INTRODUCTION Insurance provides financial protection against a loss arising out of happening of an uncertain event.

A person can avail this protection by paying premium to an insurance company. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type.

Definition: Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance. -Insurance Act !"#

$he party bearing the risk is known as the %insurer% or %assurer% and the party whose risk is covered is known as the %insured% or %assured%. Concept of Insurance $he concept behind insurance is that a group of people exposed to similar risk come together and make contributions towards formation of a pool of funds. In case a person actually suffers a loss on account of such risk& he is compensated out of the same pool of funds. 'ontribution to the pool is made by a group of people sharing common risks and collected by the insurance companies in the form of premiums.

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Lets take an example to understand how general insurance actually works: SUPP S! (ouses in a village ) *** +alue of (ouse ) ,s. -*&***.

(ouses burning in a year ) / $otal annual loss due to fire ) ,s. 0&**&***.'ontribution of each house owner ) ,s. "**.-

U"D!#L$I"% &SSU'P(I " All *** house owners are exposed to a common risk& i.e. fire P# C!DU#!

All owners contribute ,s. "**.- each as premium to the pool of funds

$otal value of the fund ) ,s. "&**&*** (i.e. *** houses 1 ,s. "**)

/ houses get burnt during the year

Insurance company pays ,s. -*&***.- out of the pool to all / house owners whose house got burnt

!))!C(

) I"SU#&"C!

,isk of / house owners is spread over *** house owners in the village& thus reducing the burden on any one of the owners.

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U"I(!D I"DI& I"SU#&"C! C 'P&"$ Solutions that bring back smiles... real fast

United India Insurance 'ompany 2imited was incorporated as a 'ompany on #th 3ebruary !"#. 4eneral Insurance 5usiness in India was nationali6ed in !70. 0 Indian Insurance 'ompanies& - 'ooperative Insurance 8ocieties and Indian operations of / 3oreign Insurers& besides 4eneral Insurance operations of southern region of 2ife Insurance 'orporation of India were merged with 9nited India Insurance 'ompany 2imited. After :ationali6ation 9nited India has grown by leaps and bounds and has #"** work force spread across "-* offices providing insurance cover to more than carts to satellites. United India has been in the forefront of designing and implementing complex covers to large customers& as in cases of ;:4' 2td& 4<,- (yderabad International Airport 2td& and <umbai International Airport 2td $irumala-$irupati =evasthanam etc. $hey have been also the pioneer in taking Insurance to rural masses with large level implementation of 9niversal (ealth Insurance Programme of 4overnment of India > +i?aya ,a?i @anani Aalyan Bo?ana ( covering -/ lakhs women in the state of <adhya Pradesh) & $sunami @an 5ima Bo?ana (in - states covering -./! lakhs of families) & :ational 2ivestock Insurance and many such schemes. 'rore policy holders. $he 'ompany has variety of insurance products to provide insurance cover from bullock

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INDUSTRIAL PROFILE $he control on general insurance business started with the insurance act !"#& setting up the government control. In !C# it was amended to add more provisions to and also Add $ariff Advisory 'ommittee. $his $ariff Advisory 'ommittee now fixes the rates terms and conditions for many branches of general insurance like 3ire& Dngineering& <arine& (ull and Eorkmen compensation insurance. In !70& the 4eneral Insurance (5usiness :ationalisation) Act was passed. It set up 4I' and its subsidiaries. *7 private companies were merged into 4I' and its subsidiaries and these companies included both Indian and foreign companies. 4eneral Insurance 'orporation was formed as company under the 'ompanies Act unlike 2I'& which was setup as corporation. $he 4I' has only one office in <umbai and is the holding companies for all the subsidiaries. It formulates general policy guidelines for general insurance industry and control the investment and reinsurance policy of the companies. 4I' had four subsidiary companies& namely (with effect from =ec%0***& these subsidiaries have been de-linked from the parent company and made as independent insurance companies. . $he ;riental Insurance 'ompany 2imited 0. $he :ew India Assurance 'ompany 2imited ". :ational Insurance 'ompany 2imited -. 9nited India Insurance 'ompany 2imited. In April !!"& the govt setup a high power committee headed by ,. :. <alhotra& former 4overnor of ,eserve 5ank of India. $he committee submitted its report to the ministry on 7th @anuary !!-. ;n 0"rd @anuary !!C& $he Insurance ,egulatory Authority was set up by a

4overnment order. :. ,angachari has taken over the function of the controller of the Insurance also. In that capacity he has the controlling authority over the 4eneral Insurance and 2ife Insurance business in India.

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In the budget speech of @uly !!C& the govt formally announced its plans to open the Insurance Industry and also the intention of bringing an Insurance ,egulatory Authority 5ill !!C Insurance Regulatory and Development Authority Act 1999 An Act to provide for the establishment of an Authority to protect the interest of the policy holders of insurance policies& to regulate& promote and ensure orderly growth of the insurance industry and for matters concerned there with or incidental thereto and further to amend Insurance Act !"#& and 4eneral Insurance 5usiness (:ationalisation) Act !70. ;n 0Cth August !!# the ,eddressal of public 4rievances ,ules !!# was issued by the Insurance =ivision& <inistry of 3inance by which the 4ovt of India setup the Insurance ombudsman scheme for 4I' and 2I'. $his will handle cases against Industry from the public and would take over a large part of the consumer forums. $he scope limited to personnel lineses of insurance i.e. Policies taken on individual capacity. Insurance Industry has ;mbudsmen in 0 cities. Dach ;mbudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than ,s. 0* lakhs& in accordance with the ;mbudsman 8cheme. General Insurance Corporation of India 4I' and its subsidiaries have completed a 4ross Premium of ,s. #*#C crores as on " -*"-0**!. $he industry registered an underwriting loss of "#-.0* crores& but it because of its investment income of ,s. 0*/C crores& it recorded a net profit after tax of ,s. 0// arores. $he consolidated result of 0**#-0**!. $he total asset as on " -*"-0**! stood at 0 &/C" crores. Private General Insurance Company Includes8.:o. ,egistration :umber *0 0 " / *" *C *# " =ate of ,egistration 0". *.0*** 0". *.0*** *-. 0.0*** 00.* .0** *0.*/.0** :ame of the 'ompany ,oyal 8undaram Alliance Insurance 'ompany 2imited ,eliance 4eneral Insurance 'ompany 2imited. I33'; $okio 4eneral Insurance 'o. 2td $A$A AI4 4eneral Insurance 'ompany 2td. 5a?a? Allian6 4eneral Insurance 'ompany 2imited.

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C 7 # ! * "

*".*#.0** *"-*#-0**7 *--*!-0**7 C-0**7

I'I'I 2ombard 4eneral Insurance 'ompany 2imited. Apollo =A+ Insurance 'ompany 2imited 3uture 4enerali India Insurance 'ompany 2imited 9niversal 8ompo 4eneral Insurance 'ompany 2td. 'holamandalam 4eneral Insurance 'ompany 2td. Dxport 'redit 4uarantee 'orporation 2td. (=3'-'hubb 4eneral Insurance 'o. 2td. 5harti Axa 4eneral Insurance 'ompany 2td. ,ahe?a F5D 4eneral Insurance 'o. 2td
8ourceG www.irdaindia.org.html

"0 "0" 00 " 0/ "! -

/.*7.0**0 07.*#.0**0 07.*#.0**0 07.*C.0**# /. 0.0**#

Insurance is a federal sub?ect in India. $he primary legislation that deals with insurance business in India isG Insurance Act !"#& and Insurance ,egulatory > =evelopment Authority Act !!!. Three Phases of De-Tariffing IndiaHs general insurance industry has undergone de-tariffing in three phasesG !!- -- marine cargo& personal accident& health& banker liability and aviation 0**/-*C -- marine hull segment 0**7 -- fire& engineering and motor own damage (;=). (owever& the de-tariffing did not immediately allow for free pricing. Instead& insurers were reIuired to follow the Jfile and useK method& whereby they were expected to file a charter of proposed rates& which was then approved by I,=A. $he restrictions on price discounts during the initial periods were intended to ensure orderly price ad?ustments. $hey were removed in @anuary 0**#. $he only segment that remains under a tariff regime is the third party motor business& although there has been a large upward revision in this areaHs premium rates by regulators in recent times. <oreover& commercial third party motor business& which has traditional

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Chart 1 Premium ! Pu"lic vs Private "y segment "efore removal of tariff

8ourceG www.moodys.com

Chart # Premium ! Pu"lic vs Private "y segment after removal of tariff

8ourceG www.moodys.com

'harts

and 0 compare the premium income of the private and public sectors. 5efore

the removal of tariffs& fire& engineering and motor own damage (;=) contributed a much greater proportion of business for private players than was the case for public firms. $ar%et &hare ! Redistri"ution =ue to the effectiveness of private marketing strategies& the market share of public insurers has consistently declined. 'hart " depicts the trend over the last five years.

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4iven a faster growth rate& the market share of the private sector is catching that of the public sector and the two will likely converge over the medium term. In the past& private insurers had aggressively targeted the more profitable (and tariffed) corporate fire and engineering businesses by combining them with discounted offers on de-tariffed products& for example& personal accident > health& marine cargo and hulls.

Chart ' Premium ( )olume* Pu"lic versus Private-

8ourceG www.moodys.com

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COMPANY PROFILE 9:I$D= I:=IA I:89,A:'D '; 9nited India Insurance co is formed as a subsidiary of 4eneral Insurance 'orporation of India. $heir Iuarters is in 'hennai. :ow they are the second largest insurer in India and the largest in ,ural insurance and Insurance of ma?or power plants. $hey have carved a niche for themselves in this segment because of their deep rooted commitment combined with experience and expertise over 7 decades. Investment Information and 'redit ,ating Agency of India 2imited (I',A) has awarded them with LiAAAH rating indicating sound financial position and highest claims paying capacity. $he solvency margin is pegged at "."0 and the net profit of the company for 0**#-*! showed a healthy ,s. 7-/.-#/ crores. Eith over "/* offices spanning the length and breadth of the country they have been at advantage to serve customers better. 5esides this their core strength lies in their human resources. (aving a work force of 7***M people and an army of 0*** officers committed to the service of their customers& they are in a position to make light of the fact that they issue more than than # lac claims annually. $hey have 0/ ,egional ;ffices& ,egional 'ell& 0 2arge 'orporate 5rokers 9nit& crore policies in a year and settle more

"C0 =ivisional ;ffices& C#- 5ranch ;ffices and 0## <icro ;ffices spread around the country. $hey have 7-## personnel working with them. $here are --/ officers ('lass I) 0* " =evelopment ;fficers ('lass II) #/*# 8taff 8enior Assistant and Assistant ('lass III)&0/ C 8ub staff& =rivers& Peons and thousands of agents. 9:I$D= I:=IA I: AD,A2A 9nited IndiaHs Aerala ,egion was formed in the year !#- and at the time the Premium was only around 0 crores. In 0**#-*!& this region completed a figure of !7 crores. $here are 0*- officers& #* staff& 0# development officers and many agents working with them. $hey have a wide spread of officers in C divisional offices and -! branch offices.

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9nited India in Aerala has the largest number of 'orporate clients with them. 3A'$ 2td. (industan :ewsprint 2td. 'ochin 8hipyard 2td. Appollo $yres 2td. 5P2& I$I& Instrumentation 2td. Dtc are all their clients $hey are the largest insurers of various Aerala 4ovt 8chemes. 2ast year they launched the Aambhenu programme which is probably the largest mass insurance scheme launched the ,ural Insurance. At present they are launching a large core insurance plan to eIuip our offices to meet the reIuirements. $he ,egional ;ffice has setup a risk management cell& A grievance cell and a 'ustomer 8ervice 'ell for responding to the demand of the customers. $he 'ustomer 8ervice 'ell is set up in all the =ivisional offices. ;ne of their most successful policy which launched in Aerala is ,ashtriya 8wasthya 5hima Bogana they insured from 0**# to 0* * more than ten lakhs people who are in below poverty line and above poverty line.

