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Project On Home Insurance PDF
Project On Home Insurance PDF
Project On Home Insurance PDF
KALYAN (WEST)
PROJECT REPORT ON
HOME INSURANCE
UNIVERSITY OF MUMBAI
SUBMITED BY
GULAMABBAS T. POCKETWALA
(SEMESTER-VI)
ACADEMIC YEAR
(2011-2012)
DECLARATION
This project would just not have been complete without the valuable contribution
from various people to whom I interested within the course of its completion. I
would first and foremost thank the UNIVERSITY OF MUMBAI for designing
such precise and practical course.
Finally, I wish to thank my friends and my parents and all those people who have
lent me a helping hand in finishing this project whose names are too numerous to
mention here.
INDEX
11. CONCLUSION
Insurance is over one and one-half centuries old in India. The First general
insurance company, Titan Insurance Company Ltd., was established in
1850.Life insurance came to India from the U.K. in 1880, with the
establishment of the Oriental Life Assurance Company in Calcutta. By 1938,
the insurance market was buzzing with 176 companies--both life and non-life.
In 1956, the Government of India recognized that malpractice had entered the
management of the life insurance. Consequently, the life insurance industry
was nationalized under the Life Insurance Corporation (LIC) of India.
Although efforts were made to maintain an open market for the general
insurance industry by amending the Insurance Act of 1938 from time to time,
malpractice escalated beyond control. Thus, the general insurance industry
was nationalized in 1972.
RECENT INITIATIVES
various personal insurance protections, which can include losses occurring to one's
home, its contents, loss of its use (additional living expenses), or loss of other
personal possessions of the homeowner, as well as liability insurance for accidents
that may happen at the home. It requires that at least one of the named insured
occupies the home. The dwelling policy (DP) is similar, but used for residences
which don't qualify for various reasons, such as vacancy/non-occupancy,
seasonal/secondary residence, or age. It is a multiple line insurance, meaning that it
includes both property and liability coverage, with an indivisible premium, meaning
that a single premium is paid for all risks.
Standard forms divide coverage into several categories, and the coverage provided
is typically a percentage of Coverage A, which is. The insurance policy itself is a
lengthy contract, and names what will and what will not be paid in the case of
various events. Typically, claims due to floods, or war (whose definition typically
includes a nuclear explosion from any source) are excluded. Special insurance can be
purchased for these possibilities, including flood insurance. Insurance must be
updated to the present and existing value at whatever inflation up or down, and an
appraisal paid by the insurance company will be added on to the policy premium.
Fire insurance will require a special premium charge, plus the addition of smoke
detectors and on site fire suppression systems to qualify.
The home insurance policy is usually a term contract—a contract that is in effect
for a fixed period of time. The payment the insured makes to the insurer is called
the premium. The insured must pay the insurer the premium each term. Most
insurers charge a lower premium if it appears less likely the home will be damaged
or destroyed: for example, if the house is situated next to a fire station, if the house
is equipped with fire sprinklers and fire alarms. Perpetual insurance, which is a type
of home insurance without a fixed term, can also be obtained in certain areas.
In the United States, most home buyers borrow money in the form of a mortgage loan,
and the mortgage lender always requires that the buyer purchase homeowners
insurance as a condition of the loan, in order to protect the bank if the home were
to be destroyed. Anyone with an insurable interest in the property should be listed
on the policy. In some cases the mortgagee will waive the need for the mortgagor
to carry homeowner's insurance if the value of the land exceeds the amount of the
mortgage balance. In a case like this even the total destruction of any buildings
would not affect the ability of the lender to be able to foreclose and recover the full
amount of the loan.
The insurance crisis in Florida has meant that some waterfront property owners in
that state have had to make that decision due to the high cost of premiums. See
Citizens insurance.
HISTORY
The first homeowners policy perse in the United States was introduced in
September 1950, but similar policies had existed in Great Britain and certain areas
of the United States. In the late forties US insurance law was reformed and during
this process multiple line statutes were written, allowing homeowners policies to
become legal.
Prior to the 1950s, there were separate policies for the various perils that could
affect a home. A homeowner would have had to purchase separate policies
covering fire losses, theft, personal property, and the like. During the 1950s, policy
forms were developed allowing the homeowner to purchase all the insurance they
needed on one complete policy. However, these policies varied by insurance
company, and were difficult to comprehend.
The need for standardization grew so great that a private company based in Jersey
City, New Jersey, Insurance Services Office, also known as the ISO, was formed in 1971
to provide risk information and issued a simplified homeowners policy for resell to
insurance companies. These policies have been amended over the years.
