Insurance industry

INTRODUCTION
Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named beneficiary so long as the insured's premiums are current. With a large population and the untapped market area of this population insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to the countries GDP. In spite of all this growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without life insurance cover and the health insurance. This is an indicator that growth potential for the insurance sector is immense in India.

History of insurance
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It started from Lloyd’s coffee house London. First policy issued in England in 1583. In India first policy issued in 1870. An insurance contract or policy will set out in detail the exact circumstances under which a benefit payment will be made and the amount of the premiums.

Benefits of life insurance

Life insurance encourages saving and forces thrift. It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing. It provides valuable tax relief. Thus insurance is found to be very useful in the lives of the person both in short term and long term. Fundamental principles of life insurance contract; 1) Principle of almost good faith: “A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being proposed whether requested or not”. 2) Principle of insurable interest “Relationships with the subject matter (a person) which is recognized in law and gives legal right to insure that person”.

Top Ten World Insurance Companies by Revenue
Mark et Ra Value Company nk ($ Billio ns) American $172. 1 Intl Group 24 AXA $66.1 2 Group 2 Allianz $65.5 3 Worldwide 5

Country

United States France German y

4 5 6 7 8 9 10 Manulife Financial Generali G roup $50.9 German Group 9 y $26.7 United Financial 0 States $37.4 Italy 5 Prudential $39.9 United 4 States United $33.4 Netherla Aegon 0 nds MetLife American International Group .5 Japan 2 $45.1 Aviva Kingdo 0 m Munich Re $30.

including other parts of Asia. Starr was the first Westerner in Shanghai to sell insurance to the Chinese. It was listed on the Dow Jones Industrial Average from April 8. China. Its corporate headquarters are located in the American International Building in New York City. and the Middle East. CEO & MD OF AIG : EDWARD LIDDY AXA Group . when Cornelius Vander Starr established an insurance agency in Shanghai.American International Group.[7] The company went on to expand. 2008. AIG history dates back to 1919. often through subsidiaries. into other markets. Inc. Europe. (AIG) is an American insurance corporation. 2004 to September 22. Latin America. According to the 2008 Forbes Global 2000 list. AIG was once the 18th-largest public company in the world. Starr then moved the company headquarters to its current home in New York City. which he continued to do until AIG left China in early 1949—as Mao Zedong led the advance of the Communist People's Liberation Army on Shanghai.

a well . at which time it adopted the AXA name. health and other forms of insurance. It acquired Compagnie Parisienne de Garantie in 1978 and became Mutuelles Unies. It went on to buy the Drouot Group in 1982. It ranks as the 9th largest company in the world (based on revenue). The group operates primarily in Western Europe. Property & Casualty. operated according to the laws and regulations of many different countries. The AXA Group encompasses five operating business segments: Life & Savings.AXA is a French global insurance group headquartered in the 8th arrondissement of Paris. The AXA group of companies engage in life. AXA is a conglomerate of independently run business. History The company was originally founded in 1816 as Mutuelle de L'assurance contre L'incendie (the Ancienne Mutuelle). International Insurance (including reinsurance). Asset Management and Other Financial Services. North America and the Asia Pacific region and the Middle East. The takeover of The Equitable. as well as investment management.

Allianz worldwide s Allianz is one of the largest financial services provider in the world. On 14 June 2006 AXA acquired the leading Swiss insurance company Winterthur Group from Credit Suisse for approximately €9 billion. Allianz quickly became the largest insurer in Germany. Its international expansion was thwarted by the restrictions placed on Germany after World War I. came in 1991. in 1996 becoming AXA-UAP for a while before reverting to the name AXA in 1999. It bought Union des Assurances De Paris (UAP). With revenues of US$140. Founded by Carl Thieme and Wilhelm Finck in 1889 to serve the insurance needs of the industrial era. It is headquartered in Munich.618 million in 2008. Allianz ranked 22nd in the Fortune Global 500 and is the second largest international insurance and financial services organization in the world.Then in February 1999 AXA acquired Guardian Royal Exchange. France’s largest insurer. but like many companies. Its core business and focus is insurance and asset management.known American insurer. In May 2000 AXA acquired all shares it did not already own in Sun Life & Provincial Holdings. and the largest insurer in Europe. it rapidly increased . Germany.

including individual life insurance. Allianz serves 60 million customers with over 180. Today. Manulife Manulife Financial Corporation (MFC) is a life insurance company and the holding company of The Manufacturers Life Insurance Company (Manufacturers Life).its overseas presence by opening branch offices in several major cities during the 1960s and through a series of acquisitions during the 1980s and 1990s.000 employees in 70 countries. pension products. It also provides investment management . annuities and mutual funds. long-term care insurance. following the principle that “all business is local. In the 1990s it also established itself in eight countries in Eastern Europe. group life and health insurance. The Company is a global provider of financial protection and wealth management products and services.

