1.

INTRODUCTION TO LIFE INSURANCE

MEANING

Life Insurance is a contract for payment of a sum of money to the person assured (or
failing him/her, to the person entitled to receive the same) on the happening of the event insured
against. Usually the insurance contract provides for the payment of an amount on the date of
maturity or at specified dates at periodic intervals or at unfortunate death if it occurs earlier.
Obviously, there is a price to be paid fir this benefit. Among other things, the contract also
provides for the payment of premiums by the assured.
Life Insurance is universally acknowledged as a tool to eliminate risk, substitute certainty
for uncertainty and ensure timely aid for the family in the unfortunate event of the death of the
breadwinner. In other words, it is the civilized worlds partial solution to the problems caused by
death. In a nutshell, life insurance helps in two ways: dealing with premature death, which leaves
dependent families to fend for themselves and old age without visible means of support.

NEED FOR LIFE INSURANCE

The need for insurance comes from the need to safeguard our family. If you care for your
familys needs you will definitely consider insurance. Today insurance has become even more
important due to the disintegration of the prevalent joint family system, a system in which a
number of generations co-existed in harmony, and a system in which a sense of financial security
was always there as were earning members.
Factors such as fewer numbers of earning members, stress, pollution, increased
competition, higher ambitions etc are some of the reasons why insurance has gained importance
and where insurance plays a successful role.

Insurance provides a sense of security to the income earner as also to the family. Buying
insurance frees the individual from unnecessary financial burden that can otherwise make him
spend sleepless nights. The individual has a sense of consolation that he has something to fall
back on.
Insurance is a must also because of the uncertain future adversities of life. Accidents,
illness, disability etc are facts of life, which can be extremely devastating. Other than the
hospitalization, medication bills these may run up its the aftermath of the incident, the physical
well being of the individual that has to be taken into consideration. Will the individual be in a
position to earn as before? But what if he is not? Disability can be taken care of by insurance.
Your family will not have to go through the grind due to your present inability.
Insurance today has opened up new vistas for every section of society. Even for the village
farmer insurance holds a lot of potential. Considering how dependent our agricultural system is
on the monsoon, the farmer sees a dim future. The uncertainty of the monsoon too can be taken
care of by insurance. Looking at the advantages of an insurance policy a number of farmers have
gone in for insurance. Insurance has become a necessity today. It provides timely financial as
also rewards with bonuses.

LIFE INSURANCE PROVIDES:

The proceeds accruing from Life Insurance policy can be utilized for:

Final expenses resulting from death.

Guaranteed maintenance of lifestyle.
Replacement of income.
Mortgage or liquidation payments.
Costs of education.
Estate and other taxes.
Continuity & security of interests.

2. LIFE INSURANCE MARKET

PRESENT SCENARIO
The Life Insurance market in India is an underdeveloped market that was only tapped by
the state owned LIC till the entry of private insurers. The penetration of life insurance products
was 19 percent of the total 400 million of the insurable population. The state owned LIC sold
insurance as a tax instrument, not as a product giving protection. Most customers were
underinsured with no flexibility or transparency in the products. With the entry of the private
insurers the rules of the game have changed.
The 12 private insurers in the life insurance market has already been grabbed nearly 9
percent of the market in terms of premium income. The new business premiums of the 12 private
players has tripled to Rs 1000 crore in 2002-2003 over last year. Meanwhile, state owned LICs
new premium business has fallen.
Innovative products, smart marketing and aggressive distribution. Thats the triple
whammy combination that has enabled fledgling private insurance companies to sign up Indian
customers faster than anyone ever expected. Indians, who have always seen life insurance as a
tax saving device, are now suddenly turning to the private sector and snapping up the new
innovative products on offers.
The growing popularity of the private insurers shows in the other ways. They are coining
money in new niches that they have introduced. The state owned companies still dominate
segments like endowments and money back policies. But in the annuity or pension products
business, the private insurers have already wrested over 33 percent of the market. And in the
popular unit linked insurance schemes they have virtual monopoly, with over 90 percent of the
customers. The private insurers also seem to be scoring big in other ways- they are persuading
people to take out bigger policies. For instance, the average size of a life insurance policy before
privatization was around Rs 50,000/-. That has risen to about Rs 80,000/-. But the private
insurers are ahead in this game and the average size of their policies is around Rs 1.1 lakh to Rs
1.2 lakh way bigger than the industry average.

