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INDEX

S.No. Particulars Page No.
1. Introduction of the company 2. SWOT Analysis of the company 3. 4. Lessons Learnt Suggestions to the company 5. Bibliography 49. 44. 47. 39. 1.

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CHAPTER 1
INTRODUCTION OF THE COMPANY

FUTURE GENERALI INDIA INSURANCE CO. LTD.

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THE INTRODUCTION OF INSURANCE SECTOR
WHAT IS INSURANCE
The business of insurance is related to the protection of the economic value of assets. Every asset has a value. The asset is valuable to the owner, because he expects to get some benefits from it. Every asset is expected to last for a certain period of time during which it will provide benefits. After that benefit may not be available. Insurance is a mechanism that helps to reduce the effects of such adverse situations. The Life Insurance Corporation of India was formed on 1 September 1956; there were 170 Companies and 75 provident fund societies transacting life insurance business in India, by 31.08.2007, 16 new life insurance businesses in India. The metropolitan Life Insurance Company is one of the world‟s largest New York, based Life Insurance Companies. Insurance is defined as the equitable transfer of a loss, from one equity to another, in exchange for a premium. Insurer is the company that sells insurance. Insurance rate is a factor for s certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

PRINCIPLES OF INSURANCE
1.

A large number of homogeneous of exposure units
The vast majority of insurance policies are provided for individual member of very large class.

2.

Define Loss: The event that gives rise to the loss that is that is subject to insurance should , at least in principle, take place at a known time , in a known place , and from a known cause.

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3.

Accidental Loss: The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be „Pure‟ in the sense that it results from an event for which there is only the opportunity for cost.

4.

Large loss:
Insurance premium need to cover both the expected cost of losses, plus the

cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claim.

5.

Affordable Premium :
If the likelihood of an insured event is so high, or the cost of the event so large , that the resulting premium is large relative to the amount of protection

offered, it is not likely that anyone will buy insurance, even if an offer.
6.

Calculable Loss:
There are two elements that must be at least estimable, if not formally calculate: the probability of loss and the attendant cost.

7.

Limited risk of catastrophically large Losses:
Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer‟s appetite for additional policyholders.

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NEED AND IMPORTANCE OF INSURANCE
Risk arises because there are need to be fulfilled. The risk attached to early death arises because of need to maintain the family that is left behind. If there were no needs, there would be no risk. Insurance is therefore related to the needs of individuals. Someone could be seriously concerned about the welfare of a movement for trees or for animals, at some neglect of own personal comforts. It is necessary to be sensitive to the need. Broadly, the needs of individuals may be classified as follows: Protection of the standard of living of the family which is at risk on early death.  Provide the necessary income to maintain the standard, after providing for

repayment of loans and other debts.
 Future expenses on account of children‟s education, marriage, start of some

business and so on, which are ambitious areas.
 Continuance of business, when financiers for life insurance policies as collateral

security, or partners need to rearrange finances on the death of a partner.
 Substitute income when earning capacity ceases due to old age or disabilities.

PURPOSE OF INSURANCE
1.

Assets are insured:
Assets are likely to be destroyed or made non functional before the expected life time, through accidental occurrences. Such possible occurrences are called perils. Fire, flood, breakdown, lighting, earthquakes etc. are perils.

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2.

Risk means a possibility of loss or damage:

The damage may or may not happen. Insurance is done against the possibility that the damage may happen. Insurance is relevant only if there are uncertainties.
3.

Insurance does not protect the asset:
It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. Insurance only tries to reduce the impact of the risk on the owner of the asset and those who depended on the asset.

4.

Only economic consequences can be insured:
If the loss is not financial, insurance may not be possible. Examples of non economic losses are love and affection of parents, leadership of managers, innovative and creative abilities etc.

ROLE OF INSURANCE
Role:-1. Life Insurance as “Investment”
Insurance is an attractive option for investment, while most people recognize the risk hedging and tax saving potential of insurance, many are not aware of its advantages as an investment option as well. Insurance products yield more compared to regular investment option, and this is besides the added incentives (bonuses) offered by insurer. One cannot compare an insurance product with other investment schemes for the simple reason that it offer financial protection from risk, something that is missing in non-insurance product. In fact, the premium one pay for an insurance policy is an investment against risk. Thus before comparing with other schemes, one must accept that a part of the told amount

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invested in life insurance goes towards providing for the risk cover, while the rest is for savings. In Life Insurance, unlike non-life products, you get maturity benefits on survival at the end of the term. In other words, if you take a life insurance policy of 20 years and survive the term, the amount invested as premium in the policy will come back to you with added returns. In the unfortunate event of death within the tenure of the policy, the family of the decreased will receive the sum assured. Now let us compare insurance as an investment options. If you invest Rs. 10,000 in PPF, your money grow to 10,950 at 9.5% interest over your but in this case, the access to your funds will be limited. One can withdraw 50% of the initial deposit only after 4 years.

Role:-2. Life Insurance as “Risk Cover”
First and Foremost, insurance is about the risk cover and financial protection, to be more precise to help outlast life‟s unpredictable losses. Designed to safeguard against losses suffered on account of any unforeseen event, insurance provides products you with that unique sense of security that no other form of investment provides. To provide such protection, insurance firms collect contribution s from many people who face the same risk. A loss claim is paid out of the total premium collected by the insurance companies, who act as trustee to the mourners.