In October 2008. Ltd. segregated fund assets. Founded in 1831 in the key seaport of the Austro-Hungarian Empire where some 20 insurance companies were active. With a strong international presence.services with respect to its general fund assets.S. it acquired Fuhwa Securities Investment Trust Co. Generali Group Generali group is the largest Italian insurance company. Generali offers its services in 40 countries. It operates in four divisions: U. and Reinsurance Division. Canadian Division. Also dealing with . operating as MFC Global Investment Management (MFC Global). Generali soon began to outperform them. It also offers reinsurance services. Division. asset management services are provided by its Investment Division. specializing in life retrocession and property and casualty reinsurance. In addition. Asia and Japan Division. mutual funds. and to institutional customers. expanding to Central and Eastern European markets and the Far East.

Life Insurance Corporation of India Max New York Life Insurance Co. It is the market . Ltd 20. Shriram Life Insurance Co. 13. 14.finance and real estate services. 16. Ltd. Ltd. 2. 6. Ltd. 5. SBI Life Insurance Co. Ltd. IDBI Fortis Life Insurance Company Ltd. HDFC Standard Life Insurance Co. 7. Aviva Life Insurance Co. AEGON Religare Life Insurance Company Limited. Ltd Met Life India Insurance Company Ltd. Bajaj Allianz Life Insurance Company Limited. 8. Ltd. Ltd. Ltd.The name "Generali" was chosen to promote the idea of not being aimed just at maritime insurance. Beside other activities. 3. 21. ING Vysya Life Insurance Company Ltd. LIC is the oldest player in the market . Following is the list of all life insurance company granted permission by IRDA. ICICI Prudential Life Insurance Co. Bharti AXA Life Insurance Company Ltd. 9. DLF Pramerica Life Insurance Co. Reliance Life Insurance Company Limited. 17. Star Union Dai-ichi Life Insurance Comp. Kotak Mahindra Old Mutual Life Insurance Limited 10. 1.000 people. Ltd. Future Generali Life Insurance Company Ltd. 22. Tata AIG Life Insurance Company Limited 12. the group is determined to be one of the leaders in social responsibility. Sahara India Life Insurance Co. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Birla Sun Life Insurance Co. Ltd 11. 18. India Pvt. it serves 46 million clients and employs 67. 19. 4. 15.

leader. one of the world's largest Life Insurance companies and Bajaj Auto.200 branches across country and deals in primarily unitlinked. child and pension policies. Ltd Bajaj Allianz Life Insurance Company Limited is a joint venture between Allianz AG. Bajaj Allianz Life Insurance Co. This has more than 1. However. CHALLENGES Bajaj Allianz sought a fast rollout of the eLearning environment that was integrated with their proprietary HRMS. some other companies also offer good innovative products. Bajaj Allianz is one of the fastest growing private Life Insurance Company in India. managing assets worth worldwide with 115 years of financial experience in over 70 countries. and which was customized to meet their specific requirements. 1. traditional.&. All insurance companies are regulated by the IRDA and are equally reliable. . one of the biggest 2. Allianz AG is an insurance conglomerate globally and one of the largest asset managers in the world. health.3 wheeler manufacturers in the world.

leading international financial services organization from Canada. a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc. Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group.Since skill assessment and competency mapping was important objective for client. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc. Ltd Introduction Established in 2000. CEO & MD: Kamesh Goyal Turnover : 2500 to 5000 crores. BSLI has contributed significantly to the growth and development of the life . system had to fully support client’s job and responsibility matrix mapping to course. Birla Sun Life Insurance Co.

which gets further accentuated by the complete bouquet of insurance products (viz. BSLI also enjoys the prestige to be the originator of practice to disclose portfolio on monthly basis. life stage products. supported with protection products to uphold leadership in product modernization • Web-enabled IT systems for superior customer services • First to have issued policies over the Internet • Corporate governance and a high degree of transparency in all business practices and procedures . • The company's focus has been on investment linked insurance products. • In 4 years. To establish credibility and further transparency. These category development initiatives have helped BSLI be closer to its policy holders’ expectations.D : Mr jayant Dua Company’s capital : In the mid 0f 2009 is 2000 Crores. pure term plan. Branches : 600 Empanelled advisor : 1. health plan and retirement plan) that the company offers. BSLI pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India.insurance industry in India and currently ranks amongst the top 5 private life insurance companies in the country.000 Ceo and M. It was the first Indian Insurance Company to introduce “Free Look Period” and the same was made mandatory by IRDA for all other life insurance companies. • Birla Sun Life Insurance initiated the Unit Linked Life Insurance Solutions in India. BSLI has made its position very strong as a leading player in the private Life Insurance Industry. Additionally.75.