HISTORICAL PERSPECTIVE

The history of life insurance in India dates back to 1818 when it was conceived as a means
to provide for English Widows. Interestingly in those days a higher premium was charged for
Indian lives than the non-Indian lives as Indian lives were considered more riskier for coverage.
The Bombay Mutual Life Insurance Society started its business in 1870. It was the first
company to charge same premium for both Indian and non-Indian lives. The Oriental Assurance
Company was established in 1880. The General insurance business in India, on the other hand,
can trace its roots to the Triton (Tital) Insurance Company Limited, the first general insurance
company established in the year 1850 in Calcutta by the British. Till the end of nineteenth
century insurance business was almost entirely in the hands of overseas companies.
Insurance regulation formally began in India with the passing of the Life Insurance
Companies Act of 1912 and the provident fund Act of 1912. Several frauds during 20s and 30s
sullied insurance business in India. By 1938 there were 176 insurance companies. The first
comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict
State Control over insurance business. The insurance business grew at a faster pace after
independence. Indian companies strengthened their hold on this business but despite the growth
that was witnesses, insurance remained an urban phenomenon.
The Government of India in 1956, brought together over 240 private life insurers and
provident societies under one nationalized monopoly corporation and Life Insurance Corporation
(LIC) was born. Nationalization was justified on the grounds that it would create much needed
funds for rapid industrialization. This was in conformity with the Governments chosen path of
State lead planning and development.
The insurance business continued to thrive with the private sector till 1972. Their
operations were restricted to organized trade and industry in large cities. The general insurance
industry was nationalized in 1972.

IMPORTANT MILESTONES IN THE LIFE INSURANCE BUSINESS IN

INDIA:

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.
1928: The Indian Companies Act enacted to enable the government to collect statistical
information about the life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of
protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament- LIC Act 1956 with a capital
contribution of Rs. 5 crore from the Government of India.

3. INSURANCE SECTOR REFORMS

In 1993, Malhotra Committee- headed by former Finance Secretary and RBI Governor
R.N. Malhotra was formed to evaluate the Indian insurance industry and recommend its future
direction. The Malhotra committee was set up with the objective of complementing the reforms
initiated in the financial sector. The reforms were aimed at creating a more efficient and
competitive financial system suitable for the requirements of the economy keeping in mind the
structural changes currently underway and recognizing that insurance is an important part of the
overall financial system where it was necessary to address the need for similar reforms.
In 1994, the committee submitted the report and some of the key recommendations included:

i)

Structure

Government stake in the insurance Companies to be brought down to 50%. Government

should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as
independent corporations. All the insurance companies should be given greater freedom to
operate.

ii)

Competition

Private Companies with a minimum paid up capital of Rs. 1 billion should be allowed to
enter the sector. No Company should deal in both Life and General Insurance through a
single entity. Foreign companies may be allowed to enter the industry in collaboration with
the domestic companies.
Postal Life Insurance should be allowed to operate in the rural market. Only one State Level
Life Insurance Company should be allowed to operate in each state.
iii)

Regulatory Body

The Insurance Act should be changed. An Insurance Regulatory body should be set up.
Controller of Insurance a part of the Finance Ministry should be made independent.
iv)

Investments

Mandatory Investments of LIC Life Fund in government securities to be reduced from 75%
to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (there current
holdings to be brought down to this level over a period of time).
v)

