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Submitted in partial fulfillment for the Award of degree of
Master of Business Administration
I express my sincere thanks to my projects gudie,«««««««««, Designation,«««««««., Deptt«««., for guiding me right form the inception till the successful completion of the project. I sincerely acknowledge him for extending their valuable guidance, support for literature, critical reviews of project and the report and above all the moral support he/she/they had provided to me with all stages of this projects
I would also like to thank the supporting staff «««««««««««««««.. Department, for their help and cooperation throughout our project ,
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Executive Summary .
INTRODUCTION TO THE ORGANISATION 3. ANNEXURE: QUESTIONNAIRE 9. BIBLIOGRAPHY . CONCLUSION 7.TABLE OF CONTENTS 1. INTRODUCTION TO THE INDUSTRY 2. FACTS AND FINDINGS 6. RECOMMENDATIONS AND SUGGESTIONS 8. DATA ANALYSIS AND INTREPRETATION 5. RESEARCH METHODOLOGY y TITLE OF THE STUDY y DURATION OF THE STUDY y OBJECTIVE OF THE STUDY y TYPE OF STUDY y SCOPE OF STUDY y SAMPLE SIZE & METHOD OF SELECTING SAMPLE y DATA COLLECTION y LIMITATION OF THE STUDY 4.
Chapter-1 INTRODUCTION TO THE INDUSTRY .
4 billion.term investments. Insurance sector canalizes the savings of the people to long. Life insurance is the cheapest investment tool in which we can earn more in a short period of time. . the payment being made from the accumulated contributions of all the parties participating in the scheme´ The function of insurance is to protect you against losses you can¶t afford. India has traditionally been a high savings oriented country being on par with the thrifty Japan.521.2 billion while the non-life insurance market is placed at $922. Insurance reduces anxiety over a possible loss and absorbs the financial brunt of its consequences. It also provides a safe guard to the uncertainty of our life.INTRODUCTION Life Insurance Life insurance is the only tool to secure our life in future. this sector will bring the nations own money for the nation The global life insurance market stands at $1. Insurance sector in the United States of America is as big in size as the banking industry there. In India where infrastructure is said to be of critical importance. This gives us an idea of how important the sector is. In the words of D S Hansell ³Insurance may be defined as a social device providing financial compensation for the effects of misfortune.
Out of one billion people in India. only 25 million people are covered by insurance. 500 bn. . 5000= Rs. This has made the sector the hottest one in India after IT.933 billion annual premium collections and a meager 0. amounts to 100 million x Rs.41% share. the role of the regulator becomes all the more serious and one that would be carefully watched at every step. Indian insurance market is set to touch $25 billion by 2010.India takes the 23rd position with US $9. on the assumption of a 7 per cent real annual growth in GDP. With social security and security to the public at large being the agenda for opening the sector. In 3 years time we would expect the 10% of the population to be under some sort of an insurance cover. This assuming a premium of Rs. 5000 on an average.
In the 18th century BC. the Madras Equitable Life Insurance Society in 1829. in its present form. came to India from the United Kingdom with the establishment of a British firm came to India from the United Kingdom with the establishment of a British firm. in the early & mid 1800¶s prompted dramatic group. The Industrial Revolution in the US. hammurabi developed a code of law known as the code of specific rules governing the practices of early risk-sharing activities. The Indian Life Assurance Companies Act. Prior to 1871. & the Oriental Government Security Life Assurance Company in 1874. The company collected contributions& this money went into an investment fund. Benjamin Frank contributed for the Insurance of Houses from Loss by Fire. In 1730. To collect statistical information about both life & non-life insurance business transacted in . followed by Bombay Life Insurance Assurance Company in 1823. was the first to cover Indian lives at normal rates.History of Insurance Historians believe that insurance first developed in Summer & Babylonia. Several shared profits among policyholders. Babylonian king. many companies were establishes to sell life insurance policies & annuities. Later in 1928. to enable the govt. 1912 was the first statutory measure to regulate life insurance business. Indian lives were treated as sub-standard & charged extra premium of 15% to 20%. In addition. Oriental Life Insurance company in Calcutta in 1818. The merchants & traders of these societies transferred & pooled their money to protect themselves from pirates. Insurance developed during the 1700¶s in the North American colonies. an Indian insurer which came into existence in 1871. some life insurance companies charged premiums according to age of people & health. Life insurance. Interest on this fund went towards paying claims dividends to those who contributed money. also developed. Bombay Mutual Life Assurance Society. During this time. the Indian Insurance Companies Act was enacted.
