A SUMMER TRAINING REPORT ON

“Reliance Nippon Nischit Samuridhi Plan”

Submitted in partial fulfillment for the award of the degree

Bachelor of Business Administration
(Session 2020-2023)

Submitted To: Submitted by:

Miss KarishmaGrover Mr. PARVEEN
Assistant Professor University Roll No. –
201002404
Roll no. – 20105
BBA – Semester Vth

Technology Education & Research Integrated Institutions

Kurukshetra University, Kurukshetra, Haryana
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CERTIFICATE

This is to certify that Parveen a student of Bachelor of Business Administration has

worked on project Titled “RELIANCE NIPPON NISCHIT SAMURADHI PLAN” in partial
fulfillment of the requirement for the program . This is his original work to the best of
my knowledge .

KARISHMA GROVER
ASSISTANT PROFESSOR

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DECLARATION

I, the undersigned solemnly declare that the report of the project work entitled
“RELIANCE NIPPON NISCHIT SAMURADHI PLAN” is based on my own work
carried out during the course of my study under the supervision of ABM RAKESH
PAHARI.

I assert that the statements made and conclusions drawn are an outcome of my
research work. I further declare that to the best of my knowledge and belief the
report does not contain any part of any work which has been submitted for the
award of BBA degree or any other degree/diploma/certificate in this University
or any other University of India or abroad.

_________________
Mr. PARVEEN
Roll No:201002404

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ACKNOWLEDGEMENT

A written word often has the unfortunate tendency to degenerate genuine

gratitude into stilled formality. But this is the only way I can express my heartfelt
thanks.

My special thanks to ABM Rakesh Pahari i, who has given me continuous guidance
and support during this project.

I shall be failing in my duty if I don’t express my deep sense of gratitude to my

Faculties and classmates, who have shared their valuable time and helped me
directly or indirectly in the preparation.

PARVEEN

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TABLE OF CONTENTS

Certificate
Declaration by the Student
Certificate from the Supervisor / Company
Acknowledgments
Introduction to the study

Company Profile

Achievements

Literature Review

Types of Insurance offered by RLIC

Research Methodology

Data analysis & Interpretation

Findings of the study

Recommendations

Limitations

Conclusions

References

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INTRODUCTION

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INTRODUCTION

Reliance Nippon Life Insurance Company (RNLIC)

Reliance Nippon Life Insurance Company is amongst the leading private sector life
insurance companies in India in terms of individual WRP (weighted received
premium) and new business WRP. The company is one of the largest non-bank
supported private life insurers with over 10 million policyholders*, a strong
distribution network of 713 branches and 46,538 advisors as on March 31, 2022.
The company holds Claim Settlement Ratio of 98.7% as on March 31, 2022.

Rated amongst the Top 3 Most Trusted Life Insurance Service Brands by Brand
Equity‘s Most Trusted Brands Survey 2018, the company’s vision is "To be a
company people are proud of, trust in and grow with; providing financial
independence to every life we touch." With this in mind, Reliance Nippon Life caters
to five distinct segments, namely Protection, Child, Retirement, Saving & Investment,
and Health; for individuals as well as Groups/Corporate entities.

Reliance Nippon Life Insurance Company is a part of Reliance Capital, a private

sector financial services and non-banking company. Reliance Capital has interests in
stock broking, life & general insurance, proprietary investments, private equity and
other activities in financial services.

*Since inception of which many policies may have matured, lapsed, terminated and
surrendered

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About us
Shri. Dhirubhai H. Ambani

Founder Chairman

Between my past, the present and the future, there is one common
factor: Relationship and Trust. This is the foundation of our growth.

Few men in history have made as dramatic a contribution to their country's

economic progress as did the founder of Reliance, Shri. Dhirubhai H. Ambani. Fewer
still have left behind a legacy that is more enduring and timeless.

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But the role Dhirubhai cherished most was perhaps that of India's greatest wealth
creator. In one lifetime, he built from scratch, India's largest private sector
enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of
only about 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 patronised 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 the Reliance story and put their
hard-earned money into 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
the greatest stories of mutual respect and reciprocal gain in the Indian market.

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.
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Throughout this amazing journey, Dhirubhai always kept the interests of the
ordinary shareholder above all else; 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.

Data Source: Reliance Capital Annual Report 2018

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Nippon Life

Nippon Life was founded as Nippon Life Assurance Co., Inc. in July 1889, and in
1891, the name was changed to Nippon Life Assurance Co., Ltd. When the Company
was founded, a premium table based on unique Japanese mortality statistics was
created. At the same time, Nippon Life became the first Japanese life insurer to
decide to offer profit dividends to policyholders, which embodied the spirit of
mutual aid. And so, after its first major closing of books in 1898, Nippon Life paid the
first policyholder dividends in Japan.