Customer Service

LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be
encouraged to set up unit linked pension plans. Computerization of operations and un dating
of technology to be carried out in the insurance industry.
The committee emphasized that in order to improve the customer services and increase the
coverage of insurance policies, industry should be opened up to competition. But at the same
time, the committee felt the need to exercise caution as any failure on the part of new players
could ruin the public confidence in the industry. Hence, it was decided to allow competition
in a limited way by stipulating the minimum capital requirement of Rs. 100 crores.
The committee felt the need to provide greater autonomy to insurance companies in order to
improve their performance and enable them to act as independent companies with economic

motives. For this purpose, it had proposed setting up an independent regulatory body- The
Insurance Regulatory and Development Authority.
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA since its incorporation as a statutory body in April
2000 has fastidiously stuck to its schedule of framing regulations and registering the private
sector insurance companies. Since being set up as an independent statutory body of IRDA
has put in framework globally compatible regulations. The other decision taken
simultaneously to provide the supporting systems to the insurance sector and in particular the
life insurance companies was the launch of the IRDA online service for issue and renewal of
licenses to agents. The approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce of insurance agents in
place to sell their products.

4. RELIANCE LIFE INSURANCE COMPANY

Few men in history have made as dramatic a contribution to their countrys economic
fortunes as did the founder of Reliance, Shri. 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 Indias capital markets, the champion of shareholder interest.
But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth creator.
In one lifetime, he built, starting from the proverbial scratch, Indias 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 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 Indias 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 handful of stocks.
Undaunted, Dhirubhai managed to conceive 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 hem, 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 Dhirubhais extraordinary vision and leadership, Reliance scripted one of the
greatest growth stories in corporate history anywhere in the world, and went on to become
Indias largest private sector enterprise.
Throughout this amazing journey, Dhirubhai always kept the interests of the ordinary
shareholder uppermost in mind, in the process making millionaires out of many of the initial
investors in the Reliance stock, and creating one of the worlds largest shareholder families.

HISTORY OF RELIANCE LIFE INSURANCE COMPANY

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. Of the
Reliance Anil Dhirubhai Ambaini 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 (RCL) is a Non-Banking Financial Company (NBFC) registered
with the Reserve Bank of India under section 45-IA of Reserve Bank of India Act, 1934.
Reliance Capital sees immense potential in the rapidly growing financial services sector in India
and aims to become a dominant player in this industry and offer fully integrated financial
services. Reliance Life Insurance is another step forward for Reliance Capital Limited to offer
need based Life Insurance solutions to individuals and Corporate.

Vision:
To be an insurer of World Standards and the most preferred choice for clientele at the domestic
and global level.
Mission:
Mission is to keep the customer satisfaction as focal point of all our operations, adopt the best
international practices in underwriting, claims and customer service, be most innovative in
product development, establish presence all over India, ensure sustained value addition to all
stake holders and to uphold Corporate Value & Corporate Governance.
Objectives:

Make affordable insurance accessible to all.

Keep customer as focal point for all operations.
Protect policy holders interests.
Adopt best international practices in claims, underwriting and policy servicing.
Be the most innovative in product development.
Establish Pan India presence.

Value Propositions
Risk Evaluation: Provide expertise in risk evaluation and risk mitigation leading to the
most appropriate risk transfer solution.
Post sales services: Differentiate on service parameters by ensuring prompt and correct
documentation & fair, transparent, speedy claims settlement.
New products: Introduce innovative products suited to specific market segment.
Training: Extensive training to the employees involved in underwriting and claims to
ensure availability of a varied experienced and competent team to carter to the customer
needs.
Technology: Use IT as a means to provide for a far superior customer experience in
terms of access, speed and simplicity.

 Reinsurance backing: Apart from using capacity of the national reinsurer, establish
relationships with the best reinsurers across the world.

5. PRODUCTS OF RELIANCE LIFE INSURANCE

INDIVIDUAL PLANS

A. RELIANCE ENDOWMENT PLAN

It takes a lot for a dream to become a reality and money is surely one of them. Reliance
Endowment Plan gives you just the financial independence to realize your dreams in the
future. It lets you decide how much you would like to set as your sum assured based on your
current financial position and your expected future expenses.

Key Features:

On maturity receive sum assured plus bonuses.

