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Synopsis

1. History of Insurance

2. What is life Insurance

3. Information about AVIVA

4. Information about ICICI PUDENTIAL

5. Information about TATA AIG

6. Information about LIC INDIA

7. Formation of series

8. Tabulation

9. Graphical representation
HISTORY OF INSURANCE
The story of insurance is probably as old as the story of
mankind. The same instinct that prompts modern
businessmen today to secure themselves against loss and
disaster existed in primitive men also. They too sought to
avert the evil consequences of fire and flood and loss of life
and were willing to make some sort of sacrifice in order to
achieve security. Though the concept of insurance is largely
a development of the recent past, particularly after the
industrial era – past few centuries – yet its beginnings date
back almost 6000 years. 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
What is life Insurance ?

Life insurance is a contract that pledges payment of an


amount to the person assured (or his nominee) on the
happening of the event insured against.
The contract is valid for payment of the insured amount
during:

• The date of maturity, or


• Specified dates at periodic intervals, or
• Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the


payment of premium periodically to the Corporation by
the policyholder. Life insurance is universally
acknowledged to be an institution, which eliminates 'risk',
substituting certainty for uncertainty and comes to the
timely aid of the family in the unfortunate event of
death of the breadwinner. By and large, life insurance is
civilisation's partial solution to the problems caused by
death. Life insurance, in short, is concerned with two
hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent


family to fend for itself.
2. That of living till old age without visible means of
support.
OBJECTIVES

• Spread Life Insurance widely and in particular to the


rural areas and to the socially and economically
backward classes with a view to reaching all insurable
persons in the country and providing them adequate
financial cover against death at a reasonable cost.
• Maximize mobilization of people's savings by making
insurance-linked savings adequately attractive.
• Conduct business with utmost economy and with the
full realization that the moneys belong to the
policyholders.
• Act as trustees of the insured public in their individual
and collective capacities.
• Meet the various life insurance needs of the
community that would arise in the changing social and
economic environment.
• Involve all people working in the Corporation to the
best of their capability in furthering the interests of the
insured public by providing efficient service with
courtesy.
Promote amongst all agents and employees of the
Corporation a sense of participation, pride and job
satisfaction through discharge of their duties with
dedication towards achievement of Corporate Objective
Aviva
Aviva is UK’s largest and the world’s fifth largest insurance
Group. It is one of the leading providers of life and
pensions products to Europe and has substantial businesses
elsewhere around the world. With a history dating back to
1696, Aviva has a 35 million-customer base worldwide. It
has more than £332 billion of assets under management.In
India, Aviva has a long history dating back to 1834. At the
time of nationalisation it was the largest foreign insurer in
India in terms of the compensation paid by the Government
of India. Aviva was also the first foreign insurance
company in India to set up its representative office in
1995.In India, Aviva has a joint venture with Dabur, one of
India's oldest, and largest Group of companies. A
professionally managed company, Dabur is the country's
leading producer of traditional healthcare products.In
accordance with the government regulations Aviva holds a
26 per cent stake in the joint venture and the Dabur group
holds the balance 74 per cent share.
With a strong sales force of over 12,000 Financial Planning
Advisers (FPAs), Aviva has initiated an innovative and
differentiated sales approach to the business. Through the
“Financial Health Check” (FHC) Aviva’s sales force has
been able to establish its credibility in the market. The FHC
is a free service administered by the FPAs for a need-based
analysis of the customer’s long-term savings and insurance
needs. Depending on the life stage and earnings of the
customer, the FHC assesses and recommends the right
insurance product for them.Aviva pioneered the concept of
Bancassurance in India, and has leveraged its global
expertise in Bancassurance successfully in India. Currently,
Aviva has Bancassurance tie-ups with ABN Amro Bank,
American Express Bank, Canara Bank, Centurion Bank of
Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sind
Bank, 15 Co-operative Banks in Gujarat, Rajasthan, Jammu
& Kashmir, Bihar, West Bengal and Maharashtra and one
regional Bank in Sikkim.When Aviva entered the market,
most companies were offering traditional life products.
Aviva started by offering the more modern Unit Linked and
Unitised With Profit products to the customers, creating a
unique differentiation. Aviva’s products have been designed
in a manner to provide customers flexibility, transparency
and value for money. It has been among the first companies
to introduce the more modern Unit Linked products in the
market. Its products include: whole life (LifeLong),
endowment (LifeSaver, EasyLife Plus), child policy
(Young Achiever) single premium (LifeBond and LifeBond
Plus), Pension (PensionPlus), Term (LifeShield), fixed term
protection plan (Freedom LifePlan) and a tax efficient
investment plan with limited premium payment term
(LifeBond5). Aviva products are modern and contemporary
unitised products that offer unique customer benefits like
flexibility to chose cover levels, indexation and partial
withdrawals.Aviva’s Fund management operation is one of
its key differentiators. Operating from Mumbai, Aviva has
an experienced team of fund managers and the range of
fund options includes Unitised With-Profits Fund and four
Unit Linked funds: - Protector Fund, Secure Fund,
Balanced Fund and Growth Fund.Aviva has 112
Branches in India (including rural branches) supporting its
distribution network. Through its Bancassurance partner
locations, Aviva products are available in 392 towns and
cities across India.Aviva is also keen to reach out to the
underprivileged that have not had access to insurance so
far. Through its association with Basix (a micro financial
institution) and other NGOs, it has been able to reach the
weaker sections of the society and provide life insurance to
them.For three consecutive years in 2003 2004 and 2005,
Aviva has had relatively high scores on the parameters of
Credibility, Respect, Fairness, Pride and Camaraderie in the
survey administered by Grow Talent Company Ltd. along
with Great Places to Work® Institute, Inc. and Business
World magazine.

