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Asian School of Management: A Gruop Report On Insurance Industry
Asian School of Management: A Gruop Report On Insurance Industry
SUBMITTED TO :- SUBMITTED BY :-
Prof. K.K.BHASIN PRADEEP GIRI
Mob.9935706070
Pradeepgiri26@gmail.com
pradeepmrkt@gmail.com
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Contents
3. ACKNOWLEDGMENT 4
4. OBJECTIVE OF REPORT 5
12. CONCLUSION
13. BIBLIOGRAPHY
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CERTIFICATE
ASIAN SCHOOL OF MANAGEMENT
CERTIFICATE FOR THE SUBMISSION OF REPORT
Pradeep
Giri
SIGNATURE
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PREFACE
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ACKNOWLEDGMENT
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OBJECTIVE OF REPORT
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Brief History Of Insurance
The story of insurance is probably as old as the story of mankind.
Life Insurance in its modern form came to India from England in the
year 1818. Oriental Life Insurance Company started by Europeans in
Calcutta was the first life insurance company on Indian Soil. All the
insurance companies established during that period were brought up
with the purpose of looking after the needs of European community
and Indian natives were not being insured by these companies.
However, later with the efforts of eminent people like Babu Muttylal
Seal, the foreign life insurance companies started insuring Indian
lives.
Bombay Mutual Life Assurance Society heralded the birth of first
Indian life insurance company in the year 1870, and covered Indian
lives at normal rates. Starting as Indian enterprise with highly patriotic
motives, insurance companies came into existence to carry the
message of insurance and social security through insurance to various
sectors of society.
Bharat Insurance Company (1896) was
also one of such companies inspired by nationalism. The Swadeshi
movement of 1905-1907 gave rise to more insurance companies. The
United India in Madras, National Indian and National Insurance in
Calcutta and the Co-operative Assurance at Lahore were established in
1906. In 1907, Hindustan Co-operative Insurance Company took its
birth in one of the rooms of the Jorasanko, house of the great poet
Rabindranath Tagore, in Calcutta.
The first two decades of the twentieth century saw lot of growth
in insurance business. From 44 companies with total business-
in-force as Rs.22.44 crore, it rose to 176 companies with total
business-in-force as Rs.298 crore in 1938.
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ABOUT KNOWLADGE OF INSURANCE
Nomination
On the other hand, assignment of an insurance policy is a transfer or assignment of all rights
and liabilities of the insurance policy in favour of the assignee.
Claim
What is a Claim?
A claim is the payment made by the insurer to the insured or claimant on the
occurrence of the event specified in the contract, in return for the premiums paid
for the insured.
Once all the requirements are submitted, how much time does
the Company take to settle the Claim?
The Company settles the Claim within 8 working days after all the records,
documents and necessary forms are submitted and documentation is completed.
In case, the Claim warrants further verification, the Company keeps the Claimant
informed of the same. Subsequently, when the decision is taken, it is
communicated to the Claimant by a letter. From November 2005, we have started
sending SMS Alerts to the advisor of the policy to enable the quick
communication of the decision of the claimants.
What is IRDA?
IRDA is Insurance Regulatory Development Authority, that has been set up to
protect the interests of the policy holders, to regulate, promote and ensure orderly
growth of the insurance industry and for matters connected therewith or
incidental thereto. [This definition has been taken from the IRDA website]
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As per IRDA (Insurance Regulatory Development Authority), the Insurance
Company is required to settle a claim within 30 days of receipt of all
requirements.
However, if the claim warrants further verification, the Company
should complete its procedures within 6 months from receipt of written
intimation of the claim. If the Company settles the claim beyond 6 months
period, the interest is payable by the Company on the claim amount. The interest
is payable only where the Claimant has submitted all the requirements. Further,
rate and period of interest are decided as per IRDA guidelines.
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In case I lose my policy document how do I obtain a duplicate
policy?