Wealth creation through bonus additions.
More value for your money by way high sum assured rebate.
Increase your insurance protection by adding term cover.
Choose to pay regular or single premium.
Choose to add the benefits of two riders Critical Illness rider and Accidental Death

Benefit & Total and Permanent Disablement rider.

Choose to avail of a policy loan after three full years of premium.
How does this plan work?
You pay premium every year for the entire term and get Sum Assured plus accumulated bonuses
at maturity. On death, your beneficiary will get the Sum Assured plus accumulated bonuses.

Benefits:
Maturity Benefit: On maturity you get Sum Assured plus accumulated bonuses (if any) till that
date.
Life Cover Benefit: In the unfortunate event of loss of life, your family will receive the Sum
Assured plus accumulated bonuses (if any) till that date.
Rider Benefit: You also have the option to add three additional benefits to customize the policy
as per your needs for the regular premium plan.
a) Term Life Insurance Benefit Rider
b) Accidental Death Benefit & Total and Permanent Disablement Rider
c) Critical Illness Rider
Accident Death Benefit:
The Accidental Death Benefit is payable if the death occurs directly as a result of an accident and
is intimated within 90 days of the occurrence. The benefits 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.
Term Life Insurance Benefit Rider:
Add the advantage of the term life insurance benefit rider to your basic policy and increase risk
coverage and the amount payable is equal to the rider sum assured.
There is no maturity benefit.

Term Insurance
Minimum/Maximum Age at
entry

18/59

Maximum Age expiry

64 years (policy anniversary immediately following age)

Sum Assured

Rs. 1,00,000

Policy Term

Equal to basic policy term

Equal to 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 recognized airline or charter
service.
Participating in any riot, strike or civil commotion, active military, naval, air force, police
or similar service.
War, invasion, act of foreign enemies, hostilities or war like operations (whether war be
declared or not), civil war, military rising, mutiny, insurrection, rebellion, military or
usurped power or any act of terrorism or violence.
The tables below show the indicative annual premiums for individuals Life Assured across
different Sum Assured and ages for a Policy Term of 20,25 and 30 years.
Sum Assured: 1 Lakh

Sum Assured: 3 Lakh

Age/Term

20

25

30

20

25

30

30

4814

3733

3052

14142

10899

8856

35

4897

3842

3192

14391

11226

9276

40

5039

4022

3421

14817

11766

9963

45

5273

4318

3799

15519

12654

11097

What is the Policy Term?

Minimum Policy Term:

5 years

Maximum Policy Term:

Regular Premium 35 years (single)

Premium

15 years

Who can buy this product?

Minimum age at entry:

5 years

Maximum age at entry:

65 years

Minimum age at maturity:

Maximum age at maturity

18 years
75 years

What is the Sum Assured?

Minimum Sum Assured:

Regular Premium Rs 25,000 for

Premium it is determined:
Maximum Sum Assured:

single
By the minimum premium
Entry age below 18 years Rs

Entry age 18 years

5,00,000
No Limit

Tax Benefits:
Premiums paid are eligible for tax deduction under Section 80C & 80D of the Income Tax Act,
1961. Maturity 7 death benefit is tax free under Section 10(10 D) of the Income Tax Act 1961.

Under Section 80C, premiums up to Rs. 1,00,000 are allowed as deduction from your taxable
income. Under Section 80D premium up to Rs. 10,000 (Rs 15,000 for senior citizens) are
allowed as deduction from your taxable income. (80D Applicable to Critical Conditions
Premium)

Can I take a loan against my 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.

Revival:
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)
b)
c)
d)

Yearly with minimum premium payment of Rs. 2,000.

Half-yearly with minimum premium payment of Rs. 1,500.
Quarterly with minimum premium payment of Rs. 750.
Monthly (only with salary deduction schemes) with minimum premium payment of Rs.

250.
e) Single Premium with minimum premium payment of Rs. 25,000.

Grace period:
Regular Premium- one month or 30 days from the due date for payment of premiums monthly.

Premium- 15 days.

B. 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 toady 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 Benefits & 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.
Accidental Death Benefit & Total and Permanent Disablement Rider.
Critical Illness Ride.
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 I many riot, strike or civil commotion, active military, naval, air force,
police or similar service.
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.