Who are we ?
Dabur
Founded in 1884, Dabur is one of India's oldest and largest
group of companies with consolidated annual turnover in
excess of Rs 1,899 crores. A professionally managed
company, it is the country's leading producer of traditional
healthcare products.
Aviva
Aviva is UK’s largest and the world’s fifth largest insurance
Group. It is one of the leading providers of life and
pensions products to Europe and has substantial businesses
elsewhere around the world. With a history dating back to
1696, Aviva has a 35 million customer base worldwide. It
has more than £332 billion of assets under management.
OUR VISION
Aviva - where exceeding expectations through
innovative solutions is "our" way of life.
This is the compelling vision that Aviva India has created
through the active contribution of its employees. These
lines not only define the way we live and work but also
serve as a reminder to deliver the best to our customers,
shareholders, colleagues, partners & employees at all times.
Embedded in this vision are the core values of Integrity,
Customer centricity, Passion for winning, Innovation and
Empowered team that we have collectively defined and
committed to working towards.
ICICI PUDENTIAL LIFE
INSURANCE

INFO
ICICI Prudential Life Insurance Company is a joint venture
between ICICI Bank, a premier financial powerhouse and
Prudential plc, a leading international financial services
group headquartered in the United Kingdom. ICICI
Prudential was amongst the first private sector insurance
companies to begin operations in December 2000 after
receiving approval from Insurance Regulatory
Development Authority (IRDA).ICICI Prudential's equity
base stands at Rs. 11.85 billion with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. In
the financial year ended March 31, 2005, the company
garnered Rs 1584 crore of new business premium for a total
sum assured of Rs 13,780 crore and wrote nearly 615,000
policies. The company has a network of about 56,000
advisors; as well as 7 bancassurance and 150 corporate
agent tie-ups. For the past four years, ICICI Prudential has
retained its position as the No. 1 private life insurer in the
country, with a wide range of flexible products that meet
the needs of the Indian customer at every step in life.
Vision
Our vision:
To make ICICI Prudential the dominant Life and Pensions
player built on trust by world-class people and service.
This we hope to achieve by:
• Understanding the needs of customers and offering
them superior products and service
• Leveraging technology to service customers quickly,
efficiently and conveniently
• Developing and implementing superior risk
management and investment strategies to offer
sustainable and stable returns to our policyholders
• Providing an enabling environment to foster growth
and learning for our employees
• And above all, building transparency in all our
dealings.
The success of the company will be founded in its
unflinching commitment to 5 core values -- Integrity,
Customer First, Boundary less, Ownership and Passion.
Each of the values describes what the company stands for,
the qualities of our people and the way we work.
We do believe that we are on the threshold of an exciting
new opportunity, where we can play a significant role in
redefining and reshaping the sector. Given the quality of
our parentage and the commitment of our team, there are
no limits to our growth.
Tata AIG Life Insurance
Company Ltd
Tata AIG Life Insurance Company Ltd. "Tata AIG Life"
offers a broad array of life insurance products to
individuals, associations and businesses of all sizes, with a
wide variety of additional coverage to ensure our customers
can find an insurance product to meet their needs.
Tata AIG is a joint venture of the Tata Group and American
International Group, Inc. (AIG).

