ASIAN SCHOOL OF MANAGEMENT

A GRUOP REPORT ON INSURANCE INDUSTRY

SUBMITTED TO :Prof. K.K.BHASIN

SUBMITTED BY :PRADEEP GIRI Mob.9935706070 Pradeepgiri26@gmail.com pradeepmrkt@gmail.com

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Contents
Sr.No
1.

PERTICULARS
CERTIFICATE PREFACE ACKNOWLEDGMENT OBJECTIVE OF REPORT BREIF HISTORY OF INSURANCE ABOUT KNOWLADGE OF INSURANCE ICICI PRUDENTIAL LIFE INSURANCE LIFE INSU. CORPORATION (LIC) ICICI LOMBARD GENERAL INSURANCE

PAGE NO.
2 3 4 5 6 7 13 18 24

2.

3. 4. 5. 6. 7. 8. 9.

10. 11. 12. 13.

HDFC STANDARE LIFE INSURANCE
NEW INDIA ASURANCE COMPANY PVT. LTD.

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CONCLUSION BIBLIOGRAPHY

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CERTIFICATE
ASIAN SCHOOL OF MANAGEMENT CERTIFICATE FOR THE SUBMISSION OF REPORT

This is certify that the report submitted by the under mentioned students is in partial fulfillment for the completion of “ Project Report ” in 1st,semester of MBA+ PGDA dual program for year 200809. TITLE OF THE REPORTNAME OF THE COMPANYAnalysis of insurance Industry ICICI Prudential LIC ICICI Lombard New India assurance HDFC Standard life Insurance

Prof. XXXXXXX
( DIRECTOR )

K.K.Bhasin
( Prof. Incharge)

Pradeep Giri
SIGNATURE

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PREFACE

In the fast changing scenario of the corporate world, practical knowledge of industrial environment and business practices is becoming necessary day by day to compete with the cut-throat competition. So with the theoretical knowledge the practical knowledge of the industry is also important to know about the prevailing business environment. There were so many objectives of the group during this report. The objective of the practical study to become more aware about the industrial environment .We came to know styles, their attitude towards their work and their services towards their customers. Apart from these direct benefits of developing communication skills and approaching work as a team with co-ordination .the experience was very wonderful because we got a chance to analyze the marketing function of Insurance Industry

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ACKNOWLEDGMENT
At on set of this report we would like to thank first of all the management of the insurance for co- operating with our team to gather information about their working. throughout the project on the Insurance Industry we received full co-operating from all level ,and as gesture of INSURANCE’S gratitude we would like of dedicate this report to the staff of INSURANCE and their spirit of working ,which has motivated us all along the Insurance Project. First we submit our sincere thanks to our Director K.MADHAVI KHARE and to our Prof. K.K.BHASIN who gave us the chance to exploit ourselves in business environment.

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OBJECTIVE OF REPORT
       

To develop analytical skills of industry. To develop communication skills. To have realistic behavior of industry. To have empirical touch of a program. To know about the different aspects of industry To take the system of function of industry. To nourishing the practical knowledge. To take a chance to interact with persons in industrial environment.

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Brief History Of Insurance
The story of insurance is probably as old as the story of mankind. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total businessin-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938.

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ABOUT KNOWLADGE OF INSURANCE
 What is life insurance?
Life Insurance is an agreement that guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the life insured.

 Why do I need life insurance?
Life Insurance provides for financial security in the event of death or on the inability to earn due to physical disabilities. Besides providing for financial security in the case of one's untimely death, it can be used to accumulate a kitty for your old age, systematically build assets, for funding your child's education and also for saving on taxes.

Nomination  What is nomination? And who is a nominee?
Nomination is a right conferred on the life insurance policyholder to appoint a person or persons to receive the policy monies in the event of the policy becoming a claim by death. Any policyholder, who is a major and the life insured under a policy, can make a nomination. A nominee is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.

 Can I change my nomination?
Yes. You can change your nomination at any time till the maturity date. All you need to do is to inform us about the change through the specified form.

 What details am I to provide about the nominee/s?
The following details are necessary when filling in the proposal form: full name of the nominee, address, age, and the relationship between you and the nominee.

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 What is the difference between nomination and assignment?
While nomination is an authorisation to receive the policy monies in the event of death of the life assured, it does not give the nominee an absolute right over the money received to the exclusion of other legal heirs. Further, the nomination can be revoked or cancelled at any time during the lifetime of the policyholder at his will and pleasure or by a subsequent assignment. On the other hand, assignment of an insurance policy is a transfer or assignment of all rights and liabilities of the insurance policy in favour of the assignee.

Claim  What is a Claim?
A claim is the payment made by the insurer to the insured or claimant on the occurrence of the event specified in the contract, in return for the premiums paid for the insured.

 Once all the requirements are submitted, how much time does the Company take to settle the Claim?
The Company settles the Claim within 8 working days after all the records, documents and necessary forms are submitted and documentation is completed. In case, the Claim warrants further verification, the Company keeps the Claimant informed of the same. Subsequently, when the decision is taken, it is communicated to the Claimant by a letter. From November 2005, we have started sending SMS Alerts to the advisor of the policy to enable the quick communication of the decision of the claimants.

 What is IRDA?
IRDA is Insurance Regulatory Development Authority, that has been set up to protect the interests of the policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. [This definition has been taken from the IRDA website]

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 What are IRDA guidelines pertaining to Claim processing?
As per IRDA (Insurance Regulatory Development Authority), the Insurance Company is required to settle a claim within 30 days of receipt of all requirements. However, if the claim warrants further verification, the Company should complete its procedures within 6 months from receipt of written intimation of the claim. If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.