Exclusions:
The Company will not pay any Accident 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.

When & how much of Fixed Benefits paid?

Money Back survival benefits paid per on survival to the end of year
Term
4

10

13

16

19

22

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

28

111

111

111

111

111

111

111

31

100

100

100

100

100

100

100

34

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: 1Lakh

Sum Assured: 3Lakh

Age/ Term

16

25

31

16

25

31

30

8580

5950

5045

25440

17550

14835

35

8700

6140

5295

25800

18120

15585

40

8905

6445

NA

26415

19035

NA

45

9320

7010

NA

27660

20730

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

No loan is available under this policy.

Can I Receive 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.
b.
c.
d.

Yearly
Half-yearly
Quarterly
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, premium up to Rs 1, 00,000 are allowed as deduction from your
taxable income. Under Section 80D premium up to Rs 10,000 (Rs 15,000 for senior citizens) are
allowed as deduction.

C. RELIANCE CHILD PLAN

As a parent, it is only natural to dream of a smooth and blissful life for the child. Which
exactly why one need to secure his/her childs tomorrow, today.
Reliance Child Plan helps to save systematically so that one can give child the much needed
financial security in the future. Simply put, Reliance Child Plan gives the freedom to enjoy
every moment with child today, without worrying about his/her tomorrow.

Key Features:
Risk protection 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 benefits 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 & Accidental Death Benefit

& Accidental Death Benefit & Total and Permanent Disablement Rider.
Policy participates in profit even after loss of life of the life assured.
How does this plan work?
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, 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 the policy even after
payment of life cover benefit.
Benefits:
Life Cover Benefit: In the unfortunate event of loss of life, 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 1lakh 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: People also have the option to add two additional benefits to customize the
policy as per needs.
a. Accidental Death Benefit & Total and Permanent Disablement Rider.
b. Critical Illness Rider.
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 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 recognized airline or charter
service.
Participating in any riot, strike or civil commotion, active military, naval, air force, police
or similar service.
Sample Illustration:
The tables show the indicative premiums for an individual Life Assured across different sum
assured for a policy term of 15, 18 and 20 years.

Age/Term
30
35
40
45

Sum Assured: 1lakh

15
18
7665
6230
7830
6415
8115
6720
8655
7290

What is the Policy term?

Minimum Policy Term:

5years

20
5520
5720
6045
6630

Sum Assured 3lakh

15
18
20
22695
18390
16260
23190
18945
16860
24045
19860
17835
25665
21570
19590

Maximum Policy Term:

20 years

What is the sum assured?

Minimum Sum

Rs 25,000

Assured:
Maximum Sum

No Limit

Assured:
Who can buy this product?
Minimum age at entry:

20 years

Maximum age at entry:

60 years

Minimum age at

25 years

maturity:
Maximum age at

70 years

maturity:

Can I take a loan against my policy?

Yes, you can take a 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.
Flexible Premium Payment Modes:
a.
b.
c.
d.

Yearly
Half-yearly
Quarterly
Monthly (with salary deduction schemes only)

Grace Period:
One month or 30 from the due date for the payment of premiums.
Tax Benefits:

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 up to Rs 1, 00,000 are allowed as deduction from your
taxable income. Under Section 80D premium up to Rs 10,000 (Rs 15,000 for senior citizens) are
allowed as deduction from your taxable income. (80D applicable only to Critical Conditions
premium).

D. RELIANCE TERM PLANS

Life as we know is full of uncertainties. And to keep ahead of them, we need to plan ahead.
Reliance Term Plan is a pure life insurance plan that offers comprehensive and affordable
coverage for a limited period of time to suit needs of people.
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.
Exclusions: Exclusion with Accidental Death & Total and Permanent Disablement Benefits
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 recognized airline or charter
service.
Participating in any riot, strike or civil commotion, active military, naval, air force,,
police or similar service.

Sample Illustration:
The table below show the indicative premiums for male Life Assured across different Sum
Assured and ages for policy term of 20, 25 and 30 years.