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BASIC FACTS OF THE COMPANY

:ame

G 9:I$D= I:=IA I:89,A:'D ';<PA:B 2I<I$D=

Address

G 5r ;ffice P.5. :o. !7& AshiIua $owers& :arangapuram& $halassery N C7* * Aannur =t. Aerala.

Activity 8r. 5ranch <anager Administrative ;fficer ,egd. > (ead ;ffice :et income $otal employees Eeb site 'hairman-cum-<anaging =irector =irector > 4eneral <anager 4eneral <anager 4eneral <anager 4eneral <anager > 3inancial Advisor 4eneral <anager 4eneral <anager 'hief +igilance ;fficer

G 4eneral Insurance G P. A. Anil Aumar G (arish Aumar G 0-& Ehites ,oad& 'hennai N C*** G /0* 'rore I:, G 0 *** G www.uiic.in G 4. 8rinivasan G <ilind Aharat G +. (arshavardhan G P ' @ames G 8 A 4osh G A 8anath Aumar G P @ @oseph G 8 P 8inha

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ORGANISATIONL STRUCTURE

HEAD OFFICE

,D4I;:A2 ;33I'D

2DA,:I:4 ;33I'D

=I+I8I;:A2 ;33I'D

5,A:'( ;33I'D

<I',; ;33I'D

+oard of Directors . 8hri 4.8rinivasan & 'hairman 'um <anaging =irector 0. 8mt. 8ukriti 2ikhi& =irector& 4ovt of India ". 8hri <. 8. 8undara ,a?an&'hairman > <anaging =irector& Indian 5ank -. 8hri. <ilind. A. Aharat & =irector > 4eneral <anager & 9II' /. 8hri.+.(arshavardhan & =irector > 4eneral <anager & 9II' C. 8hri A + ,atnam &=irector 7. 8hri Abhi?it 5andyopadhyay &=irector

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FINANCIAL STRENGTH $able 0. Premium Analysis (,s. in crores) $ear 0**0-*" 0**"-*0**--*/ 0**/-*C 0**C-*7 0**7-*# 0**#-*! 0!C!.C" "*C".-7 0!--.-C " /-.7# "-!#.77 "7"!./C -077.77 %ross 0*!0.-" 0 / ."C 0 70.CC 000/.#/ 0/0!./" 0##*.C/ "/ *.18ource- Annual ,eports

"et

5y analysing the premium from 0**0 to 0**! it is clear how much it stable 9II' as well as insurance industry

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$able ". Profit Analysis (,s. in crores) $ear 0**0-*" 0**"-*0**--*/ 0**/-*C 0**C-*7 0**7-*# 0**#-*! 0 -. C "!"."! " #."* -/0.7/0*."C/#. " /*0.! *efore (ax 7*.!! "#*.-"*7.7 -0/.0" /0#.#C C" .C0 -7C.*/
18ource- Annual ,eports

&fter (ax

Profit analysis showing a satisfactory positive growth from 0**0 to 0**!

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C #P #&(! 'ISSI "

$o provide insurance protection to all. $o ensure customer satisfaction. $o function on sound business principles. $o help minimise national waste and to help develop the Indian economy.

C #P #&(! +ISI " $he most preferred insurer in India& with global footprint > recognition $rusted brand admired by all stakeholders $he best-in-class customer service provider leveraging technology > multiple channels $he provider of a broad range of innovative products to meet the needs of all customer segments 4reat place to work with highly motivated and empowered employees ,ecogni6ed for its contribution to the society

Their +ancassurance tie-ups Andhra 5ank 8tate 5ank of (yderabad Indian 5ank 'anara 5ank

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8yndicate 5ank 8tate 5ank of $ravancore 8tate 5ank of Indore 8tate 5ank of Patiala 5ank of <aharashtra 5ank of ,a?asthan 3ederal bank

Their Corporate Clients Oil and Petro-Chemical Majors ;il and :atural 4as 'orporation 2td. Indian ;il 'orporation (industan Petroleum 'orporation 2td. (aldia Petrochemicals 2td 4u?arat 8tate 3ertili6er 'orporation 4u?arat :armada +alley 3ertili6er 'orporation. Power and Energy Sector :uclear Power 'orporation Aaiga& Audankulam Aarnataka 8tate Dlectricity 5oard& 5ellary Pun?ab 8tate Dlectricity 5oard $iesta 9ra? 2td 'hattisgarh 8tate Dlectricity 5oard

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 :ational (ydro Power 'orporation :ational $hermal Power 'orporation 5(D2 Power Pro?ectsG 'handrapura& 5akreshwar& @aindal 8uper Power Plant ,aigarh& 8udan& =adri 4+A Industries $ata Power :eyveli 2ignite 'orporation =amodar +alley 'orporation $anir 5avi Power 'ompany Pvt. 2td $ehri (ydro =evelopment 'orporation 8ubansiri 2ower (ydro Dlectric Pro?ect $orrent Power 8DP'; I;' Panipat :aphtha 'racker Pro?ect I;' (aldia (ydro 'racker Pro?ect $ata Pro?ects 2td

A iation :ational carriersG :A'I2 (Air India) Private carrierG Aing 3isher . Air =eccan Indian 8pace 8atellites Programme !nfrastructure Sector

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 2arsen and $oubro 4<, 4roup <aytas Infrastructure Pharma Major =r. ,eddyHs 2aboratories "otels ;beroi (yatt ,egency Park 8heraton Manufacturing 5allarpur Industries <I'; I$' 3A'$ :irma Asian Paints ;swal 4roup 5alco Industries (indalco Industries India 'ements +edanta 4roup $ata <otors

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 $+8 4roup

OBJECTIVES AND METHODOLOGY

#!S!&#C, P# *L!' $o study the product portfolio of 9:I$D= I:=IA I:89,A:'D ';<PA:B 2I<I$D=. *-!C(I+!S ) (,! S(UD$

. $o analyse the product portfolio in detail. 0. Put forth some suitable suggestions to improve performance of the 'ompany on the basis of findings of the study. 3. To analyze the attitude of the customers towards companies products. -. $o make suggestions and recommendations to the management. #!S!&#C, '!(, D L %$ ./ 'ethodology of data collection:$o conduct the studies different methodologies have been adopted. 5oth and secondary data are used. Primary data primary

were collected by conducting personal

interviews with the departmental heads& casual talks with workers and secondary data were collected from the organi6ation manuals. Primary sources interview with the departmental heads & detailed interview with the =irect

divisional heads and by interaction with workers and customers of the company . $he data is also collected by observing the functions of the organi6ation. &econdary sources $he secondary sources of data areG . ;rgani6ation documents. 0. =epartmental manuals.

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". Annual reports -. Periodicals& books etc. published by the company. /. Proposals 3orums.

0/ 'ethodology of data analysis:$he data collected were edited& coded and processed. $he information is presented through tables& graphs etc.

SC P!

) (,! S(UD$

$his study is restricted to the analysis Product portfolio of 9nited India Insurance 'o 2td. 3or the purpose of the study the data relating various products benefits premium risk covered are used. LI'I(&(I " ) (,! S(UD$

. In the given short time it is very difficult to cover all area aspect of the firm. 0. ;nly product portfolio is analy6ed in the study. $he firmHs overall performance cannot be evaluated in the study. ". 'ompany keeping some data confidential due to competition.

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PRODUCT PORTFOLIO

PRODUCTS

PERSONAL POLICIES

COMMERCIAL POLICIES

PERSONAL POLICIES

UHI

HOUSEHOLD ER

PERSONNEL ACCIDENT

MEDICLAI M

UNIMEDIC LAIM

COMMERCIAL POLICIES

MARINE

INDUSTRY

MOTOR

MISC

LIA ILITY

!IRE

CAR"O HULL

IAR PP CPM M

MPLP LOP SOCIAL RURAL TRA#AL PAC$A"E

PU LIC %OR$MEN PRODUCT PRO!ESSI ON

S!SP LOP

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PERSONAL POLICIES ./ U"I+!#S&L ,!&L(, I"SU#&"C! SC,!'! for *PL )&'ILI!S $he 9:I+D,8A2 (DA2$( I:89,A:'D policy will be available to both Individuals as well as in 4roup. Dach Insured should cover all eligible members (insured persons) under one group policy only. In other words different categories of eligible members shall not be allowed to be covered under different group policies. It is not permissible to issue any unnamed group policy. $he Individual Policy will be issued in the name of the earning head of family with details of insured family members. $he 4roup policy will be issued in the name of the 4roup.Association.Institution (called insured) with a schedule of names of the members including his.her eligible family members(called Insured persons) forming part of the policy. Coverage 8ection G (ospitalisation Dxpenses ,ospitalisation *enefits A ,oom& 5oarding Dxpenses as provided by the (ospital . nursing home. If admitted in I' 9nit Limits 9p to *./O of 8um Insured per day 9p to O of 8um Insured per day

8urgeon& Anaesthetist& <edical Practitioner& 9p to /O of 8um Insured per 'onsultants& 8pecialists 3ees& :ursing Dxpenses illness . In?ury Anaesthesia& 5lood& ;xygen& ;peration $heatre 'harges& surgical appliances& <edicines > =rugs& 9p to /O of 8um Insured per =iagnostic <aterials and P-ray =ialysis& illness . In?ury 'hemotherapy& ,adiotherapy 'ost of Pacemaker& Artificial 2imbs > 'ost of organs and similar expenses. <aternity 5enefit N ;:D '(I2= ;:2B (with 0 months waiting period) ,s.0&/**.- for normal delivery and ,s./&***.- for caesarean delivery.

'

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8ection 0G A. PD,8;:A2 A''I=D:$ ';+D, $; DA,:I:4 (DA= =eath of Insured Person (earning head of the family) solely due to accident ,s.0/&***.-

5. =I8A5I2I$B ';<PD:8A$I;: 3;, DA,:I:4 (DA= A:= . ;, 8P;98D ;3 $(D 3A<I2B

SU' I"SU#!D Section I: ,ospitalisation 5enefit G ,s."*&***.- per family N per policy period (,s."*&***.is inclusive of <aternity benefit of ,s. 0/**.- for normal and ,s./***.- for caesarean delivery) ($otal expenses incurred for any one illness is limited to ,s. /&***.- (other than <aternity 5enefit) ) Section II: 1&2 Accidental death of earning head of the family ,s.0/&***.Section II: 1*2 =isability compensation payable due to hospitalisation of earning head and or spouse at the rate of ,s./*.- per day upto maximum of period of /days in a policy tear with a time excess of " days . <aximum compensation is restricted to ,s.7/*.- in one policy year. $his insurance is available to persons between the age of / to 7* years. 'hildren between the age of " months and / years of age can be covered provided one or both parents are covered concurrently.