 Who is entitled to receive the Claim benefit?
The nominee or appointee (in case of minor nominee) last recorded under the Policy in case of Policy on own life. The proposer in case the Policy is not on own life. Assignee in case the Policy was assigned. Life Assured himself in case of policy on own life for living benefit claims (Eg Critical Illness rider)

 How do I make a Maturity Claim?
You must send us the: - Completed Claim form - Policy of life assurance - Proof of age, if not submitted earlier

 What is the benefit of opting for riders / add-ons?
Riders / add-ons are the additional benefits that can be added to the basic old policies prior to July 1, 2006, by paying a marginal additional premium. Riders offered by us are: a. ADBR: Accident & Disability Benefit Rider b. ABR: Accident Benefit Rider c. CIBR: Critical Illness Benefit Rider d. WOPR: Waiver of Premium Rider. e. IBR: Income Benefit Rider.

 What is the difference between switch and redirection?
A switch will enable you to shift the existing units of your unit-linked policy into a new fund and will not change your future premium allocation.

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A premium redirection will enable you to change your allocation for all the future premiums of your policy. However, your existing units will not be shifted into a new fund.

 In case I lose my policy document how do I obtain a duplicate policy?
You will need to pay the charges towards the issue of a duplicate policy, which will also include the charges for stamp fee. We will send a ‘Duplicate Policy Request’ form that you will need to fill and send us. You will also need to send us additional requirements like FIR copy/advertisement in the newspaper

 How will the Net Asset Value (NAV) be calculated for my servicing requests?
The Net Asset Value (NAV) is applicable at the time of valuation/purchase. It is calculated as the value on the day you make a transaction request (provided it is a working day).

 How do I notify a change in address? OR How can I change my policy details?
You have the following options: 1. Download the ‘Change Request’ form from the Download Centre section of our website, fill and send it to us. 2. Call our Customer Service Helpline numbers mentioned in the Contact Us section of the website. 3. Or write to us at the corporate address mentioned in the Contact Us section of the website.

 How do I effect a Top- up/Fund Switch/Premium Redirection?
1. Download the appropriate form from the Download Centre section of our website, fill in and send it to your nearest ICICI Prudential Branch. 2. For Switch and premium redirection, you can login to the website with your user id and password and give your request online.

 Can I change the frequency of payment for my policy?
Yes, you can change the premium frequency from low (annual) to a higher frequency (bi-annual or monthly) or vice-versa.

 When does a policy lapse?
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A policy lapses when the policy holder fails to pay the premium even within the grace period. In this case, the policy loses all its benefits.

Surrender/Partial withdrawal / Assignment  Can I surrender my policy?
After you pay premiums for at least three consecutive years, your policy acquires a surrender value and you can surrender the policy. If you have an ICICI Prudential single premium policy, you can surrender your policy after the first year.

 What do I need to do to surrender my policy?
You need to submit a ‘Surrender Request’ form which is available in Download Centre section of our website. Alternatively, you can contact us at any of our touch points.

 What is partial withdrawal?
Partial withdrawal of a policy implies withdrawal of only a part of the funds of your policy. The applicable norms for partial withdrawal may differ for every product. For product-specific details on the same, please refer to the respective product brochures that are available in the Products section of our website.

 What are Top-ups?
Top-ups are one-time payments. You have the flexibility to make an additional investment through a top-up, which is over and above your regular premium payments. You can make a top-up at any time while your policy is in force. The applicable norms for top-ups may differ for every product. For product-specific details on the same, please refer to the product brochures available in the Products section of the website.

 What is ‘transfer’ or ‘assignment’ of a life insurance policy?
Transfer or assignment is a method of transferring one’s transferable interest in a life insurance policy to another person or institution, for example, as a security for repayment of loans.

 Can I assign a policy?
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Yes, you can assign a policy. To assign the policy, you have to notify us regarding the assignment.

 How do I assign a policy or transfer a life insurance policy?
Assignment or transfer of a life insurance policy may be made by simply making an endorsement to that effect in the policy document. Another way of transferring or assigning the life insurance policy is to get a separate assignment deed executed. The former case is the preferred mode of assignment as it is exempt from further stamp duty. An assignment should be signed by the assignor or his duly authorized agent, and should specifically state the fact of transfer or assignment. The document should be attested by at least one witness.

 Is assignment allowed on all the insurance plans?
Assignment is applicable on all insurance plans except Pension Policies and Married Women’s Property Act (MWP).

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ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD.

Mr.VIJAY JOSHI ( Branch Manager) ICICI Prudential Life Insurance Company Limited
‘Snah

Ganga’ 4th Floor , Shankarseth Road.Swargate

Pune-411037 Fax:020- 244 1880

Branch Manager

Partner

Partner

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U.M.

U.M.

U.M.

A.U.M.

A.U.M

A.U.M

A.U.M

A.U.M

A.U.M

A.U.M A.U.M

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AUM complete BMRT to promote UM.

Complete to target any Advisor promote to AUM (within 6month /1-year 36cash)
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One A.Unit Manager per month add new 10-20 Advisors.

