Project Report

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Project Report On

----------------------------------------------“Comparative analysis of I surance Product with Insurance different Life Insurance Companies” Companies ---------------------------------------------------------------

---------- May – June 2010 ---------

PROJECT REPORT ON

“Comparative analysis of Insurance Product with different Life Insurance Companies.” Submitted To: Mr. Vikash Kumar (Branch Manager, C.D.A.) Reliance Life Insurance Company LTD. Ranchi, Jharkhand

Submitted By: Anubhav Bhushan (Management Trainee) A report submitted in the partial fulfillment award of POST GRADUATE DIPLOMA IN MANAGEMENT May – June 2010

Centurion School of Rural Enterprise Management, Paralakhimundi, Odisha

DECLARATION

I hereby declare that this project work entitled “Comparative analysis of insurance Product with different life insurance companies” is my work, carried out under the guidance of my faculty guides PROF. K.V. RAMNA and my company guide Mr. VIKASH KUMAR. This report neither full nor in part has ever been submitted for award of any other degree of either this management college or any other management college.

ANUBHAV BHUSHAN Regd. No- S0906 P.G.D.M. C.S.R.E.M. , PARALAKHEMUNDI

ACKNOWLEDGEMENT
It gives me immense pleasure to express my deep sense of gratitude to DR. (PROF) GURUCHARAN PATRA, Director, CSREM, Paralakhemundi, for his valuable guidance and consistent supervision throughout the course. I am also thankful to Mr. VIKASH KUMAR, my Company Guide of Reliance Life Insurance company LTD, Ranchi, for his valuable guidance for preparing the Final Report and also for providing the necessary facilities. I am extremely thankful to PROF. K.V. RAMANA , Faculty Guide of CSREM, Paralakhemundi for their timely guidance and support throughout the project work. Finally I am indebted to our other faculty members, my friends and my parents who gave their full-fledged co-operation for successful completion of my project. It was an indeed learning experience for me.

ANUBHAV BHUSHAN Regd. No. - S0906

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CHAPTER No. 01 1.1. Abstract 1.2. Introduction 1.2.1. Insurance Industry 1.2.2. About The Project 1.2.3. Purpose of the Project 1.2.4. Scope of the Project CHAPTER NO. 02 2. Review of Literature

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…………………………….. 01 ………………….…………..02 ……………….……………..02 ……………………………..04 ……………………………..04 ……………………………..05

………………………………06

2.1. About Insurance Industry in Brief ………………………………06 2.2. Logic of Insurance 2.3. Need of Insurance 2.4. Insurance in India 2.5 History of Insurance in India ………………………………06 ………………………………07 ………………………………07 ………………………………08

2.6 Life Insurance Corporation Act. 1956 ………………………….. 09 2.7 General Insurance Business ………………………………10

CHAPTER NO. 03 3.1. Insurance Regulatory and Development Authority of India, Act…10

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CHAPTER NO. 04

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4.1. Different Insurance Companies ……………………………..11 4.1.1. Top 10 Insurance Companies in India……………..13 4.2. Market share of Indian Insurance Companies ………………...17 4.3. Booming Insurance Market CHAPTER NO. 05 5.1. Advantage of Life Insurance CHAPTER NO. 06 6.1. Type of Insurance product 6.1.1. Term Insurance Plan 6.1.2. Endowment Assurance Plan 6.1.3. Money Back Policy 6.1.4. Whole life Plan 6.1.5. Pension Plan 6.1.6. Child Plan 6.1.7. ULIP ……………………………..22 ………………….………….22 …………………..………….22 . ……………………………22 …………………….………..23 ……………………………...23 ……………………………...24 …………………………….. 24 …………………………….19 ……………………………..18

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CHAPTER NO. 07 7. 1. Marketing mix in Insurance Industry 7.1.1. Introduction 7.1.2. Insurance Marketing

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…………………..25 …………………..25 …………………..26

7.1.3. Marketing mix for Insurance Company ………………….26 7.1.3.1. Product 7.1.3.2. Price 7.1.3.3. Place 7.1.3.4. Promotion 7.1.3.5. People 7.1.3.6. Process .………………… 27 ………………….28 ………….………30 …………..………31 ………..…………32 ……...……………32

7.1.3.7. Physical Distribution………………….33 CHAPTER NO. 08 8.1. Coustmer For Reliance Insurance Company CHAPTER NO. 09 9.1. Changing...
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