Role:-3. Life Insurance as “Tax Saver”
Section 10 (10D) of Income Tax Act, 1961 would apply. Under this, the amount of maturity value is paid to the policyholder which is totally tax fee. Section 80 c is applicable. Under this a person can invest maximum of Rs. 1 lac out of his annual income for which no tax is levied.

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LIFE INSURANCE CONTRACTS
A Life Insurance is a contract, within the meaning of the Indian Contract Act 1872. A contract is an agreement between two or more parties to do or not to do, so as to create a legally binding relationship. Insurance is a contract between the insurer and the policyholder. The policyholder can be different from the person whose life is insured, as will be seen later. Insurance is a specialized type of contract. A simple contract must have the following essentials:1. Offer and Acceptance 2. Consideration 3. Capacity to contract 4. Consensus “ad idem” (genuine meeting of minds) 5. Legality of object or purpose 6. Capability of performance 7. Intention to create legal relationship

Apart from the usual essentials principals of a valid contract, insurance are subject to two additional principles.
 Principle of Utmost Good Faith  Principle of Insurable Interest

These apply to all insurances, both life and non – life.

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ADVANTAGES OF LIFE INSURANCE

Life insurance is the best possible way for family protection.

Life insurance is a only way to safeguard against the unpredictable risks of the future.

Life insurance is essential for the conservation of many businesses.

Life insurance enhances the existing standards of living.

Life insurance helps people live financially solvent lives.

Life insurance is a way of life.

TYPES OF INSURANCE
Insurance is of two types:
1.

General Insurance:- Covers yours house, car, travel, mortgage
payments, private medical treatment etc. It is a short term policy that pays out when things go wrong.

2.

Life Insurance:- It is the most popular savings and investment vehicles
in India. An insurance policy offers much more than just tax planning and investment returns. It offers to plan for unseen events that could affect your family‟s financial profiles adversely.

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Life insurance policies can further be divided into various categories:

 Term Insurance Policy  Whole Life Policy  Endowment Policy  Money Back Policy  Annuities And Pension

Term Insurance policy
A term insurance policy is a pure risk cover for a specified period of time. What this means is that the sum assured is payable only if the policyholder dies within the policy term. For, instance, if a person buys Rs. 2 lac policy for 15- years, his family is entitled to the money if he dies within that 15 – years period.

 What if he survives the 15 – year‟s period? Well, then he is not entitled to

any payment; the insurance company keeps the entire premium paid during the 15- years period.

 So, there is no element of savings or investment in such a policy. It is a

100% risk cover. It simply means that a person pays certain premium to protect his family against his sudden death. His explains why the term insurance policy comes at the lowest cost.

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Whole Life Policy

As the name suggest, a Whole life policy is an insurance cover against death, irrespective of when it happens.

Under, this plan the policyholder pays regular premiums until his death, which the money is handed over to his family.

This policy, however fails to address the additional needs of the insured during his post-retirement years. It doesn‟t take into account a person‟s increasing needs either. While the insured buys the policy at a young age, his requirements increase over time. As a result of these drawbacks, insurance firms now offer either a modified whole life policy or combine in with another type of policy.

Endowment Policy

In an endowment policy, the sum assured is payable even if the insured survives the policy term.

If the insured dies during the tenure of the policy, the insurance firm has to pay the sum assured just as any other pure risk cover.

A pure endowment policy is also a form of financial savings, whereby if the policy, he gets back the sum assured with some other investment benefits.

In addition to the basic policy, insurers offer various benefits such as double endowment and marriage/education endowment plans. The cost of such a policy is slightly higher but worth its value.

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Money back policy

These policies are structured to provide sums required as anticipated expenses over a stipulated period of time. With inflation becoming a big issue, companies have realized that sometimes the money value of the policy is eroded.

A portion of the sum assured is payable at regular intervals. On survival the remainder of the sum assured is payable.

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In case of death, the full sum assured is payable to the insured. The premium is payable for a particular period of time.

Annuities and Pension
In an annuity, the insurer agrees to pay the insured a stipulated sum of money periodically. The purpose of an annuity is to protect against risk as well as provide money in the form of pension at regular intervals. Over the years, insurers have added various features to basic insurance policies in order to address specific needs of a cross section of people.

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ABOUT THE COMPANY:
Future Generali is a joint venture between the India-based Future Group and the Italybased Generali Group. Future Generali is present in India in both the Life and Non-Life businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.