Know more about our products

Traditional Plan • Life Time Super • Save ‘n Product • Life Guard • Cash Back

Pension Plan • Premium Life Pension • Life Time Super Pension

Health Plan • Health Solution • Crisis Cover

Children Plan • Smart Kid • Smart Kid Unit Linked

Ulp Plan • Life Time Stage
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• Premier Life Gold

 Important

Product
Yearly 18,000 1,00,000 12,000 6,000 6,000 Half yearly 9,000 -----------6,000 3,000 3,000 Monthly 1,500 ----------1,000 500 500 Riders ADBR/CIBR/WOPR ADBR/ CIBR ADBR/ WOPR ADBR /CIBR ----------

Product Life-time Stage Premier Life-Gold Life time Pension Save’nProct Money back

min-max age 24-35 0-65 18-70 10-45 10-45

 Premium Allocation Charge
Annual Premium(Rs.) 12,000-20,000 20,000-50,000 50,000-And above Year 1 20% 17% 14% Year 2 4-9% 4-9% 4-9% Year 3-10 1% 1% 1% Year 11on words 0% 0% 0%

 The detail of the fund
Fund Name & Asset Mix Flexi Growth II Min % 80% 0% Maximiser II 75% 0% Flexi Balance II 0% 40% Balancer II 0% Max % 100% 20% 100% 25% 60% 1005 40% Moderate Moderate High Potential Risk Cover High

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60% Protector II Preserver 100% 0% 50%

100% 100% 50% 100% Low Capital Preservation

Switching Option • With this option you can switch between the various funds. • 4 Free switches are allowed every policy year. • The minimum switch amount is Rs. 2000.

Surrender Policy Surrender value as a % of fund value 96% 98% 100%

No. of completed Policy Years 3 Years 4 Years 5 Years & Above

New plan from ICICI Prudential AMC ICICI Prudential AMC launched the ICICI Prudential Micro Systematic Investment Plan with a minimum investment of Rs. 50 per month. This facility provides an opportunity to invest small amounts periodically and build a corpus of savings over the long term. It gives a choice of investments to this segment wherein they could also choose to participate in debt and capital markets. According to a release, the key features of the plan are: minimum investment amount: Rs. 50 and in multiples thereof, minimum redemption amount: Rs. 500, entry load: 2.25 per cent, exit load: variable as per the amount invested, the duration of investment and the scheme. Only the growth option is available and there is no lock-in period, adds the release.
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LIFE INSURANCE CORPORATION OF INDIA
It was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in
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the later years to expand the operations and place a branch office at each district headquarter

Mission
"Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development."

Vision
"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."

LIFE INSURANCE CORPORATION OF INDIA

As individuals it is inherent to differ. Each individuals insurance needs and requirements are different from that of the others. LIC is Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian
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companies and 75 provident were operating in India at the time of nationalization. LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter

 CHILDRAN PLAN
Jeevan anurag Cda endowment vesting at 21 Cda endowment vesting at 18 Jeevan kishore Child career plan Marriage endowment or Educational annuity plan Jeevan chhaya Child future plan Komal jeevan

 PLANS FOR HANDICAPPED DEPENDENTS Jeevan Aadhar Jeevan Vishwas

 ENDOWMENT ASSURENCE PLANS The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan) Jeevan Anand New Janaraksha Plan
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Jeevan Amrit PLANS FOR HIGH WORTH INDIVIDUALS

Jeevan Shree-I Jeevan Pramukh MONEY BACK PLANS

The Money Back Policy-20 Years The Money Back Policy-25 Years Jeevan Surabhi-15 Years  SPECIAL MONEY BACK PLAN FOR WOMEN Jeevan Bharati

 WHOLE LIFE PLANS The Whole Life Policy The Whole Life Policy- Limited Payment The Whole Life Policy- Single Premium Jeevan Anand Jeevan Tarang

 TERM ASSURANCE PLANS Two Year Temporary Assurance Policy The Convertible Term Assurance Policy Anmol Jeevan-I Amulya Jeevan (Closed)
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SPECIAL PLANS
LIC’s Special Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment and a lifetime of happiness!

GOLDEN JUBILEE PLAN

New Bima Gold

SPECIAL PLAN

Bima Nivesh 2005 Jeevan Saral
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Jeevan Madhur Health Plus

E-PROCUREMENT
E-procurement (electronic procurement, sometimes also known as supplier exchange) is the business-to-business or business-toconsumer purchase and sale of supplies and services through the Internet as well as other information and networking systems, such as Electronic Data Interchange and Enterprise Resource Planning. Typically, e-procurement Web sites allow qualified and registered users to look for buyers or sellers of goods and services. Depending on the approach, buyers or sellers may specify costs or invite bids. Transactions can be initiated and completed. Ongoing purchases may qualify customers for volume discounts or special offers. E-procurement software may make it possible to automate some buying and selling. Companies participating expect to be able to control parts inventories more effectively, reduce purchasing agent overhead, and improve
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manufacturing cycles. E-procurement is expected to be integrated with the trend toward computerized supply chain management. There are six main types of e-procurement:

• •

• •

Web-based ERP (Electronic Resource Planning): Creating and approving purchasing requisitions, placing purchase orders and receiving goods and services by using a software system based on Internet technology. e-MRO (Maintenance, Repair and Operating): The same as web-based ERP except that the goods and services ordered are non-product related MRO supplies. e-sourcing: Identifying new suppliers for a specific category of purchasing requirements using Internet technology. e-tendering: Sending requests for information and prices to suppliers and receiving the responses of suppliers using Internet technology. e-reverse auctioning: Using Internet technology to buy goods and services from a number of known or unknown suppliers. E-informing: Gathering and distributing purchasing information both from and to internal and external parties using Internet technology.