IMPORTANCE OF HOME INSURANCE
Home Insurance has evolved as one of the most enterprising sector in the real
estate scenario in India. As more and more investments are made in the real estate
sector, there has been a rising demand for home finance and home insurance
simultaneously. The importance of home insurance in the protection of your house
and valuable possessions is as importance as protecting your family from any
hazards that act as threat to life and property.
The policy provided by the home insurance companies act as a guarantee that
combines insurance of the home, its contents the personal possessions of the
homeowner, risk attached to burglary; as well as liability insurance for accidents
that may happen at the house like fire and natural calamities. The extent of the risk
covered however depends on the type and content of the policy. A generally
configured home insurance policy usually covers calamities in two categories -
natural and man-made.
Home insurance is important as it not only provides you with financial protection
against any damage your property might incur - to both your buildings and the
contents; but it can be considered a small amount of money you pay in lieu of the
peace of mind that brings with it and the content that your property is insured and
protected against all hazards. Though the importance of having a home insurance
policy cannot be over emphasized, one cannot predict any disasters or unavoidable
incident that might happen to one's home.
Home insurance not only protects the homeowner from total loss when disaster
occurs, but also protects the home owner in the event that their home is damaged
by acts of God or if a person becomes injured, the home owner will not be held
solely liable for all of the damages. The home insurance policies usually cover a
home under the all risks clause unless otherwise noted in an exclusion clause. For
instance, a home can be covered for fire damage, earthquake damage, and acts of
vandalism under an all risks policy, but if the policy states that the home is not
covered for deluge or say tsunami, than water damage due to the mentioned natural
calamity would not be covered.
To summarize it, the home insurance policy is important for the homeowner as it
ultimately gives the home owner a sense of security to protect his family and
property against calamities.
HOME INSURANCE IN INDIA
As the growth curve of investments in Indian real estate sector escalates, more and
more insurance companies are making their foray into the home insurance sector.
This has also initiated a trend of insurance companies from across the globe
making their foray into Indian market either as individual entity or in joint ventures
with the local existing insurance companies. Home insurance and real estate has of
late become conspicuous of the buzz it has created in the realty industry in India.
Adding to the list of leading and existing public sector companies in the home
insurance business like New India Assurance, Life Insurance Company of India,
United India Insurance, Oriental Insurance and National Insurance Company; is a
list of private insurance companies which are set to play a pivotal role in the
growth of the sector.
The most thriving amongst those are mostly joint venture companies like ICICI
Lombard General Insurance, Bajaj Allianz General Insurance, Tata AIG General
Insurance Company Ltd, IFFCO-TOKIO and Royal Sundaram Alliance to name a
few. Considering the feasibility of a largely huge and growing market, the home
insurance sectors has lately expanded its business beyond the metros to the Tier I
and II cities where real estate development is expected to flare up in the years to
come.The booming real estate sector in India is considered to be one of the most
encouraging factors in the resurgence of the home insurance sector. However, apart
from the real estate factor, the recent spate of calamities that has hit the country
like the earthquakes, tsunami, the consistent flood every year in most parts of the
country and the exceptional cases of 'deluge' in Mumbai in 2005 has made people
opt for home insurance like never before.
TYPES OF HOME INSURANCE
Home insurance in India has a key role to play in the protection of your house or
building structure and valuable possessions or building content. Home insurance
policy is a guarantee provided by the insurance company that combines insurance
on the home, its contents the personal possessions of the homeowner, as well as
insurance covering accidents that may happen at the house like fire and natural
calamities. The coverage of the risk however depends on the type of policy.
Building insurance
Content insurance
1. Buildings Insurance
The housing finance companies are insisting on building insurance so that in the
event of a disaster it can be repaired or rebuilt, as lenders don't want to be left
without security for their loan. A home insurance policy should cover expenditure
to rebuild your home in the event of it being totally destroyed or damaged to the
point that complete rebuilding is necessary (in eventualities like earthquake, fire
etc).
Home insurance plan for buildings are usually meted out on conditions as per the
policy terms arising out of conditions like
2. Content Insurance
Content insurance may be considered optional but with the threat of burglaries,
natural disasters and fire, content insurance covers are rising in demand. Contents
insurance for home insurance plans includes protection to movable goods,
possessions or contents in the house; anything that is not a fixed parts of your
home, for example your appliances, electronic goods, furniture and clothing.