making far reaching changes. 16 non-Indian insurers & 75 provident societies were carrying on life insurance business in India. The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again.India by Indian & foreign insurers. On 19th January 1956. including the provident insurance society. ceiling on the expenses of management & agency commission etc. however. By 1956. 1938. the management of the entire life insurance business of 229 Indian insurers & provident insurance societies & the Indian life insurance business of 16 non-Indian life insurance companies then operating in India. & then nationalized on 1st September 1956 when Life Insurance Corporation came into existence.The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. Efforts in this direction continued progressively & the Act was amended in 1950. brought into effect with the enactment of the Insurance Act. stricter controls on investment of life insurance companies. . was taken over by the central govt. 154 insurers. An ordinance was passed in 1968 to amend the Insurance Act to regulate/control non-life. Comprehensive arrangements were. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years. Some of the important milestones in the life insurance business in India are: y 1912 . such as requirement of equity capital for companies carrying on life insurance business. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. on the other hand. the first company to transact all classes of general insurance business. 107 insurers amalgamated and grouped into four companies viz.The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.y 1928 . 1972 nationalized the general insurance business in India with effect from 1st January 1973. the New India Assurance Company Ltd. viz. the National Insurance Company Ltd.. with a capital contribution of Rs. Insurance Regulatory Authority (IRA) was established which was later re-styled as IRDA in 1999. 1968 . set up. LIC Act.Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.General Insurance Council. The General insurance business in India. 1956 . a wing of the Insurance Association of India. Malhotra committee submitted its report in 1994 & recommended means to reintroduce an element of competition by withdrawing the exclusivity of LIC & GIC.. the Oriental Insurance Company Ltd. . frames a code of conduct for ensuring fair conduct and sound business practices.The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. the first general insurance company established in the year 1850 in Calcutta by the British. 1956. GIC incorporated as a company. LIC formed by an Act of Parliament. 5 crore from the Government of India. y y 1972 . 1938 . y y Some of the important milestones in the general insurance business in India are: y 1907 . Insurance resulting in set up of GIC in 1973.The General Insurance Business (Nationalization) Act. In 1997. and the United India Insurance Company Ltd.The Indian Mercantile Insurance Ltd.. 1957 . can trace its roots to the Triton Insurance Company Ltd.
The reforms were aimed at creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial System where it was necessary to address the need for similar reforms.was formed to evaluate the Indian insurance industry and recommend its future direction. No Company should deal in both Life and General Insurance through a single entity.Malhotra Committee In 1993.should be made independent . Malhotra.1bn should be allowed to enter the sector. iii) Regulatory Body The Insurance Act should be changed. the committee submitted the report and some of the key recommendations included: i) Structure Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. Only one State Level Life Insurance Company should be allowed to operate in each state. ii) Competition Private Companies with a minimum paid up capital of Rs.N. An Insurance Regulatory body should be set up. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Controller of Insurance. In 1994.a part of the Finance Ministry. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. All the insurance companies should be given greater freedom to operate.headed by former Finance Secretary and RBI Governor R. Postal Life Insurance should be allowed to operate in the rural market. Malhotra Committee.
Insurance companies must be encouraged to set up unit linked pension plans. GIC and its subsidiaries are not to hold more than 5% in any company (there current holdings to be brought down to this level over a period of time) v) Customer Service LIC should pay interest on delays in payments beyond 30 days. Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999.iv) Investments Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. . the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives.The Insurance Regulatory and Development Authority. But at the same time. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products. For this purpose. industry should be opened up to competition. The other decision taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDA online service for issue and renewal of licenses to agents. it had proposed setting up an independent regulatory body. Computerization of operations and updating of technology to be carried out in the insurance industry The committee emphasized that in order to improve the customer services and increase the coverage of insurance policies. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies.