THE TATA GROUP


The Tata Group ( www.tata.com) is one of India's best-
known industrial groups with an estimated turnover of
around US $14.25 billion (approximately 2.6% of India's
GDP). With more than 220,000 employees across 91 major
companies, it is also India's largest employer in the private
sector. The Tata Group pioneered several firsts in Indian
industry firsts, including: India's first private sector steel
mill, first private sector power utility, first luxury hotel
chain and first international airline, amongst others.
Recently, the Tata Group's pioneering spirit has been
showcased by companies such as Tata Consultancy
Services (TCS), Asia's largest software and services
company, and Tata Motors, the first car maker in a
developing country to design and produce a car from the
ground up.
The Tata Group stable of brands also includes many
national and some internationally renowned product and
service brands, including Tata Indica, Tata Indigo, Indigo
Marina, Tata Safari, Tata Indicom, the Taj Group of Hotels
(Luxury, Business and Leisure), indiOne, Tata Tea, Tetley,
Tata Salt, Tata Steelium, Tata Shaktee, Tata Tiscon, Tata
Bearings, Titan, Tanishq, Voltas and Westside.
By combining ethical values with business acumen,
globalization with national interests and core businesses
with emerging ones, the Tata Group aims to be the largest
and most respected global brand from India whilst fulfilling
its long-standing commitment to improving the quality of
life of its stakeholders

AIG

American International Group, Inc. is the world's leading


international insurance and financial services organization,
with operations in more than 130 countries and
jurisdictions. AIG member companies serve commercial,
institutional and individual customers through the most
extensive worldwide property-casualty and life insurance
networks of any insurer. In the United States, AIG
companies are the largest underwriters of commercial and
industrial insurance and AIG American General is a top-
ranked insurer. AIG's global businesses also include
retirement services, financial services, and asset
management. AIG's financial services businesses include
aircraft leasing, financial products, trading and market
making. American General Finance leads AIG’s growing
global consumer finance business in the United States. AIG
also has one of the largest U.S. retirement savings
businesses through AIG SunAmerica and AIG VALIC, and
is a leader in asset management for the individual and
institutional markets, with specialized investment
management capabilities in equities, fixed income,
alternative investments and real estate. AIG's common
stock is listed in the New York Stock Exchange and
ArcaEx, as well as the stock exchanges in London, Paris,
Switzerland and Tokyo.

Management

Trevor Bull – Managing Director

Mr. Trevor Bull joined Tata AIG Life as Managing


Director in January 2006. Prior to this, Trevor was
Senior Vice President and General Manager at
American International Assurance in Korea.
Trevor has over 28 years of experience in the life
insurance industry and has spent considerable time
working in Japan and Britain. His experience covers
an array of skills at various authority levels including
Director, Regional Executive, Senior Line
Management and Project Management. Additionally,
Trevor has acquired keen insights into Unit Linked,
conventional life and health insurance/ reinsurance
and all major products & distribution channels.
A proud father of two boys and one girl, he aligns his
hobbies with theirs and connects with them through a
game of tennis or football regularly.
The Life Insurance Corporation of
India
The Life Insurance Corporation of India was created on 1st
September, 1956, with the objective of spreading life
insurance much more widely and in particular to the rural
areas with a view to reach all insurable persons in the
country, providing them adequate financial cover at a
reasonable cost.
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. re-organization of LIC took place and large
numbers of new branch offices were opened. As a result of
re-organisation servicing functions were transferred to the
branches, and branches were made accounting units. It
worked wonders with the performance of the corporation. It
may be seen that from about 200.00 crores of New
Business in 1957 the corporation crossed 1000.00 crores
only in the year 1969-70, and it took another 10 years for
LIC to cross 2000.00 crore mark of new business. But with
re-organisation happening in the early eighties, by 1985-86
LIC had already crossed 7000.00 crore Sum Assured on
new policies.
Today LIC functions with 2048 fully computerized branch
offices, 100 divisional offices, 7 zonal offices and the
Corporate office. LIC’s Wide Area Network covers 100
divisional offices and connects all the branches through a
Metro Area Network. LIC has tied up with some Banks and
Service providers to offer on-line premium collection
facility in selected cities. LIC’s ECS and ATM premium
payment facility is an addition to customer convenience.
Apart from on-line Kiosks and IVRS, Info Centres have
been commissioned at Mumbai, Ahmedabad, Bangalore,
Chennai, Hyderabad, Kolkata, New Delhi, Pune and many
other cities. With a vision of providing easy access to its
policyholders, LIC has launched its SATELLITE
SAMPARK offices. The satellite offices are smaller, leaner
and closer to the customer. The digitalized records of the
satellite offices will facilitate anywhere servicing and many
other conveniences in the future.
LIC continues to be the dominant life insurer even in the
liberalized scenario of Indian insurance and is moving fast
on a new growth trajectory surpassing its own past records.
LIC has issued over one crore policies during the current
year. It has crossed the milestone of issuing 1,01,32,955
new policies by 15th Oct, 2005, posting a healthy growth
rate of 16.67% over the corresponding period of the
previous year.
From then to now, LIC has crossed many milestones and
has set unprecedented performance records in various
aspects of life insurance business. The same motives which
inspired our forefathers to bring insurance into existence in
this country inspire us at LIC to take this message of
protection to light the lamps of security in as many homes
as possible and to help the people in providing security to
their families.

