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RELIANCE LIFE INSURANCE

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RELIANCE LIFE INSURANCE
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Abhijeet S
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abhishreshthaa
Operations Manager at Management Paradise
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Join Date: May 2010
RELIANCE LIFE INSURANCE - September 3rd, 2010

RELIANCE LIFE INSURANCE
  • Reliance Life Insurance offers you products that fulfill your savings and protection needs. Our aim is to emerge as a transnational Life Insurer of global scale and standard.

  • Reliance Life Insurance is an associate company of Reliance Capital Ltd. Which along with its associates has acquired 100% shares in AMP Samna Life Insurance Co Ltd.

  • Reliance Life Insurance has a pan presence and a range of products catering to individual as well as corporate needs.

  • Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need based life Insurance solution to individuals and corporate .

  • There are various plans which are offered for individuals & employees by Reliance Life insurance.

  • With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India.

  • It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs. 450 billion.

  • Together with banking services, it adds about 7 per cent to the county’s GDP.

  • Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.

  • A well-developed and evolved insurance sector is needed for economic development as it provides long-term funs for infrastructure development and at the same time strengthens the risk taking ability.

  • It is estimated that over the next ten years India would require investments of the order of one trillion US dollar.

  • The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country.


RELIANCE LIFE INSURANCE HISTORY
  • The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows.

  • Interestingly in those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered more riskier for coverage.

  • Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the provident fund Act of 1912. Several frauds 20’s sullied insurance business in Indian.

  • By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business.

  • The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon.

  • The Government of India in 1956 , brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born.

  • Nationalization was justified on the grounds that it would create much needed funds for rapid industrialization .

  • This was in conformity with the Government’s chosen path of State lead planning and development.

  • The (non-life) insurance business continued to thrive with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972.

  • With this, nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company and United India Insurance Company.

  • These were subsidiaries of the General Insurance Company (GIC)


Vision & Mission

Vision

Empowering everyone live their dreams.



Mission


Create unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plans.
Our 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


Achievements


• RLIC has been one of the fast gainers in market share in new business premium amongst the private players with an incremental market share of 4.1% in the Financial Year 2007- 08 – from 3.9% in April 07 to 8% in Feb 08.


• Also continues to be amongst the fast growing Private Life Insurance Companies with a YOY growth of 195% in new business premium as of Mar’08.


• A Company that has crossed 1.7 Million policies in just 2 years of operation, post take over of AMP Sanmar business.


• Initiated Express Life – an Unique ’Over the Counter’ sales process for Unit Linked Insurance Policies in the Industry.


• Accomplished a large distribution ramp-up in the Industry in a short span of time by opening 600 branches in 10 months taking the overall branch network above 740.


• RLIC continues to be one of the two Life Insurance companies in India to be certified ISO 9001:2000 for all the processes.


• Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007-Ceritificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP).



PRODUCTS

RELIANCE LIFE INSURANCE offers a complete range of insurance products

INDIVIDUAL PLANS:

  • SAVING (Endowment)


 Reliance Super Invest Assure Plan


 Reliance Total Investment Plan Series I


 Reliance Wealth + Health plan


 Reliance Automatic Investment plan


 Reliance Money Guarantee plan


 Reliance Cash Flow plan


 Reliance Market Return plan


 Reliance Endowment plan


 Reliance Special Endowment plan


 Reliance Whole Life plan


 Reliance Connect 2 Life plan



RETIREMENT

 Reliance Total Investment Plan -Pension

 Reliance golden years plan

 Reliance golden years plan value

 Reliance Automatic Investment Plan

 Reliance golden years plan plus



UNIT LINKED

 Reliance Total investment plan (new)

 Reliance automatic investment plan (new)

 Reliance money guarantee plan

 Reliance market return plan

 Reliance child plan



RISK/PROTECTION

 Reliance term plan

 Reliance simple term plan

 Reliance special term plan

 Reliance credit guardian plan

 Reliance credit guardian plan
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Re: RELIANCE LIFE INSURANCE
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Jitendra Mazee
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jitendra05
Student of Bachelor of Engineering at RGTU Bhopal
Bhopal, Madhya Pradesh
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Re: RELIANCE LIFE INSURANCE - November 25th, 2017

Quote:
Originally Posted by abhishreshthaa View Post
RELIANCE LIFE INSURANCE
  • Reliance Life Insurance offers you products that fulfill your savings and protection needs. Our aim is to emerge as a transnational Life Insurer of global scale and standard.