Bajaj Allianz General Insurance ICICI Lombard Insurance .Major Players LIFE INSURANCE BUSNIESS NON-LIFE INSURANCE BUSNIESS Life Insurance Corporation HDFC Standard Life Insurance ICICI Prudential Life Insurance Max New York Life Insurance Birla Sun Life Insurance OM Kotak Mahindra Life Insurance Reliance Life Insurance Allianz Bajaj Life Insurance Dabur CGU Life Insurance ING Vyasa Life Insurance SBI Life Insurance General insurance Corporation The New India Assurance Company National Insurance Company The Oriental Insurance Company United India Insurance Company Reliance General Insurance TATA-AIG Insurance Royal Sundaram Alliance General Ins.
Almost every person existing in this world is associated with insurance. General insurance includes many areas of insurance like marine. lawsuits. The contract also provides for payment of premium periodically to the corporation by the assured. directly or indirectly. in the sense they must have insured the assets of their own for example their house. Directly. These types of contracts are annual in nature. People purchase contracts of insurance. or property damage. motor. Indirectly. Usually the contract provides for the payment of an amount on the date of maturity or at specified intervals or at unfortunate death. health. fire. 3. 2. The contract provides for the payment of an amount on the happening of some contingency. from various insurance companies. loss of health. etc. Insurance can be divided into three categories 1. . to the person entitled to receive the same) on the happening of the event insured against. or anything else. car. engineering. Insurance provides a means for individuals & society to cope up with some of the risks faced in everyday life by everybody. called a Policy.What is Insurance? Insurance is a legal contract that protects people from the financial costs those results from loss of life. Life insurance is a contract for payment of a sum of money to the person assured (or failing him/her. Life Insurance General Insurance Health Insurance. in the sense that he/she has insured his/her life by some kind of insurance policy from any company.
they collect premiums & eventually redistribute that money as payments. reducing the risks faced by a group. whatsoever the reason may be. No one knows in advance when a loss will occur or how serious that loss will be. The assets of people may get damaged due to some heavenly act or by some nuisance creator. People may fall seriously sick or lose income or savings to pay off medical bills. Insurance companies perform a type of monetary redistribution. But it also serves many other important economic & societal functions. losses are sometimes unavoidable. Insurance pools risks shared by many people. thereby. The uncertainty surrounding potential losses is known as Risk. In exchange. Depending on the type of insurance. Insurance offers a way for people to replace risk with known costs-the costs of buying & maintaining insurance policies. Importance of Insurance Insurance benefits society by allowing individuals to share the risks faced by many people. They also insure their assets against any kind of wear and tear by natural forces & forcibly. Businessmen buy insurance to cover their employees against work related injuries & health problems. all policy holders (people who won insurance policies) receive a promise that the group of policyholders as represented by the insurance organization will pay when any policyholder experience any kind of loss. Insurance itself has become a significant economic force in most of the industrialized countries. redistribution can take .Why Insurance? In life. People pay to buy insurance coverage (protection from risk). Insurance provides the capital that communities need to quickly rebuild & recover economically from natural disasters. Individuals or their relatives may come across untimely death.
Because of this delay between collecting & paying out funds. In case of death. 3. Alternatively. insurance companies invest their funds to bring extra revenue. Easy settlement & protection against creditors: The life assured can name persons(s) called Nominee to whom the policy money would be payable in the event of his death. In case of death. Advantages of Life Insurance 1. if the policyholder finds him unable to continue payment of premiums. With these investment earnings. he can surrender the policy for a cash sum. The later will be considerably less than the sum assured. whereas under saving scheme the total accumulated saving alone will be available. It is superior to an ordinary saving plan: Unlike other saving plans. & few profits from these investments support the operations of insurance companies. if death occurs during early years. Ready marketability & suitability for quick borrowing: After an initial period. Further. Such investments help business & government finance their operations. 2. The proceeds of a life policy can be protected against the claim of the creditors of the life assured by effecting a valid assignment of the policy.place anywhere from a month to many decades. . a life insurance policy is sometimes acceptable as security for a commercial loan. he can tide over a temporary difficulty by taking loan on the sole security of the policy without delay. the full sum assured is made available under a life assurance policy. insurance companies can keep rates much lower than would otherwise be possible. it affords full protection against risk of death.