Payment of premiumG 'overage Individual 3amily upto / <embers 3amily upto 7 <embers Premium ,s."**.,s.-/*.,s.C**.InsuredHs share ,s. **.,s. /*.,s.0**.4;I 8ubsidy ,s.0**.,s."**.,s.-**.-

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0/ , US! , LD!# P LIC$ 'over any loss.damage toG 5uilding and its contents @ewellery and valuables =omestic appliances& $+& +',& Audio 8ystems& P' etc. 5aggage while on travel Accidental in?ury causing death.disability 2iability to third parties Any householder exposed to any of the above contingencies. 5enefits under four (minimum) or more sections can be chosen. P.A 'over available for insured%s spouse and children (AgeG 0 to 7*) can insure. 'over under ten sections with option to choose minimum - sections for availing discount in premium. 'over against contents is compulsory. 5uilding and contentsG 3ire& lightning& Acts of 4od& ,iot and 8trike& impact& explosion of gas in domestic appliances& overflow of water tanks. 5urglary& (ouse breaking and $heft. @ewellery and +aluables - Any accidental loss.damage Plate 4lass Any accidental loss.damage 5aggage - Ehile on travel Any accidental loss.damage =omestic Appliances any accidental loss.damage entirely due to electrical.mechanical breakdown. $+& +',& Audio 8ystem 3ire and allied perils& burglary& housebreaking& theft& electrical or mechanical breakdown Pedal cycle 3ire and related perils& riot& strike& malicious damage& acts of god& housebreaking& burglary& theft& external accident and also legal liability to QPublicQ with a limit of ,s. *& ***. Personal Accident Accidental in?ury causing death.disablement Rtotal.partialS Third Party ,ia"ility

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=ue to in?ury to third party or damage to third party property. Policy -ill pay

Actual chosenT

extent

of

loss.damage

to

property

under

respective

sections

8um Insured is the limit of maximum liability under respective sectionsT 2imit of liability to third party for Personal in?ury.Property damage is upto ,s.0/&*** . ,s. *&*** . ,s."*** under $+.Pedal 'ycle.$+ Antenna sections respectively.

./clusions

Ear and war like perils Eear and tear& depreciation& conseIuential loss :uclear group of perils 4ross and wilful negligence of Insured +iolation of policy conditions 2oss.damage.liability where Insured%s family or Insured%s employee are involved as principal.accessory

Intentional act.self in?ury. influence of drug.intoxicant.

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3/ P!#S "&L &CCID!"( P LIC$ Cover-Physical loss to an individual due to an accidental in?ury (including fatal) Any individual or group of individuals (through employer& association& and institution etc) aged between 0 and 7*. 8ub?ect to medical examination at 7*& a person can be covered up to #* can be insured. Insured against the risk of death or disablement from accidental bodily in?ury (anywhere in the world). Ehen an accidental in?ury being the sole and direct cause results ( during the period of insurance) inG =eath Permanent $otal =isablement 2oss of two limbs. $wo eyes or one limb and one eye 2oss of one limb or one eye Permanent Partial =isablement $emporary $otal =isablement /* O of 8um Insured +arying O of 8um Insured as per policy O of 'apital 8um Insured per week & 8ub?ect to a maximum of ,s "*** per week& for a maximum period of ** weeks ./clusions

** O of 8um Insured ** O of 8um Insured ** O of 8um Insured

'ompensation under more than one clause for same period of disability not exceeding capital sum insured. Any payment after admission of a claim for /* O . ** O of 'apital 8um Insured. Any claim in the same period of insurance exceeding the 'apital 8um Insured. 8uicide& attempt there at& criminal breach of law& accidental death.in?ury under influence of liIuor.drugs.

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Pregnancy related claim. Ear and nuclear perils.

4/ '!DICL&I' P LIC$ Cover-Dxpenses incurred by the insured for hospitalisation for illness . diseases or in?ury sustained (domiciliary hospitalisation also payable as per policy). $hese include (ospital charges ( ,oom& 5oarding > ;peration theatre) fees for surgeon& Anaesthetist :ursing& specialist etc.& diagnostic tests& cost of medicines& blood& oxygen etc.& cost of appliances like pacemaker& artificial limbs etc.&

The follo-ing can "e insured Any person in the age group of / to 7/ years 'hildren between " months and / years can be covered only along with parent.s. Institutions ( 4overnment or Private ) for their employees 'lubs . association for their members in the said age group. 4roup schemes for homogenous groups of more than /* persons. $his policy covers risk of Illness . disease& accidental in?ury ;ther benefits includes =omiciliary hospitalisation benefits can be excluded under group mediclaim policy and a premium discount can be availed Dxemption under income tax (#*= of Income $ax Act) for Premium paid by cheIue A discount of *O of total premium for coverage of family under a single policy $he policy will pay Actual hospitalisation expenses of various types listed above sub?ect to a maximum of ,s. /&***.- to ,s. /&**&***.- depending upon the sum insured chosen at the inception of the policy ( sum insured is maximum liability under the policy.) Actual domiciliary hospitalisation expenses limited to ,s. "&***.- to ,s. /*&***.depending on the sum insured chosen at inception. 'ost of health check up reimbursable at the end of - continuously claim free underwriting years limited to O of Average sum insured of - claim free years

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 $he sum insured will be increased by / O cumulative bonus for every claim free year. If there is a claim in a policy with cumulative bonus *O of the sum insured will be reduced from the earned bonus ./clusions

5roadly there would be no claim under policy under following circumstances =;<I'I22A,B (;8PI$A2I8A$I;:G Pre and post hospitalisation treatment& treatment of Asthma& 'hronic :ephritis and :ephritis 8yndrome& 4astro-enteritis& diabetes mellitus and insipidus& epilepsy& hypertension& influen6a& cough and cold& all psychiatric or psychosomatic disorder& pyrexia of unknown origin for less than * days& tonsilitis and 9,$I& arthritis& rheumatism ( the list is not exhaustive) Any treatment relating to any illness . disease already in existence at the time of proposal Any disease . in?ury during first "* days of commencement of policy. ( accidental in?ury is not an exclusion )

=uring first year of cover of cataract& 5enign prostatic (ypertrophy& (ysterectomy for menorrhagia on fibromyoma& (ernia& (ydrocele& 'ongenital internal disease& 3istula in anus& sinusitis and related disorder.

Any pre-existing disease . illness is not covered during renewal also. +accination& inoculation circumcision or change of life or cosmetic or aesthetic treatment& plastic surgery& unless dental treatment unless reIuiring hospitalisation necessitated due to accident or as a part of any illness.

'ost of spectacles& contact lenses& hearing aids. 'onvalescence& general debility& Qrun-downQ conditions sterility& venereal disease& intentional self-in?ury use of intoxicants

Any variation of deficiency syndrome or AI=8. (ospital . nursing home charges not consistent with or incidental to the diagnosis and treatment G +itamins& tonics not forming part of any treatment.

Any treatment related to pregnancy& child birth and voluntary medical termination of pregnancy during the first 0 weeks of pregnancy

:uclear perils and war group of perils

Page | 28

:aturo pathy treatment.

5/ U"I-'!DIC&#! I"SU#&"C! Co6er-,eimbursement of (ospitalisation expenses of illness.diseases or in?ury sustained. $he insurance scheme also provides for 3amily discount in premium 'umulative 5onus 'ost of (ealth 'heck-up

(ospitalisation 5enefits

2imits

i) ,oom& 5oarding Dxpenses as provided by the i) 9p to *./O of 8um Insured per A (ospital . nursing home. ii) If admitted in I' 9nit day ii) Insured per da

8urgeon&

Anasthetist&

<edical

Practitioner& 9pto

/O of 8um Insured per

'onsultants& 8pecialists 3ees& :ursing Dxpenses Anaesthesia& 5lood& ;xygen& ;peration $heatre 'harges& 8urgical appliances& <edicines > =rugs& =iagnostic <aterials and P-ray

illness . in?ury

=ialysis& 9pto 'ost

/O of 8um Insured per

'hemotherapy&

,adiotherapy&

of illness . In?ury

Peacemaker& Artificial 2imbs > 'ost of organs and similar expenses.

./clusions

All diseases.in?uries which are pre-existing when the cover incepts for the first time. $reatment arising from or traceable to pregnancy ( including voluntary termination of pregnancy) and childbirth& (including caesarean section)

:aturopathy treatment
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COMMERCIAL POLICIES

./ '&#I"! I"SU#&"C! a2 'arine Cargo Insurance Cover- Any loss or damage to goods in transit by rail& sea& road& air or post. ;wners or bankers of goods in transit.shipment can be insure. And the following can be insuredG export and import shipments goods in transit by rail& sea& road& air or post goods carried by coastal vessels plying between the various ports within the country cargo transported by small vessels or country craft over inland waters goods moved from place to place by river transport $he policy covers loss.damage to the property insured due toG 3ire or explosionT stranding& sinking etc. ;verturning& derailment ( of land conveyance) 'ollision =ischarge of cargo at port of distress @ettison 4eneral average sacrifice& salvage charges DarthIuake& lightning Eashing overboard

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 8ea& lake& river water $otal loss of package lost overboard or dropped in loading or unloading Ear and 8,'' is specifically covered Premium Rating $he normal basis of valuation for ocean.air consignment will be 'I3 M incidentals up to a percentage which is agreed upon at the inception of the policy (normally this is * O) 0pen Cover ;pen cover is usually issued for import.export. $he open cover is a contract effected for a period of 0 months& whereby the insurance company agrees to provide insurance cover to all shipments coming within the scope of the open cover. ;pen cover is not a policy. It is an unstamped agreement. As and when shipments are declared& specific policies are issued as evidence of the contract and on collection of premium. 0pen Policy $his policy is issued for transit of goods within India. Policy is valid for one year and all transits during the policy period and declared are automatically covered by the insurance company sub?ect to the availability of the overall sum insured. It is a stamped document. In this case specific policies are not issued for each consignment. Premium can be collected in advance for the entire estimated value during the policy period. 8tamp duty is collected in advance along with premium for despatches to be declared periodically. &pecific )oyage Policy $his policy is valid for a single voyage or transit. $he policy will be issued before the voyage starts. $he coverage will cease immediately on completion of the voyage. $he specific voyage policy must show complete details of the risk...It should contain particulars of conveyance.+essel name. 5ill of 2ading or Eay bill and date& sum insured& terms and conditions of cover& voyage& cargo description etc like all other marine policies

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Annual Policy $his policy may be issued to cover goods in transit by road or rail or sea from specified depots or processing units owned or hired by the insured. $he goods covered must belong to or held in trust by the insured. $hese policies cannot be issued to transport operators& clearing & forwarding and commission agents or freight forwarders or in ?oint names.. $hey cannot be assigned or transferred. 3or such policies the sum insured should not be less than ,s /***.-. 72 'arine ,ull Insurance Cover- Any loss or damage to ships& tankers& bulk carriers& smaller vessels& fishing boats and sailing vessels. ;wners or bankers of ships or vessels can be insured. $he various vessels that are covered under this policy areG 3ishing +essels ;cean 4oing +essels 8ailing +essels ;ther +essels 'over the following risksG

3ire or explosionT stranding& sinking etc. ;verturning& derailment ( of land conveyance) 'ollision 4eneral average sacrifice& salvage charges

./clusions

=eliberate damage.destruction of the vessel by wrongful act of any person 9se of any weapon of war employing atomic . nuclear fission and or fusion Insolvency or financial default of the vessel owner . operators . charterers

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Ear . civil war U 8trike& ,iot or 'ivil 'ommotion Any terrorist or person.s acting with political motive

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0/ I"DUS(#I&L I"SU#&"C! a2 Industrial &ll #isk Policy Co6er- All the risks other than petro chemical risks having a minimum sum insured of ** crores are covered here. Perils Covered8ection I

3ire > all covers burglary and theft <achinery breakdown . 5oiler explosion . Dlectronic DIuipment Insurance 8ection II

'onseIuential 2oss following 3ire ( 32;P ) <achinery 2oss of Profit

./cluded causes

3aulty design& materials & workmanship and construction Interruption loss due to failure of gas & electricity and water supply 'ollapse or cracking of buildings larceny& fraud or dishonesty wilfull negligence on the part of insured war group of perils nuclear group of perils destruction of property by public order

./cluded Property

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<oney & cheIues & securities of any description & ?ewellery & works of art & goods held in trust or on commision & computer system records +ehicles licensed for road use Property in transit outside premises Properties or structures in course of erection or demolition unless specifically covered.