Age/ Term

Sum Assured: 10Lakh

Sum Assured: 15Lakh

20

25

30

20

25

30

30

2600

3070

3640

3650

4355

5210

35
40

3630
5400

4380
6540

5260
NA

5195
7850

6320
9560

7640
NA

45

8220

NA

NA

12080

NA

NA

What is the Policy Term?

Minimum Policy Term:

5 years

Maximum Policy Term:

30 years

Who can but this product?

Minimum age at entry:

21 years

Maximum age at entry:

60 years

Maximum age at

65 years

maturity:

What is the Sum Assured?

Minimum Sum

Rs 2,50,000

Assured:
Maximum Sum

No Limit

Assured:
Minimum Premium:

Rs 2,000 per installment

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 policy holder.
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.

E. 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.
Go ahead, live your today to the fullest without a worry about tomorrow.

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 rider- 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 up till 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 and Premium Disablement Rider.
b. Critical Illness Rider.
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 years

59 years

Age at expiry

25 years

64 years

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 recognized airline or charter
service.
Participating in any riot, strike or civil commotion, active military, naval, air force, police
or similar service.
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.

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.
Sample Illustrations
The table below shows the indicative premiums for an individual life assured across different
sum assured for a premium paying term of 20, 30 and 40 years.
Age/ Term

Sum Assured: 1Lakh

20

30

Sum Assured: 3Lakh

40

20

30

40

30

3300

2720

2490

9600

7860

7170

35

3735

3105

NA

10905

9015

NA

40

4250

3580

NA

12450

10440

NA

45

4920

NA

NA

14460

NA

NA

What is the Policy Term?

Minimum Policy Term:

5 years

Maximum Policy Term: 40 years

Who can buy this product?
Minimum age at entry:

20 years

Maximum age at entry:

60 years

Minimum age at

85 years

maturity:
Maximum age at

99 years

maturity:

What is the sum assured?

Minimum Sum Assured:

Rs 25,000

Maximum Sum Assured:

No Limit

Grace Period:
One month or 30 days from the due date for the payment of premium.
Can I receive 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.
b.
c.
d.

Yearly
Half-yearly
Quarterly
Monthly (with salary deduction schemes only)

For regular premium mode the grace period is 30 days.

Tax Benefits:
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 up to Rs 1, 00,000 are allowed as deduction from your
taxable income. Under Section 80D premium up to Rs 10,000 (Rs 15,000 for senior citizens) are
allowed as deduction from your taxable income. (80D applicable only to Critical Conditions
premium).

F. RELIANCE MARKET RETURN PLAN

You have always aspired for the best in life. And Reliance helps you achieve just that. With
Reliance Markey Return plan we 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 80years.

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 invest 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
Morality Charges and Policy Administration Charges are deducted through cancellation of units
whereas the Fund Management Charges 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 half the Policy term
Single Premium: 125% of the single premium.

Maximum Sum Assured: No limit (Rs 5,00,000 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).
What are the different fund options?
Reliance Life Insurance understands the value of your hard earned money and in our endeavor to
help you to grow your wealth, we offer you 4 different tailor-made investment funds. 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. This 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, investments in Capital Secure Fund are subject to a maximum limit of 20%
at inception.
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 Policy Holders 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.

Unit

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

Price=

assets plus current assets plus any accrued income net of fund management
charges less current liabilities less provision.
Total number of units on issue (before any new units are allocated/redeemed)

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
5,000.
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 terms.
Where the Life Assured is minor, - partial withdrawals are allowed on or after attainment
of age 18 years or after 3 years if later.

Who can but this product?

Minimum age at

21 years

entry:
Maximum age at

65 years

entry:
Maximum age at

80 years

maturity:

Flexible Premium Payment Modes:

You have a choice of five premium payment modes
a.
b.
c.
d.
e.

Yearly- Rs 10,000
Half-yearly- Rs 5,000
Quarterly- Rs 2,500
Monthly- Rs 1,000
Single Premium- Minimum Premium is Rs 25,000

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.
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 Section10(10)D. Death
benefit are tax free under Section 10(10)D of the Income Tax Act, 1961. Under Section 80C
premiums up to Rs 1,00,000 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.