FUTURE GROUP:
Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of India‟s leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. Led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million square feet of retail space in 71 cities and towns and 65 rural locations across India. Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is listed on the Indian stock exchanges. The company follows a multi-format retail strategy that captures almost the entire consumption basket of Indian customers. In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls. In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines the look, touch and feel of Indian bazaars with the choice and convenience of modern retail. The group‟s specialty retail formats include sportswear retailer, Planet Sports, electronics retailer, eZone, home improvement chain, Home Town and rural retail chain, Aadhaar, among others. It also operates popular shopping portal, www.futurebazaar.com. Future Capital Holdings, the group‟s financial arm, provides investment advisory to assets worth over $1 billion that are being invested in consumer brands and companies, real estate, hotels and logistics. It also operates a consumer finance arm with branches in 150 locations. Other group companies include, Future Generali, the group‟s insurance venture in partnership with Italy‟s Generali Group, Future Brands, a brand development and IPR company, Future Logistics, providing logistics and distribution solutions to group companies and business partners and Future Media, a retail media initiative. The group‟s presence in Leisure & Entertainment segment is led through, Mumbaibased listed company Galaxy Entertainment Limited. Galaxy leading leisure chains, Sports Bar and Bowling Co. and family entertainment centres, F123. Through its partner company, Blue Foods the group operates around 100 restaurants and food courts

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through brands like Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato. Future Group‟s joint venture partners include, US-based stationery products retailers, Staples and Middle East-based Axiom Communications.Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group‟s core value of „Indianness.‟ The group‟s corporate credo is, „Rewrite rules, Retain values.‟

THE GENERALI GROUP:
The Generali Group is a leading player in the global insurance and financial markets. Established in Trieste in 1831, today the Group is one of Europe‟s largest insurance providers and the European biggest Life insurer. It is also one of the world‟s top asset managers with assets totalling more than € 400 billion. With an employed sales force of more than 100,000 people serving 70 million clients in 68 countries, the Group occupies a leadership position in Western Europe and an increasingly important place in Eastern Europe and Asia. The Group strategy aims to consolidate Generali‟s pre-eminence on its key markets and achieve a premier position on markets with high growth potential, establishing its leadership in profitability. IDENTITY CARD Since its establishment, the Generali Group has always held a reputation for its capital and financial strength. Its solidity derives from prudent investment management and a focus on achieving a correct match between risk and medium/long-term profitability.  Generali Group is one of the leading insurance groups in Europe, with a 2009 total premium income of more than € 70 billion  It is present in 68 countries  It has 70 million clients worldwide  It has 85,322 employees (15,956 in Italy)  It has over € 400 billion of assets under management  High rating assigned by the international rating agencies:  A.M. BEST: A+ STABLE  Standard & Poor‟s: AA- STABLE  Fitch Ibca: AA- NEGATIVE  Moody‟s: Aa3 STABLE

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Company Address:
Care Lines: 1800-102-2355 (Life) 1800-220-233 / 1860-500-3333 (General) Email : care@futuregenerali.in (Life) fgcare@futuregenerali.in (General) FG to 567678 Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai - 400 013 group.quotes@futuregenerali.in

SMS

:

Registere : d Office

For Group : Insurance Email

Local Address:
Branch Name : Future Generali India, Jodhpur

Address : 2nd floor, N K Tower Chopasani Road, Opp new Kohinoor Jodhpur JODHPUR(E), Rajasthan 342 001

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Distribution Network:
Future Generali currently has 97 branches across 80 cities and over 14,700 licenced advisors. Future Generali also has Mallassurance™ channel- Total Insurance Solutions available at Malls via retail outlets. Mallassurance was launched in May, 2009, and has already expanded to 165 stores in 53 cities. (December, 2010) Future Generali Life Insurance also distributes its products online. (Example- Future Generali Smart Life).

Financial Information:
The total premium earned for the half year ended September 30, 2010 was Rs 2,492 million. The profit after tax for the same period is Rs 1,413 million. A total of 159 claims were made during the period out of which 106 claims were settled and 51 claims were rejected.

Marketing Campaigns:
Future Generali launched 3 different television commercials at different period of time but revolving around the same theme- let the happiness stay forever. The TVC portrays happy occasion which can last eternally if insurance is bought simultaneously (Insure your happiness).The campaign focuses on the insecurity a person might endure and to remove that insecurity he should opt for insurance. Radio ads are also a part of this campaign.

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Product Portfolio Of Future Generali Life Insurance :
1. Protection Plans a) Future Generali Care Plus The journey of Life is full of excitement with lots to Share and Care. You have always assumed added responsibilities and prepared for your wonderful events of life. However life is also about uncertainties. It is important to financially secure the grand dream of your family and be prepared to meet these uncertainties. Your family‟s financial security should be assured under all circumstances. Keeping this in mind, we bring to you Future Generali Care Plus with two variants: FG Care Plus Classic & FG Care Plus Premier to provide financial independence, even when you are not around, at a very affordable price. Future Generali Care Plus is a protection plan Financial security to family at extremely affordable rates Discount of premium for higher sum assured Option to choose additional covers in the form of riders Tax benefits as per the prevailing tax rules

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b) Future Generali Smart Life: Future Generali Smart Life - Online Term Life Insurance Plan : Insurance is about protecting your loved ones against an untimely loss. It is about securing their future even when you are not around. With this in mind, we bring to you Future Generali Smart Life – Online Term Life Insurance Plan, a pure term plan that can be purchased very easily online. Being the most affordable plan in the market, it offers you the opportunity of protecting your loved ones instantly.       A pure term protection plan A non linked, non participating plan Simple buying process. In case of death of the life assured during the policy term, the nominee receives the sum assured under the policy Rebates on premium for higher sum assured Tax benefits as per the prevailing tax rules