You will need to pay the charges towards the issue of a duplicate policy, which
will also include the charges for stamp fee. We will send a ‘Duplicate Policy
Request’ form that you will need to fill and send us. You will also need to send us
additional requirements like FIR copy/advertisement in the newspaper
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Surrender/Partial withdrawal / Assignment
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How do I assign a policy or transfer a life insurance policy?
Assignment or transfer of a life insurance policy may be made by simply making
an endorsement to that effect in the policy document. Another way of transferring
or assigning the life insurance policy is to get a separate assignment deed
executed.
The former case is the preferred mode of assignment as it is exempt from further
stamp duty. An assignment should be signed by the assignor or his duly
authorized agent, and should specifically state the fact of transfer or assignment.
The document should be attested by at least one witness.
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ICICI PRUDENTIAL LIFE INSURANCE COMPANY
LTD.
Branch Manager
Partner Partner
A A A A A A A A A AA A A AA A
AUM complete BMRT to promote UM.
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Pension Plan
Premium Life Pension
Life Time Super Pension
Health Plan
Health Solution
Crisis Cover
Children Plan
Smart Kid
Smart Kid Unit Linked
Ulp Plan
Life Time Stage
Premier Life Gold
Important Product
Product min-max Yearly Half Monthly Riders
age yearly
Life-time Stage 24-35 18,000 9,000 1,500 ADBR/CIBR/WOPR
Premier Life-Gold 0-65 1,00,000 ------------ ----------- ADBR/ CIBR
Life time Pension 18-70 12,000 6,000 1,000 ADBR/ WOPR
Save’nProct 10-45 6,000 3,000 500 ADBR /CIBR
Money back 10-45 6,000 3,000 500 ----------
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Fund Name & Asset Mix Min % Max % Potential Risk
Cover
0% 20%
0% 25%
40% 1005
60% 100%
50% 100%
Switching Option
With this option you can switch between the various funds.
Surrender Policy
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ICICI Prudential AMC launched the ICICI Prudential Micro
Systematic Investment Plan with a minimum investment of Rs. 50 per
month. This facility provides an opportunity to invest small amounts
periodically and build a corpus of savings over the long term. It gives
a choice of investments to this segment wherein they could also
choose to participate in debt and capital markets. According to a
release, the key features of the plan are: minimum investment amount:
Rs. 50 and in multiples thereof, minimum redemption amount: Rs.
500, entry load: 2.25 per cent, exit load: variable as per the amount
invested, the duration of investment and the scheme. Only the growth
option is available and there is no lock-in period, adds the release.
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It was much later on the 19th of January, 1956, that life insurance in
India was nationalized. About 154 Indian insurance companies, 16
non-Indian companies and 75 provident were operating in India at the
time of nationalization.
LIC had 5 zonal offices, 33 divisional offices and
212 branch offices, apart from its corporate office in the year 1956.
Since life insurance contracts are long term contracts and during the
currency of the policy it requires a variety of services need was felt in
the later years to expand the operations and place a branch office at
each district headquarter
Mission
"Explore and enhance the quality of life of people through financial
security by providing products and services of aspired attributes with
competitive returns, and by rendering resources for economic
development."
Vision
"A trans-nationally competitive financial conglomerate of significance
to societies and Pride of India."
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As individuals it is inherent to differ. Each individuals insurance needs
and requirements are different from that of the others. LIC is
Insurance Plans are policies that talk to you individually and give you
the most suitable options that can fit your requirement.