Advantages and disadvantages of EProcurement

Advantages include getting the right product, from the right supplier, at the right time, for the right price and the right quantity. In reality eprocurement has the advantage of taking supply chain management to the next level, providing real time information to the vendor as to the status of a customer's needs. For example, a vendor may have an agreement with a customer to automatically ship materials when the customer's stock level reaches a low point, thus bypassing the need for the customer to ask for it. A major disadvantage to this type of agreement could be that the vendor has the power to take advantage of the customer by
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knowing more information about the customer than they would have if the customer was in a normal supply chain management structure.

ICICI LOMBARD GENERAL INSURANCE

ICICI Lombard General Insurance Office No. 206-219,sohrab Hall Sasoon Road , Pune Station Sangamwadi, T.P. Scheme Pune-411001 Know more about our products  Commercial Vehicles  Fire Insurance  Marine Insurance  Industrial Insurance
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   

Corporate Insurance Liability Insurance Shop Insurance Others

Scope of cover The Insurance Policy broadly covers losses due to: • • Fire, lightning, explosion and implosion • Aircraft damage, riot, strike, malicious damage and terrorism • Storm, tempest, flood and inundation • Impact damage, subsidence • Landslide/rockslide • Bursting and/or overflowing of water tanks, apparatus and pipes • Missile testing, leakage from automatic sprinkler installations and bush fire

Sum Insured Property can be insured on depreciated cost (market value) or replacement cost basis. In order to get full protection, insurance on reinstatement (replacement) basis is recommended. Premium • Premium rate depends on construction of building and occupancy. • Discount/ loading in premium is given based on past claims experience for risks exceeding Rs. 50 crores sum Insured at any location and installation of Fire Extinguisher Appliances. Policy Coverage ICICI Lombard Commercial Vehicle insurance offers Third Party only cover for Goods-carrying Commercial vehicles. This cover is applicable to Public and Private Carriers including Motorized Three Wheelers and Motorized Pedal Cycles.

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Our Commercial Vehicle insurance Policy is governed by the Indian Motor Tariff. It defines Goods-carrying Commercial Vehicle as: Public Carriers (other than three wheelers) Private Carriers (other than three wheelers) Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles. (Public Carriers) Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles. (Private Carriers) It covers you for: a) Personal Injury b) Property damage Third Party Insurance cover for Personal Injury includes:

Home Insurance

Introduction
It is imperative that you secure your home from natural and man-made catastrophes. Our Home Insurance Plan ensures you peace of mind by protecting the structure and the contents of home.

Policy Coverage
You can choose to buy insurance for only the building (structure) of your home, or only the contents (belongings) or both. The policy covers the losses to the structure and contents of your home due to any natural and man made calamities.

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The calamities covered are:
- Fire - Riot, strike & malicious damage - Explosion & implosion - Earthquake - Lightning - Storm, cyclone, tempest, tornado, hurricane, flood & inundation - Damage due to impact by vehicles - Missile testing operation - Subsidence, landslides and rockslides - Leakage from automatic Sprinkler installations - Aircraft damage - Bursting and/or overflowing of water tanks, apparatus and pipes

Burglary cover (only for contents):
The contents of your home are also covered against loss due to burglary or an attempted burglary. It also covers loss of jewellery, silver articles and precious stones kept under lock and key, up to 25% of the total content sum insured or Rs. 1 Lac, whichever is lower.

Optional covers: Terrorism cover - Covers any damages and losses to the structure and / or contents of your home due to acts of terrorism. Additional expenses of rent for alternative accommodation – If you are forced to shift into an alternative accommodation because your home is destroyed or damaged by any insured peril, the policy will cover you against the additional rent. The maximum coverage is up to Rs. 1,00,000 for up to 6 months. The cover is available only if you are insuring the structure of your home.

Key Benefits
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Comprehensive cover - Covers both structure and contents of your home. Avail 15% discount on a 3 years home insurance policy and 25% discount on 5 years policy. Optional covers available - Terrorism and Additional expenses of rent for alternative accommodation. Alternate Covers - A Home Insurance cover allows you to avail an optional cover for alternative rent & Terrorism cover. Need for Policy FICCI surveys show that realty rates may escalate 10%-15% in next 6 months of 2007 According to official statistics, the Maharashtra floods on July 26, 2005, has led to damages to over 1,87,000 houses all over the State, affecting eight lakh families Protect your single largest investment against losses due to natural or man-made calamities like fire, floods, burglary, earthquake Cover your household contents including furniture, durables, clothes, utensils, jewelry, at market value to accommodate inflation

Sum Insured: How to calculate the sum insured for:
Home Structure: The home insurance policy insures the structure of your home for its reconstruction value (and not for market value). Reconstruction value is defined as the cost incurred to reconstruct the home if it is damaged. On the other hand market value is a combination of cost of land, demand & supply scenario, etc. Sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet, e.g. if your built up area
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of your home is 1000 sq. feet and the construction rate is Rs. 800 per sq. feet, the sum insured for your home structure is Rs. 8,00,000. We recommend the rate of construction for your location when you are buying online. However, this value can be revised appropriately if expensive material - like marble flooring, etc. – has been used in construction. If your home has lawn / garden surrounded by a perimeter wall, the construction rate can be revised to include the cost of construction of this wall in home structure sum insured.