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2. Saving Plans a) Future Generali Flexible Money Back:

       

Every event in life is important. Be it your marriage, the birth of your child, your first home or a trip abroad; all these call for precise and yet flexible financial planning. Introducing Future Generali Flexible Money Back, a traditional, participating Money Back Plan; in plain words, it is a simple money back insurance plan that helps you save for all these important occasions. For flexible protection + savings, Future Generali Flexible Money back is unmatched because it will help you achieve the ideal balance to suit your family‟s changing needs. This plan offers you guaranteed money back after the premium payment term until maturity and flexibility that lets you choose your premium paying term and also choose between two money back frequency options. The plan also offers compounded guaranteed additions + compounded reversionary bonuses, and in case of the unfortunate demise of the life assured, it also offers the sum assured, a waiver on all future premiums and all money backs thereafter as planned. So stay protected and ensure that you have sufficient funds for the important events in life because every event in life is important! . KEY FEATURES: A Flexible insurance plan with two Money Back options Guaranteed Money Back payouts after the premium payment term Compounded Guaranteed Additions @ 3.5% of the Sum Assured during first 5 policy years Compounded Reversionary Bonuses from 6th policy year till maturity even after premium payment stops. On maturity, balance of Guaranteed Money Back Payout plus Guaranteed Additions & vested Bonuses are paid On Death or Accidental Total & Permanent Disability, 100% of Sum Assured is paid immediately and all future premiums are waived. The nominee also receives all Guaranteed Money Backs when due. . HOW DOES IT WORK?  Decide whether you need 4Mb/6MB plan option  Decide you policy term  Decide your life cover

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b) Future Generali Return Of Premium Plan:

Get protection - and your money back!

In a world where everything comes with a price tag, have you ever imagined not having to pay for your protection? Future Generali Return Of Premium Plan does just that. It comes with a unique feature of „return of premiums paid‟ at the end of the policy term. Besides offering you bigger insurance covers at very affordable prices, it also gives you the choice to opt for additional covers by way of riders. So, what are you waiting for? When you could get back all the money you paid for it, isn‟t it wise to stay protected? KEY FEATURES This plan offers financial security to family at affordable rates Provides feature of return of premiums paid where you get 50%-100% of premium paid based on your chosen policy term. Advantage to pay lesser premium for higher sum assured Option to choose additional covers in the form of riders Tax benefits as per the prevailing tax rules

How Does it Work? Step 1: Decide your Sum Assured under the Policy Choose the life cover amount you intend to take under this policy. Step 2: Decide your policy term Choose your policy term for which you would like to have the life cover. Step 3: Customize your policy You can customize your policy by adding additional benefits such as Accidental Death Rider & Accelerated Critical Illness Rider (Extended) etc.

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c) Future Generali Bima Guarantee
Your future is secure with us. We know that you have worked hard to build savings and would want to invest it prudently. With this end in mind, we bring you Future Generali Bima Guarantee, a triple benefit money back plan that helps build systematic savings, offers life cover and also provides periodic money back. It is a regular money back plan that offers flexibility to use money back payments to offset premiums due and also a choice of riders. Besides, it also offers compounded reversionary bonuses. So sit back and enjoy the present knowing full well that your future is secure with us.        . KEY FEATURES: Savings cum insurance plan Cash back at end of the fourth year and thereafter, at the end of every three years Wealth creation through compounded reversionary bonuses Lump sum payment on death during policy term Flexibility to use money back payments to offset premiums due. Flexibility to opt for Accidental Death Benefit Rider, Premium Waiver Benefit Rider & Saral Term Benefit Rider to enhance risk cover Tax benefits applicable as per prevailing tax rules

. HOW DOES IT WORK?  Decide your sum assured, premium payment mode and policy term  Receive regular cash payouts at periodic intervals during the policy term  On maturity, receive final lump sum payout plus accumulated bonuses  In case of death, the sum assured plus accumulated bonuses will be paid to the nominee

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d) Future Generali Select Insurance Plan

Life insurance is the first step towards financial planning. Investors need to invest regularly into assets that can beat inflation to meet their financial goals and also insure their financial goals through life insurance. One need to invest regularly and stay invested for long term for bettered returns. Future Generali Select Insurance Plan is a unit linked insurance plan that provides life cover to you apart from facilitating savings at regular intervals of time. As tiny drops of water make the mighty ocean so also small savings result in securing your cherished dreams of wealth creation. With Future Generali Select Insurance Plan we help you get into a discipline of regular savings and build wealth over a period of time. This ULIP gives you freedom from timing the markets and helps you build wealth over time for you and your loved ones apart from offering precious life cover to provide financial security to your family Future Generali Select Insurance Plan – our Plan to your Secured Rich Future.

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Specially designed Unit Linked Insurance plan to achieve your medium to long term financial security and goals through regular savings. % Premium Allocation Charge & 4% Policy Administration Charge in the first year. Advantage of five robust funds to match your risk appetite. Flexi plan where you can decide your premium amount, policy term, mode of premium payment , extent of life cover along with a host of options like switching , partial withdrawal and additional benefit riders.