2and & pavements & railway and road lines untill specifically covered Property damaged as a result of its undergoing some process 2ivestock & growing crops or trees Property removed to other locations exceeding C* days 2oss payable to the property covered under marine . other policies

Section II

Insured%s lack of sufficient capital Any restrictions imposed by any public authorities 2oss of business due to cancellation of order . 2ease =amage to boilers & machinery & economi6ers and data eIuipment

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72 *oiler 8 Pressure Plant Insurance Cover- 5oilers like fire tube boilers.recovery boilers and unfired pressure vessels.steam pipes can be covered. $he owners of the boiler. pressure plant can take insurance can be insured. $his policy affords protection against =amage to the boilers and.or pressure vessels =amage to the surrounding property of the insured 2iability of the insured by law to any third party on account of o death or bodily in?ury o =amage to property (not held in trust or in commission) caused by and solely due to explosion or collapse occuring in the course of ordinary working. Partial loss In cases where damage to an item can be repaired& the policy shall pay expenses necessarily incurred plus the cost of dismantling and re-erection. :o deduction for depreciation but salvage value is deductible. Total loss Ehere an insured item is destroyed& the company pays the actual market value of the item immediately before the occurrence of loss including freight and erection cost. $he salvage shall be taken into account and condition of average will apply (i.e. if sum insured is not adeIuate& claim will be paid only proportionately). ./clusions 3ire related losses including extinguishment Act of 4od perils 4radually developing flaws
Page | 36

 Eearing away or wasting of the materials of a boiler like blockage& corrosion& fracturing& blisters& and lamination. 3ailure of individual tubes Ear group and nuclear group of perils Dxperiments.tests reIuiring abnormal conditions =efects& fracture& failure& deformation.bulging not resulting in explosion 'onseIuential loss& loss arising out of existing defects known to insured 2oss.damage for which manufacturer. repairer is responsible
Eilful act.neglect or gross negligence of insured.

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c2 Contractors Plant 8 'achinery Policy Cover- +arious types of mobile eIuipments like earthmovers& excavators& cranes in particular location are covered. $he policy is restricted to a particular location. $he owners of the plant and machinery can be insured. 'P< Policy can be issued by covering eIuipment on Anywhere in India basis with the following provisionsG a. 3ull description with identification no. of each and every eIuipment with valuation should be declared. b. $ransit risks from site to site will be excluded. c. 2oading of *O on the basic 'P< rate shall be charged to cover floater risks. $his policy shall cover any unforeseen and sudden physical damage to the property by any cause not specially excluded. $his policy shall apply to the insured item whetherG

$hey are at work or at rest or being dismantled for the purpose of cleaning or overhauling or when being shifted within the premises or subseIuent re-erection.

Partial loss 3ull cost of replacement of parts plus repair charges& cost of dismantling and re-erection. =epreciation is applied only for the parts with limited life. If the repair works are undertaken by the insured& actual material and labour costs plus a reasonable Iuantum of overheads is payable. 8alvage is deducted. If the sum insured is not adeIuate& policy pays only proportionately. Total loss

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$he actual market value of item immediately before the occurrence of loss& less salvage and depreciation sub?ect to adeIuacy of sum insured In both cases freight and customs duty are also paid if they are included in sum insured. Policy excess is deducted from the claim. ./clusions . Dlectrical or mechanical breakdown or boiler explosion . 0. ,eplaceable parts like bits& knives& ropes > bolts& chains etc.& wear and tear& corrosion& damage whilst in transit& war and nuclear perils. ". Ehen undergoing test or while used for a purpose different from what was originally intended . -. =amage due to accidents to carrying vehicle .train.vessel.and craft. /. =amage to plant>machinery working underground . C. 'ontractual liability& conseIuential loss& existing defect& inventory loss.

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d2 'achinery *reakdown Policy Cover- +arious types of machinery& plant and eIuipment (mechanical.electrical) can be insured. Any type of installed machinery with an option to insure.to cover only selected eIuipments. $he following persons can be insured

$he owner of the machinery. In case of any financierHs interest eg. 5ank& I=5I etc. machinery can be insured in the ?oint names.

The sum insured should represent Present day replacement value which includes - 5asic cost M customs duty - Incidental cost

Covers the follo-ing ris%s Policy covers the insured machinery& plant and eIuipments while at work.idle& being dismantled or removed or re-erected& if performed in the same premises& damage to electrical machinery due to fire originating within itself. It covers loss or damage due to faulty operation& ad?ustment& casting& vibration& entry of foreign ob?ects& loosening of parts& self heating& centrifugal force& short circuit.

+asis of Indemnity $he sum insured representing the present replacement cost of the machinery. Partial ,oss

Page | 40

3ull cost of parts plus the labour charges& to and fro freight& customs duty and charges for dismantling and re-erection. Dxcess applicable to the affected item is deducted from claim. =epreciation is applied for items with limited life. Total ,oss Actual value of items immediately before the occurrence less appropriate depreciation. If under insured& claim is paid only on proportionate basis. ./clusions

3ire and allied perils Ear and Ear like operations& :uclear perils Eilful act or gross negligence& existing defects& normal wear and tear and conseIuential loss

2oss or damage falling under manufacturerHs warranty

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e2 Deterioration of Stock 9sually this policy is issued to cold storages. $here should be <achinery 5reakdown Insurance for the machineries of concerned cold storage units. $his policy covers the risk of loss or damage to the perishable stock by deterioration or putrefaction due to ,ise or fall in temperature resulting from breakdown of refrigeration plant and eIuipment at the premises. =amage to the said plant and eIuipment by an incidental extraneous cause sub?ect to the perils excluded. 3ailure of electric supply +asis of Indemnity $he insured is indemnified for damage caused to the stocks by deterioration& contamination or rotting due to an accidental damage to the plant resulting in a rise in temperature. $he total liability of the company under this policy shall be limited to the insured value or market value whichever is less. Provided al-ays that

$he insured should possess an unIualified permission in writing of the competent 2icensing Authority to the 'old 8torage during the entire period of insurance. $he damaged stock should be stored at the refrigeration chambers specified in the policy

$he Plant and <achinery used should be covered by <achinery Insurance. $he insured has to maintain daily stock book& 2og books as per the format prescribed by company

8tock book > log book should be made available for the inspection of company representative

Appropriate deductions-8hrinkage and rottage - +alue of damaged stock by sale or survey - 9nder insurance& if any

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- Dxcess - ,ecovery of rent& if any f2 !lectronic !9uipment Insurance CoverDlectronic eIuipments such as 'omputers& <edical& 5io-<edical& <icro Processors& Audiovisual eIuipments etc. $he owner of the eIuipment. Interest of any financier may be protected by issuing a policy in the ?oint names can be insured. Policy Cover8ection . <aterial damage. 8ection 0. Dxternal data <edia. 8ection ". Increased cost of working. Ris% covered9nforeseen and sudden physical loss or damage from fire and allied perils breakdown& short circuiting etc. +asis of Indemnity

Section .:

Partial loss Actual expenses incurred to restore it to its former state plus cost of dismantling& re-erection& ordinary freight& =uty (=epreciation only on parts with limited life). Total loss Actual market value immediately before the loss plus ordinary freight& erection charges& =uty Dxcess& 8alvage are deducted.

Section 0:

Page | 43

Dxpenses incurred within 0 months and strictly necessary for restoring the data media to its pre-accident condition would alone be payable.

Section 3:

. ,ental expenses incurred for substitute eIuipments on hourly basis. 0. Personal expenses. ". $ransportation charges. ./clusions

Section .:

Dxcess specified in policy& wear and tear& existing faults& loss.damage to exchangeable parts and consumables.

Section 0:

Dxcess specified& intrinsic value& conseIuential loss& Programming error - data media

Section 3:

Dxpenses due toG restrictions imposed by public authorities& non-availability of funds.

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3/ ' ( # I"SU#&"C! 'otor Package and Lia7ility only Policies Co6er-<otor vehicle which includes private cars& <otorised $wo wheelers and 'ommercial vehicles excluding vehicles running on rails. ;wners of the vehicle& 3inanciers or 2essee& who have insurable interest in a motor vehicle can be insure. Insured:s Declared +alue (a) In case of vehicle not exceeding / years of age& the I=+ has to be arrived at by applying the percentage of depreciation specified in the tariff on the showroom price of the particular make and model of the vehicle. (b) In case of vehicles exceeding / years of age and ;bsolete models (manufacture of those vehicles which have been stopped by the manufacturers)& they have to be insured for the prevailing market value of the same as agreed to between the insurer and the insured. 1a2 Package Policy - Section I 8ection I (;wn =amage - ;=) of Package Policy G 8ection I of package policy covers loss or damage to the vehicle and . or accessories due to

Accidental external means 3ire& 8elf ignition& lightning 5urglary& house breaking or theft $errorist activity ,iot& 8trike and <alicious =amage DarthIuake 3lood& cyclone and Inundation etc

Page | 45

Ehile in transit by rail& road& air& elevator& lift or inland waterways 2andslide or workslide

:one of the above perils can be excluded from the scope of a policy. 2oss or damage to accessories by burglary.house breaking.theft . 3or private car it is covered 0. In case of <otorised $wo Eheelers this can be covered on payment of an additional premium at "O of the I=+ of such accessories ". 2oss or damage to 2amp& $yres& mudguard and . or bonner side parts& bumpers etc.& can be covered on payment of additional premium. $his is applicatble only to 'ommercial +ehicles. If the vehicle is disabled in an accident& cover is provided for the reasonable cost of the followingG

Its removal to nearest repairers $he cost of reasonable repairs immediately necessary

sub?ect to the limit provided for. 1a2 Package Policy - Section II 8ection II (2iability) of Package Policy G . 2iability to third parties bodily in?ury and or death and property damage 0. Personal accident cover for the owner driver for a specified sum insured $he following are payable under 8ection II of the Package Policy sub?ect to the limit of liability laid down in the <otor +ehicles Act G

$he insured%s legal liability for death . disability of third party 2oss or damage to third party property 'laimant%s cost as decided by the court All costs and expenses incurred with company%s written consent

Page | 46

In case of death of an Insured person& entitled to indemnity for a liability incurred under this policy& his legal representative will be indemnified in place of insured& if he observed all conditions as the insured himself. 172 Lia7ility nly Policy

As per 8ection II of the package policy Discounts $he following are the discounts available on the premium payable.

+intage 'ars - 'ars manufactured prior to " . 0.-* and duly certified by the +intage and 'lassic 'ars 'lub of India G

A discount of #12 on the 0D rates is availa"le3 Policies issued covering these vehicles are Agreed )alue Policies3

:o 'laim 5onus G

,anging from 0*O to /*O depending on the number of claim free years.

Automobile Association <embership =iscount G

=iscount of /O on the ;wn =amage premium sub?ect to a maximum of ,s. 0**.- for private cars and ,s. /*.- for <otorised $wo wheelers only.

=iscount for Anti $heft =evices G

A discount of 0./O on the ;= component of premium sub?ect to a maximum of ,s. 0**.-. =evice approved by the A,AI& Pune - installation of the same in vehicle certified by the Automobile Association of India.