City Category Large Cities(Mumbai,Bangalore,Delhi,Gudgaon) Mid-Sized Cities (like:Hyderabad, Ghaziabad, Nagpur, indore, Ahemdabad) Other Cities / towns

Constructio n Cost Rs.800 Rs.600 Rs.400

Home Contents:
The contents of your home - furniture, durables, clothes, utensils, jewelry, etc. - are to be valued on market value basis i.e. the current market value of similar items after depreciation. Depreciation does not apply for jewellery.

Claims Process: Know all about making a claim Home Claim Procedure:
Log your claim by calling our toll free number 1800 209 8888. Provide relevant information, which includes your policy and other details regarding your claim. Consequently, your claim request is authenticated and is escalated to the company's claims department. Company's claims department validates and registers the request. They
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appoint a surveyor within 48 hours. The insured submits all the relevant documents to the surveyor. The surveyor submits the Final Survey Report (FSR) along with the documents within 7 days. If surveyor is not appointed, the company's claims department sends a letter of requirement for submitting documents to the insured within 24 hours of claim intimation. On receipt of documents, the claims department processes the claim within 7 days. On approval of the claim, a letter is send to the insured giving the approved amount of settlement along with the discharge voucher. Payment cheque is released on receipt of the signed discharge voucher.

Documents Required
Duly completed and signed claim form Xerox copy of policy Copy of FIR Final Report from police Copy of all invoices, price lists, repair estimates

Why buy online
Why buy online at www.icicilombard.com? We give you a few of many reasons why Highest Levels of Security: Click to view our security certifications: TRUSTe Privacy Seal Program VeriSign Certification Digitally signed policy is available 24X7 online, customer can take prints
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instantly. The hard copy of the policy is couriered the same day (or next day if customer buys after 6 PM) and will reach him/her within 2-3 working days. 0% EMI option: You can pay online through ICICI Bank or Citibank Credit Card at 0% EMI (interest-free EMI).

Travel Plans

Individual Overseas Plan
All overseas travel policies charge premium on a slab basis. Which means if you are on a 16 day trip, you end up paying for 21 days, as the slab is 14 to 21 days. But with us you ‘pay per day’.

Motor Plans

Car Insurance
A comprehensive policy that not only covers you against third party but also against accidents, damage, injury and much more.

Introduction :
ICICI Lombard brings to you a comprehensive Package Policy for your four-wheelers, which covers Loss or damage to Loss or damage to your vehicle: The policy covers you against any loss or damage caused to the vehicle due to the following natural and man made calamities. Natural Calamities – Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. Man made Calamities – Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air.the vehicle insured, Personal Accident and Third Party Liability.

Policy Coverage
Our Motor insurance Policy is governed by the Indian Motor Tariff. It covers
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you for: Personal accident cover: The motor insurance provides compulsory personal accident cover of Rs. 2 lakhs for individual owner driver of the vehicle insured while travelling in, mounting or dismounting from the car. You can also opt for a personal accident cover for passengers. Third party legal liability: This protects you against legal liability arising due to accidental damages - Any permanent injury/ death of a person - Any damage caused to the property.

Policy Exclusions
Under this policy, you are not covered against Normal wear, tear and general aging of the vehicle Depreciation or any consequential loss Mechanical/ electrical breakdown Wear and tear of consumables like tyres and tubes Vehicle being used otherwise than in accordance with limitations as to use Damage to/ by a person driving the vehicle without a valid license Damage to/ by a person driving the vehicle under the influence of drugs or liquor Loss/ damage due to war, mutiny or nuclear risk

Two Wheeler Insurance

A composite policy that protects you against unfortunate accidents, third party liability, injuries and damages.

Introduction
Two- wheeler riding calls for a constant alertness from theft and accidents. Two-wheeler policy guarantees safety for your vehicle and yourself, thereby making your ride stress- free.

Policy Coverage
A composite policy that protects you against an unfortunate accident, third party liability, injuries and damages.
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Two-wheeler insurance policy is governed by the Indian Motor Tariff. It covers you for:

Loss or damage to your vehicle: The policy covers you against any
loss or damage caused to the vehicle due to the following natural and man made calamities. Natural Calamities – Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. Man made Calamities – Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air. Personal accident cover: The motor insurance provides compulsory personal accident cover of Rs. 1 lakh for individual owner driver of the vehicle insured while travelling on, mounting or dismounting from the vehicle. You can also opt for a personal accident cover for passengers. Third party legal liability: This protects you against legal liability arising due to accidental damages for - Any permanent injury/ death of a person - Any damage caused to the property

Key Benefits
Package Policy for your Two Wheelers with Own Damage + Personal accident + Liability cover You can avail of our cashless claim facility at our Cashless Garage Network all across India.

Avail of the following bonuses and discounts No Claim Bonus: If you do not make a claim during the policy period, a No Claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy.)

Transfer your NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy from another company to ICICI
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Lombard. The discount rate remains the same, provided you show evidence that you are entitled to No Claim Bonus from your previous motor insurance company. Voluntary Excess discount: A further discount on the premium is available if you opt for a Voluntary Excess in addition to the Compulsory Excess. (Compulsory Excess is the amount of loss which the insured has to bear in each and every claim.) Additional discounts: If you are a member of a recognized Automobile Association in India you can avail a discount of 5% on the OD Premium subject to a maximum of Rs. 50. Discount for Anti-theft Devices: In case you have installed ARAI approved anti theft device in your vehicle, you get a discount of 2.5 % on the OD Premium to a maximum of Rs. 500.

Student Medical Insurance

A comprehensive cover, which insures you against unfortunate incidents or unexpected expenses abroad and provides timely assistance and support when you need it the most.