which is diverted to payment of life insurance premiums from the total income tax liability. Other times. Often. For example. personal property insurance. illness. and it is worth understanding it before buying it. Premiums are often annual or monthly. etc) from one person or group to a more financially-sound entity in exchange for a payment (also known as a premium). insurance transfers some type of risk (accident. rental insurance. and boat insurance. a consumer can pay a certain amount to an insurer each year to insure that person's car. but depending on the type of insurance they can be at other intervals. Insurance is a form of risk-management which spreads risk of many people in exchange for small payments from each. travel insurance. as well as statistics concerning make and model of the car and its accident record. and even color of the vehicle. number of passengers. life insurance. which includes automobile. and more.Tax Relief: The Indian Income. it is a safeguard. profession. This sum represents the insurance company's assessment of the likelihood that the car will be damaged or wrecked. Various types of insurance include motor insurance. driving record. it will be found that the assured is in effect paying a lower premium for his insurance. motorcycle.especially in the cases of motor insurance. and accident history of the insured. dental insurance.Tax Act allows deduction of certain portion of the taxable income. home insurance. theft. Specifically. These data are normally taken from historical figures relating to the age. insurance is required . sex. health insurance. natural disaster. . Insurance is something that almost all of us will need sometime. key man insurance. as well as the engine size. When this tax relief is taken into account.
Chapter-2 INTRODUCTION TO THE ORGANIZATION .
Old Mutual.About Kotak Life Insurance: Kotak Mahindra Old Mutual Life Insurance is a 76:24 joint venture between Kotak Mahindra Bank Ltd. and the United Kingdom. is an international financial services group listed on the London Stock Exchange and included in the FTSE 100 list of companies. Kotak Mahindra Old Mutual Life Insurance is one of the fastest growing insurance companies in India and has shown remarkable growth since its inception in 2001. The company is listed on the London Stock Exchange with a market capitalization and has its headquarters in London. For customers. the United States. this joint venture translates into a company that combines international expertise with the understanding of the local market. . with assets under management worth $ 400 Billion as on 30th June 2006. a company with 160 years experience in life insurance. Old Mutual was established more than 150 years ago and offers a diverse range of financial services in South Africa. and Old Mutual plc.
6 million customer accounts. Dubai.840 core.6 million banking customers and over 550. London. It further expanded its European presence through the acquisition of Scandia in early 2006. advice and fund management with an understanding of the local market. offering complete financial solutions that encompass every sphere of life. which combines international expertise in insurance. .000 general insurance policies. franchisees. For our customers. representative offices and satellite offices across 264 cities and towns in India and offices in New York. 3. employs around 7.800 people in its various business and has a distribution network of branches. The group has a net worth of over 2. The group has a substantial presence in the UK. Kotak Mahindra today is one of the India¶s leading financial solutions.INTRODUCTION About Kotak Life Insurance Ltd: Kotak life Insurance is a joint venture between Old Mutual plc and Kotak Mahindra. Established in 1984. this joint venture translates into a company. and Mauritius. Its funds under management exceeded $310 billion. US and South African Market. Old Mutual plc is a London-listed fortune 500 international financial services group focusing on asset management. At 31 December 2005. Old Mutual had more than 7 million life assurance policies. the Kotak Mahindra group has long been one of India¶s most reputed financial organizations. The group services over 1.
Our consumers. trust and loyalty by offering a wide range of innovative insurance solutions. Increase Customer Value Kotak Life Insurance has gone to the heart of its customer's requirements and developed products which are unique and serve the customer needs perfectly. Vision Kotak Life Insurance has a deep rooted commitment to improve the quality of life of its customers. Kotak Life Insurance will like to offer its employees space to grow. shareholders and the nation have our commitment that we will uphold the values of trust. sincerity and values but also give it back in equal measures. We not only demand loyalty. Our employees strive to build the long-term value for all those come in contact with Kotak Life Insurance. employees and stakeholders.Mission We focus on the needs of our customers and create confidence. Work With Honour Kotak Life Insurance delivers everyday services in the marketplace with the high sense of duty and commitment. We aim at improving the long term value in our relationship by continuous innovation and improvements. we ensure the continued growth and advancement of our employees. We built a relationship of mutual trust and benefit to serve the Indian customer. Cohesive Work Environment We form long-term partnership with our employees by offering them an invigorating work experience. At Kotak Life Insurance the customer always comes first. innovate and build a long-term career. integrity and a Sense of Honour in . employees. distributors. Strengthened by our commitment to professional management.We do this by our three-prong effort which strives to make Kotak Life Insurance a corporate with values.