'oncession for vehicles laid up for continuous periods exceeding 0 months /*O discount on the ;= premium on the vehicle specialy designed . modified for use of the blind& handicapped and mentally challenged persons

9se of vehicles withing Insured%s premises.sites G

Page | 47

A discount of "" . O on the tariff rates is permissible. Dxtension of 'over on payment of additional premium Additional premium is payable to extend the cover under the Package and 2iability ;nly policies in case of the following G

$he 4eographical area may be extended to include

a) 5angladesh b) 5hutan c) :epal d) Pakistan e) 8ri 2anka f) <aldives by charging additional premium of ,s. /**.- per vehicle in case of package policy and ,s. **.- per vehicle in case of 2iability only Policy.

Personal Accident covers are available to names and unnamed persons travelling in the <otor +ehicles including employees.

In case of vehicles belonging to Dmbassies . 'onsulates etc.& where the Qimport dutyQ element is not included in the I=+ the premium for ;wn =amage shall be loaded by "*O.

Dlectrical . Dlectronic 3ittings G

Dlectrical . Dlectronic 3ittings which do not form part of the vehicle manufactured and imported have to be specifically covered separately by paying additional premium of -O on the value of such fittings.

':4 . 2P4-5i-fuel Aits G

+ehicles fitted with ':4.2P4 5i-fuel kits have to be separately declared and premium is chargeable at -O on the value of such kit.

3ibre 4lass 3uel $anks G

An additional premium of ,s./*.- for ;= cover for all vehicles except <iscellaneous $ype of 'ommercial +ehicles G for <iscellaneous $ype of 'ommercial +ehicle it is ,s. **.-.

Page | 48

0ther Information (I) $ransfers G In case of change of ownership& please ensure to effect the transfer of Insurance policy within - days from the date of transfers of ownership. (II) 'hange of +ehicles G A vehicle can be substituted by another vehicle for the same class& for the balance period of a policy sub?ect to ad?ustment of premium& if any& on prorata basis from the date of substitution.

Page | 49

4/ 'ISC!LL&"! US I"SU#&"C! a2 S CI&L I"SU#&"C! i2 -anata Personal &ccident Cover- Any Individual aged between * -7*. Accident resulting in&

=eath Permanent total disablement $otal and irrecoverable loss of use of limb 2oss of eye sight

Policy can be availed for an amount of ,s. 0/&***.- to ,s. &**&***.- sum insured. In the event of accidental in?ury& it provides compensation as follows

=eath or permanent total disablement - **O of sum insured. 2oss of two limbs or two eyes or one limb and one eye - **O of sum insured. 2oss of one limb or one eye - /*O of sum insured.

./clusions

:o compensation is payable for any disablement that exists at the time of taking the policy. :o payment will be made in excess of the sum insured for each individual. Intentional self-in?ury 8uicide or attempted suicide Ehilst under the influence of intoxicating liIuor or drug Ehilst racing on wheels (unting 5ig game shooting

Page | 50

<ountaineering or whilst engaged in winter sports or resulting from the insured committing any breach of law with criminal intent.

Ear and nuclear perils.

ii2 *hagyashree Child ;elfare Policy Cover- 'over is applicable to girl child in the age group of * to # years whose neither parents% age should be greater than C* years. 'over is to provide relief to insured girl in the case of death of either.both of the parents arising out of accident. In the event of death of the parent(s)& ,s.0/&***.- will be deposited in the name of the child in any of the nationalised banks and the benefits will be provided as under. +enefits Provided &ge of the child &mount of relief ,s. &0**.-per annum -/ years 8urviving parent or guardian Paya7le to 8urviving parent or guardian& provided the expenditure is incurred for the child%s education 8urviving parent or guardian& provided Cyears ,s. &0**.- per annum the expenditure is incurred for the child%s education 8urviving parent or guardian provided 0- 7 years ,s.0&-**.- per annum the expenditure is incurred for the child%s education # years 5alance amount to the child%s credit $o the girl on attaining the age of # completed years

In the event of the death of the girl before attaining # years& the balance amount standing to the credit of the girl child will be paid to the surviving parent.guardian. 4ni5ue 6eatures

,elief to the girl child in the event of death of any of the parents

Page | 51

,elief to orphaned girl for maintenance and education 2umpsum payment on attaining the age of # completed years

Premium - ,s. /.- per child per annum. Discounts - +aries from / to "*O depending upon the group si6e. iii2 #a<a#a<eshwari 'ahila =alyan $o<na Policy $his scheme provides economic security to women. All sections of women in the age

group of * - 7/ years irrespective of their income& vocation or occupation can be covered in this policy. *asic co6er 6or Disa"lement of Insured -omen ! Permanent total disablement 2oss of two limb.both eyes.one limb and one eye 2oss of one limb.one eye 6or Death 3or married women - Policy provides compensation of ,s.0/& ***.- in the event of death of husband due to accident. 3or unmarried women - Policy provides compensation of ,s. 0/&***.-in the event of death of the insured to the nominee.legal heir. &dditional Co6er ,s./**.- per month sub?ect to a maximum of ,s. &/**. Actual not exceeding ,s.0&***.,s.0/&***.,s.0/&***.,s. 0&/**.

$emporary $otal =isablement Dxpenses incurred for legal =ivorce proceeding

2oss.damage to (ousehold3ire& flood& riot& terrorism 9p to a limit of ,s.0&***.-

Page | 52

=eath.=isablement would mean not only =eath.=isablement arising out of accident& but also include death during child birth at hospital and surgical operation such as sterilisation& caesarean& hysterectomy and removal of breast due to cancer provided that it occurs within 7 days from the date of operation. 4ni5ue 6eatures

Policy provides cover not only for the disablement of women but also for the death of her husband. Additional cover provides for $emporary $otal =isablement and also for loss. damage to household goods.

Premium ,s. /.- per woman per annum for the basic cover and ,s.0".- per woman per annum for both basic and additional cover. Discounts 4roup discount varies from /O to "*O based on the group si6e. 2ong $erm =iscount ranges from /O to 0*O depending upon the period of insurance.

Page | 53

i62 'other (eresa ;omen 8 Children Policy All sections of women in the age group * to 7/ years irrespective of their income&

occupation or vocation can be covered under the policy. Section i : economic security scheme to women *asic Co6er-3or =isablement of Insured women N Permanent total disablement 2oss of two limb.both eyes.one limb and one eye 2oss of one limb.one eye )or Death >

,s.0/&***.,s.0/&***.,s. 0&/**.-

3or married women N Policy provides compensation of ,s.0/&***.- in the event of death of husband due to accident. 3or unmarried women N Policy provides compensation of ,s. 0/&***.-in the event of death of the insured to the nominee.legal heir.

&dditional Co6er )or ;omen $emporary $otal =isablement ,s./**.- per month sub?ect to a maximum of ,s. &/**. Actual not exceeding ,s.0&***.Dxpenses incurred for legal =ivorce proceeding 9p to a limit of ,s.0&***.2oss.damage to (ousehold 3ire& flood& riot& terrorism =eath.=isablement would mean not only =eath.=isablement arising out of accident& but also include death during child birth at hospital& and surgical operation such as sterilisation& caesarean& hysterectomy and removal of breast due to cancer provided that it occurs within 7 days from the date of operation.

Page | 54

Premium ,s. /.- per woman per annum for the basic cover and ,s.0".- per woman per annum for both basic and additional cover.

Additional Accident Cover for 7ife As a special case we can consider in the event death due to accident of married women& husband gets the compensation of ,s.0/&***.- with an additional premium of ,s.!.-. $his cover is only death due to accident and disablement is not considered under the policy. Discounts 4roup discount varies from /O to "*O based on the group si6e. 2ong $erm =iscount ranges from /O to 0*O depending upon the period of insurance

4ni5ue 6eatures Policy provides cover not only for the disablement of women but also for the death of her husband. Additional cover provides for $emporary $otal =isablement and also for loss. damage to household goods. Section ii - insurance co6er applica7le to children +asic Cover 'over is applicable to two children in the age group of * to # years whose parentsH age does not exceed C* years. 'over is to provide relief to insured children in the case of death of either.both of the parents arising out of accident. In the event of death of the parent(s)& ,s.0/&***.- will be deposited in the name of the child with the 4I' Asset <anagement 'o. 2td. and the benefits will be provided as under N

Page | 55

+enefits provided &ge of the children -/ years Cyears &mount of #elief ,s. &0**.-per annum ,s. &0**.- per annum Paya7le to 8urviving parent or guardian 8urviving parent or guardian& provided the expenditure is incurred for the childrenHs education 8urviving parent or guardian provided the expenditure is incurred for the childrenHs education $o the children on attaining the age of # completed years

0- 7 years

,s.0&-**.- per annum

# years

5alance amount to the childHs credit

In the event of the death of the children before attaining # years& the balance amount standing to the credit of the children will be paid to the surviving parent.guardian. Premium ,s. /.- per child per annum/1co6erage limited to two children only and the premium would 7e #s/3?@- per annum/2 Discount +aries from / to "*O depending upon the group si6e. 4ni5ue 6eatures

,elief to the children in the event of death of any of the parents ,elief to orphaned children for maintenance and education

2ump-sum payment on attaining the age of # completed years (ence the total premium for a comprehensive policy would as followsG i. ii. ,s."0.- for comprehensive cover to the women inclusive of husband ,s."*.- for two children

$otaling ,s.C0.- only for the entire family cover. $he insured can either opt NA full family cover for ,s.C0.- or 8ection I - only for ,s."0 or 8ection II - only for ,s."*.- as per their need. In case the premium is routed through a single source& the applicable discount would be the highest and the premium at the lowest.

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62 -an &rogya *ima Policy Any Individual aged between / -7*. 'hildren between " months and / years can be covered provided one or both parents are covered concurrently. (ospitalisation.=omiciliary hospitalisation expenses incurred for medical or surgical treatment for illness.disease (contracted after "* days from commencement of risk) and in?ury. ,eimbursement of hospitalisation.domiciliary hospitalisation expenses incurred by an insured person for treatment of illness.disease.in?ury as an inpatient in a :ursing (ome. $he limit of liability under the policy per year per person is ,s./&***.-. Ris% Covered-Any sudden illness like heart attack& ?aundice& pneumonia& appendicitis& paralytic& food poisoning or accidents and the same reIuire hospitalisation.domiciliary hospitalisation ./clusions Any disease contracted within "* days from commencement of risk. In?ury.disease caused by war perils.nuclear perils 'ircumcision ,outine eye examination =ental treatments.surgery of any kind unless reIuires hospitalisation. 'onvalescence.general disability.run down condition or rest cure etc. Dxpenses on vitamins and tonics $reatments arising from or traceable to pregnancy.child birth inclusion of caesarian section.

