Insurance
4. Max New York Life Insurance
5. Birla Sun Life Insurance
6. Om Kotak Mahindra Life Insurance
7. Reliance Life Insurance
8. Allianz Bajaj Life Insurance
9. Ing Vyasa Life Insurance
10. SBI Life Insurance
11. Metlife Insurance
12. Sahara Life Insurance
13. Aviva Life Insurance
14. TATA Aig life Insurance

RESEARCH METHODOLOGY

Data collection
The information for the project of marketing on life insurance industry has been collected

from both primary as well as secondary sources.

Primary data

In case of primary sources the information was retrieved directly from the concerned people and

the authorities. We have conducted our research mainly with the help of the invaluable inputs

provided by the consumers of products of the private players in the form of a questionnaire

drafted by us. The questionnaire method was used as it is more versatile than any other method

and further a questionnaire is pre planned and thus less time is wasted since a planned set of

questions are available.

Secondary Data

Secondary data are information published by others (books & sites) and the companies they were

easily available and not much effort was required in obtaining the information.

Sampling size

We have taken a sample size of 100 people. Our analysis is completely based on the responses

given to us by the respondents and the result for the same has been presented in the form of pie

charts and graphs. While there was some information, which could not be obtained through

questionnaires, for that purpose we resort to personal interviews. A total


total of six In depth

interviews were also taken of the agents and managers of these private players.

DATA ANALYSIS

Table -1
1. Do you know about Insurance?
(a) Yes - 92%
(b) No - 8%

Fig.-1

 Almost 92% people are aware from the insurance why is important in the life 8% are

those who are far from insurance.

Table -2

2. Have you ever opted for Insurance from any Company?


(a) Yes - 61%
(b) No - 39%

Fig.-2

 Almost 61% people are insured any company and 39% people did not insured

Table -3

3. If Yes, Which Company have you taken Insurance from?


LIC 42%
Reliance life Insurance 7%
HDFC Standard Life Insurance 12%
HDFC Pur 19%
Max New York Life Insurance 8%
Birla san life Insurance 10%
Met life insurance 2%

Fig-3

 LIC is the more reliable than any other company in the insurance sector and only 7%

people are interested in reliance

Table -4

4. How did you come to know about Insurance?


(a) Advertisement - 76%
(b)Through advisor - 14%
(c) Referred by your company / Friend - 10%

Fig-4

 Insurance mostly come into existence by the advertisement and almost 76% people
come to know by advertisement other by words of mout

Table -5

5. What made you select a particular Company for the Insurance?


(a) EMI - 78%
(b) Brand name - 3%
(c) Procedures - 9%
(d) Facilities - 1%
(e) Policies - 7%
(f) Advertisement - 2%

Fig-5

 Almost 78% people are select the insurance company by their simple EMI, people

want to be relief financially other mode is less important.

Table - 6

6. How do you like the Marketing strategy by different Companys?


(a) Good - 68%
(b) Average - 19%
(c) Bad - 13%

13% Good

Average

Bad
19%

68%

Fig-6

 Almost all companies have taken the good marketing strategy.

Table - 7

7. What motivates you for selecting any Company for Insurance.


(a) EMI - 76%
(b) Brand name - 4%
(c) Procedures - 9%
(d) Facilities - 3%
(f) Policies - 8%

Fig. 7

 EMI of the company mostly attract to the customer than any other motives.

Table - 8

8. Which Company would you prefer if you have never applied for Insurance?

LIC 56%
Birla sun life Insurance 7%
HDFC Standard Life Insurance 12%
Icici Pur 17%
Max New York Life Insurance 8%
Reliance life Insurance 5%
Met Life Insurance 3%

Fig-8

 Almost 56% people want to be insured in LIC & only 5% people’s response in favour
of Reliance Company for insurance.

FINDINGS
This chapter deals with the concluded aspects of the study carried out on “A view about Life

Insurance”. The basic objective is for the study is for which study was carried out has been

fulfilled in the earlier chapter, based on the objective interview schedule was designed. Data

collected based on schedule was analyzed and some findings have emerged.

Major Findings of the Study

Based on the quantitative analysis the major findings of the study have been highlighted

below….

 Most of the people are satisfied with the extent of their life insurance cover. They are not

interested in buying more life insurance.

 People do not consider life insurance as a good savings because of low returns.

 As life insurance is a long term contract. Maximum people do not have faith on private life

insurance companies, they still prefer LIC.

 Because of less advertising not many people are aware about private life insurance

companies.

 Most of the people do not know about broker, corporate agents and banc assurance, they rely

on their agents only

 The most preferred type of plan is money back. The reason being availability of funds after

every five years which can be used for paying further premium, thus saving the regular

income.

 Some people have no idea about what type of cover they have.

 Most of the people feel that life insurance is essential but they think returns are low.

SUGGESTION
 Advertising of the insurance product should stress on the need of security.

 Insurance should be popularized as the means of securing future rather than saving tax.

 New entrants should come out with innovative riders.

 Policies should be issued quickly and with less formalities

 Other service should also be improved.

 Newspaper/Magazines and television are the most effective medium of advertising life

insurance.

 Insurance agents should be well trained.

Dividend for the Financial Year 2004-05

The Board of Directors of the Corporation has recommended payment of dividend of 170% (Rs.

17 per share), for the financial year ended March 31, 2005, for approval of the shareholders at

the AGM. [Previous year 135% (Rs. 13.50 per share)].

Dividend entitlement is as follows:

 For shares held in physical form: shareholders whose names appear on the register of

members of the Corporation as at the close of business hours on June 30, 2005.