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."
Some of the important milestones in the life insurance
business in India are:
1818: Oriental Life Insurance Company, the first life
insurance company on Indian soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first
Indian life insurance company started its business.
1912: The Indian Life Assurance Companies Act enacted as
the first statute to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to
enable the government to collect statistical information
about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by
the Insurance Act with the objective of protecting the
interests of the insuring public.
1956: 245 Indian and foreign insurers and provident
societies are taken over by the central government and
nationalised. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from
the Government of India.
The General insurance business in India, on the other hand,
can trace its roots to the Triton Insurance Company Ltd.,
the first general insurance company established in the year
1850 in Calcutta by the British.
Some of the important milestones in the general
insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first
company to transact all classes of general insurance
business.
1957: General Insurance Council, a wing of the Insurance
Association of India, frames a code of conduct for ensuring
fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments
and set minimum solvency margins and the Tariff Advisory
Committee set up.
1972: The General Insurance Business (Nationalisation)
Act, 1972 nationalised the
general insurance business in India with effect from 1st
January 1973.
107 insurers amalgamated and grouped into four companies
viz. the National
Insurance Company Ltd., the New India Assurance
Company Ltd., the
Oriental Insurance Company Ltd. and the United India
Insurance Company
Ltd. GIC incorporated as a company.
A B C D E
1 NAME SEX POLICY NAME NOMINEE INCOME
2 KIRAN MALE ICICI PARENTS 1LAC-2LAC
3 ROHIT MISHRA MALE ICICI SON 1LAC-2LAC
4 MANOJ THAKUR MALE LIC SON 1LAC-2LAC
5 AJAY.S MALE LIC SON 1LAC-2LAC
6 BHAVESH MALE ICICI DAUGHTER 1LAC-2LAC
7 SATISH MALE LIC WIFE 1LAC-2LAC
8 AARTI FEMALE LIC SON 1LAC-2LAC
9 SULSHA FEMALE ICICI DAUGHTER 1LAC-2LAC
10 DAYA.C MALE ICICI SON 1LAC-2LAC
11 REHAMAN MALE ICICI SON 1LAC-2LAC
12 PYUSH.S MALE LIC DAUGHTER 1LAC-2LAC
13 APAL MALE LIC PARENTS 2LAC-5LAC