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72 #U#&L I"SU#&"C! i2 Cattle 8 Li6estock Insurance All indigenous.cross breed.exotic animals in the prescribed age groups duly fixing the value and certifying the health of the proposed animal by a Iualified +eterinary =octor. Animal owners . private dairies . cooperative dairies . :==5 owned dairies can be insured. Ris% covereda. =eath due to accidents including fire& lightning& flood and cyclone or disease contracted or occurred during the currency of the policy period. b. Permanent $otal =isability due to total incapacity to conceive or yield milk by paying extra premium. 8um insured or market value prior to illness sub?ect to production of following documents. a) =uly completed claim form. b) =eath certificate from a Iualified veterinary surgeon. c) Policy . 'ertificate. d) Dar tag. ./clusions

<alicious or wilful misconduct or neglect& over loading& unskilled treatment or use of the animal for the purpose other than stated in the policy without the consent of the company in writing. Accidents occurred or diseases contracted prior to commencement of risk. Intentional slaughter. $ransport by air . sea and road beyond #* kms. $heft . clandestine sale& missing of insured animal. Partial disablement of any type. Ear perils. :uclear perils

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'onseIuential loss =eath of animals due to disease within / days from the inception of policy. Pleuro pnemonia --- 2akhimpur ----- districts of Assam. ii2 &gricultural Pumpset Insurance

All kinds of pumpsets like centrifugal& ?et and submercible (both electrical and diesel) upto "* (P of approved makes. ;wners of pumpset or financing banks and manufacturers of pumpset can insure under Pumpset Package Policy. Ris% covered 3ire and lightning $heft.burglary <echanical.Dlectrical breakdown ,8<= and $errorism 3lood 3or total loss of sum insured or market value prior to loss whichever is less is payable . 3or replace parts& dpereciation is chargeable in the event of electrical . mechanical breakdown losses. $he rewinding charges are reimbursable sub?ect to maximum limits specified in the policy. $here will be due deduction for salvage and excess ./clusions :ormal wear and tear& gradual deterioration due to atmospheric condition or otherwise. Eilful or gross negligence of insured or his representative. 3aults existing at the time of commencement of insurance known to insured or his representative.

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 2oss or damage for which manufacturers or suppliers are responsible either by law or under contract. 'ost of dismantling& transport& re-erection. Ear and nuclear perils.

iii2 Poultry Insurance

A 2ayer birds and hatchery birds in a poultry farm in the age group of weeks and broilers in the age group of day to # weeks. =ucks and Fuails are also insured under the policy.

day old to 70

;wn Poultry farmers . financing bank can insure the birds. All the birds in the farm should be insured without selection. Ris% coveredPolicy provides indemnity against death of birds due to accidents including fire& lightning& diseases flood& are cyclone& however strike& excluded riot& and civil can commotion& be covered terrorism& sub?ect to earthIuake and disease contracted or occurred during the policy period (a fewer specified vaccination. Policy pay#*O of the value of the bird at the time of loss as per stage wise valuation table attached to the policy sub?ect to deduction of a specified policy excess. ./clusions

<alicious . wilful misconduct . negligence. $ransit by any mode of transfer. Improper management.

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$heft and clandestine sale of birds. Intentional slaughter of birds. 'onseIuential loss Ear and nuclear perils. <areks& ,anikhet& 3oul Pox and infectious bronchitis unless birds are successfully protected against them.

2oss of production& mall nutrition& under growth& cannibalism& loss due to huddling and piling of birds.

i62 %ramin &ccident Policy Any Individual aged between * -7*. Policy can be availed for an amount of ,s./&***.- sum insured.

=eath Permanent total disablement $otal and irrecoverable loss of use of limb

2oss of eye sight due to accidental in?ury. In the event of accidental in?ury& it provides compensation as follows

=eath or permanent total disablement - **O of sum insured. 2oss of two limbs or two eyes or one limb and one eye - **O of sum insured. 2oss of one limb or one eye - /*O of sum insured.

./clusions

:o compensation is payable for any disablement that exists at the time of taking the policy. :o payment will be made in excess of the sum insured for each individual. Intentional self-in?ury

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8uicide or attempted suicide Ehilst under the influence of intoxicating liIuor or drug Ehilst racing on wheels (unting 5ig game shooting <ountaineering or whilst engaged in winter sports or resulting from the insured committing any breach of law with criminal intent.

Ear and nuclear perils

62 Plantation Insurance $rees.plants.shoot.vegetative part only for crop duration or 0 months whichever is shorter. 3arm owners.lessees cultivating the plantations .horticulture.

'overage and indemnity to insured to the extent of loss or damage to the crop by operation of any one of the following perils N a) 3ire including forest fire and bush fire. b) 2ightning c) ,iot& strike& acts of terrorism d) 8torm& hailstorm& cyclone& hurricane& flood and inundation. $he input costs or recurring expenses incurred for raising the crop (establishment and maintenance) upto the date of the loss. 2imits of indemnity on input cost basis are fixed at each stage of the crop. 'laims are sub?ect to 3ranchise and Dxcess deductibles. ./clusions-

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$he policy excludes to pay for loss or damage to crop arising due to theft& malicious damage& negligence& natural mortality& war perils& nuclear perils& insects& pests and diseases& drought& earthIuake& climatic variations& water logging& inconseIuential losses& damage to structures capital items& irrigation systems& agricultural implements& harvested produce.

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c2 (#&+&L I"SU#&"C! i2 *aggage Policy 5aggage Insurance Policy covers all accompanied baggage during a ?ourney like suitcases& trunks etc.& containing the baggage and additions during the ?ourney. It covers accompanied baggage(not dealers%& stock or travellers samples) during a specified ?ourney (including air travel).8uitcases& trunks etc.& containing the baggage and additions can also be insured provided they are declared specifically before the commencement of the ?ourney. $he policy provides cover against loss or damage to accompanied personal baggage due to fire& riot and strike& terrorist activity or theft or accident during the course of ?ourney including stoppages en route anywhere in India. Insured and insuredHs family members in respect of their baggage as specified above. $he policy pays for the contents of the baggage damaged.lost due to any of the perils stated above on a strict basis of indemnity. ./clusions

$o articles of consumable nature& cash& securities& ?ewellery& precious stones& furs& watches etc. $o any property conveyed.transported by a carrier under receipt =ue to depreciation& wear and tear& conseIuential loss& legal liability& theft from unsecured car

=ue to war perils& nuclear perils& moth& vermin or while cleaning& repairing.

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ii2 'arga *andhu Policy $his policy covers persons whilst on a tour or a pilgrimage.4roups of individuals who go on study tour& educational trips or pilgrimage. Dducational institutions& tour operators& travel agents& clubs& associations etc.& who arrange tours& picnics& yatras etc can avail this cover for persons going on tour. a) =eath or disablement ( Permanent $otal or Permanent Partial ) due to accident& hospitalisation expenses b) Additional expenses towards alternative travel arrangement due to detour or cancellation caused by accident to carrying vehicle . train and c) loss . damage to baggage whilst on tour. +asic cover: =eath& P$= ** O 'apital 8um Insured ( '8I ) 2oss of one limb or one eye /*O of 'apital 8um Insured Permanent ./tensions 3ollowing covered at an additional premium <edical expenses incurred up to 0/O of claim or * O of sum insured which ever is lower 2oss . damage to accompanied baggage sub?ect to limits of ,s. &***.- or ,s. 0&***.- (depending on '8I chosen). Additional expenses incurred towards alternative travel arrangement on account of detour . cancellation sub?ect to a limit of ,s. &***.- or ,s. 0&***.- (depending on '8I chosen) - if detour arises by loss . damage to mode of transport by Act of 4od. ./clusions 'ompensation under more than one clause for same period of disability Any payment after admission of a claim for /*O . **O of '8I Any claim in the same period of insurance exceeding the '8I 8uicide& attempt there at& +=& 'riminal breach of law& influence of liIuor . drugs Pregnancy related claim Ear and nuclear perils Partial disablement varying percentages of '8I as per policy

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 2oss . damage due to cracking& scratching& depreciation& wear and tear 2oss . damage to money . securities& manuscripts& documents. iii2 Suhana Safar Policy

$he policy covers the risks of Personal Accident and loss of 5aggage of the insured& spouse and dependent children covered during the period of outstation travel with in India from the declared place of departure(includes places of so?ourn).

'overage available for a single round of travel to the places declared up to the scheduled date of return . 'over available for ?ourneys less than C* days.

Policy Covers Section I PD,8;:A2 A''I=D:$ ,isk 9p to ,s. lakh per head with reimbursement of reasonable actual emergency

incidental expenses up to ,s. ***.- per head both as defined in the policy. 5odily in?ury sustained by the insured arising out of an accident resulting in death or disablement within 0 calendar months of the accident will be indemnified. Section II 5A44A4D 2oss or damage to the personal effects carried as accompanied baggage due to fire& riots& strike& terrorism& malicious damage & theft & burglary for the actual value of the articles but not exceeding ,s./**.- per article unless specifically declared.

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d2 P&C=&%! I"SU#&"C! i2 ,ouse ,olders Policy Any loss.damage to

5uilding and its contents @ewellery and valuables =omestic appliances& $+& +',& Audio 8ystems& P' etc. 5aggage while on travel Accidental in?ury causing death.disability 2iability to third parties

'over under ten sections with option to choose minimum - sections for availing discount in premium. 'over against contents is compulsory.

5uilding and contents G3ire& lightning& Acts of 4od& ,iot and 8trike& impact& explosion of gas in domestic appliances& overflow of water tanks. 5urglary& (ouse breaking and $heft. @ewellery and +aluables - Any accidental loss.damage Plate 4lass Any accidental loss.damage

5aggage - Ehile on travel Any accidental loss.damage =omestic Appliances Any accidental loss.damage entirely due to

electrical.mechanical breakdown.

$+& +',& Audio 8ystem 3ire and allied perils& burglary& housebreaking& theft& electrical or mechanical breakdown

Pedal cycle 3ire and related perils& riot&strike& malicious damage& acts of god& housebreaking& burglary& theft& external accident and also legal liability to QPublicQ with a limit of ,s. *&***.

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Any householder exposed to any of the above contingencies. 5enefits under four (minimum) or more sections can be chosen. P.A 'over available for insured%s spouse and children (AgeG 0 to 7*) Personal &ccident Accidental in?ury causing death.disablement Rtotal.partialS (hird Party Lia7ility =ue to in?ury to third party or damage to third party property. Policy pay

Actual chosenT

extent

of

loss.damage

to

property

under

respective

sections

8um Insured is the limit of maximum liability under respective sectionsT 2imit of liability to third party for Personal in?ury.Property damage is upto ,s.0/&*** . ,s. *&*** . ,s."*** under $+.Pedal 'ycle.$+ Antenna sections respectively.

Personal Accident &ection If in?ury directly.solely causes within 0 months of its occurrenceG

=eath . loss of two limbs . eyes . $otal permanent disablement G 3ull 8um Insured 2oss of a hand . foot . eye . use of hand . foot G /*O 8um Insured 8pecified Percentage (O) of 8um Insured in other cases of permanent disablement RpartialS

Eeekly benefits (,s."***.- max.) upto ** weeks payable for $emporary $otal =isability.

./clusions

Ear and war like perils Eear and tear& depreciation& conseIuential loss

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:uclear group of perils 4ross and wilful negligence of Insured +iolation of policy conditions 2oss.damage.liability where Insured%s family or Insured%s employee are involved as principal.accessory

Intentional act.self in?ury. influence of drug.intoxicant.

ii2 Compact Policy $he policy covers offices and Dstablishments (non manufacturing). 4enerally this policy does not cover shops& godowns& ware houses etc. $here are different sections of the policy. Section I - )ire 8 &llied Perils Sub Section #A $%uilding& 'overs building above plinth and foundation with connected utilities& sanitory fittings etc.Dxternal walls of the building should be made of stone.bricks.,'' etc Sub Section ! % $Contents including incidental stock&

'ontents of insured premises described in the schedule of policy& belonging to insured 'ontents belonging to insured when temporarily removed to some place with in India from insured premises for a period not exceeding C* days only for an amount not exceeding / O of the total sum inured for contents sub?ect to maximum of ,s.0*&***.-

8tock incidental to the trade for an amount not exceeding *O of total sum insured under this section

'ost of removal of debris of insured property affected sub?ect to maximum *O of sum insured for this sub section if it is specifically declared for insurance and additional premium paid

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Sub Section !C $'enants (egal (iability&

$his is applicable only if insured is a tenant of the building InsuredHs legal liability as tenants of the insured premises for damage to the building of the offices and land lordHs fixture and fittings

Perils 'overed

3ire& 2ightning& Dxplosion.implosion 5ursting > overflowing of water tanks ,iot& 8trike& malicious damage Darth Iuake& 3ire and .or 8hock& subsidence and land slide 3lood& inundation& cyclone etc Impact damage by rail.road vehicle or animal by direct contact Aircraft or articles dropped from them

Section II 1Contents - *urglary 8 ,ouse7reaking2 =eals with the loss or damage of the contents of the insured premises as a result of burglary and house breaking. Section III1'echanical 8 !lectrical &ppliances2 All electrical > mechanical appliances other than =iesel 4enerator sets pertaining to insuredHs business.trade Perils covered loss or damage due to unforeseen and sudden accidental physical damage caused by and .or solely due to the mechanical and . or electrical break down. Section I+ 1!lectronic &ppliances2 =eals with loss or damage of electronic appliances& portable computers & cellular phones& data carrying materials etc due to any cause other than the exclusions specified in the policy. Section + 1'oney Insurance2

<oney relating to profession or business while in $ransit from and to the insured premises described in the schedule

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8afe installed at the insured premises $ill at the insured premises 'ost of replacement or repair of the insuredHs safe in the insured premises in the event of it being damaged by thieves.burglars.