[Link] GOLDEN YEARS PLAN

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS
BORNE BY THE POLICYHOLDER.
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 youve
harnessed for years. The power to make your autumn years special lies only with you. The
Reliance Golden Year Plan gives the power and the right kind of solution- A retirement plan that
allows to save systematically and generate the much needed corpus to make olden years look
gold.
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 & 70 years.
Choose from two different Investment Funds to choose from.
Choose to switch between funds.
Option to pay regular, single as well as top-up premiums.
How does Reliance Golden Years Plan work?
The plan works in two parts:
1. Accumulation period (i.e. the policy term0: Funds are built up by the plan during this
period. This period ends at the vesting date.
2. Annuity Period: After the vesting date, the annuity payments begin.
Vesting Date: you are free to choose your age of retirement (Vesting Date) between 45 and 70
years.

Benefits:
At Vesting:
1. On vesting, you can purchase an annuity plan for the full fund value.
2. You may 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.
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.
Annuity Options (currently available with Reliance Life Insurance Company Ltd):
1. Life Annuity.
2. Life Annuity with return of purchase price on death.
3. Life Annuity guaranteed for 5, 10 or 15 years and payable for life thereafter.
What are the different fund options?
Reliance Life Insurance Company Limited understands the value of your hard earned money and
to help you make your wealth grow we offer two different tailor-made Investment Funds. You
also have the option to allocate your premium in different funds in the manner you wish.
The two different funds are:
1. Capital Secure Fund:
Investment Objective: To maintain the value of all contributions (net of charges) and
all interest additions.

 Returns: Steady return for very little risk.

Risk Profile: Low
Investments: Your funds are invested 100% in Bank Deposits, Government Bonds
and Debt Instruments of less than 180 days duration. You may invest a maximum of
20% of the Total Premiums at inception in the Capital Secure Fund.
2. Balanced Fund:
Investment Objective: 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.
Investments: In this fund, a major portion of your funds are invested in Government
Securities and Corporate Bonds while a small percentage is invested in the Equity
Market, which is exposed to market movements. Investment would be at least 80%
in Fixed Interest Securities and maximum 20% in equities.
Risk Profile: Low to medium.
Value of Units: The Unit Price of each fund will be the Unit Value calculated on a daily basis.
Unit

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

Value

plus Current Assets plus any accrued income net of Fund Management Charges less

Current Liabilities less Provision.

----------------------------------------------------------------------------------------------------------Total Number of units on issue (before any new units are allocated/redeemed)

Who can buy this product?

Minimum age at entry:

18 years

Maximum age at entry:

65 years

Minimum age at

45 years

vesting:
Maximum age at

70 years

vesting:

What is the Policy Term?

Minimum Policy Term

5 years

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.
Are there any flexible Premium Payment Modes?
a)
b)
c)
d)
e)

Single Premium with minimum of Rs 10,000.

Yearly with minimum premium of Rs 10,000.
Half-yearly with minimum premium of Rs 5,000.
Quarterly with minimum premium of Rs 2,500.
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.

Charge Under the plan:

A. Premium Allocation Charge:
Year 1

10%

Subsequent years

5%

Single premium

5%

Top-up premiums

5%

B. Fund Management Charges:

Funds
Capital Secure
Balanced

Annual Rate*
1.50%
1.50%

C. Switching Charge: One free switch is allowed in each policy year. Subsequent switches
will attract charge of 1% of the amount switched subject to a maximum of Rs 1000 per
switch.
D. Surrender Charges: The Surrender Charges as percentage of Fund Value are given
below:
Year of Policy

Surrender Charges as percentage of Fund Value

surrender
4

10%

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 Fund.
Tax Benefits:
Premiums paid are eligible for tax deduction under the Income Tax Act, 1961 and subsequent
amendments.