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3. Child Plans
a) Future Generali Flexible Money Back Meet life‟s changing needs. Every event in life is important. Be it your marriage, the birth of your child, your first home or a trip abroad; all these call for precise and yet flexible financial planning. Introducing Future Generali Flexible Money Back, a traditional, participating Money Back Plan; in plain words, it is a simple money back insurance plan that helps you save for all these important occasions. For flexible protection + savings, Future Generali Flexible Money back is unmatched because it will help you achieve the ideal balance to suit your family‟s changing needs. This plan offers you guaranteed money back after the premium payment term until maturity and flexibility that lets you choose your premium paying term and also choose between two money back frequency options. The plan also offers compounded guaranteed additions + compounded reversionary bonuses, and in case of the unfortunate demise of the life assured, it also offers the sum assured, a waiver on all future premiums and all money backs thereafter as planned. So stay protected and ensure that you have sufficient funds for the important events in life because every event in life is important!       . KEY FEATURES: A Flexible insurance plan with two Money Back options Guaranteed Money Back payouts after the premium payment term Compounded Guaranteed Additions @ 3.5% of the Sum Assured during first 5 policy years Compounded Reversionary Bonuses from 6th policy year till maturity even after premium payment stops. On maturity, balance of Guaranteed Money Back Payout plus Guaranteed Additions & vested Bonuses are paid On Death or Accidental Total & Permanent Disability, 100% of Sum Assured is paid immediately and all future premiums are waived. The nominee also receives all Guaranteed Money Backs when due. . HOW DOES IT WORK?  Decide whether you need 4Mb/6MB plan option  Decide you policy term  Decide your life cover

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4. .Retirement Plans
a) Future Generali Secure Income

Why wait to live your dreams? A money back plan that gives you the freedom to decide when you want your returns.

A large income is the best recipe for happiness. With ever rising prices and expenses eating into your fixed income, it is critical for you to plan ahead to ensure the financial security of your loved ones. With this in mind, we bring you Future Generali Secure Income, an exclusive traditional endowment + money-back plan. The plan not only offers you the flexibility to choose your premium and mode of payment, but also the freedom to choose when you want your money back; and for how long you want it thereafter. In addition to this, you could also receive cash bonuses, as and when declared. So, go ahead and plan for that foreign trip, daughter‟s wedding, ne w car or retirement home. Your smart investment with us will give you the confidence to follow all your dreams, thereby, realizing your recipe for happiness.         . Key Features: Savings cum insurance plan Wealth creation through compounded reversionary bonuses which get paid at the end of premium payment term or accrual period or on earlier death Receive annual cash backs after premium payment term / accrual period till maturity Maturity benefit of 100% of sum assured plus terminal bonus, if any. Lump sum payment of sum assured along with all accrued bonuses on death during the premium payment term or accrual period Lump sum payment of sum assured along with terminal bonuses, if any, on death after the premium payment term or accrual period before maturity Flexibility to opt for additional riders Tax benefits applicable as per prevailing tax rules

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5.Group Plans
a) Future Generali Group Traditional Leave Encashment In today‟s time many of the employers are providing Leave Encashment benefit in addition to other retirement benefits to their employees which is a lump sum amount payable to the employees. The actual amount payable depends on the number of encashable leave an employee has at retirement or other exit and the per day salary at retirement. The Group Leave Encashment Plan has been designed to provide funding for these liabilities of all employers. A group life insurance cover is also provided for the employees. The scheme is generally administered by the employer.

b) Future Generali Group Traditional Leave Encashment Plan It is a Non-Participating Group Traditional Leave Encashment Plan. Under this plan, the contributions paid continue to accumulate on traditional platform of investments and at the end of the financial year; an investment income is credited to your Leave Encashment policy account. This Product offers Fund Management of employers‟ liability and life cover to the employees.

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c) Future Generali Group Gratuity Plan Gratuity is a statutory benefit governed by Payments of Gratuity Act, 1972. Under the Act, it is employer‟s statutory liability to pay 15 days salary (15/26 of a month's wages, taking the last drawn salary as the basis) for every completed years service to each of his employees on their exit, for any reason after five years of continuous service, subject to maximum limit of 10 lacs. The employee is eligible for 15 days of pay for each completed year of service, either on:      Retirement Permanent Total Disablement during service Death during service Resignation from service The employer can also structure a gratuity benefit that is higher than stipulated in the statutory requirements.

d) Future Group Term Life Insurance Plan

We at Future Generali understand the growing importance of employee benefits to both the employer & staff. More & more companies are finding that the employee benefits package plays a crucial role in attracting and retaining the best staff.

Our approach is to work in partnership with the customer and/ or their advisor to establish the right combination of benefits to meet their needs.

Nominee(s), receive the sum assured, should the member die during the policy term. No maturity benefits is payable at the end of policy term or on earlier termination of the policy contract.