it was much later on the 19th of January, 1956, that life insurance in India
was nationalized. About 154 Indian insurance companies, 16 non-Indian
companies and 75 provident were operating in India at the time of
nationalization.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart
from its corporate office in the year 1956. Since life insurance contracts are long term contracts
and during the currency of the policy it requires a variety of services need was felt in the later
years to expand the operations and place a branch office at each district headquarter
CHILDRAN PLAN
Jeevan anurag Komal jeevan
Cda endowment vesting at
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Marriage endowment or
Cda endowment vesting at
Educational annuity plan
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Jeevan kishore Jeevan chhaya
Child career plan Child future plan
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ENDOWMENT ASSURENCE PLANS
The Endowment Assurance Policy
The Endowment Assurance Policy-Limited Payment
Jeevan Mitra(Double Cover Endowment Plan)
Jeevan Mitra(Triple Cover Endowment Plan)
Jeevan Anand
New Janaraksha Plan
Jeevan Amrit
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Jeevan Anand
Jeevan Tarang
SPECIAL PLANS
LIC’s Special Plans are not plans but opportunities that knock
on your door once in a lifetime. These plans are a perfect blend
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of insurance, investment and a lifetime of happiness!
SPECIAL PLAN
Jeevan Saral
Jeevan Madhur
Health Plus
E-PROCUREMENT
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Advantages include getting the right product, from the right supplier,
at the right time, for the right price and the right quantity. In reality e-
procurement has the advantage of taking supply chain management to
the next level, providing real time information to the vendor as to the
status of a customer's needs.
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ICICI Lombard General Insurance
Office No. 206-219,sohrab Hall
Sasoon Road , Pune Station
Sangamwadi, T.P. Scheme
Pune-411001
Commercial Vehicles
Fire Insurance
Marine Insurance
Industrial Insurance
Corporate Insurance
Liability Insurance
Shop Insurance
Others
Scope of cover
Sum Insured
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Premium
Policy Coverage
ICICI Lombard Commercial Vehicle insurance offers Third Party only cover for Goods-carrying
Commercial vehicles. This cover is applicable to Public and Private Carriers including Motorized
Three Wheelers and Motorized Pedal Cycles.
Our Commercial Vehicle insurance Policy is governed by the Indian Motor Tariff. It defines
Goods-carrying Commercial Vehicle as:
Public Carriers (other than three wheelers)
Home Insurance
Introduction
It is imperative that you secure your home from natural and man-made
catastrophes. Our Home Insurance Plan ensures you peace of mind by
protecting the structure and the contents of home.
Policy Coverage
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You can choose to buy insurance for only the building (structure) of
your home, or only the contents (belongings) or both.
The policy covers the losses to the structure and contents of your home due
to any natural and man made calamities.
Optional covers:
Terrorism cover - Covers any damages and losses to the structure
and / or contents of your home due to acts of terrorism.
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The maximum coverage is up to Rs. 1,00,000 for up to 6 months. The
cover is available only if you are insuring the structure of your home.
Key Benefits
FICCI surveys show that realty rates may escalate 10%-15% in next
6 months of 2007
Home Structure:
The home insurance policy insures the structure of your home for its
reconstruction value (and not for market value). Reconstruction value
is defined as the cost incurred to reconstruct the home if it is damaged.
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On the other hand market value is a combination of cost of land,
demand & supply scenario, etc.
Home Contents:
The contents of your home - furniture, durables, clothes, utensils, jewelry,
etc. - are to be valued on market value basis i.e. the current market value of
similar items after depreciation. Depreciation does not apply for jewellery.
Claims Process: Know all about making a claim
Log your claim by calling our toll free number 1800 209 8888.
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Company's claims department validates and registers the request. They
appoint a surveyor within 48 hours.
The insured submits all the relevant documents to the surveyor. The
surveyor submits the Final Survey Report (FSR) along with the
documents within 7 days.
Documents Required
Copy of FIR
Why buy online at www.icicilombard.com? We give you a few of many reasons why -
Digitally signed policy is available 24X7 online, customer can take prints
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instantly. The hard copy of the policy is couriered the same day (or next
day if customer buys after 6 PM) and will reach him/her within 2-3
working days.
0% EMI option: You can pay online through ICICI Bank or Citibank Credit
Card at 0% EMI (interest-free EMI).
Travel Plans
All overseas travel policies charge premium on a slab basis. Which means if you
are on a 16 day trip, you end up paying for 21 days, as the slab is 14 to 21 days.
But with us you ‘pay per day’.