After World War II, the Company was reborn as Nippon Life Insurance Company in
1947 and continues to work to realize mutual aid and cooperative prosperity as a
mutual company.

Looking ahead, Nippon Life will continue to embody this spirit of mutual aid and, as
a life insurance company, strive to provide customers with enhanced services.
Currently, Nippon Life, as one of Japan's largest private life insurers, has a revenue of
US$ 77 billion and profit of US$ 3.1 billion as of March 31, 2021. The Company, with
38 million policies in Japan (as of March 2022), offers a wide range of products,
including individual and group life and annuity policies through various distribution
channels and mainly uses face-to-face sales channel for its traditional insurance
products. The company primarily operates in Japan, North America, Europe and Asia
and is headquartered in Osaka, Japan. It is ranked 111th among the Global Fortune
500 firms in 2021.

Data Source: Fortune, Global 500

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VISSION

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Our Vision

TO BE A COMPANY PEOPLE ARE PROUD OF, TRUST IN AND GROW WITH; PROVIDING
FINANCIAL INDEPENDENCE TO EVERY LIFE WE TOUCH.

Planning people's future and standing by them in their hour of need goes beyond
business, it takes a selfless intent of thinking well for others. Our advisors enjoy high
credibility and stature in society, having helped not only shape the future of families,
but also recuperate in tough times. 'Do Good' is our intent, our philosophy and belief
that we aim to bring alive through every life we touch.

MISSION

Create unmatched value for everyone through dependable, effective,

transparent and profitable life insurance and pension plans.

GOAL

Reliance Life Insurance would strive hard to achieve the 3 goals

mentioned below: • Emerge as transnational Life Insurer of global scale

and standard • Create best value for Customers, Shareholders and all

Stake holders • Achieve impeccable reputation and credentials through

best business practices

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ACHIEVEMENTS

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CEO of the Year – Mr. Ashish Vohra

BFSI Leadership Awards 2022

Life Insurer of the Year – Reliance Nippon Life Insurance

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BFSI Leadership Awards 2022

RNLIC Customer Portal – Friend for Life (Best Website – Corporate/Brand category)

Campaign India Digital Crest Awards 2022

Best Energy Efficient Organization

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6th Edition of CII National Energy Efficiency Circle Competition 2022

Ranked India’s 5th Most Valuable Insurance Brands

Brand Finance

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Certified as one of India’s Top 50 Best Companies to Work For

Great Place to Work, 2022

Excellence in Digital Transformation Projects

Digital CIO Excellence Awards 2022

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Green certificate for Sustainability

World Environment Day 2022 by Vigyanlabs Innovations Pvt. Ltd.

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LITERATURE REVIEW

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Insurance is a means of protection from financial loss. It is a form of risk

management, primarily used to hedge against the risk of a contingent or uncertain
loss.
An entity which provides insurance is known as an insurer, an insurance company,
an insurance carrier or an underwriter. A person or entity who buys insurance is
known as a policyholder, while a person or entity covered under the policy is called
an insured. Policyholder and insured are often used as but are not necessarily
synonyms, as coverage can sometimes extend to additional insureds who did not buy
the insurance. The insurance transaction involves the policyholder assuming a
guaranteed, known, and relatively small loss in the form of a payment to the insurer
(a premium) in exchange for the insurer's promise to compensate the insured in the
event of a covered loss. The loss may or may not be financial, but it must be
reducible to financial terms. Furthermore, it usually involves something in which the
insured has an insurable interest established by ownership, possession, or
pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the
conditions and circumstances under which the insurer will compensate the insured,
or their designated beneficiary or assignee. The amount of money charged by the
insurer to the policyholder for the coverage set forth in the insurance policy is called
the premium. If the insured experiences a loss which is potentially covered by the
insurance policy, the insured submits a claim to the insurer for processing by a
claims adjuster. A mandatory out-of-pocket expense required by an insurance policy
before an insurer will pay a claim is called a deductible (or if required by a health
insurance policy, a copayment). The insurer may hedge its own risk by taking out
reinsurance, whereby another insurance company agrees to carry some of the risks,
especially if the primary insurer deems the risk too large for it to carry.