Perils

'overed 2oss due to accident or misfortune

Section +I 1Personal &ccident2 Provides accident cover to the insured or any =irector or employee of the insured aged between # years and 7* years . $he person should be a permanent employee of the insured at the office as stated in the 8chedule. Section +II 1Legal Lia7ility2 =eals with legal liability towards

$hird Parties Dmployees

Section +III 1)ixed %lass @ Sanitary )ittings2 $his section covers loss or damage due to accidental breakage of

3ixed Plate 4lasses and 8anitary fittings 3rames of frame work 2ettering conseIuent upon the breakage of glasses.

Section IA 1"eon Sign @ %low Sign @ ,oarding2 8ection covers :eon sign and.glow sign and. hoarding belonging to the insured. Perils 'overed - 2oss or damage due to

Accidental external means 3ire& 2ightning& explosion $heft

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,iot & 8trike. <alicious damage 8torm& 3lood and Inundation etc.

Discount Availa"le

<ore sections selected& allows more discount. 2oyality discount for continuous renewal.

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iii2 Dukan 'itra Policy

$he =ukan <itra policy is a modified version of the shopkeeper%s policy which can be issued to smaller establishments. $he main features of this policy are (a) there is a fixed sum insured (b) condition of average need not be applied. S!C(I " I $his section also covers the Insured%s property when removed to another premises for custody during his absence and for a temporary period limited to !* days in all. S!C(I " II 2oss . damage to the contents whilst contained in insured premises by burglary . housebreaking. S!C(I " III If bodily in?ury by external violent means and caused accidentally shall& within 0 months of such in?ury& by the sole and direct cause of death or permanent total disablement of the persons specified& the 'ompany will pay each such person specified amount. Permanent total disablement would mean total& irrecoverable loss of sight of both eyes . physical loss of entire hands or entire feet . one foot and one eye or one eye and one hand . one foot or irrecoverable loss of use of both limbs. S!C(I " I+ $his section indemnifies the Insured sub?ect to the limit under column -& in respect of all sums which the Insured shall become legally liable to pay as compensation and incur litigation expenses with the 'ompany%s written consent. a. in respect of accidental death or bodily in?ury to any person other than a person under the Insured%s employment b. accidental damage to property caused by or through fault or negligence of the Insured or his employee or a member of Insured%s household c. compensation to Insured%s employees as per the E' act for any employment in?ury (including fatal) d. $his section excludes liability for accidents involving Insured%s ownership or use of vehicles& vessels of any kind& aircraft or animals.

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S!C(I " + Indemnifies the Insured for any direct pecuniary loss& sub?ect to the limit under column -& caused by an act of fraud or dishonesty committed by any salaried employee of the Insured in the course of his duty in the insured premises& on conviction and prosecution of an employee responsible for dishonesty . fraud. Eithholding of any money due to the delinIuent employee and deduction of such moneys from the claim are preconditions to settlement of a valid claim. S!C(I " +I Indemnifies the Insured& sub?ect to the limit per carrying (under column ") in respect of loss by accident or misfortune while the Insured%s money in his hands of his employees is in transit between any two places within / kms from insured premises (only such money of the Insured%s business transactions and entrusted to the permanent employee handling cash is covered)& loss . damage by burglary or housebreaking whilst contained in a safe& cash box or such place under lock and key& loss . damage whilst lying in cashier%s till or counter in the Insured%s premises during business hours due to violence& assault or threat. It is a policy condition under this section that a complete and arithmetic account of cash in various places be kept and that such records . account books be kept in a place other than where money is kept. The Policy covers

$he risk of fire& lightning& storm& earthIuake& flood& riot& strike etc $he risk of burglary $he loss of money while it is being carried by the employee from one place to another due to accident.misfortune

Any Pecuniary loss arising out of dishonesty or fraud by any employee =eath or any bodily in?ury directly or indirectly caused by accidental& violent& external and visible means applicable for persons aged between 0 and 7* years.

./clusions

2oss or damage to fragile articles such as chinaware& articles made of glass or materials of brittle nature due to impact.

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2oss or damage due to war and.or warlike perils& nuclear and.or atomic radiation. 2oss or damage due to wear and tear& gradual deterioration or slowly developing flaws.

'onseIuential loss of any kind. 2oss of or damage caused by or due to action of any lawfully constituted authority or 4overnment body.

2oss or damage to cash& securities& bullion& stamps& deeds& documents& manuscripts and articles of antiIue value.

2oss of valuables due to theft from unattended vehicles. 2oss or damage for which the manufacturer or supplier or repairer or transporter or any other third party is responsible either by law or by contract.

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5/ LI&*ILI($ I"SU#&"C! a2 Pu7lic Lia7ility Insurance $he Public 2iability Act& !! was made effective from st April !! . $he ob?ect of this Act is to provide through insurance immediate relief to persons affected due to JaccidentK while JhandlingK Jha6ardous substanceK by the owners on Jno fault liability basisK. $his has also been brought under $ariff. $he definition of J;wnerK is so comprehensive as to cover any person who owns or has control over any ha6ardous substance at the time of accident. $his includes any 3irm or its partners. Association or its members& 'ompany or its =irectors and all other persons associated and responsible to that 'ompany in the conduct of their business. $he various terms like JAccidentK& J(a6ardous substancesK as defined in the Act are given below. B&ccidentC means an accident involving a fortuitous& sudden or unintentional occurrence while handling any ha6ardous substance resulting in continuous& intermittent or repeated exposure to death of& or in?ury to any person or damage to any property but does not include an accident by reason only of war or radioactivity. B,andlingC in relation to any ha6ardous substance& means the manufacture& processing& treatment& package& storage& transportation by vehicle& use& collection& destruction& conversion& offering for sale& transfer or the like of such ha6ardous substance. B,aDardous Su7stanceC means any substance or preparation which is defined as ha6ardous substance under the Dnvironment (Protection) Act& !#C and exceeding such Iuantity as may be specified by notification by the 'entral 4overnment. B,aDardous Su7stanceC means any substance or preparation which& by reason of its chemical properties or handling is liable to cause harm to human beings& other living creatures& plants& micro-organism& property or the environment (as per the Dnvironment (Protection) Act& !#C). Insurance Limits Any one accidentG <inimum eIual to Paid up 'apital upto a maximum of ,s./ crores. Any one yearG " times of VAny one accidentH limit sub?ect to a maximum of ,s. / crores.
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Lia7ility 7eyond Insurance In case of claim.s exceeding the above statutory limit.s& it is to be met by the Dnvironmental ,elief 3und to be set up under 8ection 7A of the Act and managed by the Authority appointed by the 'entral 4overnment $he liability beyond the total of the insurance and the ,elief . 3und is to be borne by the J;wnerK. Contri7ution to the relief fund An amount eIual to the insurance premium chargeable is to be paid simultaneously by every owner with the insurance premium to the underwriting 'ompany. Schedule of Compensation . ,eimbursement of medical expenses incurred upto a maximum of ,s. 0&/**.- in each case. 0. 3or a fatal accident the relief will be ,s.0/&***.- per person in addition to reimbursement of medical expenses& if any incurred on the victim upto a maximum of ,s. 0&/**.-. ". 3or permanent total or permanent partial disability or other in?ury or sickness& the relief will be G a. ,eimbursement of medical expenses incurred& if any& upto a maximum of ,s. 0&/**.- in each case and& b. 'ash relief on the basis of percentage of disablement as certified by an authori6ed physician. $he relief for total permanent disability will be ,s.0/&***.-. -. 3or loss of wages due to temporary partial disability which reduce the earning capacity of the victim& there will be a fixed monthly relief not exceeding ,s. &***.per month upto a maximum of " months provided the victim has been hospitali6ed for a period exceeding " days and above C years of age. /. In respect of damage to private property& upto ,s.C&***.- per claim. Apart from Public liability insurance Act policy& policies are also available to cover the legal liability of the insured against third parties for claims arising due to industrial accidents. $wo

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different types of policies are available to cover accidents in industries like factories etc and non industries like hotels& schools& exhibitions and storage tanks etc 72 ;orkmen Compensation Insurance 2iability of an employer for employment in?ury (including death) of any of his employees who is a LworkmanH as defined under Eorkmen 'ompensation Act. Any employer whether as a Principal or contractor engaging QworkmenQ as defined in E' Act to cover his liability to them under statute and at common law. Dmployer can cover Dmployees who do not Iualify as QEorkmenQ under separate table Ris% covered Indemnity to insured against his liability as an LemployerH to accidental in?uries (including fatal) sustained by the LworkmanH whilst at work. ;n extra premium-medical& surgical& and hospital expenses including the cost of transport to hospital for accidental employment in?uries 2iability in respect of diseases mentioned in Part ' . schedule III of E' Act& on additional premiumT which arise out of and in the course of employment The Policy pay Ehere employment in?ury results in death& then we pay -*O of the monthly wages of the deceased multiplied by the relevant factor or ,s. 0*&***.- which ever is more. Permanent $otal =isablement /*O of the monthly wages of the in?ured disabled (P$=) workman multiplied by relevant factor or ,s. 0-&***.- which ever is more. Permanent Partial =isablement a) 3or an in?ury specified in Part II of disablement (PP=) schedule. $he percentage of loss of earning capacity caused applied to the compensation payable for permanent total disablement b) 3or an in?ury not specified in schedule - the percentage of permanent loss of earning capacity as assessed by Iualified <edical Practitioners applied to the compensation payable for permanent total disablement. Ehere more than one in?ury caused by same accident it shall be aggregate but in any case not to exceed the amount payable for permanent total disablement $emporary disablement - A half monthly payment eIuivalent to 0/ O (total or partial) of monthly wages of the workman to be paid in accordance with the provisions of 8ub section (0) of the E' Act.