Birla Sun Life Insurance Prime Life 2. which is the provision of life cover. Birla Sun Life Insurance Gold-Plus II 4. Birla Sun Life Insurance Dream Plan 3. So whether the customer wants long term protection or short term protection plans. Premium payment options range from monthly to annual to quarterly to semi annually depending on the policies.BSLI Solutions Birla Sun Life Insurance Company provides individual and other solutions to customers based on their varied needs. Birla Sun Life Insurance Simply Life . The minimum age of a customer seeking this insurance must be 18 years and the maximum age must be 55 years. Listed below is some of Birla Sun Life Insurance saving policies: 1. Birla Sun Life Insurance Products Birla Sun Life Insurance Term Plan is ideal for those who are seeking to get insurance benefits at a lower price. The children's future solutions aim to take care of all the financial needs of the child in the best way possible. The health and wellness solutions have provisions to take care of any financial emergency that may come up in the family. the company has it all for their clients. The insurance solutions offered by the company are: • Protection Solution • Retirement Solutions • Children's Future Solutions • Health & Wellness Solutions • Wealth with Protection Solutions The protection solutions are ideal for someone who wishes to separate their insurance and investment needs. The terms of the insurance are made in a way so that it deals with the most basic need of life insurance. The plan covers all liabilities and provides complete security to the clients.

Birla Sun Life Insurance Flexi Cash Flow 10.5. and money at all stages and under all circumstances Enhance the financial future of our customers including enterprises Values Integrity Commitment Passion Seamlessness Speed HDFC STANDARD LIFE INSURANCE COMPANY LIMITED . Vision To be a leader and role model in a broad based and integrated financial services business. Birla Sun Life Insurance Flexi Life Line 6. Birla Sun Life Insurance Life Companion 8. Birla Sun Life Insurance Supreme-Life 7. Birla 11.Birla Sun Life Insurance Single Premium Bond. health. Birla 12. accident. Birla Sun Life Insurance Saral Jeevan Plan Sun Life Insurance Prime Life Premier Sun Life Insurance Classic Life Premier 13. Birla Sun Life Insurance Flexi Save Plus 9. Mission To help people mitigate risks of life.

As of 31 December. together with a low charging structure. HDFC Standard Life Insurance Co. 2008. Ltd. the Company's new business premium income stood at Rs. Being a joint venture of top financial services groups. HDFC Standard Life Insurance offers a range of individual and group solutions. it has covered over 812. Headquarters : Mumbai area Company size : 10001+ employees . The Company is one of leading private insurance companies.70 Crores.India's leading housing finance institution. UK. HDFC Standard Life has adequate financial expertise to manage long-term investments safely and resourcefully. 1. and a Group Company of the Standard Life Plc. Its group solutions have been planned to offer complete flexibility. offering a range of individual and group insurance solutions.839. is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited) .Introduction Established on 14th August 2000. in India.811 lives so far. which can be easily personalized to specific needs.

. ICICI Prudential was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs.Gross premium income for the year 31 march 2010 : 7005 crores New premium income : 2561 crores ICICI prudential life insurance company limited ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank.60.780 crores (as of September 30. 2010. 4. For the period April 1.000 advisors.000 crores as on September 30. The company has assets held over Rs. the company garnered Rs 7. 2010.267 crores of total premiums and has underwritten over 10 million policies since inception. one of the leading international financial services group headquartered in the United Kingdom. 2010) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. as on September 30. 2010.500 offices and over 1. one of the foremost financial services companies of India and Prudential plc. 65. 2010 to September 30. The company has a network of over 1.

ING Vysya Life Insurance Co Ltd is the result of a joint venture between the world's second largest life insurance company – ING Insurance and one of the largest private sector banks in India .Another stakeholder in the JV is GMR Group.5 lakh and a total income of Rs 400 crores.M. In a branch network of over 140 branches with head office in Bangalore. .Vysya Bank.D & CEO : Sandeep Bakshi Profit : 250 crore Ing vysya life insurance company limited ING Vysya Life Insurance Company Limited established its foothold in the private life insurance industry in India in September 2001.000 insurance agents and brokers. ING Vysya Life enjoys a customer base of 4. ING Vysya Life Insurance Co employees around 3000 employees with a sales force of over 21.

It has assets estimated of 9. Headquartered in Mumbai.6% of the Indian Government's expenses. It also funds close to 24. It is fully owned by the Government of India.I. and also the country's largest investor. at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 .LIFE INSURANCE CORPORATION OF INDIA (L.C) The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India. It was founded in 1956 with the merger of more than 200 insurance companies and provident societies.31 trillion (US$202.03 billion). financial and commercial capital of India. the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India.