Insurance - Meaning and Definition

The literal meaning of insurance would be an assurance against unforeseen and

unfortunate loss. This means, that if you encounter a less than normal event in your
normal course of life, and happen to incur a financial loss because of it, you can be
compensated.
For example, you met with an accident on your way to the office in your car and the
car suffers damage. Your insurer can reimburse the repair expenses in this case.
However, the insurer will not reimburse normal wear and tear like a headlamp
stopped working.
Legally insurance has been defined as a contract where the insurer agrees to
compensate the insured against the losses incurred due to any unforeseen
contingency. The contract also involves a consideration which is called a premium.

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The maximum available benefit amount is called sum assured or sum insured.

How does an Insurance Policy Work?

To understand how insurance works, you should know below terms:

1. Premium:
is the money you pay to the insurance company to avail of insurance policy benefits.

2. Sum Insured:
Sum insured is applicable for a non-life insurance policy like home and health
insurance. It refers to the maximum cap on the costs you are covered for in a year
against any unfortunate event.

3. Sum Assured:
Sum assured is the amount the life insurance company pays to the nominee if the
insured event happens (death of insured).

As discussed above, insurance is a legal contract between the insurer and the
insured. The insurance policy lists all the policy's conditions and circumstances
under which the insurance company is liable to pay you or the nominee the
insurance amount.
When you buy an insurance policy from the insurance company, you will have to
make regular payments (premium) for a specified period towards the insurance
policy.
The insurance company collects the premium from all the clients. They pool the
money for losses that may arise out of an insured event. If you don't claim during the
policy tenure, you may or may not receive any benefits. It depends on the policy type
and the conditions.
Insurance Components An insurance policy is made of multiple components. Some
of the important parts of an insurance contract are:
a) Premium This is the financial consideration which makes the insurance
agreement a legally binding contract.
b) Policy Limit Policy limit applies to health and general insurance policies where
compensation depends on the amount of loss. The policy may limit the maximum
compensation for certain types of losses.
c) Deductible Deductible applies to general insurance and health insurance policies.

A deductible is the maximum amount of loss you will bear out of your pocket. The
insurer will start paying only when your losses (or expenses) rise above the
deductible limit.

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Key Features of Insurance

i. Insurance is a tool for risk transfer.

ii. Insurance is a community solution as several people, who are exposed to the same
risk, pool their funds together to bear the loss.
iii. The contract is based on the ‘utmost good faith’ principle unlike other business
contracts.
iv. Insurance cover does not affect the chance of loss or minimise the magnitude of
loss.
v. As a party to the insurance contract, you should always try to avoid, mitigate and
minimize the losses.
vi. You can only insure against risks which are unpredictable in occurrence and
magnitude.
vii. Speculative, financial (betting) and business risks cannot be insured.

Benefits of Insurance You must have insurance for the below reasons:

1. Financial Safety for Family: They provide cover against life's uncertainties and
protect you against losses arising from different unexpected events in life.
2. Safety of Financial Status: Certain events like medical emergencies can have a
significant impact on your cash flow management. Insurance ensures you don't have
to pay out of pocket for such situations.
3. Wealth Creation Goals: Insurance policies like ULIPs give you investment
opportunities and help you fulfil your essential financial goals.
4. Wealth Preservation: Life insurance policies like endowment and moneyback
plans are some of the safest long-term investments possible. These plans help you
preserve your wealth from inflation and taxes for long periods.
5. Wealth Distribution: Few investment plans offer the kind of safety offered by life
insurance pension plans. After retiring at the age of 60, you can live up to 100. Only
life insurance pension plans can guarantee a regular income for that period.

Two Life Insurance Policies you Must Have

You must know the importance of insurance in your life, and once you understand it,
you must have below insurance policies:

1. Term Insurance Plan:

This is the purest form of life insurance wherein you pay a premium towards the
policy, and in case of your death during the policy tenure, the nominee receives the
sum assured. With term insurance, you can receive high coverage against a lower
premium. iSelect Smart360 Term Plan by Canara HSBC Bank of Commerce Life
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Insurance offers critical illness cover against 40 listed illnesses.

2. Health Insurance Plan:

Knowing the rising cost of healthcare and the number of diseases you can have, it is
wise to have a financial cushion against health contingencies. Knowing the rising
cost of healthcare and the number of diseases you can have, it is wise to have a
financial cushion against health contingencies.

3. Motor Insurance:
These are mandatory legal requirements in India, and you must have them if you
own a two-wheeler or a four-wheeler. It is compulsory to avail of third-party liability
motor insurance. However, you can have a comprehensive package to get covered
against the various risks of damage with the personal accidental cover.

4. Home Insurance:
Your home is exposed to various kinds of risk like theft, damage due to natural
calamity, etc. Hence to protect your home against such damages, you must avail of
home insurance. Such insurance plans will help you stay afloat even after a costly
mishap or calamity.