14 AMITA FEMALE TATA AIG SISTER 1LAC-2LAC
15 SITA.S FEMALE LIC SON 2LAC-5LAC
16 DEEPA FEMALE TATA AIG SON ABOVE 5LAC
17 ANKUR MALE ICICI DAUGHTER 2LAC-5LAC
18 FENIL MALE ICICI PARENTS ABOVE 5LAC
19 ISHITA FEMALE TATA AIG HUSBAND 1LAC-2LAC
20 CHETAN MALE LIC DAUGHTER 1LAC-2LAC
21 MADHAV MALE TATA AIG WIFE 1LAC-2LAC
22 DHWANI FEMALE LIC SON ABOVE 5LAC
23 MAHINDRA MALE LIC DAUGHTER ABOVE 5LAC
24 SAM MALE ICICI WIFE 2LAC-5LAC
25 YASH MALE AVIVA WIFE 1LAC-2LAC
26 SAMAY MALE TATA AIG WIFE 2LAC-5LAC
27 SEJAL FEMALE TATA AIG PARENTS 2LAC-5LAC
28 KRUTI FEMALE LIC HUSBAND 1LAC-2LAC
29 .GARGI.S FEMALE LIC BROTHER 1LAC-2LAC
30 NAMITA FEMALE LIC HUSBAND 1LAC-2LAC
31 JULIE FEMALE LIC SON 1LAC-2LAC
32 JAGRUTI FEMALE LIC PARENTS 1LAC-2LAC
33 SUSHAMA FEMALE LIC HUSBAND 1LAC-2LAC
34 JAYSHREE FEMALE LIC HUSBAND 1LAC-2LAC
35 NAMRATA FEMALE LIC HUSBAND 1LAC-2LAC
36 AMI.R FEMALE LIC HUSBAND 2LAC-5LAC
37 MAMTA FEMALE AVIVA PARENTS 1LAC-2LAC
38 URVI.J FEMALE ICICI PARENTS 1LAC-2LAC
39 SONAL.C FEMALE LIC PARENTS 1LAC-2LAC
40 CHINTAN MALE ICICI BROTHER 2LAC-5LAC
41 SACHIN MALE ICICI SISTER 1LAC-2LAC
42 NANIL.V MALE TATA AIG PARENTS 1LAC-2LAC
43 ISHA FEMALE LIC HUSBAND 1LAC-2LAC
44 JIGAR MALE LIC DAUGHTER 1LAC-2LAC
45 TANVI FEMALE LIC PARENTS 1LAC-2LAC
46 SACHIN.V MALE LIC SISTER 2LAC-5LAC
47 MITTAL.M MALE AVIVA PARENTS 1LAC-2LAC
48 MINAL FEMALE LIC PARENTS 1LAC-2LAC
49 BHARAT MALE LIC DAUGHTER 2LAC-5LAC
50 ARPITA FEMALE LIC SON ABOVE 5LAC
51 PRACHI FEMALE LIC PARENTS ABOVE 5LAC
52 REEMA FEMALE TATA AIG PARENTS ABOVE 5LAC
53 AMIR MALE ICICI SON 2LAC-5LAC
54 SUNNY.P MALE TATA AIG PARENTS ABOVE 5LAC
55 RUCHI FEMALE LIC HUSBAND 1LAC-2LAC
56 RADHESHYAM MALE LIC WIFE 1LAC-2LAC
57 ZAHEER MALE LIC WIFE 1LAC-2LAC
58 KANTILAL MALE AVIVA PARENTS 2LAC-5LAC
59 RAJENDRA MALE TATA AIG PARENTS ABOVE 5LAC
60 MITESH MALE ICICI PARENTS 2LAC-5LAC
61 KUNAL MALE ICICI PARENTS 2LAC-5LAC
62 SAHIL.J MALE TATA AIG DAUGHTER 1LAC-2LAC
63 SUNNY.J MALE ICICI PARENTS 1LAC-2LAC
64 T.H.JOSHI MALE LIC SON 1LAC-2LAC
65 PURHOIT MALE LIC DAUGHTER 1LAC-2LAC
66 MADHU FEMALE ICICI HUSBAND 1LAC-2LAC
67 PRAFUL.S MALE AVIVA WIFE 1LAC-2LAC
68 DILIP.JAIN MALE LIC DAUGHTER 2LAC-5LAC
69 RAKESH MALE LIC SISTER 1LAC-2LAC
70 MUKESH MALE ICICI BROTHER 1LAC-2LAC
71 SUNIL MALE LIC WIFE 2LAC-5LAC
72 RAHUL MALE LIC DAUGHTER 1LAC-2LAC
73 SONI.M FEMALE AVIVA SISTER 1LAC-2LAC
74 KINJAL.S FEMALE AVIVA HUSBAND 1LAC-2LAC
75 MANISHA FEMALE LIC HUSBAND 1LAC-2LAC