Similarly as the modalities adopted in building insurance, different home insurance
companies in India have different policies for content insurance. Most companies
comply with insurance plans where a value equivalent to the market value of
household contents i.e. the value for which this used item could be bought or sold
in the market is covered as insurance. The insured amount given against the perils
for building or structure and its contents is assessed either on 'reinstatement value'
basis -which is the value for replacing the item with a new item of same type and
make; or on 'market value' basis -which is the reinstatement value less depreciation
depending on the age of the item.
Fires
Storms/flooding
Explosions
Theft and vandalism
Valuables such as jewellery, cameras and watches against all risks,
Cover against all kinds of accidental breakage of plate glass fixed in doors
and window frames.
Loss/damage to domestic appliances due to electrical and mechanical
breakdown.
Home insurance can be availed for both building and content combined. However,
most home insurance plans in India excludes underinsurance of the property value,
willful destruction of property, loss, damage or destruction caused by war perils,
wear and tear and atmospheric conditions etc., damage due to an act of
terrorism(unless specifically covered) and losses or damages incurred when
premises are unoccupied beyond 60 consecutive days.
HOME CLAIM PROCEDURE
Sometimes the claim process can really be time taking and frustrating. Also keep
in mind that most insurance providers don't enjoy the idea of two or three claims in
a short span of time and you stand almost certain chance of getting cancellation of
these claims. Try to stay away from high risks, so you should be sure to make only
those claims that are absolutely necessary. Or, if you are sure about your rights to
claim and corresponding damage or loss, just go full throttle to register a claim.
Only remember that there can sometimes be unpleasant repercussions.
Here are some general tips for handling auto and home insurance claims:
Documents are the most valid and appropriate proof for your home insurance
claims. Always keep your documents in place and ready both before you need to
make a claim and when you need to make one. It is always advisable to save the
receipts for items you buy. This will give the indication and estimation of the total
cost of items and damage claim amount accordingly. Photographs and/or
videotapes of your home (both in pre- and post-disaster form) can also be
beneficial. These will help you establish an inventory of your belongings should
the need arise. Always save photos or videos of the damage before you begin
cleaning up.
Currently, the ISO has seven standardized homeowners insurance forms in general
use:
The typical, most comprehensive form used for single-family homes. The
policy provides "all risk" coverage on the home with some perils excluded,
such as earthquake and flood. Contents are covered on a named peril basis.
HO4 – Renter's Insurance
The ―Tenants‖ form is for renters. It covers personal property against the
same perils as the HO2.
The ―Modified Coverage‖ form is for the owner-occupied older home whose
replacement cost far exceeds the property’s market value.
COVERAGE RATES
The remainder had the HO-6 Unit-Owners policy, also known as a condominium
insurance, which is designed for the owners of condos and includes coverage for
the part of the building owned by the insured and for the property housed therein.
Designed to span the gap between the coverage provided by the blanket policy
written for the entire neighborhood or building and the personal property inside the
home. The liability coverage may cover incidents up to 150 feet from the insured
property, all valuables within the home from theft, fire or water damage or other
forms of loss. The Associations Bylaws determine the total amount of insurance
necessary.
In addition, about 2.4% of homes were covered by a dwelling fire policy which
covers property damage to a structure and is typically sold to noncommercial
owners of rented houses. It may also cover the owner's personal property (such as
appliances and furnishings). The owner's liability is generally extended from their
own primary home insurance, and does not comprise part of the Dwelling Fire
policy.
CLASSES OF COVERAGE
For each policy, there are typically six classifications of coverage. These are based
on standard Insurance Services Office or American Association of Insurance Services forms.
Coverage A – Dwelling
Covers the value of the dwelling itself (not including the land). Typically, a
coinsurance clause states that as long as the dwelling is insured to 80% of
actual value, it will be replaced. This is in place to give a buffer against
inflation. HO-4 (renter's insurance) typically has no Coverage A, although it
has additional coverage for improvements.
Covers other structure around the property which are not used for business,
except as a private garage. Typically limited at 10% of the Coverage A.
Covers personal property, with limits for the theft and loss of particular
classes of items (e.g., $200 for money, banknotes, bullion, coins, medals,
etc). Typically 50 to 70% of coverage A is required for contents, which
means that consumers may pay for much more insurance than necessary.
This has led to some calls for more choices.
Coverage D – Loss of Use/Additional Living Expenses
ADDITIONAL COVERAGES
EXCLUSIONS
When you insure your home, you should insure your home for the total amount it
would cost to rebuild your home if it were destroyed. If you don't have sufficient
insurance, your insurance company may only pay a portion of the cost of replacing
or repairing damaged items.
