A PRESENTATION ON MARKET SURVEY OF RELIANCE LIFE INSURANCE

SUBMITTED BY: NAME-MAULIK N PATEL EN.NO-107390592018

SUBMITTED TO: DR.JAYASHISH SETHI (DIRECTOR I/C) N.S.V.K.M.S MBA COLLEGE VISANAGAR

NSVKMS MBA COLLEGE,VISNAGAR

COMPANY OVERVIEW PRODUCT OVEVIEW MARKET SHARE RESEARCH METHODOLOGY PRIMARY ANALYSIS FINDINGS SUGGESTION CONCLUSION BIBILOGRAPHY

NSVKMS MBA COLLEGE,VISNAGAR

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of 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 announced the launch of its life insurance business on February 1, 2006. This was after obtaining the required regulatory approvals from the Registrar Of Companies and the Insurance Regulatory and Development Authority

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1) TRADITIONAL PLAN
Life insurance products are designed to suit the requirements of customers. Fundamentally the product provide for: Risk cover Investment Health cover In every product, to a certain degree, risk cover is imperative for it to fall under the category of insurance. Based on the coverage of the product, the premiums are calculated and the customer pays accordingly. In order to suggest the right product, it is essential for an agent to understand the requirements of the customer well. There are various traditional plan offered by relince life insurance ltd

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A unit-linked policy is a life assurance policy in which the benefits depend on the performance of a portfolio of shares.

Each premium paid by the insured person is split: a part is used to provide life assurance cover, while the balance (after the deduction of costs, expenses, etc.) is used to buy units in a unit trust.
In this way, a small investor can benefit from investment in a managed fund without making a large financial commitment. As they are linked to the value of shares, unit linked policies can go up or down in value. Policyholders can surrender the policy at any time and the surrender value is the selling price of the units purchased by the date of cancellation (less expense). A small part of the contribution is used for providing life cover and the balance is invested in unit. Legal heirs are entitled to the amount of insurance cover and entitled units in case of death of the insured
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SR. NO 1 2 3

INSURER LIC BAJAJ ALLIANZ ICICI PRUDENTIAL

MARKET SHARE % 71.44 7.56 7.35

4
5 6 7

HDFC STANDARD
SBI LIFE BIRLA SUN LIFE TATA AIG

2.87
2.31 1.89 1.29

8
9 10 11

MAX NEW YORK

AVIVA KOTAK MAHINDRA ING VYSYA

1.23
1.14 1.11 0.79

12
13 14 15

RELINCE LIFE
MET LIFE SAHARA LIFE SHRIRAM LIFE
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0.54
0.40 0.06 0.03
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RESEARCH METHODOLOGY
RESEARCH OBJECTIVE
1.

To get some information about the market share of Reliance Life Insurance as compared to the giants like LIC and to know the standing of the company in the market. To know the perception of the consumer about life insurance.

2.

3.
4.

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

To know the what percentage of people are secure their future with insurance company.

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The data would be collected from both primary as well as secondary data. Customers would be asked to fill questionnaires to arrive at the information. Various secondary sources of data as magazines, journal internet etc., would also be explored.

SAMPLING AREA:

I am choosing different areas of unjha city for the research to be carried out

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I am choosing the sample on the basis of convenience sampling method.

SAMPLE SIZE
I am choosing 110 Respondent from different area of unjha city. Because the population is too large so it is difficult to survey

RESEARCH INSTRUMENT
I am choosing questionnaire as a research instrument as this can help me knowing the perception of the people about the life insurance at the least possible cost.

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The method of contact would be personal as this would help to qualify the customer issues while filling up the questionnaires and also help them if they do not have the knowledge about any insurance plan of the company

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Q.1 Do you have Life Insurance Policy ?

Yes No Total

100 10 110
No 9%

Yes No

Yes 91%

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Q-2 How do you decide about investing in life insurance?

28%

On my own Family decision Employer decides As per the guidance

0% 14%

58%

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2% 6% 2% 2% 2% 2% 10% 2% 16%

6%

LIC Reliance Life Insurance HDFC ICICI Prudential Tata AIG 50% Max New York Life OM Kotak Met Life insurance Birla sun life Alliance Bajaj Aviva Life insurance

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30 20 10 0 Death Benefit Childrens Education Retirement Benefit Tax Planning Death Benefit Childrens Education Retirement Benefit 1 12 18 30 30 2 28 16 20 14 3 18 20 22 28 4 12 26 14 20 5 30 20 14 8 Tax Planning Financial Planning

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12%

18%

Term Assurance Whole Life Endowment 18% Combination of Whole Life and Endowment Unit Linked

38%

14%

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26%
Unit Linked Traditional

74%

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22%
Yes No

78%

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30%

Yes No

70%

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14 14 12 10 8 6 4 2 0 High Premium Low Return Poor Service 6 Series1 10

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30%
Yes No

70%

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28%

17% 13%

T.V. News Paper Radio Hoardings 0% Internet Magazine Sales Representative

10% 19%

13%

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The market share of reliance life insurance is only 0.54% and it stands in 12th position. LIC is the market leader and it commands the major part of the total life insurance market. Among private players Bajaj Allianz stands first. It has the market share of approximately 7.56% in the total market and it constitutes 40% of the market share among private players. There are most of the customer have make their own decision about to invest their money in life insurance As guide is best for invest there are 28% people make decision as per guide As LIC is the market leader the 50% of the people have make invest in LIC policy because it has a high benefit with lowest premium.
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Most of the people have to prefer death benefit then second retirement benefit and tax saving.

74% of the customers have the insurance policy with the traditional and rest of the people have unit plan.
There are 70% of people are satisfied with there investment in life insurance. There are 70% of people are aware about reliance life insurance.

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The depth of the company in terms of the area is not so impressive. The company needs to enter and create some awareness in rural and semi urban areas where LIC of India is already having a strong hold. There is a requirement of a Requirement of skilled & effective sales force.

The company must reduce the minimum limit on the premium so that the middle class and lower middle class people can also afford investing in any product of Reliance Life Insurance.
The company should avoid displaying the charges and in the brouchers or reduce the administrative charges Companies try to increase its market share by more advertisement and more and different different scheme.
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At last here I have concluded that the Reliance Life Insurance is growing company in very short period Reliance Life Insurance has done very good business as the Reliance Life Insurance has a good brand name.
But the market share of reliance life insurance is very poor which is 0.54 it is the 12th position in over all market of life insurance. The market awareness is also less.

The LIC is market leader in the life insurance sector. The Bajaj Allianz, Icici prudential, Hdfc std life, Tata aig, Sbi life, Birla sun life , Aviva have a more market share than reliance life insurance.

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Marketing Management: analysis Planning, Implementation & control Philip Kotler. C.R.Kothari (2006), Research methodology: Methods & Techniques, New Delhi: New Age International Publishers.

1. www.reliancelifeinsurance.co.in 2. www.bimaonline.com 3. www.indiainfoline.com 4. Life First Magazine by Reliance

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