every thought. with a constant focus on customization and flexibility y Unrelenting Customer Focus .Holds a stable and diversified portfolio and has received some of the highest ratings in financial strength from industry¶s independent rating agencies.Known for being an innovator in providing world-class pragmatic financial solutions.A highly committed sales force.Years of experience in asset management. act and deed in order to positively contribute to individual. regular performance benchmarking. and monthly newsletter on market updates . Our Strenghts y Financial Acumen .Daily declaration of fund performances. y Disciplined fund management . and a strong track record in managing funds . well regulated asset management. society and nation growth.backed by the acclaimed expertise of Old Mutual plc y Innovativeness . with customer satisfaction as the key driving force .a major differentiator y Transparency in Services .
PRODUCTS AND SERVICES OF KOTAK LIFE INSURANCE:- Products offered by the KOTAK LIFE INSURANCE Kotak Flexi Plan Kotak Safe Investment Plan II Riders Kotak Child Advantage Plan Kotak Head start Child Plans Products Kotak Retirement Income Plan (ULIP) Kotak Capital Multiplier Plan Kotak Term Plan Kotak Endowment Plan .
PRODUCTS Kotak Headstart Child Plans Kotak Sukhi Jeevan Plan Kotak Privileged Assurance Plan Kotak Term Plan Kotak Preferred Term Plan Kotak Money Back Plan Kotak Child Advantage Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Kotak Retirement Income Plan Kotak Retirement Income Plan Kotak Safe Investment Plan II Kotak Flexi Plan Kotak Easy Growth Plan Kotak Premium Return Plan Riders Employee Benefits Kotak Term Grouplan Kotak Credit-Term Grouplan Kotak Complete Cover Grouplan Kotak Gratuity Grouplan .
Guaranteed Maturity Value is equal to the total amount of premium paid by you over the policy term.your retirement! An ideal retirement solution is one that gives you complete flexibility and peace of mind. all your premiums have been paid in full and on time. the costs of essentials like milk and vegetables would probably be five fold and Medical costs would have doubled or more. not only while you save for your retirement but also after you retire. the investment risk in the investment portfolio is borne by the policyholder. we present to you the Kotak Retirement Investment Plan. . the investment risk in the investment portfolio is borne by the policyholder. By the time you retire. Kotak Retirement Investment Plan comes with Guaranteed Maturity Value. Kotak Long Life Secure Plan An Investment for a life time In this policy. To help you plan better towards the golden years of your life. even the most basic commodities are likely to become costlier by the day. An investment plan designed to ensure that your hard earned money is safe from the vagaries of the capital markets." With the cost of living constantly on the rise. A spectrum of fund options makes sure that your investments grow over the years. fetching handsome returns.Some Important Products Kotal Retirement investment plan "In this policy. provided. There¶s no better time than now to plan for what should be the best years of life .
half-yearly or monthly (through ECS only) . but the earlier you start planning for your future. most importantly. Sukhi Jeevan is a long-term savings and protection plan that keeps pace with your changing needs at every step of life . the more likely are you and your family to reap the rewards. This plan helps you prepare for important milestones in your life. Advantages y y y y Secure the future for your loved ones with comprehensive protection Avail of timely assistance in case of sudden accidental disability cx with a wide range of funds Enjoy a boost in your fund value by Guaranteed Loyalty Units Kotak Sukhi Jeevan Plan Life is unpredictable. it ensures your family is secure when life dishes up harsh misfortunes. And.be it saving for your kids¶ future. Advantages y y y y y y y y Fulfill your children¶s dreams or plan your retirement Small savings to meet your varying needs Regular bonuses Easy application: Simple documentation No medical tests* Hassle±free sign-up Premium payment options: yearly. or your retirement.Kotak Long Life Secure Plus is a unit-linked plan that ensures your investment gives maximum protection to secure your family's future and their financial independence. It gives you the dualbenefit of wealth creation in the long term and timely protection for your loved ones.