There are three ways to insure the structure of your home:
1. Replacement Cost: Insurance that pays the policyholder the cost of replacing
the damaged property without deduction for depreciation, but limited to a
maximum dollar amount.
2. Guaranteed Replacement Cost: Insurance that pays the full cost of replacing
damaged property, without a deduction for depreciation and without a dollar
limit. This coverage is not available in all states and some companies limit
the coverage to 120 percent of the cost of rebuilding your home. This gives
you protection against such things as a sudden increase in construction costs
due to a shortage of building materials.
3. Actual Cash Value: Insurance under which the policyholder receives an
amount equal to the replacement value of damaged property minus an
allowance for depreciation. Unless a homeowner’s policy specifies that
property is covered for its replacement value, the coverage is for actual cash
value.
For a quick estimate of the amount to rebuild your home, multiply the local
building costs per square foot by the total square footage of your house. To find
out the building rates in your area, consult your local builders association or real
estate appraiser.
Factors that will determine the cost to rebuild your home:
Also be sure to check the value of your insurance policy against rising local
building costs each year. Ask your insurance agent or company representative
about adding an Inflation Guard Clause to your policy. This automatically adjusts
the dwelling limit when you renew your policy to reflect current construction costs
in your area. Also be sure to increase the limit of your policy if you make
improvements or additions to your house.
COMPANIES PROVIDING HOME INSURANCE
It is imperative that you secure your home from natural and man-made
catastrophes. Before Applying for Home Insurance you should know about
Importance of Home Insurance. Our Home Insurance Plan ensures you peace of
mind by protecting the structure and the contents of your home.
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.
Fire
Riot, strike & malicious damage
Explosion & implosion
Earthquake
Lightning
Storm, cyclone, tempest, tornado, hurricane, flood & inundation
Damage due to impact by vehicles
Missile testing operation
Subsidence, landslides and rockslides
Leakage from automatic Sprinkler installations
Bursting and/or overflowing of water tanks, apparatus and pipes
Key Benefits
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.
Avail 15% discount on a 3 years home insurance policy and 25% discount
on 5 years policy.
Optional covers available - Terrorism and Additional expenses of rent for
alternative accommodation.
Sum Insured
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. On the
other hand market value is a combination of cost of land, demand & supply
scenario, etc.
Sum insured is calculated by multiplying the built up area of your home with
the construction rate per sq. feet, e.g. if your built up area of your home is
1000 sq. feet and the construction rate is Rs. 800 per sq. feet, the sum
insured for your home structure is Rs. 8,00,000.
We recommend the rate of construction for your location when you are
buying online. However, this value can be revised appropriately if expensive
material - like marble flooring, etc. - has been used in construction. If your
home has lawn / garden surrounded by a perimeter wall, the construction
rate can be revised to include the cost of construction of this wall in home
structure sum insured.
Tata AIG General Insurance Company Limited
HOME INSURANCE
"Home sweet Home" - a destination, any individual or a family feels very close to
the heart. It is an investment of one's lifetime savings, emotional dreams and
aspirations to realize their ideal home. Home signifies a set of emotions for any
individual, be it pride, ownership, stability or be it a sense of belonging. It echoes
the owners' sentiments "It's my house‖. After all, one's Home including its contents
is the single most important and expensive asset that we have created for ourselves.
We have learnt to value life and health sufficiently to understand the importance of
insuring it. But when it comes to applying the same logic to our home (around
which our lives revolve) most of us suffers a blind spot. It is only when a calamity
or catastrophe strikes that we feel helpless.
Home Insurance in India provides exactly the care one needs at such times - to
safeguard against unforeseen eventualities and to preserve one's lifestyle and that
too at an affordable price. You can protect your priceless investment for very little
money. Assuming you have possessions worth Rs. 300,000 in your house, you can
insure those possessions for as little as Rs. 3 a day - for Fire, Natural Hazards
(Flood, Earthquake etc) and Burglary & Theft.
The Oriental Insurance Co. Ltd.
Householders
Your home is our most valued possession, a haven of safety. But is it really as safe
as we would like to believe? We at Bajaj Allianz realize your need to make your
home as secure in reality as it is in your mind. This is why we bring to you the
House- Holders' Insurance policy designed to cover various risks and
contingencies faced by householders under a single policy. It provides protection
for property and interests of the insured and his family members who permanently
reside with the insured. A home insurance(householder's insurance), protects not
just your flat but also your domestic and electronic appliances.