IRDAI

The Insurance Regulatory and Development Authority of India (Irdai) is an

autonomous and statutory body which is responsible for managing and regulating
insurance and re-insurance industry in India. Irdai is a 10-member body- a
chairman, five full-time members and four parttime members. It was constituted
under an Act of Parliament in 1999 and the agency’s headquarters is in Hyderabad.
History of India’s insurance industry In I950, the Government of India nationalised
India’s insurance industry and established Life Insurance Corporation (LIC) of India.
In the 1990s, the government decided to open up the insurance sector to private
players. A committee was set up to propose reforms and the Irdai was formed. In
2000, when the market was opened up, foreign firms were allowed to buy of up to 26
per cent stake in Indian insurance companies. Later, foreign direct investment in the
insurance sector was capped at 49 per cent. This was finally changed to 100% in
Budget 2020. The role of Irdai Insurance is a growing sector in India. According to
media reports, India’s life insurance companies saw 11.36 per cent growth in
collective premium income to Rs 48.26 trillion or $684.64 billion during the financial
year ended March 2020. Irdai, therefore, has many roles. First, it has to protect the
interests of insurance policy holders and ensure that they are treated in a just
manner. It also has to monitor policy issuers to ensure that the common man’s
interests are not subverted.

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RBI

The Reserve Bank of India, chiefly known as RBI, is India's central bank and
regulatory body responsible for regulation of the Indian banking system. It is under
the ownership of Ministry of Finance, Government of India. It is responsible for the
control, issue and maintaining supply of the Indian rupee. It also manages the
country's main payment systems and works to promote its economic development.
Bharatiya Reserve Bank Note Mudran (BRBNMPL) is one of the specialised divisions
of RBI through which it prints & mints Indian currency notes (INR) in two of its
currency printing presses located in Nashik (Western India) and Dewas (Central
India).[5] RBI established the National Payments Corporation of India as one of its
specialised division to regulate the payment and settlement systems in India.
Deposit Insurance and Credit Guarantee Corporation was established by RBI as one
of its specialised division for the purpose of providing insurance of deposits and
guaranteeing of credit facilities to all Indian banks. Until the Monetary Policy
Committee was established in 2016,[6] it also had full control over monetary policy
in the country.[7] It commenced its operations on 1 April 1935 in accordance with
the Reserve Bank of India Act, 1934.[8] The original share capital was divided into
shares of 100 each fully paid.[9] Following India's independence on 15 August 1947,
the RBI was nationalised on 1 January 1949.[10] The overall direction of the RBI lies
with the 21-member central board of directors, composed of: the governor; four
deputy governors; two finance ministry representatives (usually the Economic
Affairs Secretary and the Financial Services Secretary); ten government-nominated
directors; and four directors who represent local boards for Mumbai, Kolkata,
Chennai, and Delhi. Each of these local boards consists of five members who
represent regional interests and the interests of co-operative and indigenous banks.
It is a member bank of the Asian Clearing Union. The bank is also active in promoting
financial inclusion policy and is a leading member of the Alliance for Financial
Inclusion (AFI). The bank is often referred to by the name 'Mint Street'.[11] On 12
November 2021, the Prime Minister of India, Narendra Modi, launched two new
schemes which aim at expanding investments and ensuring more security for
investors. The two new schemes include the RBI Retail Direct Scheme and the
Reserve Bank Integrated Ombudsman Scheme.[12] The RBI Retail Direct Scheme is
targeted at retail investors to invest easily in government securities. According to
RBI, the scheme will allow retail investors to open and maintain their government
securities account free of cost. The RBI Integrated Ombudsman Scheme aims to
further improve the grievance redress mechanism for resolving customer
complaints against entities regulated by the central bank. The RBI makes it
mandatory for all the banks in India to have a safe box in their own respect strong
room. However, exception is given to the Regional Banks and the SBI branches
located in the rural areas but a strong room is compulsory.