1989 in Dubai with the objective of providing long term finance for construction of houses or apartments.A joint venture offshore company promoted by LIC which commenced its operations in July. LIC Lanka . CEO AND MD : PARVEJ RASID SAYYAD PROFIT OF 2010: 1200 CRORES Max new york life insurance co.Branches. 1989 with the objective of offering policies denominated in US $ to NRIs residing in the Gulf.Formed in 2001 in joint venture with Vishal Group of Industries. and has a network of around 1.2 million agents for soliciting life insurance business from the public. Sri Lanka LIC Housing Finance . LIC has set an example for other Public Sector Undertakings of India to follow. LIC Housing Finance Limited Care Homes .A wholly owned subsidiary of LIC Housing Finance which builds "Assisted Community Living Centers" for senior citizens.Formed in 2003 in joint venture with Bartleet Group of Companies. Nepal.ltd . LIC Nepal .Established in 19 th June. The other subsidiary companies under LIC are: • Life Insurance Corporation (LIC) of India International . • • • • With its ever-expanding operations.

and New York Life. .D : Mr Ajit Mehta Turnover of 2010 : 72 Crores. healthcare.000 highly competent life insurance agent advisors. a multi-business corporation focusing on life insurance. which are staffed by over 8.E. Max New York Life became the first life insurance company in India to receive the ISO 9001:9002 certification for its commitment to quality. Since that time.O And M.500 employees and over 35. establishing a wide distribution network with over 250 offices located in 157 cities across India. In 2000. and information technology. a Fortune 100 company with over 160 years of experience in the life insurance business. In 2003. Company Size: 5001-10000 employees Founded: 2000 C.Max New York Life Insurance Company Limited is a joint-venture between Max India Limited. Max New York Life became the first Indo-American insurance joint venture registered and granted a license to conduct business in India. Max New York Life has acquired a national presence.

Inc. Metlife india insurance company is a subsidiary of US based metropolitan lifeinsurance company.Metlife reaches out to their customers in india through a network of 9 branches with head office at Bangalore and around 1000 customer reach points through its distribution channels including online premium insurance sales on Metlife insurance. Private Limited and other private investors. M.com. Pallonji and Co. Quotes on various insurance products are also conveyed through the insurance agents and brokers. Kotak mahindra old mutual life insurance limited ..Met Life India Insurance Company LTD MetLife India Insurance Company Private Limited was incorporated in April 2001 as a joint venture between MetLife International Holdings. The Jammu and Kashmir Bank.

to investment banking. Dubai. The group has a net worth of Rs 10. servicing . These include individual. is a joint venture between Kotak Mahindra Bank Ltd.About kotak Mahindra old mutual life insurance kotak Mahindra Old Mutual Life Insurance Ltd. The Kotak Life Insurance product portfolio has a wide variety of insurance products. and has a distribution network through branches and franchisees across the country and offices in New York. From commercial banking. and rural plans. The insurer also has a comprehensive array of unitlinked plans aimed at retirement planning. to stock broking. Mauritius and Singapore. San Francisco. to car finance. It covers all traditional insurance plans such as whole life. and Old Mutual plc. the group caters to the financial needs of individuals and corporates. group.(KMBL). a South African savings and wealth management company established in 1845. About kotak Mahindra Kotak Mahindra is one of India's leading banking and financial services organizations. endowment. to asset management. offering a wide range of financial services that encompass every sphere of life. London. term. to life insurance.060 cr. and money-back plans.

BNP Paribas Assurance is a unit of the renowned BNP Paribas .close to 8 million customer accounts. is a joint venture between State Bank of India and BNP Paribas Assurance.one of the leading banks in Eurozone. with an authorized capital of Rs. 1. While State Bank of India (SBI) is India's largest banking franchise. retail agencies. SBI LIFE INSURANCE COMPANY LIMITED About sbi life insurance SBI Life Insurance.2. SBI Life Insurance follows a unique multi-distribution model that encompasses corporate solutions distribution channels. The access to more than 100 million accounts of SBI has also acted as the driving . one of the leading insurers in India. SBI Life Insurance. It also uses the SBI Group as a platform to cross-sell insurance as well as banking product packages like personal loans and housing loans etc. on the other hand. institutional alliances and bank assurance.000 crores and paid-up capital of Rs.000 crores. has become a substantial player in Indian insurance sector.

000 insurance advisors work towards growth of the organization. . while BNP Paribas Assurance holds the remaining 26%. In SBI Life Insurance. the State Bank of India holds 74% of the capital share. SBI Life Insurance also has an extensive network of agency channel where more than 68.force behind the success of the company. offering door-to-door insurance solutions to the customers.

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