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 Actual medical expenses incurred in connection with on-duty accident ranging from ,s.#*.- to 0-**.- per case as per the option given at the inception of the policy by the insured and extra premium paid. 2egal costs and expenses incurred with the 'ompany%s consent. ./clusions Any in?ury which does not result in fatality or partial disablement for period exceeding " days 3irst " days of disablement where the total disablement is less than 0# days 3or any non-fatal in?ury caused by any accident which is directly attributable to a) Influence of drinks or drugs. b) Eillful disobedience of an order for securing safety of the workman. c) Eillful removal or disregard of safety guard device. Ear group and nuclear group of perils 2iability to employees of contractors of the insured (unless specifically declared) Dmployee who is not a QworkmanQ as per E' act. 2iability of insured assumed under an agreement 3or occupational diseases mentioned in part Q'Q of schedule III of E' Act & unless cover is extended on extra premium. Increase due to any change in statute provisions after policy had incepted. 9nder more than one statute . one forum for the same in?ury

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c2 Product Lia7ility Insurance $his insurance is intended to provide an indemnity to the insured (upto the limit of liability) in the event of a claim being brought against him. $his may be caused by anything harmful or defective in the products sold or supplied by the insured in connection with the business specified. $he 'ompany in addition will reimburse all costs and expenses incurred with its written consent defending such a claim for compensation. $he insurance will however not cover the cost of removing& replacing or repairing defective products or loss of use thereof. ,ia"ility Covered $he policy seeks to indemnify the insured against his legal liability to pay compensation (including claimants costs& fees and expenses) in respect of in?ury damage or pollution for third parties for claims arising out of accidents due to any defects in the products specified in the policy during the period of the insurance and first made against the insured during the policy period. 3or the purpose of determining the indemnity grantedG . 0. In?ury shall mean death& bodily in?ury& illness or disease of or to any person =amage shall mean actual and . or physical damage to the atmosphere or of any water& land or other tangible property ". Pollution shall mean pollution or contamination of the atmosphere or of any water& land or other tangible property -. Product shall mean any tangible property after it has left the custody or control of the Insured which has been designed& specified& formulated& manufactured& constructed& installed& sold& supplied& distributed& treated& serviced& altered or repaired by on behalf of the Insured /. Accident shall mean a fortuitous event or circumstance which is sudden& unexpected and unintentional including resultant continuous& intermittent or repeated exposures arising out of the same fortuitous event or circumstances &pecial 6eatures
1& Claims made 7asis

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$he policy is on V'laims madeH basis. $his means that the accident giving rise to the claim shall occur during the period of insurance and further that the claim shall be first made against the insured during the policy period.
2& #etroacti6e date

$his is the date of commencement of the first V'laims madeH product liability policy. $his date will remain unaltered as long as the policy has been renewed without break and there has been no substantial material change in the risk.
3& Period of insurance

$his is the period commencing from the retroactive date and terminating on the expiry date of the policy.
4& Policy period

$his is the period commencing from the midnight on the inception date and terminating at midnight on the expiry date of the policy. &pecial ./clusions . 0. ". -. /. C. 7. #. $he policy excludes liability for costs in the repair& reconditioning& modification or replacement of any part of any product which is or is alleged to be defective. 3or cost arising out of the recall of any product or part thereof. Arising out of any product which is intended for incorporation into the structure& machinery or control of any aircraft. Arising out of deliberate& willful or intentional non-compliance of any statutory provision. Arising out of pure financial loss such as loss of goodwill& loss of market& etc. Arising out of fines& penalties& punitive and exemplary damages. 3or in?ury and.or damage occurring prior to the ,etroactive date shown in the schedule. Arising out of deliberate& conscious or intentional disregard of the insuredHs technical or administrative management of the need to take all reasonable steps to prevent claims. !. 3or in?ury to any person under a contract of employment or apprenticeship with insured where such in?ury arises out of the execution of such contract. *. Arising out of contractual liability which would not have existed in the absence of the specific contract. . Arising out of any product guarantee.

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0. Arising out of claims for failure of the goods or products to fulfill the purpose for which they were intended General ./clusions

Ear and war like perils Eear and tear& depreciation& conseIuential loss :uclear group of perils 4ross and wilful negligence of Insured +iolation of policy conditions 2oss.damage.liability where InsuredHs family or InsuredHs employee are involved as principal.accessory

Intentional act.self in?ury. influence of drug.intoxicant.

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d2 Professional Indemnity Policy $he cover granted under the policy provide indemnity for legal liability to third party arising out of errors and omissions or negligence in professional service rendered by the insured $he following professionals can be insured

=octors <edical Dstablishments Dngineers Architects 'hartered Accountants 2awyers

./clusions

Any criminal act or violation of any Act of 8tatute 8ervices rendered under the influence of intoxicants or narcotics Performance by =entists under general anesthesia or any procedures carried out under general anesthesia unless performed in a hospital.

Eillful neglect or deliberate act $hird Party Public 2iability Pure financial loss due to loss of goodwill or loss of market

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E/ )I#! I"SU#&"C! a2 Standard )ire and Special Perils Policy Cover

5uildings <achinery and Accessories 8tock and stock in process 'ontents including furniture

The follo-ing can "e insured

=wellings&

;ffices&

8hops&

(ospitals(2ocated

outside

the

compounds

of

industrial.manufacturing risks)

Industrial . <anufacturing ,isks 9tilities located outside industrial.manufacturing risks <achinery and Accessories 8torage ,isks outside the compound of industrial risks $ank farms . 4as holders located outside the compound of industrial risks

Perils Covered

3ire 2ightning Dxplosion.Implosion Aircraft damage ,iot& 8trike 8torm& 3lood& inundation Impact damage

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8ubsidence & landslide 5ursting or overflowing of tanks 5ush fire etc.

./clusions

8pontaneous combustion& fermentation 5urning of property by order of any Public Authority Its undergoing any heating or drying process Dxplosion of boilers (other than domestic boilers) $otal or partial cessation of work Permanent or temporary dispossession by order of 4overnment 5urglary& (ouse breaking& theft :ormal 'racking or settlement or bedding down of new structures Ear or war like operations =efective design& workmanship& defective materials Pollution or contamination ;ver-running& short circuit etc. DarthIuake 8poilage loss

Add on Covers

$errorism ,emoval ;f =ebris Architects& 8urveyors& 'onsulting Dngineers fees DarthIuake (3ire and 8hock only)

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8pontaneous combustion 8tartup expenses 8poilage <aterial =amage 'over 2eakage and 'ontamination cover

$hese additional covers are available by payment of additional premium.

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72 )ire Loss of Profit Policy Pre-Re5uisite for the Policy $his policy can be taken only if a 8tandard fire and 8pecial Perils Policy exists for the risk. $he following can be insured

:et profit due to the stoppage of business as a result of an insured peril 8tanding charges which continue to accrue in spite of stoppage of business Additional expenditure incurred by the insured to maintain normal business activity& during the period in which the normal business is affected.

Indemnity Period $he indemnity period commences with the date of damage and lasts till such a time as the business is restored to its pre damaged level or the period stipulated policy whichever comes first. $he policy insures earnings of the business lost during the indemnity period.

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FINDINGS

. As a public sector company they having lot of social welfare plans were the private corporates are not interested such asT 9niversal (ealth Insurance 8cheme 3or 5P2 3amilies& @anata Personal Accident& 5hagyashree 'hild Eelfare Policy& ,a?a,a?eshwari <ahila Aalyan Bo?na Policy& <other $eresa Eomen > 'hildren Policy& @an Arogya 5ima Policy& 'attle > 2ivestock Insurance& Agricultural Pumpset Insurance& Poultry Insurance& 4ramin Accident Policy& Plantation Insurance.

In these policies they charging only nominal premium and in some policies they are providing subsidies from 4ovt of India. 0. $he companyHs marketing activities are much focussed on personnel policies.

". $his $halassery 5ranch is located in coastal area but there are no ports& due to this the sales of marine insurance policies is very few. ;nly for inland and rail transit marine policies are issuing.

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-. <a?ority portion of the policies issuing from this branch includes <ediclaim& <otor insurance& 8tandard 3ire and 8pecial Peril Policy.

/. 8ales of 8ocial policies are few. It is due to peoples are not known about these policies.

C. Peoples in this area were not involved in farming so there is no scope for Agricultural Pump set Insurance& Poultry Insurance& Plantation Insurance

7. $he company facing cutthroat competition from both private and public sector companies. $heir ma?or competitors include

$he :ew India Assurance 'ompany 2imited& :ational Insurance 'ompany 2imited& ,eliance 4eneral Insurance 'ompany 2imited& 5a?a? Allian6 4eneral Insurance 'ompany 2imited' I'I'I 2ombard 4eneral Insurance 'ompany 2imited.

#. 2ack of awareness existing among the customers regarding policy terms& perils covered& discounts available& procedure for applying claims.

!. 'ustomers doesnHt having much idea regarding how claims are calculating& conditions regarding claims calculation& due to this reason some customers are complaining that the insurance companies are good in collecting premium but not good in paying claims.

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Page | 90

SUGGESTIONS

. $he social welfare policies are designed for serve the people these policies not contributing much profit so they can go for low budget advertisement& and then only these will reach among peoples.

0. $he company can also focus on the marketing of commercial policies because it will contribute more premium and profit.

". $he company can go for awareness programme regarding to the social policies& because they can serve the community in better manner by these policies.

-. 3or meeting the competition they can ,ather than try to satisfy everyone& marketers start with market segmentation and develop a market offering that is positioned in the minds of the target market. $he company must analy6e the patterns of segmentation in a market to get a sense of their positioning alternatives and that of the competitors& $argeting strategies can the company use to select and enter the most attractive market segments& $he company can update their portfolio timely with reference to competitors products.

/. ;nce when issuing the policy they can provide information regarding policy terms& perils covered& discounts available& procedure for applying claims& how claims are calculating& conditions regarding claims calculation by talk as well as printed documentsT it will avoids the customers lack of awareness.
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C. $his branch having lot of agentsT by motivation rewards and appreciation& practical oriented training by expertise will help to procure more business. 7. $he company can keep in touch with the customers. $hey can send detail regarding the new policy brochures& renewal noticesT it will help to retain the customers.

#. $he company can effectively utili6e technology platforms to retain customers. Almost every clerical work such as issuing of new policy& renewal of policy& underwriting& claims settlement are doing with the help of computer but they donHt have customer interacting technology.

!. It is not compulsory to every staff in the organisation have good knowledge regarding whole functional areaT but they must have ample knowledge regarding their own department.

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*.

CONCLUSIONS

$his study is mainly focused on the study of product portfolio of the company. $he secondary data from various sources is used for this study. As a leading private sector insurance company they have their own foot prints in the industry. $he company providing variety of products to the peoples which start from insurance cover for pedal cycle to satellites. $heir social welfare policies are really a protecting hand to backward and typical middleclass peoples. Peoples in India receiving a lot of advantage from those policies which offering tie-ups with 4ovt of India. $he company is much interested national development that we can understand by analysing their social and rural insurance policies. $he study has enabled to arrive at the conclusion regarding product portfolio. <a?ority of the customers are satisfied with the products offered by this organisation. Any effort in the part of the company to develop the product portfolio will definitely improve the present position. I hope in the coming days they would be the largest insurer in India by all means.

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BIBLIOGRAPHY

+oo%s I' "- 4eneral Insurance& Insurance Institute of India& 0**7& -0"& "*- 7C Philip Aotler& <arketing <anagement <illenium Ddition& PDA,8;: '98$;< P952I8(I:4 7/ Arlington 8treet& 8uite "**& 5oston& <A *0 Dducation 'ompany 0** & -- C& -"- /# D. P. Aurian Au6hiveli& Agents <anual& 9nited India Insurance 'o ,egional ;ffice Aochi& !!!& 7- 0& 0 -07/ C A Pearson

7e" Pages httpG..www.uiic.co.in.products.html =ate of accessG 0 @anuary 0* * httpG..www.uiic.co.in.downloads.html =ate of accessG 0 @anuary 0* * httpG..www.icra.in.3iles.P=3.Article3iles.Insurance-I',A-<oodys-0**7*-.pdf =ate of accessG / @anuary 0* *

httpG..www.appuonline.com.insurance.basics.html =ate of accessG 0- @anuary 0* *

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