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SEBI

The Securities and Exchange Board of India (SEBI) is the regulatory body for
securities and commodity market in India under the ownership of Ministry of
Finance , Government of India. It was established on 12 April 1988 as an executive
body and was given statutory powers on 30 January 1992 through the SEBI Act,
1992 Functions and responsibilities The Preamble of the Securities and Exchange
Board of India describes the basic functions of the Securities and Exchange Board of
India as "...to protect the interests of investors in securities and to promote the
development of, and to regulate the securities market and for matters connected
there with or incidental there to". SEBI has to be responsive to the needs of three
groups, which constitute the market: issuers of securities investors market
intermediaries SEBI has three powers rolled into one body: quasi-legislative,
quasi-judicial and quasi-executive. It drafts regulations in its legislative capacity, it
conducts investigation and enforcement action in its executive function and it passes
rulings and orders in its judicial capacity. Though this makes it very powerful, there
is an appeal process to create accountability. There is a Securities Appellate Tribunal
which is a three-member tribunal and is currently headed by Justice Tarun
Agarwala, former Chief Justice of the Meghalaya High Court.[7] A second appeal lies
directly to the Supreme Court. SEBI has taken a very proactive role in streamlining
disclosure requirements to international standards. 31 | P a g e Securities and
Exchange Board of India (SEBI) Powers For the discharge of its functions efficiently,
SEBI has been vested with the following powers: to approve by−laws of Securities
exchanges. to require the Securities exchange to amend their by−laws. inspect the
books of accounts and call for periodical returns from recognised Securities
exchanges. inspect the books of accounts of financial intermediaries. compel certain
companies to list their shares in one or more Securities exchanges. registration of
Brokers and sub-brokers. ♦ SEBI committees Technical Advisory Committee
Committee for review of structure of infrastructure institutions Advisory Committee
for the SEBI Investor Protection and Education Fund Takeover Regulations Advisory
Committee Primary Market Advisory Committee (PMAC) Secondary Market
Advisory Committee (SMAC) Mutual Fund Advisory Committee Corporate Bonds &
Securitisation Advisory Committee ♦ There are two types of brokers: Discount
brokers Merchant brokers

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TYPES OF INSURANCE
OFFERED BY RLIC

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Life Insurance Plans

Insurance plans for all your needs

We understand how hard you work for the well-being of your family. You plan
for everything in life - a comfortable lifestyle, children’s education, health
check-up, peaceful retirement and you even prepare for those unexpected
events. At Reliance Nippon Life Insurance, our aim is to help you achieve
what’s planned and prepare you for the unplanned. Our comprehensive range
of insurance plans will not only cover your financial need but also give the
confidence to rise higher in life.

Term Insurance Plans

In today's uncertain world, there could be calamity at every step of life. Reliance
Protection Plans help you to ensure that your family stays protected always. We
live in a world which is uncertain at every step. It becomes all the more important
to ensure that your family stays protected unconditionally. Reliance Protection
Plans help you do exactly the same. With our plans, you get a wide range of limited
period, life insurance options. The protection plans are affordable, and you can opt
for a Sum Assured as per your financial needs. You can also calculate your term
insurance premium online. While we understand that nothing can compensate for
the loss of life, we intend to provide you with the peace of mind that your family
will be secured after you. So, go ahead and get a quote today.

1. Reliance Nippon Life Protection Plus

2. Reliance Nippon Life Saral Jeevan Bima

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Savings & Investment Plans

We all have dreams in our lives. You can make these dreams come true by
investing in a plan that works as hard as you.In life, you have always given your
family whatever they have wanted. Yet, there are some promises you have to fulfil,
such as taking your family for a vacation or buying that dream house. Set aside
some money to achieve these specific goals with the help of Reliance Savings &
Investment Plans. These plans allow you to experience the joys of life and provide
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for your family's needs. Enjoy life without worrying about the promises you have
made - we are here to fulfil them.

1. Reliance Nippon Life Nishchit Samrudhi

2. Reliance Nippon Life Super Bachat Plus Suraksha Plan
3. Reliance Nippon Life Milestone Plan
4. Reliance Nippon Life Super Endowment Plan
5. Reliance Nippon Life Super Money Back Plan
6. Reliance Nippon Life Increasing Money Back Plan
7. Reliance Nippon Life Future Income
8. Reliance Nippon Life Smart Zindagi Plus
9. Reliance Nippon Life Fixed Money Back
10.Reliance Nippon Life Increasing Income Insurance Plan
11.Reliance Nippon Life Bluechip Savings Insurance Plan
12.Reliance Nippon Life Fixed Savings
13.Reliance Nippon Life Guaranteed Money Back Plan
14.Reliance Nippon Life Lifelong Savings Plan

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Retirement Plans

Invest in Retirement Plans from Reliance Life to ensure that your golden years
stay golden and you realize your post-retirement dreams.You are a young and
earning individual. The income you earn allows you to enjoy life, and Your only
worry is whether you will be able to continue the same lifestyle after retirement.
Reliance Retirement Plans will help you save money for your retirement. It
ensures that you continue to get some income after retirement, thereby ensuring
that you do not have to depend on any other person or make any compromises to
maintain the same lifestyle. Invest in a Reliance Retirement Plan today and enjoy
life after retirement on your own terms.