Health Plans
Critical Care Lump-sum benefit on diagnosis of Critical Illness/Major Medical Illnesses and Procedures, Personal Accident and Permanent Total Disablement (PTD) .
Critical Care Sum Insured Table
Covers
Critical Illness/Major Medical Illness Diagnosis Accidental Death Permanent Total Disability (PTD)

Sum Insured Options
Rs. 3, 6 or Rs. 12 Lakh

Critical Care Premium Table
Premium (Rs.) Sum Insured = Rs. 3 Lakh Sum Insured = Rs. 6 Lakh Sum Insured = Rs. 12 Lakh

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Age Group/Policy Tenure (Years) 20 – 25 26 – 30 31 – 35 36 – 40 41 – 45

Plan A (1 Year)

Plan B (3 Years)

Plan C (5 Years)

Plan D (1 Year)

Plan E (3 Years)

Plan F (5 Years) 9,700 11,300 14,000 18,400 38,200

3 Years (Rs.)

5 Years (Rs.)

900 1,000 1,250 1,500 2,700

2,900 3,300 4,150 5,150 10,250

4,850 5,650 7,000 9,200 19,100

1,800 2,000 2,500 3,000 5,400

5,800 6,600 8,300 10,300 20,500

11,600 13,200 16,600 20,600 41,000

19,400 22,600 28,000 36,800 76,440

• • •

(Inclusive of Service Tax @ 12.36% and Education Cess at 2%) The premium depends on the applicant's age* and the policy tenure opted for. Age is calculated as on the date the policy is issued (i.e.age completed as on his last birthday)

Health Advantage Plus Insurance
A unique policy that covers hospitalisation and Outpatient Department Expenses (including Dental treatment, cost of medicines and drugs) and enables optimum tax savings of up to Rs. 5099 u/s 80D.

Policy Coverage This is a comprehensive Tax-Saving health plan and provides 2 covers: Basic Hospitalisation Cover Outpatient Department (OPD) Basic Hospitalisation Cover This covers inpatient hospitalisation expenses up to sum insured of Rs. 2 or Rs. 3 Lakhs (depending on the plan chosen). You can avail the cashless claim facility in any of the 4500+ network hospitals across India. Basic Hospitalisation cover includes: Medical expenses incurred as an inpatient during hospitalisation for more than 24 hours, including room charges, doctor’s / surgeon’s fee, medicines, diagnostic tests, etc. 30 days prior to hospitalization 60 days post hospitalization Pre-existing disease can be covered after the 2nd year provided the policy is renewed with us for three consecutive years. Technologically advanced treatment that do not need 24-hour hospitalisation but are covered under this policy are:-

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- Cataract - Lithotripsy (Kidney Stone Removal) - Tonsillectomy - Eye Surgery - Dialysis - Dilatation & Curettage - Chemotherapy Coverage limit for specific ailments / conditions: Certain specific ailment(s) / surgery(s)/ procedure(s) are covered up to predefined limits under this policy (subject to the total sum insured). Click here for the details. All others ailment(s) / surgery(s)/ procedure(s) are covered up to the sum insured under the policy. *- Pre-hospitalisation period, the period of Hospitalisation and the Posthospitalisation period, should fall within the Period of Insurance Outpatient Department (OPD) This covers outpatient treatment expenses in the form of reimbursement of medical bills, dental expenses, etc. In case of an OPD treatment (Outpatient Department), the claims will be settled later after furnishing the medical prescription documents/bills. Outpatient Department Covers: Room, Boarding Expenses as charged by the Hospital Nursing Expenses Expenses related to Dental Treatment Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialist Fees Anaesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical Consumables, Medicines and Drugs, Diagnostic Materials and X-ray, Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, Cost of Artificial Limbs External Medical Aids, Dental treatment charges, Ambulance charges OPD claims can be lodged only once during the Period of Insurance, within a period of 90 days from start of cover and 30 days of end of cover.
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Sum Insured for Plans covering 2 individuals comes under the Floater benefit.

Family Floater Plan
A single policy that secures the hospitalization expenses of your entire family. Family Floater Health Plan - Introduction For the first time in India, one single policy takes care of the hospitalisation expenses of your entire family. Family Floater Health Plan takes care of all the medical expenses during sudden illness, surgeries and accidents.

Key Benefits
One Policy – One Premium for the entire family. The floater health plan covers your entire family under one policy with one sum insured and one premium. This takes care of hospitalisation expenses in case of a sudden illness, accident or planned surgery of the entire family. Income Tax benefit under Section 80D. Click here to know more about Tax Benefit 5% discount on premium for every claim free year Digitally signed policy is available 24X7 online, customer can take prints instantly. The hard copy of the policy is couriered the same day (or next day if customer buys after 6 PM) and will reach him/her within 2-3 working days. No health check up required upto the age of 45 years (as on last birthday). Medical Tests at the rate of Rs. 646 (per insured member). Click here for Medical Test Details Free health check-up coupon for any one insured family member. Click here to know more. Hassle free claims procedure Cashless claim facility available at over 4,500 network hospitals across India.
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Multiple payment options – credit card, net banking (direct debit), and cheque / demand draft. You can pay through your ICICI Bank or Citibank Credit Card and avail of Interest-Free equal monthly installments (EMI) for your premium. Note: EMI option subject to minimum annual premium of Rs. 1500

Additional Benefits: Up to 2-year Cover- We offer a continuous 2-year protection with no increase in premium in the second year. This one time payment of premium for 2 years takes care of your renewal hassels next year. The sum insured is reinstated to the full sum insured after the first year. Option for 1 year cover also available. Single Policy- Single document, single premium, and single date to track. No need for separate policy for family members. *Optimum Tax Benefit of Rs 5099/- subject to the provisions of Section 80D of the Income Tax Act, 1961 and amendments made thereafter. (assuming highest tax bracket and premium of Rs. 15,000) Eligibility The enrolment age (of the senior most family member) should be between 19 years to 60 years. Other members in the plan can be less than 19 years of age (i.e. up to 91 days). The insured child aged between 91 days to 5 years must be accompanied by at least 1 Adult Member. The policy cover is renewable till the age of 70 years. The customer can buy the policy for any family member(s). For the purpose of income tax exemption u/s Sec. 80D, the policy should be bought only for self, spouse, dependent children and dependent parents.