Unique Features
Advantages
A Complete Protector
Our Home Suvidha Insurance Policy gives complete protection to your home
against a wide range of risks and perils. It is a simple Home Insurance Policy
wherein there are various categories of Sum Insured and you may opt for the
category most suitable to you depending upon the extent of risk perceived and total
value of your assets.
The Sum Insured under Section 1 & 2 represents the First Loss limit which should
be within 50% of the actual Market Value of the property at risk, below which
underinsurance condition will be applicable. The other Sections are covered on
Full Value basis - Market Value for Section 5 and Reinstatement Value for Section
3 & 6. Sections 5 and 6 are optional. Either on both of them can be deleted from
the cover taken, in case they are not relevant to you.
Fire and Allied Perils (Contents): Contents of your premises are covered
against fire, explosion, bursting/ overflowing of watertanks, riots, strike and
malicious damage, earthquake, flood, cyclone, landslide etc.
Burglary and other Perils (Contents): Contents of your premises are covered
against housebreaking, burglary, robbery or dacoity and also against impact
damages by falling trees/electric poles/lamp posts, breakage or collapse of
television or radio aerials/satellite dishes and damage by civic authorities in
the prevention of fire.
Television/Video Equipment: This Section covers loss or damage to your
television/ video equipment against fire, theft, accidental damage and
breakdown.
Personal Accident: This section covers you and your named family members
against accidental bodily injury leading to death or disablement (either
permanent total or permanent partial).
Fire and Allied Perils (Building): This Section covers the residential
building, if owned by you against perils mentioned under the Fire and Allied
Perils (Contents) Section.
Personal Computer: This Section covers loss or damage to your personal
computer against fire, theft, accidental damage and breakdown.
This Policy is suitable for you as a householder, whether you are a landlord
or a tenant, whether you reside in an independent house or in a
flat/apartment, whether the building is single storied or is a high rise, since
each of the alternatives above would imply different risk exposures which
can be covered under this policy.
Quality Buildings Insurance from Royal Sundaram
Home Insurance
You have the option of insuring your building against fire and allied perils.
You have an option of payment through credit card with automatic renewal
facility.
Assured Claims service: Claims will be settled within 10 days of receipt of
documents.
We provide you 15 days to review your policy document. If you are not
completely satisfied, simply return your policy for cancellation and Royal
Sundaram will refund the entire premium paid provided no claim has been
made.
You have an option of payment through credit card with automatic renewal
facility.
Option of Add-on covers for Computer, Air-conditioner, Air Cooler.
The New India Assurance Co. Ltd.
Householders Policy
Highlights
This is a package policy specially designed to meet the insurance requirements of a
householder by combining under a single policy, a number of our standard policies
usually taken by householders. Discount in premium is offered depending upon the
number of sections of the policy, opted for, by the proposer.
Scope
The policy comprises of 10 sections as given here under
Loss or damage to fixed plate glass in the insured premises by accidental breakage
subject to limit of sum insured
Covers domestic appliances against unforeseen and sudden physical damage due to
mechanical or electrical breakdown.
Section VI - T.V. Set including VCP/VCR (ALL RISKS)
Covers loss or damage to T.V. Set including VCP/VCR by fire and allied perils,
burglary, house breaking or theft, breakage due to accidental external means,
mechanical or electrical breakdown. Any legal liability arising out of bodily injury
or accidental death of any person other than insured's family members or employee
as also damage to property not belonging to or in the custody of insured , caused
by use of the T.V. Set is also covered up to a limit of Rs.25,000/-.
Covers Death or bodily injury by accidental, violent, external and visible means to
the insured person named in the schedule and subject to limits specified therein.
Covers Insured's legal liability for bodily injury or loss of or damage to property of
third party limited to amount specified in the schedule and workmen's
compensation liability to domestic servants engaged in insured's premises. It is
compulsory to opt for Section IB of the policy. A minimum of three sections
including Section IB have to be taken for issuance of this policy.
For the insurance of household items, it would be necessary to group the items in a
broad category like furniture, clothing , linen, utensils , crockery etc. and give a
value equivalent to the market value i.e. the value for which this used item could
be bought or sold in the market. Sections I A & B, II, III, IV, VI, VII & VIII
should be insured on market value basis as described above. It is a condition of
Section V i.e. breakdown of domestic appliances, that the sum insured should
represent the current replacement value of a similar item. For e.g. to insure 165 ltr.