Motor Plans
Car Insurance
A comprehensive policy that not only covers you against third party but
also against accidents, damage, injury and much more.
Introduction :
ICICI Lombard brings to you a comprehensive Package
Policy for your four-wheelers, which covers Loss or damage to Loss or
damage to your vehicle: The policy covers you against any loss or damage
caused to the vehicle due to the following natural and man made calamities.
Man made Calamities – Burglary, theft, riot, strike, malicious act, accident
by external means, terrorist activity, any damage in transit by road, rail,
inland waterway, lift, elevator or air.the vehicle insured, Personal Accident
and Third Party Liability.
Policy Coverage
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Our Motor insurance Policy is governed by the Indian Motor Tariff. It covers
you for:
Third party legal liability: This protects you against legal liability arising
due to accidental damages
- Any permanent injury/ death of a person
- Any damage caused to the property.
Policy Exclusions
Introduction
Two- wheeler riding calls for a constant alertness from theft and accidents.
Two-wheeler policy guarantees safety for your vehicle and yourself, thereby
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making your ride stress- free.
Policy Coverage
A composite policy that protects you against an unfortunate accident, third party liability, injuries
and damages.
Two-wheeler insurance policy is governed by the Indian Motor Tariff. It covers you for:
Loss or damage to your vehicle: The policy covers you against any
loss or damage caused to the vehicle due to the following natural and man
made calamities.
Third party legal liability: This protects you against legal liability
arising due to accidental damages for
- Any permanent injury/ death of a person
- Any damage caused to the property
Key Benefits
Package Policy for your Two Wheelers with Own Damage + Personal
accident + Liability cover
You can avail of our cashless claim facility at our Cashless Garage Network
all across India.
No Claim Bonus: If you do not make a claim during the policy period, a No
Claim Bonus (NCB) is offered on renewals. This discount can go as high as
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50%. (NCB will only be allowed provided the policy is renewed within 90
days of the expiry date of the previous policy.)
Transfer your NCB: You can transfer full benefits of No Claim Bonus when
you shift your motor insurance policy from another company to ICICI
Lombard.
The discount rate remains the same, provided you show evidence that you
are entitled to No Claim Bonus from your previous motor insurance
company.
Discount for Anti-theft Devices: In case you have installed ARAI approved
anti theft device in your vehicle, you get a discount of 2.5 % on the OD
Premium to a maximum of Rs. 500.
Health Plans
Critical Care
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Critical Care Sum Insured Table
Covers Sum Insured Options
Accidental Death
Age is calculated as on the date the policy is issued (i.e.age completed as on his last birthday)
Policy Coverage
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Basic Hospitalisation cover includes:
Medical expenses incurred as an inpatient during hospitalisation for more than 24 hours,
including room charges, doctor’s / surgeon’s fee, medicines, diagnostic tests, etc.
- Cataract
- Lithotripsy (Kidney Stone Removal)
- Tonsillectomy
- Eye Surgery
- Dialysis
- Dilatation & Curettage
- Chemotherapy
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Expenses related to Dental Treatment
Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialist Fees
Anaesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical
Consumables, Medicines and Drugs, Diagnostic Materials and X-ray,
Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, Cost of
Artificial Limbs External Medical Aids, Dental treatment charges,
Ambulance charges
OPD claims can be lodged only once during the Period of Insurance,
within a period of 90 days from start of cover and 30 days of end of
cover.
Sum Insured for Plans covering 2 individuals comes under the Floater
benefit.
For the first time in India, one single policy takes care of the
hospitalisation expenses of your entire family. Family Floater Health
Plan takes care of all the medical expenses during sudden illness,
surgeries and accidents.
Key Benefits
One Policy – One Premium for the entire family. The floater health
plan covers your entire family under one policy with one sum
insured and one premium. This takes care of hospitalisation
expenses in case of a sudden illness, accident or planned surgery of
the entire family.