Need for Floater Healthcare costs have been rising at more than 20 percent on an annualised basis and out of pocket spending on healthcare still
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continues to be around 75 percent. Source TOI Protect your entire family with a single policy against unforeseen medical contingencies Save Tax up to Rs. 5099/- under section 80 D of the Income Tax Act* Supplements employer-based health plans with higher sum insured and medical benefits Individuals require to have an insurance that caters solely to their health needs, apart from life insurance and investments, that provides cover against expenses incurred during hospitalization, as well as before and after Avail cashless hospitalisation through ICICI Lombard's network of 4500 + hospitals across India Claims Process Know all about making a claim Cashless claim settlement process Reimbursement claim settlement process All India Cashless Hospital Network Documents Required Download Pre Authorisation Form Download Claim Form

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HDFC STANDARD LIFE INSURANCE

We at HDFC Standard Life realise that not everyone has the same kind of needs. Keeping this in mind, we have a varied range of Products that you can choose from to suit all your needs. These will help secure your future as well as the future of your family.

Protection Plans
You can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise, disability or sickness. These plans offer valuable peace of mind at a small price. Our Protection range includes
• •

Term Assurance Plan Loan Cover Term Assurance Plan.

Investment Plans
Our Single Premium Whole Of Life plan is well suited to meet your long term investment needs. We provide you with attractive long term returns through regular bonuses.

Single Premium Whole Of Life plan

Pension Plans
Our Pension Plans help you secure your financial independence even after retirement. Our Pension range includes
• •

Unit Linked Pension, Unit Linked Pension Plus
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Savings Plans

Our Savings Plans offer you flexible options to build savings for your future needs such as buying a dream home or fulfilling your children’s immediate and future needs.

Our Savings range includes

Endowment Assurance Plan

• Unit Linked Endowment • Unit Linked Endowment Plus
• • • •

Unit Linked Endowment Plus II Money Back Unit Linked Enhanced Life Protection II Children's Plan Unit Linked Young Star

• Unit Linked Young Star Plus

Unit Linked Young Star Plus II

HDFC TERM ASSURANCE PLAN
Secure your family’s financial independence and self-respect. You have always ensured that your loved ones keep living a respectable life with their heads held high. But life can be uncertain. As a prudent family man, you need to secure your family's future and protect your pride and your family's self respect. You need to have a plan to take care of your family if something unfortunate were to happen to you. With our Protection Plans, you can protect your family from uncertainties in life such as your unfortunate death or critical illness. And ensure that your family lives a life of self-respect and dignity even in your absence.
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Our Protection Plans give you : • An ideal way to secure the financial future of your loved ones. • High cover at a very nominal cost plus an option of adding optional benefits to cover for other eventualities. • A choice of two plans depending on your requirements: • HDFC Term Assurance Plan : A pure risk cover plan, which gives you protection against the uncertainties of life. • HDFC Loan Cover Term Assurance Plan : An ideal way to cover your home loan or other loan liabilities. • Choice of premium payment options-regular premium or a single onetime premium. • Choice of taking the plan on a single life basis or a joint life (first claim) basis.

3 EASY STEPS TO YOUR OWN PLAN
Step 1 Step 2 Step 3 Choose the life cover required to secure your family's future in your absence Choose from any one of the 3 additional optional benefits as per your requirement Work out the premium payable along with our Financial Consultant

Tax Benefits

INCOME TAX SECTION

GROSS ANNUAL SALARY

HOW MUCH TAX CAN YOU SAVE?

HDFC STANDARD LIFE PLANS

Sec. 80C

Upto Rs. 33,990 saved on Across All investment of income Slabs. Rs. 1,00,000.

All the life insurance plans.

Sec. 80 CCC

Across all Upto Rs. 33,990 saved on All the pension plans. income slabs. Investment of Rs.1,00,000. 4

Sec. 80 D*

Upto Rs. 3,399 saved on Across all Investment of income slabs. Rs. 10,000.

All the health insurance riders available with the conventional plans.

TOTAL SAVINGS POSSIBLE **

Rs. 37,389 Rs. 33,990 under Sec. 80C and under Sec. 80 CCC , Rs.3,399 under Sec. 80 D, calculated for a male with gross annual income exceeding Rs. 10,00,000. Under Sec. 10(10D), the benefits you receive are completely tax-free, subject to the conditions laid down therein.

Sec. 10 (10)D

* Applicable to premiums paid for Critical Illness Benefit, Accelerated Sum Assured and Waiver of Premium Benefit. ** These calculations are illustrative and based on our understanding of current tax legislations, which are subject to change.