Reliance Nippon Life Immediate Annuity Plan

Reliance Nippon Life Smart Pension Plan
Reliance Nippon Life Saral Pension Plan

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Health Insurance Plans

A medical emergency can derail a family's finances. Health Insurance keeps your
finances under control so that you have one less thing to worry about.Your health
is your biggest asset and it is vital to invest in it. With Reliance Nippon Life Health
Insurance Policy, you can protect yourself and your family from unexpected
financial burdens that arise with health ailments and accidents. Our
comprehensive health insurance plans offer you the benefit of lump sum cash,
irrespective of the expenses you incur during hospitalisation. This ensures that
your savings remain intact and go towards fulfilling your family’s dreams and
securing their financial stability.

1) Reliance Nippon Life Cancer Protection Plus Plan

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Child Insurance Plans

Child Plans from Reliance Life help you save systematically so that you can secure
your child's future needs, even in your absence. All parents intend to give their
bundles of joy the best of everything. A child insurance plan ensures that they
keep running towards their dreams and not financial hurdles. Your child looks up
to you and depends on you for love, protection and support. As a parent, you wish
to provide your child with the best in life. Child insurance plans by Reliance
Nippon Life Insurance is one of the best avenues for you to start saving
systematically so that you can secure your child's future needs. Be it higher
education, his or her first home or any other requirement, you will always be there
for your child when he or she needs you. So, invest in a child insurance plan by
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Reliance Nippon Life right away—it is the best gift you could ever give to your
child.

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ULIP

No matter what goals you have set in life, a Unit Linked Insurance Plan (ULIP) can
help you achieve them while keeping you and your family protected. Unit Linked
Insurance Plans, generally called ULIP Plans, are investment-cum-protection plans
that offer you dual benefits of availing market-linked returns on your investments,
along with life insurance cover. You have the option to choose from a variety of
funds available under the selected life insurance plans, along with the flexibility to
manage and switch between funds. Reliance Nippon Life Insurance presents you a
wide range of regular and single premium Unit Linked Insurance Plan (ULIP) that
suit your investment needs.

1. Reliance Nippon Life Smart Savings Insurance Plan

2. Reliance Nippon Life Prosperity Plus
3. Reliance Nippon Life Premier Wealth Insurance Plan
4. Reliance Nippon Life Classic Plan II

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Group Insurance Plans

Be sure that your employees stay focused on the company's wellbeing, knowing
that their own wellbeing is taken care of. As an employer, you believe in providing
the best opportunities for your employees while keeping the interests of your
company in mind. How effectively can you strike a balance between these twin
objectives without compromising on either? Reliance Nippon Life Insurance offers
you win-win solutions with 'Solutions for Groups'. Not only are your employees
covered for life, you also provide them with a sustainable post-retirement life
through gratuity and pension plans

1. RNL Group Employee Benefits Plan

2. RNL Group Term Assurance Plus
3. RNL Group Unit Linked Employee Benefits Plan

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RESEARCH
METHODOLOGY

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According to Oxford Dictionary:

“Research is a systematic investigation into and study of materials and sources

in order to establish facts and reach new conclusions.” It is a procedure of
logical and systematic application of the fundamentals of science to the
general and overall questions of a study and scientific technique, which
provides precise tools, specific procedures, and technical rather than
philosophical means for getting and ordering the data prior to their logical
analysis and manipulating different type of research designs is available
depending upon the nature of the research project, availability of manpower
and circumstances.

According to D. Slesinger and M. Stephenson research may be defined as, “The

manipulation of things, concepts or symbols for the purpose of generalizing to
extend, correct or verify knowledge, whether that knowledge aids in the
construction of theory or in the practice of an art.” Thus, it is original
contribution to the existing stock of knowledge of making for its advancement.
In short, the search of knowledge through objective and systematic method of
finding solution to a problem is research.

RESEARCH DESIGN

A research design is a arrangement of conditions for collection and analysis of

data in a manner that aims to combine relevance to the research purpose with
economy in procedure. In fact, the research design is the conceptual structure
within which research is conducted. This research was descriptive in nature.

Descriptive Research

The research undertaken was descriptive in nature as it was concerned with

specific predictions, with narration of facts and characteristics concerning
digital banking service provided by RLIC.

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SAMPLING DESIGN

The following factors have been decided within the scope of sample design:

1. Universe of study: Universe of study means, all the persons who are the
customers of RLIC in the world.

2. Theoretical: It covered all the individuals who are the customers of RLIC
in the world.

3. Accessible: It covered all the individuals who are the customers of RLIC in
India and are within our reach. In this research, the accessible population
was customers of RLIC in India.