6. OVERVIEW OF
STUDY
As per survey conducted followings are the findings:

1. Do you have life insurance plan of any company?

As Reliance Life Insurance Company is very new private company in insurance industry.
Therefore, it has hardly 5% of customers as far as my survey is concerned, but the policies of
the Reliance Life Insurance Company are very good. Thus in future it will grow at a faster
rate.
Aviva Life Insurance Company is also a private company & new in insurance sector. From
the survey that had been conducted it has 14% of customers.
As far as ICICI Prudential is concerned, it is very popular company & many people have its
plans. It is also very familiar to the general public. Its a one of the leading private sector
company in insurance sector.
2. Which type of Company do you prefer?

In 21st century there is a tremendous increase in private sector companies in any field. Private
companies have been trying their best from head to feet to expand their activities and
business. However the still have to keep patient as till they do not get public confidence even
though they are providing better return and services.
This is because that Public sector Companies have already captured the market & people
have more trust on public sector companies.
It is difficult for a private sector companies to capture the market.
3. Which type of policy you have taken?
As the Reliance Life Insurance is a new company very few people have taken a policy from
it. But whoever taken among them most people have taken an endowment plan of Reliance.
4. At what age you have taken insurance policy?

Most of the people have taken a policy between the ages of 30-40 years. At the age of 20-30
years there are many few people have taken a policy.

RELIANCE LIFE TO TARGET RELIANCE

COMMUNICATIONS SUBSCRIBER BASE
Mumbai, Aug 17
Reliance Life Insurance plans to tap Reliance Communications 2.5 crore telephone
subscriber base to market its products. The company is considering a series of options to
leverage its relationship with Reliance Communications.
We could have a joint marketing campaign, a joint product offering, or we may simply
mine the to send mailers or make calls to Reliance mobile customers, said Mrs. K.V. Srinivasan,
Chief Operating Officer, Reliance Life Insurance.
However, a joint product or a co-branded solution would require approval from the
Insurance Regulatory and Development Authority, he added.
Customers of RWorld, the information and entertainment portal of Reliance
Communications, would also be able to pay premiums through a bank account, provided the
bank is listed on the network.
Reliance Life Insurance officials, however, offered no comment when asked whether there
would be an arrangement for payment of commission to Reliance Communications.
As an alternative channel for distribution, insurance companies usually tie up with banks.
In the case of bancassurance, where there is a corporate agency tie-up, the commission could
range from 5 percent to 40 percent of first-year premium depending on the commission loaded
on to the product at the time of registration with IRDA.
Mrs. P. Nandagopal, CEO, Reliance Life, said that the company hoped to break even by
2009-2010.

It registered a growth of 627 percent in Q1 of the current fiscal, its new business premium
touching Rs 132 crores.

MULTI-PROLONGED NETWORK
We would like to keep our portfolio balanced with 50 percent from Unit linked plans and
the rest from traditional products, said Mr. Nandakumar.
The company would follow a multi-pronged distribution network. We have an agency
force of 30,000 and we are in talks with banks for bancassurance as a distribution channel, he
said.
Reliance Life Insurance launched an endowment plan with a 15 year term and a maximum
sum assured of up to Rs 10,00,000. Called Connected to Life, the policy does not require
customers to undergo a medical check.

7. CONCLUSION

I hope that this project has stipulated the readers interest in the term of Reliance Life
Insurance Company and their products. I have certainly found the task of organizing my
knowledge of the subject and more of the information from the primary and secondary sources to
make this project report, a rewarding one.
New instruments are being developed at an emerging pace. There can be little doubt the
important new ideas and new results will continue to emerge. From this project I had come to
know about insurance products and how they work in life. Insurance companies are growing at a
faster pace. There is an immense competition in insurance market. To survive in the competitive
market one has to bring new products, services, plan & policies to attract customers and to
satisfy their needs & wants.
At last I want to say, Reliance Life Insurance Company is a new company and any new
company will take a time to popular in the market. So, Reliance will also take a time to number
one in the insurance industry.

8. BIBLOGRAPHY

BOOKS
reliance different brochures
reliance annual report

WEBSITE

[Link]
[Link]
[Link]
[Link]
[Link]
[Link]