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Product Portfolio Of Future Generali General Insurance :
1. Motor Insurance:

a) Future Secure Motor Insurance The difference between driving safe and driving secure. You stop at every signal, you slow down when you are supposed to, and follow every rule to the letter. Unfortunately, your vehicle‟s fate doesn‟t depend on you alone. Future Motor Suraksha takes care of any damage your vehicle might suffer. This plan, which is in its first year of operations; covers everything, including third party expenses. So now when you drive, rest assured; we take just as much care of your car as we do of you. Types of Motor Insurance Solutions:    Private Car Insurance Two Wheeler Insurance Commercial Vehicle Insurance

Benefits:        Instant policy issuance Toll-free assistance number for customer service and claims registration Prompt and timely claims survey Cashless / direct settlement at our approved workshops Claims finalisation within seven working days from receipt of all documents Accidental towing assistance (within city limits only) Automated renewal reminder service

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2. Health Insurance:
a) Future Criti-care – For Individuals & Family

Future Criti-Care is a standalone critical benefit plan that insures you against twelve critical illnesses. Should you ever be diagnosed with one of these, you will be provided with a fixed sum, regardless of your actual medical expenses and other health indemnity policies. Subsequent to 90 days from the policy‟s commencement, Future Criti -Care shall cover the following major medical illnesses and procedures; subject to survival of 28 days from the date of diagnosis/ procedure. You can apply for this plan in addition to your other medical plans • • • • • • • • • • • • Cancer Kidney Failure Primary Pulmonary Hypertension Liver Failure Multiple Sclerosis Major organ transplant Coronary artery bypass surgery Aorta graft surgery Stroke First heart attack(myocardial infarction) Coma Total blindness

b) Future Health Suraksha Family Always within reach. Your health is your most important asset. And with Future Health Suraksha, we ensure that you will never have to go too far to protect it. Our network of hospitals across the nation will handle any medical problem that arises. It‟s our way of protecting you even against the unpredictable. Benefits: The plan covers the risks of In house Claims processing Quick Settlement of claims No Claim Bonus

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3. Personal Accident Insurance:
a) Future Accident Suraksha

Eternal sunshine of a tranquil mind. Wouldn’t it be nice to never wonder, what if...? To never have misgivings? To be prepared for absolutely anything? Here’s where we come in. With Future Accident Suraksha - We’ll take care of any financial consequences that an unforeseen event might incur. So go on and live a life without worries. After all, when you’re insured even against the unforeseen, peace of mind comes easy.

Scope of cover The Plan covers risk of     Accidental Death Permanent Total Disability Permanent Partial Disability Temporary Total Disablement

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4. Fire:
a) Standard Fire and Special Perils Policy

Fire insurance policy is suitable for the owner of property, one who holds property in trust or in commission; individuals/ financial institutions who have financial interest in the property. All immovable and movable property located at a particular premises such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process along with goods held in trust or in commission including stocks at suppliers/ customer's premises, machinery temporarily removed from the premises for repairs can be insured.             Coverage Includes Fire Lightning Explosion/Implosion Aircraft Damage Riot, Strike, Malicious Damage Storm, Typhoon, Hurricane, Tornado, Flood and Inundation Impact damage Subsidence and landslide including Rock slide Bursting and overflowing of water tanks, apparatus and Pipes Missile testing operations Leakage from Automatic Sprinkler Installation Bush Fire

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5. Travel Insurance: Travel Suraksha :
nations. 7 continents. 1 policy to keep you safe. World travel made easy. Wherever you go, we keep you safe. Future Travel Suraksha takes care of any contingencies that might arise during your journey; like misplaced papers, sudden illnesses, lost luggage etc. So travel the world. Leave the worries to us.

Benefits:            Cashless claims settlement Claims turnaround time of less than seven working days Global service and hospital network Worldwide emergency, medical and travel assistance Universal International Free Number (UIFN) Flexibility of choosing a travel insurance plan as per your need Child escort benefit Specially designed plan for senior citizens (i.e. 71 – 80 years of age) Ease and convenience of purchase Instant policy issuance Cover extension in India, up to 90 days for medical expenses on evacuation

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6. Home Insurance: Future Generali Home Suraksha
Protect what protects you. Insure your home and everything in it. In todays busy life; we need someone who protects our worries about unfortunate loss of hard earned money, property, etc. Future Generali's Home Protection Policy protects you from all your worries. Important features of various sections of this policy are: Section I - Protection of your assets against fire and allied perils and earthquake I-A Buildings I-B Contents (excluding valuables) I-C Cost of alternative accommodation I-D Loss of rent I-E Terrorism I-F Purchase protection Section – II Burglary / housebreaking and theft This section provides protection against the loss or damage to the contents and / or building of insured premises by burglary and / or housebreaking. The contents may either be insured on 100% basis or first Loss limits (25% or 40%). The sum insured value of contents should be on market value basis. Section III: Protection of your valuables III-A Jewellery / Valuables III-B Portable Computer – All risk excluding breakdown Section IV: Protection of your electronic equipment IV-A Audio visual equipments (electronic equipment) – all risk IV-B Computers (electronic Equipment) – all risk Section V: Protection of Your household mechanical / electrical equipment V - Household appliances – breakdown VI-A Accidental compensation (personal accident) – Death / PTD / PPD Permanent Partial disability: Hospital confinement allowance Section VII: Protection against your liability VII-A Your legal liability as a tenant - Tenants legal liability VII-B Workman's compensation – Domestic employees VII-C Public liability

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Vision and values of Generali Group Group`s Vision

We are committed to being a leading international team that produces consistent, excellent results for our stakeholders in the short and long term.