Sample size

A sample of minimum respondents was selected from various areas of

Kurukshetra, Karnal. An effort was made to select respondent evenly. The
survey was carried out on 35 respondents.

Sample unit

In this project sampling unit consisted of the various individuals who had
their policy with RLIC.

Sampling technique

For the purpose of research convenient sampling technique of was used.

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Sampling frame

It consisted of various sources from where information about the respondent

is extracted. Mainly personal links and employees of RLIC

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DATA ANALYSIS &

INTERPRETATION

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From the data collected after PC (Phone call) and PV (Personal visits), it was
found that:
Majority of respondent that is 45%, belonged to the age of 35 to 50 years,
followed by the age group of 20 to 35 years. It was found that the majority of
the respondents were graduates. The majority of the respondents were from
business class followed by the service class and self employed.Majority of the
respondent fell between the income groups of Rs.6 to Rs.10 lacs, followed by
income group between Rs.2 to Rs. 6 lacs.Thus, it can be said that the majority
of the respondents were knowledgeable and were well informed about the
banking services.

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OUTCOME OF INTERPRETATION

1. Are you aware about digital banking?

1) YES
2) NO

From the response collected from 35 respondents, It can be observed that on a

point of 10, 2.5 part of the people are aware about the digital banking.
Whereas, there are still 7.5 part of the people remaining who aren’t aware
about the use of digital banking.

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2.Do you use digital banking?

1)YES
2)NO

When it was asked for the use of digital banking, on a point of 10, 7 part of the
respondents gave a positive response in relation to it, whereas remaining 3
were still not using the digital facilities of the bank. This interpretation led to
the conclusion that there is still a section left which is required to be brought
into the contact of digital banking.

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3.What do you mostly prefer in digital banking?

1)Net banking
2)Mobile banking
3)Pazapp/chillr
4)All

When asked for the preference of people regarding digital services of the bank,
61% of the respondents were found to be using the Net Banking facility of the
bank, whereas 23% were using Mobile banking, 5% were using Payzapp/
chillr application and 11% were the ones who were connected to all the
services. So, it can be concluded that majority of the section are connected to
Net banking which is followed by mobile banking.

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4.How frequently do you use digital banking?

1)Daily
2)Weekly
3)Monthly
4)Yearly
5)Never

The analysis was made based upon the use of digital banking, and it was found
that 62 % of the people were using the digital facility of the bank on a daily
basis, 11% on a weekly basis, 11% on a monthly basis, 9% were using it for
once in a year, and 6% of them were such that were never been in touch of the
digital banking. Conclusion was made that HDFC bank has been successful to a
great extent in adding more and more customers to its digital services.

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4. What is the reason due to which you opted for digital banking?

1)Time saving
2)Convenient
3)Easy to maintain transaction

When it was asked for the reason behind opting for digital banking, the
respond came in a way that 41% of the people said that digital banking is time
saving for them, 13% of them said that it is easy to transact via digital
medium, and 46% of them were such that it is convenient to use digital
banking than to visit bank on a daily basis. Thus, from this interpretation it
can be said that people nowadays, are getting more oriented towards digital
medium.

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5. Which online feature of the bank do you use frequently?

1)Transfer of funds
2)Download/view account statement
3)Make bill payments
4)Booking tickets

Regarding the feature of the digital services used by the customers, response
came in a way that, 54% of the people were active on online banking for fund
transfer, 22% for account statement, 11% for payment of various bills, and
13% were such that they used digital medium for the purpose of booking
tickets only. The analysis was recorded that, majority of the section was from
business class which was active on digital platform for the sole purpose of
fund transfer.

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6. Which application do you use more frequently for online transactions?

1) Payzapp
2) Paytm
3) Phonepay
4) Others

When it was asked for the application they use for online transactions,
response came in a way which was quite surprising. It was found that 47% of
the people are using Paytm, 9% are active on Phonepay, 11% are active on
other platform, whereas Payzapp has gained a popularity of 33%. It was
concluded that, within a short span of time the Payzapp application of HDFC
bank has positioned itself strongly in the market.

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7. Do you see digital banking as a bane or a boon?

Bane
Boon

At a place where more and more people are getting attached to the digital
banking services, the sudden idea of how people see digital banking emerged
to my mind. The customers were then asked, for how they see digital banking,
as a boon or a bane for the coming time period. The response was a big
surprise to everyone, 54% people were the ones who see it as a bane. On the
other hand, 46% see digital banking as a boon. The low level of percentage of
people seeing digital banking as a boon clearly shows that there is still a lot to
be done in the digital field to gain complete confidence of people to use digital
banking.

