17-06-2014, 12:24 PM
A Project report On CERTIFICATE FROM COMPANY
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INTRODUCTION TO INSURANCE INDUSTRY
The concept of insurance is believed to have emerged almost 4500 years ago in the ancient land of Babylonia where traders used to bear risk of the
carvan by giving loans, which were later repaid with interest when the goods
arrived safely.
The concept of insurance as we know today took shape in 1688 at a place
called Lloyd’s Coffee House in London where risk bearers used to meet to
transact business. This coffee house became so popular that Lloyd’s became
the one of the first modern insurance companies by the end of the eighteenth
century.
Marine insurance companies came into existence by the end of the
eighteenth century. These companies were empowered to write fire and life
insurance as well as marine. The Great Fire of London in 1966 caused huge
loss of property and life. With a view to providing fire insurance facilities,
Dr. Nicholas Barbon set up in 1967 the first fire insurance company known
as the Fire office.
The early history of insurance in India can be traced back to the Vedas. The
Sanskrit term ‘Yogakshema’ (meaning well being), the name of Life
Insurance Corporation of India’s corporate headquarters, is found in the Rig
Veda. The Aryans practiced some form of ‘community insurance’ around
1000 BC.
MEANING OF LIFE INSURANCE
There are three parties in a life insurance transaction: the insurer, the insured, and the owner of the policy (policyholder), although the owner and
the insured are often the same person.
Another important person involved in a life insurance policy is the
beneficiary. The beneficiary is the person or persons who will receive the
policy proceeds upon the death of the insured.
Life insurance may be divided into two basic classes – term and permanent.
Term life insurance provides for life insurance coverage for a
specified term of years for a specified premium. The policy does not
accumulate cash value.
Permanent life insurance is life insurance that remains in force until
the policy matures, unless the owner fails to pay the premium when
due.
Whole life insurance provides for a level premium, and a cash value
table included in the policy guaranteed by the company. The primary
advantages of whole life are guaranteed death benefits, guaranteed
cash values, fixed and known annual premiums, and mortality and
expense charges will not reduce the cash value shown in the policy
NEED OF LIFE INSURANCE
Life insurance has come a long way from the earlier day when it was originally conceived as a risk covering medium for short period of time, covering temporary risk situation.
FINANCIAL INDEPENDENCE:-One needs Life insurance because typically the need for income continues for those who are financially dependent on him\her, but there is no guarantee one’s ability to earn consistently & for the rest of his\her life.
NEW GENERATION FAMILY SYSTEM:-This need has become even more important due to steady disintegration of the prevalent joint family system & emergence of nuclear familes. The need to protect the family’s ever growing needs is why one needs of the family.
TEMPORARY NEEDS:-The original purpose of LIFE INSURANCE remains an important element, namely providing for replacement of income on death etc
COMPANY PROFILE
Founder
Few men in history have made as dramatic a contribution to their country’s 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 India’s capital markets, the champion of shareholder interest.
But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth creator. In one lifetime, he built, starting from the proverbial scratch, India’s largest private sector enterprise.
When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he converted this fledgling enterprise into a Rs 60,000 crore colossus—an achievement which earned Reliance a place on the global Fortune 500 list, the first ever Indian private company to do so.
Elected in India “Businessman of the Millennium
•Founded by Shri. Dhirubhai Ambani in the year 1966
•Reliance Group was started with a capital of Rs. 15000/-.
•He converted this fledgling enterprise into a Rs. 95,000 crore colossus.
•Over time, Reliance Group has diversified into a core specialization in petrochemicals with additional interests in telecommunications, information technology, energy, power, retail, textiles, infrastructure services, capital markets, & logistics.
He is credited with having pioneered a number of path-breaking financial innovations in the Indian capital markets. He spearheaded the country's first forays into the overseas capital markets with international public offerings of global depositary receipts, convertibles and bonds. Starting in 1991, he directed Reliance Industries in its efforts to raise over US$ 2 billion. He also steered
the 100-year Yankee bond issue for the company in January 1997
Our Chairman
•Shri. Anil D. Ambani was born to Dhirubhai Ambani and Kokilaben Ambani on June 04, 1959 at Mumbai.
• He did his schooling and graduation in Mumbai and thereafter pursued his Masters of Business Administration from Wharton Business School, USA.
•Anil Dhirubhai Ambani is the Chairman of all listed Group companies, namely: Reliance Communications, Reliance Capital, Reliance Energy, Reliance Health, Reliance Entertainment and Reliance Natural Resources Limited.
•Anil D Ambani joined Reliance in 1983 as Co-Chief Executive Officer.
•Under his leadership, Reliance pioneered India's first forays into overseas capital markets with international public offerings of global depository receipts, convertibles and bond
SOLUTIONS FOR GROUP
Reliance 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
PROTECTION PLAN
Reliance Protection Plans helps you do exactly the same. You have a wide range of options to choose a plan from. Right from limited period plans to lifetime protection plans, you can opt for the one that suits your lifestyle.
While we understand that nothing can compensate for the loss of a life, we intend to provide you the peace of mind. Investing in Reliance Protection Plans would mean your family's future is in safe hands
PROTECTION PLAN
Reliance Life Insurance eTerm Plan
With Reliance Life Insurance eTerm Plan, you can protect your family from loan liabilities and help them keep up the lifestyle that they have been accustomed to. This traditional, non-participating life insurance plan offers you comprehensive and affordable coverage for you and your family
Child plan
Reliance Child plan
Every parent wants to be able to fulfil their child's dreams. Investing in Reliance Child Plan gives you the power to secure your child's future. This plan offers you risk protection as well as accumulated bonuses at the end of the policy term, thereby allowing you to provide your child with adequate financial security for the future.
ULIP PLAN
A unit-linked policy is a life assurance policy in which the benefits
depend on the performance of a portfolio of shares.
Each premium paid by the insured person is split: a part is used to
provide life assurance cover, while the balance (after the deduction of costs,
expenses, etc.) is used to buy units in a unit trust.
In this way, a small investor can benefit from investment in a managed
fund without making a large financial commitment. As they are linked to the
value of shares, unit linked policies can go up or down in value.
Policyholders can surrender the policy at any time and the surrender value is
the selling price of the units purchased by the date of cancellation 9less
expense). A small part of the contribution is used for providing life cover
and the balance is invested in unit. Legal heirs are entitled to the amount of
insurance cover and entitled units in case of death of the insured.
Reliance Life Insurance Company Limited has also offered the two
Unit Linked Plans, which are listed as follows:
CONCLUSION
Our exhaustive research in the field of Life Insurance threw up some interesting trends which can be seen in the above analysis. A general impression that we gathered during Data collection was the immense awareness and knowledge among people about various companies and their insurance products. People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money.
People in general have been impression by the marketing and advertising campaigns of insurance companies. A high penetration of print , radio and Television ad campaigns over the years is beginning to have its impact now.
The general satisfaction levels among public with regards to policy and agents still requires improvement. But therein lays the opportunity for a relative new comer like ING. LIC has never been known for prompt service or customer oriented methods and Reliance can build on these factors.