We believe in the value of our people and we build our competitive advantage through the commitment of every individual. We will therefore seek to produce and to leverage constantly a pioneering spirit, innovation and excellence.

We are committed to becoming the most attractive employer for the best performing people.

We will work constantly to enhance our group identity, proud of our history and of the richness of our diversities.

Pioneering spirit
Inclination towards innovation and continuous search for new and better solutions, being open to changes and being ambitious to continuously improve and innovate.

Passion for clients
Emphasis on clients and their needs, searching for the optimal solution to satisfy them both by supplying high quality products and services as well as by providing them with transparent and thorough information.

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Responsibility
Ethical choice of accepting the consequences of one‟s own actions and of being loyal to the organization, taking the initiative and making decisions within one‟s own competence and responsibility.

Respect
Strong belief that “doing business” implies respecting the rules; rules linked to our duties towards shareholders as well as rules affecting the relationship with all our stakeholders, especially our employees and the community where we operate.

Flexibility
Ability to be open and to encourage others to stay open to change, to maintain and improve work effectiveness in new situations, to adapt one‟s attitude and behavior to work effectively with different people, to readily adapt to changing priorities, new procedures and methods, better ideas and strategies.

Integration
Ability to grow and work together by listening to each other and openly and constructively comparing different ideas, which is fundamental to improve both oneself and business results.

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Professionalism
Continuous commitment of the individual and of the organization to develop knowledge and to increase the value of experience, in order to achieve a specific and distinctive know-how.

Transparency
A “must” in the exchange of opinions and information, based on clear purposes and on behavioral coherence in order to create and strengthen confidence amongst people and integrity in business performance.

Business activity and Mission of Generali Group
The Group`s Activity
The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating Company. Characterised from the outset by a strong international outlook and now present in 64 Countries, Assicurazioni Generali has consolidated its position among the world's leading insurance operators. It has in fact a strong position in western Europe, its main area of activity, with significant market shares in Germany, France, Austria, Spain, Switzerland as well as Israel.

In recent years, the Group has made a significant return to central-eastern European markets and has set up offices in the principal markets of the Far East, among which China and India. In the last decade, the Group has widened its product offerings from only insurance to include the entire range of financial and real estate services and asset management.

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The Group's Mission
The Mission of the Generali Group is to:  Become the leading insurance group in terms of profitability in the major European countries in which the Group operates and play an important role in high-potential markets.  Grow in the retail and SME (Small & Medium-sized Enterprises) sectors by implementing a distribution strategy based primarily on agents networks and focused on a multi-brand approach.

SYNERGY OF BOTH GROUPS
FUTURE GROUP
     

Deep Understanding of Markets & Segments Established Brands Sales & Distribution Culture Investments & Infrastructure

GENERALI GROUP
 

Product Innovation Capabilities Multifaceted distribution strategy

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 

Processes, systems & Technology Financial Strength

Future Generali Vision
To be the preferred Total Insurance Solutions & Services Provider enabling our customers to fulfil their lifetime dreams and aspirations.

Future Generali Mission
To consistently ensure value creation for all our stakeholders, be it:
    

Customers Business Partners Employees Shareholders Community

Positioning • Knowledge Organization with Leadership Approach
• One Stop Total Insurance Solutions & Services Provider • Customer Centric Model embracing Passion, Convenience and Service Excellence

Objective • To provide superior customer service through our knowledge-based business partners
and employees supported by innovative products and services

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Organisational Structure:

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Management:
Core Team Members:
 Mr. G. N. Bajpai Chairman, Future Generali India Life Insurance Co. Ltd. & Future Generali India Insurance Co. Ltd. Dr. Kim Chai Ooi Country Manager, Future Generali Mr. G N Agarwal Chief Executive Officer, Future Generali India Life Insurance Co Ltd. Mr. Nirakar Pradhan Chief Investment Officer, Future Generali India Life Insurance Co Ltd. Mr. Anup Chandak CFO, Future Generali India Life Insurance Co Ltd. Mr. Rajeev Shirodkar CIO, Future Generali India Life Insurance Co Ltd. Mr. Madan Jalan Company Secretary & Legal Head Mr. Balram Sharma Chief Operations

 

 

Management At Jodhpur Branch:
Branch Manager  Mr. Gaurav Mathur

Sales Manager Mr. Durgesh Mathur

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CHAPTER -2
SWOT Analysis Of The Company

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SWOT ANALYSIS of FGI
STRENGTHS:

Future Generali India Insurance Company is the largest private player in India, with a market share of around 36% amongst the private players.

Future Generali India Insurance Company has deposited a paid up capital of Rs 925 crore with IRDA caution deposit, the highest among all the life insurance company in India where as LIC has deposited Rs 60 crore so far.

Future Generali India Insurance Company is the first life insurance company to offer ECS debit facility and riders benefits.

Future Generali India Insurance Company is the first company to introduce unit link life insurance and pension products. Presently the maximum numbers of ranges are under ULIP life insurance, investment as well as pension plan

 

Products: Flexibility to switch your fund value at your own discretion four times a year viz. maximizer, protector, balancer, preserver.