5. and an Kotak Term Group Plan To keep your employees satisfied and secure. No medical tests required. Not only does it provide a life cover for your employees. there is a growing need to provide them with improved benefits that translate to long term value additions for them. Advantages of person as an Employeer 1. 2. 15 day free-look period. Easy one-time premium payments. Simple administrative procedures 3. 6. Increasing death benefit cover. Guaranteed returns on maturity of the plan. The plan lets you pay a one-time premium so you are saved the bother of remembering to make annual payments. Provision for additional benefit riders at nominal costs . High degree of customization and flexibility 4. The Kotak Term Grouplan is a good way to show your employees you care. 4. 3. The Kotak Gramin Bima Yojana is an insurance plan that not only covers your life but also ensures that your money works hard for you and generates returns. Option to choose from flat or graded cover. Advantages The Kotak Gramin Bima Yojana combines the benefits of a fixed deposit insurance plan.Kotak Gramin Bima Yojana A fixed deposit that covers your life. multiple of salary or banded to length of service 5. 1. Provide welfare benefits and a sense of security to the employees and their families 2. it also takes care of their family¶s needs and protects them against life¶s uncertainties.
Conversion option. Advantages of organization employees 1. 3. All claim payments may be considered as non-taxable receipts and could consequently be considered as tax exempt under Section 10(10D) of the Income Tax Act.6. 2. Hassle free and convenient process. anywhere in the world. 4. .Option to convert to an individual policy from Kotak Life Insurance. 1961. he/she may be able to claim a deduction under Section 80(C) of the Income Tax Act. 5. The premium paid by the employer is deductible as business expense under section 37 of the Income Tax Act. 6. Cover is available 24 hours a day. Contributions other than statutorily required under any law in force may be liable for Fringe Benefit Tax1. 1961. 7 days a week. 1961 7. Insurance protection at a relatively low cost. If the employee pays part or whole of the premium.
On the first occurrence of critical illness during the term of the plan. accidental. Critical Illness Benefit (CIB) This benefit can be added to the basic life insurance plan to provide financial support in the event of medical emergencies. The maximum Critical Illness Benefit that you can avail of is equal to half of the basic sum assured (subject to a maximum of Rs 20 lakh The list of critical illnesses is: Heart Attack (MI) Cancer Stroke Coronary artery by-pass graft surgery (CABG) Kidney failure Major organ transplants Paralysis . you would receive a portion of the sum assured to help you reduce your financial burden in this emergency. external and visible means and independent of any physical or mental illness.MOST INDIVIDUAL PLANS Accidental death benefit This benefit provides an additional amount (over and above the death benefit) to the beneficiary in the event of accidental death of the life insured. Accident is defined as that which causes death by violent. The maximum cover available under this benefit is equal to the basic sum assured (subject to a maximum of Rs 10 lakes.
Market Share Mkt Share TATA AIG 6% SBI Life 7% MAX New 8% Alli bajaj 6% Om Kotak ING 3% 2% Aviva 1% Oths 1% ICICI Pru 37% Birla Sun 15% HDFC 14% ICICI Pru Birla Sun HDFC MAX New SBI Life TATA AIG Alli bajaj Om Kotak ING Aviva Oths .
Kotak Mahindra Company Locations .
well. Insurance is a contract between two parties . Insurance then is man's answer to the vagaries of life. These unforeseen events are defined as "risk" and that is why insurance is called a risk cover.the insurer (the insurance company) and the insured (the person or entity seeking the cover) .accident.corporate and otherwise. Upper Middle class Businessman . High-class Businessman 2. natural disaster .wherein the insurer agrees to pay the insured for financial losses arising out of any unforeseen events in return for a regular payment of "premium". Hence. Middle class employees 3.Need for Life Insurance Risks and uncertainties are part of life's great adventure -. insurance is essentially the means to financially compensate for losses that life throws at people . illness.they are all built into the working of the Universe. waiting to happen. at least be prepared for them and their aftermath. If you cannot beat man-made and natural calamities. The Customer:1. theft.
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