SUMMARY

EXECUTIVE SUMMARY
Market research is very important tool of marketing to know about customer & market. As a management student, I have conducted research to get the perception of people towards insurance sector in the esteem organization like “Reliance Life Insurance Co. Ltd.”
In the project, I have tried my hard in giving some valuable suggestion to the co., which I think would bring some changes in the marketing strategy of the company.
I have intentionally divided my project into two different parts:-
Part-I
“A COMPARATIVE STUDY (DIFFERENT INSURANCE PLAN)
Part-II
A CUSTOMER SURVEY OF BUYER’S POTENTIAL
WHAT IS INSURANCE
Insurance is a sharing device. The losses to assets resulting natural calamities (Like fire, flood, earthquakes, accidents etc.) are met out of common pool contributed by large number of persons who are exposed to similar risks.
· Insurance is the method of spreading and transfer of risks
· The fortunate many who are exposed same or similar risks share loss for The unfortunate few.
· Assets (created in expectation of future need /benefits) have a value.
· Loss of assets deprives the owner of the expected benefits.
· Insurance in this context is mechanism that to reduce the adverse
· Consequences due to loss of assets.
Classification of insurance:
Insurance business can be divided into basic categories.
1. Life insurance
2. non-life insurance
Life insurance is concerned with making provision for a specific event happing to the individual non life insurance is commonly concerned with the provision for a specific. Etc.
Event, which affect a property such as fire, flood, theft
HISTORY OF INSURANCE
1. 1st Insurance Company started in 1818.
2. It was “oriental insurance company” a UK based company.
3. By 1868 there was 256 insurance companies had business in Indian market.
4. 2nd Indian Insurance Company: “Oriental Insurance” by Firozshah Mehta.
5. 1956,”Life Insurance Corporation of India” started operations from September 1st.
6. 1999, IRDA Act was passed by which Insurance sector was opened for Private Companies. According to this investment by companies is Rs. 100 crores and the total of investment is 75% (Indian) + 26 %( foreign) max.
Reliance life insurance was started in 2003 by acquiring AMP SANMAR LIFE INSURANCE COM. Reliance life insurance Company limited is a part of reliance capital ltd. of the Reliance - ANIL DHIRUBHAI AMBANI group. Reliance capital is one of India’s 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 the 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.
THE MARKETING RESEARCH PROCESS:-
As marketing research is a systemic & formalized process. It follows a certain sequence of research action. The marketing research process
Has the following step.
1. Formulating the problem.
2. Developing objective of the research.
3. Designing an effective research plan.
4. Data collection Techniques
5. Evaluating the data & preparing a research repot
LIMITATIONS
v Unavailability of information: - Some Information related to difference Policies and their premium calculation was not available.
v Time constraint: - it was from the side of customer as they were having short time.
v For answering to the question asked in the questionnaire.
v Biasness of Respondent: - People were biased towards Govt. Sector.People are not aware about the Reliance life insurance.