Greater transparency-policy holder knows what is happening to his money and where the company has invested his money.

Liquidity options-you can make complete or partial withdrawals any time after 3 years.

Life insurance plans are eligible for deduction under sec 80.

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WEAKNESSES:
i. Industry in nascent stage. ii. Rural areas still not covered. iii. Not very known among Indian population. iv. Lack of credibility among the people because Future Generali India Insurance Company being a private player. v. Premiums are high as compared to its competitors. vi. Very few branches in the country. vii. Products:     The policy doesn‟t have the surrender option before third year. Plan does not offer any guarantee or assured return. Product profile is not very comprehensive. Mortality, management and administrative charges are sky scrapping as compared to its competitors.

OPPORTUNITIES
i. Liberalization of Indian economy. ii. As the industry is growing the whole market is virgin. iii. The whole private sector is opened to be trapped even though the competition is fierce from government owned insurance companies. iv. It‟s a volume business that is even if the company has few good corporate the turnover cease to increase by manifold.

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v. Products:  Preserver funds look good due to comfortable liquidity in the economy and there is little chance hike in short-term rate by RBI.  Finance minister unveiled a budget favoring consumer spending, boosting demand and therefore higher economic growth.

THREATS
i. The government players will become aggressive thus growth is going to be tough. ii. Entry of other players is not ruled out. iii. Apprehension towards FGI being a private life insurance company. iv. We expect the industry to rationalize in future that is mergers and acquisitions will happen, which will impact the industry and FGI fortunes. v. Products:   Past performance of these plans is not indicative of the future performance of the plan. The sum invested in the funds is subject to market risks and there can be no assurance that the objective of plan will be achieved.  All benefits payable under the policy are subject to tax laws and other financial enactment, as they exist from time to time.

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CONCLUSION
    There is very tough competition among the private insurance companies on the level of new trend of advertising to lull a major part of Customers. FGI is not left behind in the present race of advertisement. The entry of more Pvt. Players in the Insurance Sector has expanded the product segment to meet the different level of the requirement of the customers. It has brought about greater choice to the customers. FGI has vast market and very firm grip on its traditional customers and monopoly of life insurance products.

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CHAPTER -3
LESSONS LEARNT

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LESSONS LEARN
WEEK 1
In the 1st week of my training, I have been given a theoretical analysis about our company and introduction also has been given to me. First of all I met Mr.Gaurav Mathur, who is Branch Manager of Future Generali, Jodhpur. He introduced me from other employees of company. During the week. I learn following things:1. 2. 3. 4. What is insurance? Why it is necessary? What are the objectives of our company? What is company‟s profile, mission, etc.?

WEEK 2
In the 2nd week Mr.Durgesh Mathur (assistant branch manager ) has given me knowledge of our various plans and products which are as follows…. 1. Protection Plans 2. Saving Plans 3. Child Plans 4. Retirement Plans 5. Motor Insurance 6. Health Insurance

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Week 3
In the 3rd week I have been given field work with my team mate. In the field work there was a team of five members including me. And we have to give the knowledge of Future Generali and its policy and plans to the people. We were trained by training manager who taught us to make different calls and inform people about the policies.

We indicated people as follows : 1. 2. 3. 4. What is insurance and why it is necessary ? What are the benefits of our company? What are the policy terms and plans of our company? Which product will best suit to whom?

Week 4
During the 4th week, again I did field work with my team mate. It was a telephonic survey for collecting the data about insurance from people. Than we sale our policies to people which are founded before. I was given targets for the week. My targets were to sell 2 policies for a day. It was like a “sold a comb to the person who do not have hair” I tried more and more for completing the target. At the end of 7 days of my training I could sell only it policies. I did not complete the target but it was a good enough for me and company too. It was a wonderful training session. I worked a lot for myself and my company. My manager evaluated my performance by checking the data collected by me and policies sold by me. He was satisfied and happy from my work and give me a certificate for my performance. I am very thankful to my manager and team mates who supported me in giving my best performance and for training me.

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CHAPTER -4
SUGGESTION TO THE COMPANY

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Suggestion
In the modernized well advanced hi-tech approach to the customer every possible facilities and effort to build up the confidence of the rising policy holders towards. Insurance companies, to complete one another noting are left to recommend. But some recommendations that are intensely felt and highly required for insures to sustain in the market.

These are as follows:
1. More and more transparency should be ascertained between insurers and policy holders.

2. Particularly, in the emerging boom in the insurance company, every insurance company should be customer centered , and well versed in the handling of problem and grievances of the policy holders.

3. Each and every product launched by the insurance company should be favor of increasing need of policy holders.

IRDA should be more and more responsible to the insurance sector by determining some standard. It should be mandatory to every insurer to make more and more responsible and responsive to the policy holders so that co9mprehensive understanding may be developed among policy holders. It may be beneficial on both sides.

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CHAPTER -5
BIBLIOGRAPHY

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NEWSPAPERES/MAGAZINES
1. The Economic Times. 2. The Insurance Times. 3. Insurance Post.

WEBSITES
1. WWW.GOOGLE .COM 2. WWW.FUTUREGENERALI.COM 3. WWW.INDIAINFOLINE.COM

Brochure and Information Booklet Of Future Generali

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