Godrej fridge which is 3 years old, the sum insured should be equivalent to the cost
price of a new 165 ltr. Godrej fridge. However, the claim amount payable would be
the amount required to bring the damaged item to the same condition as it was
prior to the damage subject to the adequacy of the sum insured. The sum insured
under section IX i.e. Personal Accident should not exceed 72 months salary from
gainful employment.
HOME INSURANCE CLAIM
In case of any incident leading to a valid claim under the policy, following steps
should be taken:
In case any rights of recovery exist against any other party responsible for the loss,
your rights of recovery have to be subrogated to the insurance company on
payment of claim.
CALCULATION OF HOME INSURANCE PREMIUM OR
AMOUNT.
The factors to be kept in mind while calculating the insurance premium and
accepting the home insurance quote being offered by the home insurance company
are
Here are ten ways to minimize the cost of your homeowner's insurance.
Your deductible is the amount of risk you agree to accept before the insurance
company starts paying on a claim. With the cost of homeowner's insurance
escalating, it no longer makes sense to let the insurance company assume all the
risk. If you have a low deductible of $50 to $100, consider raising it to at least
$500 to $1,000. You could save up to 25% on your premiums.
Make sure you're receiving all the discounts for which you're eligible. For
example, discounts exist for smoke detectors, deadbolt locks, security or fire
alarm systems, fire extinguishers in the home, etc. If you're over 55 and retired,
you may qualify for an additional 10% discount.
It makes no sense to buy insurance to protect yourself against risks you are
unlikely to encounter; for example, earthquake coverage in a non-earthquake
zone, or a jewelry floater to your policy if you don't own expensive jewelry.
Your home is your biggest investment. Make sure it's adequately protected from
risks you cannot afford to cover yourself and that it covers any home
improvements you've made, major purchases, and increased costs of rebuilding.
6. Make Your Home a Better Insurance Risk
Ask your insurance agent what you can do to make your home less expensive to
insure. Making changes that reduce the risk of damage in windstorms and other
natural disasters is one example. Another is updating old wiring or heating
systems, which may reduce your risk of fires and therefore reduce your
premiums.
Once a year, before your homeowner's insurance policy is due to renew, dig out
the current policy, read through all the details, and call your insurance agent to
discuss any changes in your situation that occurred during the year.
Insurers are shying away from some risks. For instance, owning certain types of
dogs (Rottweiler’s, Doberman Pinschers, Pit Bulls), can limit or void your
policy. Owning a swimming pool or a trampoline can increase your cost of
coverage. Read all the fine print in your policy under the "Conditions and
Coverages" sections so you know all the things that are excluded from
coverage. You may opt to buy additional coverage to protect yourself from
certain exposures.
9. Improve Your Credit Score
Shop around for homeowner's insurance rates but keep in mind that you may be
receiving a longevity discount if you've been with your current insurer for
several years. Typical discounts are 5% if you've been with the company for
three to five years, and 10% for six years or more. Get quotes from three agents,
and take any longevity discounts with your current insurer into consideration
when you compare prices.
QUESTIONAIRE FOR SURVEY
FOR MANAGER
What are the damages covered under the Home Insurance policy?
FOR CUSTOMERS
Have you taken this policy from any agent or have you visited company
personally?
insurance company?
ANALYSIS OF SURVEY OF ICICI LOMBARD
ELIGIBILITY CRITERIA :
MAXIMUM 50 YEARS
DOCUMENTS:
Customers have to fill only proposal form of the company which is
provided by them and this policy is based on the utmost good faith principle
of insurance.
CUSTOMER
NO. OF CUSTOMERS VISITED (10)
After detail analysis of 10 customers I found that all the customers are aware about
insurance services.
When I spoke with 10 customers I found that they give same preference to the
private organization as well as public organization. The services provided by ICICI
are as follows:
24 x 7 service, Toll free no’s, online application and Banc assurance. All this
factors satisfy the customers need.
The insurance industry is in the silent revolution and the best part is that all of us
are part of this revolution process, contributing to it and influencing shape of
things to emerge. It will be quite interesting to see an excess of distribution system
taking shape and competing with each others.
From the survey of customers I came to conclusion that many of the customers are
not aware about the concept home insurance. As this policy is generally taken by
the businessmen’s, self professionals. We can expect from this organization that it
will lead the innovative process with quality of services that will help the Indian
consumer to take advantage from insurance business.
INFORMATION COLLECTED THROUGH SURVEY(ICICI BANK)
WWW.GOOGLE.COM
WWW.ICICILOMBARD .COM