 For shares held in electronic form: beneficial owners whose names appear in the

statements of beneficial position furnished by NSDL and CDSL as at the close of

business hours on June 30, 2005.


CONCLUSION

There has been tremendous change in the insurance history. And with it there has been

continuous growth in this sector both in Indian as well as world context.

The opening up of the insurance sector has changed the whole look of the industry. While the

LIC in order to face the competition is coming with new strategies. New players like Reliance

are leading the sector due to their strategic management and tailored made projects.

The primary reasons for buying an insurance policy, whether life or non-life is to protect us from

vagaries of life. We do not invest in insurance for returns; rather we invest in it for regrettable

necessities. Though a large proportion of policies available in the country provide for returns, but

nobody is looking for returns to the inflation rate. So what does insurance offer, perhaps peace of

mind, but even that takes times, due to poor claim performance.

The demand for insurance is likely to increase with rising per-capita incomes, rising literacy rates

and increase of the service sector, as has been seen from the example of several other developing

countries. In fact, opening up of the insurance sector is an integral part of the liberalization

process being pursued by many developing countries?

Insurance is an Rs.400 billion business in India and yet its spread in the country is relatively thin.

Insurance as a concept has not been able to make headway in India. There has been a strong fall

in insurance business in recent years. Furthermore, it can be observed that non-life business is

not increasing as strongly as life business. On the other hand, growth fluctuations have been

relatively small with growth rates varying between 1% and 5%. Life insurance business by

contrast achieved average growth rates of 6%, although the actual rates ranged from 0% to 13%.

This shows on the one hand the increasing significance of life insurance as an instrument for old
age provisions and on the other hand indicates the sensitivity of life insurance to changes in the

institutional and economic environment.


RECOMMENDATION

There are certain flaws existing in this working of the insurance industry. There are some of the

recommendation we ad come up with while doing this project. It will help to make insurance

more important sector in today’s economy.

The need of the hour is to devise a comprehensive strategy that will help the firms face the

challenges of the future. The financial services industry around the world over is undergoing a

major transformation. It is very important that trained marketing professionals who are able to

communicate specific features of the policy should sell the policy.

From our research we could find out that people are not aware about the policies and features of

insurance. Therefore LIC and Reliance are recommended to shed light on policies and explain

the benefits, thus increasing the awareness.

The penetration of insurance in India is around 22%. This indicates that a vast majority of rural

population is not covered. The market player needs to explore this untapped potential through

their marketing and sales network.

The returns of the policies are not properly managed and never given in time. So, these must be

looked at.

Pricing of insurance products, as empirically available in India, shows that pricing is not in

consonance with market realities. Life Insurance premium is generally perceived, as being too

high while general insurance (especially motor insurance) is priced too low.

Some insurance products, which are not available in India, should, be introduced in market.

There are areas for new product development: Industry all risk policies, Large projects risk

cover, Risk beyond a floor level, Extended public and product liability cover
Insurance companies will also had to get savvy in distribution. Enhanced marketing thus will be

crucial. Already many companies have full operation capabilities over a 12-hour period.

Facilities such as customer service center are already into 24-hour mode. These will provide

services such as motor vehicle recovery. Technology will also play an important role on the

market.

The lines of distinction between banks insurance companies and brokerages are getting blurred.

The future seems to belong to financial supermarkets that will offer a host of services and

products to the consumer. In the next millennium all these activities would play a crucial role in

the overall development and maturity of the insurance industry

BIBLIOGRAPHY
The various sources from where I collected data’s are as follows.
 Internet Sites:
http://www.reliancelife.co.in/website/our_founder.asp
http://www.reliancelife.co.in/website/aboutus.asp
http://www.reliancelife.co.in/website/products/reliance_automatic_investment_plan.a
sp
http://www.reliancelife.co.in/website/products/reliance_money_guarantee_plan.asp
http://www.reliancelife.co.in/website/products/reliance_endowment_plan.asp
http://www.reliancelife.co.in/website/products/reliance_special_endowment_plan.asp
http://www.reliancelife.co.in/website/products/reliance_cash_flow_plan.asp
http://www.reliancelife.co.in/website/products/reliance_child_insurance_plan.asp
http://www.reliancelife.co.in/website/products/reliance_term_plan.asp
http://www.reliancelife.co.in/website/products/reliance_whole_life_insurance_plan.as
p
http://www.reliancelife.co.in/website/products/reliance_market_return_plan.asp
http://www.reliancelife.co.in/website/products/reliance_golden_years_plan.asp
http://www.reliancelife.co.in/website/tnc.asp
 News Papers:-
1. The Economic Times.
2. Times of India

QUESTIONNAIRE
 Name:
 Occupation
Q.1 Do you know about Insurance?

Yes

No

Q.2 Have you ever opted for Insurance from any company?

Yes

No

Q.3 Which company have you taken Insurance from?

LIC

SBI Insurance

HDFC Standard Life Insurance

Icici Pur

Max New York Life Insurance

LIC

Reliance life Insurance

Q.4 How did you come to know about Insurance?

Advertisement

Word of Mouth

Referred by your company / Friend

Q.5 What made you select a particular company for the Insurance?
EMI

Brand name

Procedures

Facilities

Policies

Advertisement

Q.6 How do you like the Marketing strategy by different Insurance Company?

Good

Average

Bad

Q.7 What motivates you for selecting any Company for Insurance?

EMI

Brand name

Procedures

Facilities

Policies

Q.8 Which Company would you prefer if you have never applied for Insurance?

LIC

SBI Insurance

HDFC Standard Life Insurance

HDFC Pur

Max New York Life Insurance

LIC
Reliance life Insurance

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