Income Tax benefit under Section 80D. Click here to know more
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about Tax Benefit
5% discount on premium for every claim free year
Digitally signed policy is available 24X7 online, customer can take
prints instantly. The hard copy of the policy is couriered the same
day (or next day if customer buys after 6 PM) and will reach
him/her within 2-3 working days.
No health check up required upto the age of 45 years (as on last
birthday).
Medical Tests at the rate of Rs. 646 (per insured member). Click
here for Medical Test Details
Free health check-up coupon for any one insured family member.
Click here to know more.
Hassle free claims procedure
Cashless claim facility available at over 4,500 network hospitals
across India.
Multiple payment options – credit card, net banking (direct debit),
and cheque / demand draft.
You can pay through your ICICI Bank or Citibank Credit
Card and avail of Interest-Free equal monthly installments
(EMI) for your premium.
Note: EMI option subject to minimum annual premium of Rs.
1500
Additional Benefits:
Eligibility
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The enrolment age (of the senior most family member) should be
between 19 years to 60 years.
Other members in the plan can be less than 19 years of age (i.e. up to
91 days).
The insured child aged between 91 days to 5 years must be
accompanied by at least 1 Adult Member.
The policy cover is renewable till the age of 70 years.
The customer can buy the policy for any family member(s).
For the purpose of income tax exemption u/s Sec. 80D, the policy
should be bought only for self, spouse, dependent children and
dependent parents.
Claims Process
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Download Claim Form
We at HDFC Standard Life realise that not everyone has the same kind of
needs. Keeping this in mind, we have a varied range of Products that you
can choose from to suit all your needs. These will help secure your future
as well as the future of your family.
Protection Plans
You can protect your family against the loss of your income or the burden
of a loan in the event of your unfortunate demise, disability or sickness.
These plans offer valuable peace of mind at a small price.
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Investment Plans
Our Single Premium Whole Of Life plan is well suited to meet your long
term investment needs. We provide you with attractive long term returns
through regular bonuses.
Pension Plans
Our Pension Plans help you secure your financial independence even after
retirement.
Our Savings Plans offer you flexible options to build savings for your
future needs such as buying a dream home or fulfilling your children’s
immediate and future needs.
You have always ensured that your loved ones keep living a respectable life
with their heads held high. But life can be uncertain. As a prudent family
man, you need to secure your family's future and protect your pride and
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your family's self respect. You need to have a plan to take care of your
family if something unfortunate were to happen to you.
With our Protection Plans, you can protect your family from
uncertainties in life such as your unfortunate death or critical illness.
And ensure that your family lives a life of self-respect and dignity
even in your absence.
Our Protection Plans give you :
Step 2 Choose from any one of the 3 additional optional benefits as per your
requirement
Step 3 Work out the premium payable along with our Financial Consultant
Tax Benefits
INCOME TAX GROSS HOW MUCH TAX CAN HDFC STANDARD LIFE
SECTION ANNUAL YOU SAVE? PLANS
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SALARY
Upto Rs. 33,990 saved on
Across All investment of
Sec. 80C All the life insurance plans.
income Slabs. Rs. 1,00,000.
Rs. 37,389
TOTAL SAVINGS
Rs. 33,990 under Sec. 80C and under Sec. 80 CCC , Rs.3,399 under Sec. 80
POSSIBLE **
D, calculated for a male with gross annual income
exceeding Rs. 10,00,000.
Under Sec. 10(10D), the benefits you receive are completely tax-free,
Sec. 10 (10)D
subject to the conditions laid down therein.
* Applicable to premiums paid for Critical Illness Benefit, Accelerated Sum Assured and
Waiver of Premium Benefit.
** These calculations are illustrative and based on our understanding of current tax legislations,
which are subject to change.
HDFC Standard Life has the most comprehensive list of products for
progressive employers who wish to provide the best and most innovative
employee benefit solutions to their employees. We offer different products
for different needs of employers ranging from term insurance plans for pure
protection to voluntary plans such as superannuation and leave encashment.