 One-stop shop for employee-benefit solutions
HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. We offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment. We now offer the following group products to our esteemed corporate clients: • Group Term Insurance • Group Variable Term Insurance • Group Unit-Linked Plan

GROUP TERM INSURANCE PLAN
Whatever the business – It’s the people who make it a success. Everybody requires some type of life insurance, especially when others depend on them financially. The Group Term Insurance (GTI) plan meets this need and serves as an ideal way for companies to reinforce their bond with their employees. The sort of needs, you, as an employer need to cater to could be in form of:
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• Employee benefits • Cover for housing or vehicle loans given by you to your employees • A GTI cover for future service gratuity liability to be taken along with the HDFC Group Unit Linked Plan The HDFC Group Term Insurance is a cost-effective plan that addresses these needs. In addition you have the choice to opt for a GTI with an experience discount feature ("Profit Share"), where a discount is given on future premiums in case of favorable claim experience (subject to group size). The HDFC group term insurance plan will have the following structure: • One year renewable term insurance plan • One master policy issued covering all members of the group • Sum assured is payable on death (either due to natural causes or accidents) The plan covers death due to any cause; accidental or natural, and hence is more comprehensive than Group Personal Accident Insurance. Several multinational corporations, large Indian companies, foreign banks and software companies have already chosen the HDFC Group Term Insurance, an innovative product from HDFC Standard Life Insurance, to protect their employees. Optional Rider Benefits • Accidental Death Benefit • Total Permanent Disability • Total Permanent and Partial Diability Benefit • Critical Illness Benefit

Social Product
Development Insurance Plan Development Insurance plan is an insurance plan which provides life cover to members of a Development Agency for a term of one year. On the death of any member of the group insured during the year of cover, a lump sum is paid to that member’s beneficiaries to help meet some of the immediate financial needs following their loss. • Eligibility - Members of the development agency and their spouses with: - Minimum age at the start of the policy 18 years last birthday
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- Maximum age at the start of policy 50 years last birthday Employees of the Development Agency are not eligible to join the group. The group to be covered is only eligible if it contains more than 500 members. • Premium Payments The premium to be paid will be quoted per member in the group and will be the same for all members of the group. The premium can only be paid by the Development Agency as a single lump sum that includes all premiums for the group to be covered. Cover will not start until the premium and all the member information in our specified format has been received. The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per member. • • Benefits On the death of each member covered by the policy during the year of cover a lump sum equal to the sum assured will be paid to their beneficiaries or legal heirs. Where the death is as a result of an accident, an additional lump sum will be paid equal to half the sum assured. There are no benefits paid at the end of the year of cover and there is no surrender value available at any time. • The role of the Development Agency Due to the nature of the groups covered, HDFC Standard Life will be passing certain administrative tasks onto the Development Agency. By passing on these tasks the premium charged can be lower. These tasks would include: Submission of member data in a specified computer format Collection of premiums from group members Recording changes in the details of group members Disbursement of claim payments and the mortality rebate (if any) to group members These tasks would be in addition to the usual duties of a policyholder such as: Payment of premiums Reporting of claims Keeping policy holder information up to date
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Training and support will be available to give guidance on how to complete the tasks appropriately. Since these additional tasks will impose a burden on the Development Agency, the Development Agency may charge a Rs. 10 administration fee to their members. • Prohibition of rebates Section 41 of the Insurance Act, 1938 states No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the insurer If any person fails to comply with sub regulation (previous point) above, he shall be liable to payment of a fine which may extend to rupees five hundred

Performance The percentage change figures include percentage change figures for India which are computed based on the percentage movement in the new business of HDFC Standard Life Insurance Company Limited as a whole to avoid distortion due to changes in the Group’s shareholding in the joint venture during 2006 and 2007.

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NEW INDIA ASURANCE COMPANY PVT. LTD.

“Mr- Lachjay Nil (Branch Manager) Mob - 02026344161 Branch office (152601) MG. Road (Pune)” Competitor- United India Insurance Company Best policy :- Apna Insurance Benefit Types of health insurance covered 1. Basic health insurance cover :
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A health insurance plan which health’s you in hospital room charges, doctor/surgeon fees, medical tests, medicines and related expenses. 2. Critical illness cover: This covers critical illness. It gives a lump sum amount on detection of the disease. It is added benefit to the basic coverage. 3. Family & Floater coverage : In the event family member are being covered. A floate policy or a family package helps reduce the premium out flow more over premium cost can be reduced by purchasing health insurance cover for a longer duration.

4. Long form health plan : The premium on a long torm critical illness plan is the way to go premium is such plans remain stable for a period of five years.

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CONCLUSION
Insurance playing good roll in our human being. Previously insurance was not so popular . But day by day insurance tenacity is become growing in human mind. Human thing that insurance is not help for economy of life it also help secure & safe of life. There for Indian government has been able to cover only 20% of insurance . But the develop country like USA & UK they covered 95%.

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BIBLIOGRAPHY
Web site www.iciciprudential.com www.hdfcinsurance.com www.icicilombard.com www.licindia.com

Office

ICICI Lombard General Insurance Office No. 206-219,sohrab Hall Sasoon Road , Pune Station Sangamwadi, T.P. Scheme

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Pune-411001 • HDFC Standard life insurance Near Aadinath society Pune satara road 411009 Life Insurance corporation of india 95-L Br.,47/2,Sardar Building Pune satara road, 411009 Mr.Vijay Joshi (B.M) ICICI Prudential life insurance company ltd. Senh Ganga 4th floor Shankrseth Road Swargate Pune 411037, Fax- 020-24441880

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