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Preface

This Project Report is done to study “Comparative analysis of ULIPs V/s Traditional plans

This Project Report is done by collecting the data from some magazine, white paper, Reliance Security life website, text book of life insurance. Money simplified (text book). Neev: product book.

All the data has been gathered and then properly analyzed. The findings have been presented in a lucid manner.

CONTENTS

Acknowledgement

History of Insurance Sector

History of Reliance Security

Meaning & Principles of Insurance

Insurance Business Model

Purpose & Need of Insurance

History of Life Insurance

Life Insurance Vs Other Savings

About Traditional Plans

Types of Life Insurance Product

Traditional Plans of Reliance Security

About Unit Linked Insurance Plan

How ULIPs Manages Money

Advantages of ULIPs Plan

Some ULIPs Plan of Reliance Security

Research Methodology

ULIPs Vs Traditional Plans (Comparison)

Difference between ULIPs and Traditional Plans

Suggestions

Bibliography

ACKNOWLEDGEMENT

Generally it is said that “there is always a theory works behind practical” but I personally observe and reach to the conclusion that there is a practical behind every to fulfill the requirement of our academic curriculum and attain practical knowledge the present project work has been conducted under the mutually guidance of our academic lecture and corporate professionals. No amount of words can expressed my feeling to Mr Abhishek Agarwal & Mr Pankaj Jain, B.A. manager & A.B.A. Manager of Reliance Security life Moradabad, who helped us throughout the project.

I am to grateful to Mr Abhishek Agarwal, Chairman and Mr Ankit Goel, Placement Officer of Lotus Institute of Management Bareilly

Last but not least we would like to pleasure a word of appreciation to those who has provided their full support for the successful completion of this project.

Brief History of Insurance Sector

The roots of insurance might be traced to Babylonia, where traders were encouraged to assume the risks of the caravan trade through loans that were repaid (with interest) only after the goods had arrived safely—a practice resembling bottomry and given legal force in the Code of Hammurabi (c.2100 BC). The Phoenicians and the Greeks applied a similar system to their seaborne commerce. The Romans used burial clubs as a form of life insurance, providing funeral expenses for members and later payments to the survivors.

With the growth of towns and trade in Europe, the medieval guilds undertook to protect their members from loss by fire and shipwreck, to ransom them from captivity by pirates, and to provide decent burial and support in sickness and poverty. By the middle of the 14th cent., as evidenced by the earliest known insurance contract (Genoa, 1347), marine insurance was practically universal among the maritime nations of Europe. In London, Lloyd's Coffee House (1688) was a place where merchants, ship owners, and underwriters met to transact business.

By the end of the 18th cent. Lloyd's had progressed into one of the first modern insurance companies. In 1693 the astronomer Edmond Halley constructed the first mortality table, based on the statistical laws of mortality and compound interest. The table, corrected (1756) by Joseph Dodson, made it possible to scale the premium rate to age; previously the rate had been the same for all ages.

Insurance developed rapidly with the growth of British commerce in the 17th and 18th cent. Prior to the formation of corporations devoted solely to the business of writing insurance, policies were signed by a number of individuals, each of whom wrote his name and the amount of risk he was assuming underneath the insurance proposal, hence the term underwriter.

The first stock companies to...
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