We now offer the following group products to our esteemed corporate
clients:
Group Term Insurance
Group Variable Term Insurance
Group Unit-Linked Plan
Whatever the business – It’s the people who make it a success. Everybody requires some type
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of life insurance, especially when others depend on them financially. The Group Term Insurance
(GTI) plan meets this need and serves as an ideal way for companies to reinforce their bond
with their employees. The sort of needs, you, as an employer need to cater to could be in form
of:
Employee benefits
Cover for housing or vehicle loans given by you to your
employees
A GTI cover for future service gratuity liability to be taken along
with the HDFC Group Unit Linked Plan
The HDFC Group Term Insurance is a cost-effective plan that addresses
these needs. In addition you have the choice to opt for a GTI with an
experience discount feature ("Profit Share"), where a discount is given on future
premiums in case of favorable claim experience (subject to group size).
The HDFC group term insurance plan will have the following structure:
One year renewable term insurance plan
One master policy issued covering all members of the group
Sum assured is payable on death (either due to natural causes or
accidents)
The plan covers death due to any cause; accidental or natural, and hence is more
comprehensive than Group Personal Accident Insurance. Several multinational corporations,
large Indian companies, foreign banks and software companies have already chosen the HDFC
Group Term Insurance, an innovative product from HDFC Standard Life Insurance, to protect
their employees.
Optional Rider Benefits
Accidental Death Benefit
Total Permanent Disability
Total Permanent and Partial Diability Benefit
Critical Illness Benefit
Social Product
Development Insurance Plan
Eligibility
- Members of the development agency and their spouses with:
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- Minimum age at the start of the policy 18 years last birthday
- Maximum age at the start of policy 50 years last birthday
Employees of the Development Agency are not eligible to join the
group. The group to be covered is only eligible if it contains more
than 500 members.
Premium Payments
The premium to be paid will be quoted per member in the group and
will be the same for all members of the group.
The premium can only be paid by the Development Agency as a
single lump sum that includes all premiums for the group to be
covered. Cover will not start until the premium and all the member
information in our specified format has been received.
The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per member.
Benefits
On the death of each member covered by the policy during the year
of cover a lump sum equal to the sum assured will be paid to their
beneficiaries or legal heirs. Where the death is as a result of an
accident, an additional lump sum will be paid equal to half the sum
assured. There are no benefits paid at the end of the year of cover
and there is no surrender value available at any time.
Due to the nature of the groups covered, HDFC Standard Life will be
passing certain administrative tasks onto the Development Agency.
By passing on these tasks the premium charged can be lower. These
tasks would include:
Submission of member data in a specified computer format
Collection of premiums from group members
Recording changes in the details of group members
Disbursement of claim payments and the mortality rebate (if any)
to group members
These tasks would be in addition to the usual duties of a
policyholder such as:
Payment of premiums
Reporting of claims
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Keeping policy holder information up to date
Training and support will be available to give guidance on how to
complete the tasks appropriately.
Since these additional tasks will impose a burden on the
Development Agency, the Development Agency may charge a Rs. 10
administration fee to their members.
Prohibition of rebates
Section 41 of the Insurance Act, 1938 states
No person shall allow or offer to allow, either directly or
indirectly, as an inducement to any person to take out or renew or
continue an insurance in respect of any kind of risk relating to
lives or property in India, any rebate of the whole or part of the
commission payable or any rebate of the premium shown on the
policy, nor shall any person taking out or renewing or continuing a
policy accept any rebate, except such rebate as may be allowed in
accordance with the published prospectus or tables of the insurer
If any person fails to comply with sub regulation (previous point)
above, he shall be liable to payment of a fine which may extend to
rupees five hundred
Performance
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NEW INDIA ASURANCE COMPANY PVT. LTD.
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CONCLUSION
There for Indian government has been able to cover only 20% of
insurance . But the develop country like USA & UK they covered
95%.
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BIBLIOGRAPHY
Office
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HDFC Standard life insurance
Near Aadinath society
Pune satara road 411009
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