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8. Why do you choose HDFC bank as your digital banking option?

1) Faster services
2) User friendly
3) Brand name
4) Period of attachment

The respondents were asked for why do they select HDFC bank for digital
banking. The response was quite acceptable, 42% said that the bank provide
fast service in comparison to other banks, 33% said that it was user friendly,
14% selected it for its brand name, and 11% selected the bank because they
were connected to the bank for a long period.

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9. Do you think the digital banking service offered by HDFC bank is better
than other banks?

1) Yes
2) No
3) Can’t say

At last, the customers were asked about the services offered by the bank and
what is their thought when it comes to other banks offering the same service.
The response recorded was such that, 50% of the customers were satisfied
with the banking services of HDFC bank, 37% were the ones who were not
satisfied with the services, and 13% were unsure about it. It was analysed that
those who were not satisfied were also using the services being offered by
State bank of India, a rival government bank to HDFC.

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FINDINGS

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FINDINGS

I. Reliance Life Insurance Company offers various types of products

according the need of different segments of customers.

II. Wide varieties of products are available for both Short term as well
as long term. Some of the products offered by RLIC are:

1. Term Insurance Plan

2. Endowment Insurance Plans
3. Money-Back Policy
4. Pension Plan
5. Child Plan
6. Unit Linked Insurance Plan

III. Products offered by RLIC are not only used for insurance but they
can be used as an investment.

IV. Some benefits of the various products’ offered by RLIC are:

1. Additional benefits on products can be obtained by using

different optional riders.
2. All the products can be used to avail Tax benefits under
section 80(c), 80(d), and 1010(d).
3. Products have options of getting money back in regular
intervals, which makes them more attractive and offers more
satisfaction to Insured.

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SUGGESTIONS
AND
RECOMMENDATIONS

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SUGGESTIONS AND RECOMMENDATION

1. People are not aware of the life insurance. Most of them know only
one company which provides life insurance i.e. LIC. So RLIC should
run awareness campaign so that people can know more about
RLIC.

2. People should be educated about the different types of products or

plans offered by RLIC. Most of them don’t know much of the
different types of plan or products.

3. It was felt that most of the people took life for tax savings or just to
cover up their life, not as an investment avenue. RLIC needs to
advertise in such a manner that people start investing in life
insurance like the way they invest in the stock market

4. Now at the time of global turmoil RLIC had to hold on to the

policyholders’ trust which might lead the company to the path of
success

5. RLIC should try to adopt different strategies to market

theirproducts or plan. Companies should not primarily focus on
the agents for their business.

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LIMITATIONS

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LIMITATIONS

1. Useful Financial insights are not easily available.

2. Due to time constraint sufficient research on all the

investment tools is difficult.

3. Study is based on some products offered by Reliance Life

Insurance, and does not cover all the products.

4. Study is focused on products of RLIC and does not give any

information about the products offered by other Insurance
Companies.

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CONCLUSIONS

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CONCLUSION

A well-functioning insurance market plays an important role in economic

development and financial stability of developing economies such as
India’s. First, it inculcates and encourages the habit of saving. Second, it
provides a safety net to rural and urban enterprise and productive
individuals. The life insurance market in India is on a growth path. In
spite of this, the country lags far behind the others in awareness about
life insurance. The challenge is to spread awareness about life insurance
and it true benefits. The industry has to convince people to park their
hard earned money in long-term insurance and not just look at it as a
tax saving instrument.

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REFERENCES

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CITATION FROM JOURNALS

□ Rao C. S. (2007), “The Regulatory Challenges Ahead,” Journal of

Insurance Chronicle, pp. 7-10.

□ Sabera K. (2007), “Changes in Insurance sector: A study on Public

Awareness,” Journal of Insurance Chronicle, vol. 7, no. 1, pp. 37.

□ Jain A. K. (2004), Journal of Insurance Institutions of India, pp. 30-53.

CITATION FROM BOOKS

□ Marketing Management (14th Edition) – February 18, 2011 by

Philip Kotler (Author), Kevin Keller (Author) ISBN:
978-0132102926

CITATION FROM WEBSITE

□ History of insurance in India (2009): Insurance Regulatory and

Development Authority.
http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx
?page=Pag eNo4&mid=2

□ http://www.reliancelife.com/milestones.aspx

□ en.wikipedia.org/wiki/Reliance_Life_Insurance

□
https://lifeline.reliancelife.com/wps/myportal/agent/!ut/p/c1/0wcA1NLTeQ
!!/

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