  • Reliance Life Insurance is an associate company of Reliance Capital Ltd. Which along with its associates has acquired 100% shares in AMP Samna Life Insurance Co Ltd.

  • Reliance Life Insurance has a pan presence and a range of products catering to individual as well as corporate needs.

  • Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need based life Insurance solution to individuals and corporate .

  • There are various plans which are offered for individuals & employees by Reliance Life insurance.

  • With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India.

  • It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs. 450 billion.

  • Together with banking services, it adds about 7 per cent to the county’s GDP.

  • Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.

  • A well-developed and evolved insurance sector is needed for economic development as it provides long-term funs for infrastructure development and at the same time strengthens the risk taking ability.

  • It is estimated that over the next ten years India would require investments of the order of one trillion US dollar.

  • The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country.


RELIANCE LIFE INSURANCE HISTORY
  • The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows.

  • Interestingly in those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered more riskier for coverage.

  • Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the provident fund Act of 1912. Several frauds 20’s sullied insurance business in Indian.

  • By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business.

  • The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon.

  • The Government of India in 1956 , brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born.

  • Nationalization was justified on the grounds that it would create much needed funds for rapid industrialization .

  • This was in conformity with the Government’s chosen path of State lead planning and development.

  • The (non-life) insurance business continued to thrive with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972.

  • With this, nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company and United India Insurance Company.

  • These were subsidiaries of the General Insurance Company (GIC)


Vision & Mission

Vision

Empowering everyone live their dreams.



Mission


Create unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plans.
Our 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


Achievements


• RLIC has been one of the fast gainers in market share in new business premium amongst the private players with an incremental market share of 4.1% in the Financial Year 2007- 08 – from 3.9% in April 07 to 8% in Feb 08.


• Also continues to be amongst the fast growing Private Life Insurance Companies with a YOY growth of 195% in new business premium as of Mar’08.


• A Company that has crossed 1.7 Million policies in just 2 years of operation, post take over of AMP Sanmar business.


• Initiated Express Life – an Unique ’Over the Counter’ sales process for Unit Linked Insurance Policies in the Industry.


• Accomplished a large distribution ramp-up in the Industry in a short span of time by opening 600 branches in 10 months taking the overall branch network above 740.


• RLIC continues to be one of the two Life Insurance companies in India to be certified ISO 9001:2000 for all the processes.


• Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007-Ceritificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP).



PRODUCTS

RELIANCE LIFE INSURANCE offers a complete range of insurance products

INDIVIDUAL PLANS:

  • SAVING (Endowment)


 Reliance Super Invest Assure Plan


 Reliance Total Investment Plan Series I


 Reliance Wealth + Health plan


 Reliance Automatic Investment plan


 Reliance Money Guarantee plan


 Reliance Cash Flow plan


 Reliance Market Return plan


 Reliance Endowment plan


 Reliance Special Endowment plan


 Reliance Whole Life plan


 Reliance Connect 2 Life plan



RETIREMENT

 Reliance Total Investment Plan -Pension

 Reliance golden years plan

 Reliance golden years plan value

 Reliance Automatic Investment Plan

 Reliance golden years plan plus



UNIT LINKED

 Reliance Total investment plan (new)

 Reliance automatic investment plan (new)

 Reliance money guarantee plan

 Reliance market return plan

 Reliance child plan



RISK/PROTECTION

 Reliance term plan

 Reliance simple term plan

 Reliance special term plan

 Reliance credit guardian plan

 Reliance credit guardian plan
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