CHAPTER 1

1.1 INTRODUCTION

A project work on “ICICI Lombard Vehicle insurance “ based on market survey under
organization “ ICICI LOMBARD INSURANCE ” has been done. The project work includes
survey of vehicle market of region thane. The major objective behind this project work is to
analysis the recent growth of vehicle market of Thane and find out the scope of vehicle
insurance in Thane
ICICI Lombard Vehicle Insurance is one of India’s most recognizable and rewarded Vehicle
insurance undertakings. A subset of ICICI Lombard GIC Ltd, this Vehicle insurance initiative
is laced with a number of customer centric features and is highly scalable, cost-effective and
in line with the customer’ expectations and limitations. The principal features of this
insurance plan include expert 24x7 customer support, roadside assistance, cashless claims at
3,400+ network garages, option to purchase policy online etc.
ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India’s second
largest bank and Fairfax Financial Holdings Limited, a USD 37 billion Canadian financial
services company. Aside from its usual adherence to quality and professional dealings, the
company is also aware of its corporate social responsibility and actively lends its hand to
concerns that affect the average Indian vehicle owner. In this regard, ICICI Lombard’s road
safety campaigns, inclusive of its ‘Belt Up India’ mobile app and promotional videos that
advocate road safety and specifically target kids, have been highly appreciated. All in all,
goes beyond its tagline and delivers more at multiple levels.
In India the Motor `Vehicle Act was passed in 1939 and in 1946 th third party insurance was
introduced compulsorily. The need for compulsory motor insurance I obvious. There has
been a phenomenal rise in the motor accidents in the last 4-5 year. Much of these are
attributable to a sudden spurt in the number of vehicles. Every vehicle before being driven on
road has to be compulsorily insured. The automobile insurance policy represents a combined
coverage of the vehicle including accessories, loss or damage to his property or life and the
third party cover.

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 1.2 MEANING

Insurance is contract between insurer (company) and the insured under which the insurer
undertakes to compensate the inured for loss arising from the risk insured against. In
consideration, the insured agrees to pay a sum called as Premium in advance. The instrument
containing the contract of insurance, is called as policy. The thing, property or life, which
forms basis of insurance, is called as subject matter of insurance.
In this way the idea of insurance developed. In modern time, the insurance has come to be
highly commercial undertaking however, the principle is still the same viz., and the insurer
collect premium for large number of persons and covers them against a large variety of risk.
Vehicle insurance is one of the largest non-life insurance of the word. All motor vehicles are
required to be registered with the road transport authorities and insured for Third Party
Liability. The basic premise is that the motor vehicle could either cause injury or to a subject
of damage, and thus require insurance.

1.3 DEFINATION

Vehicle insurance (also known as car insurance, motor insurance, or auto insurance)
is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to
provide financial protection against physical damage or bodily injury resulting from traffic
collisions and against liability that could also arise from incidents in a vehicle. Vehicle
insurance may additionally offer financial protection against theft of the vehicle, and against
damage to the vehicle sustained from events other than traffic collisions, such as keying,
weather or natural disasters, and damage sustained by colliding with stationary objects. The
specific terms of vehicle insurance vary with legal regulations in each region.

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 1.4 HISTORY

ICICI Lombard General Insurance Company Limited is the largest private-sector non-life
insurer in India based on gross direct premium income in fiscal 2018. The company offers a
comprehensive and well-diversified range of products including motor insurance health
insurance personal accident insurance crop insurance fire insurance marine insurance and
engineering and liability insurance through multiple distribution channels. The key distribution
channels of the company include direct sales individual agents bank partners other corporate
agents brokers and online through which the company service its individual corporate and
government customers.
The company was established as a joint venture between ICICI Bank - India's largest private
sector bank in terms of consolidated total assets at Rs 9.9 trillion end March 2017 and Fairfax
Financial Holdings - Canadian based holding company which through its subsidiaries is
engaged in property and casualty insurance and reinsurance and investment management with
US$ 43.38 billion of total assets end December 2016.The Company was incorporated on
October 30 2000 as ICICI Lombard General Insurance Company Limited a public limited
company.

Certificate Of Commencement Of Business On January 11 2001

The Company obtained the certificate of commencement of business on January 11 2001 from
the Registrar of Companies Mumbai. It is registered with IRDAI for carrying out the Class of
Business pursuant to the registration certificate dated August 3 2001. At that time ICICI Bank
and Lombard Canada Ltd. (a nominee of Fairfax) held 74% and 26% of the company's then
issued and paid-up capital respectively.

On July 6 2017
 FAL Corporation (Affiliate of Fairfax Financial Holdings Limited) transferred
48101387 Equity Shares constituting 10.60% of the Company's issued and paid-up
capital to certain private equity/financial investors.

On July 7 2017
 FAL transferred 7211596 Equity Shares constituting 1.59% of the Company's issued
and paid-up capital to a financial investor.
 Thereafter ICICI Bank and FAL held 285605284 Equity Shares and 99464479 Equity
Shares constituting 62.92% and 21.91% the company's issued and paid-up capital
respectively.

2000-2001

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  ICICI Lombard General Insurance Company started operations during the year 2000-
2001.
2003-2004
 During the year 2003-04 it became the largest private sector general insurer in India.

2005-2006
 During the year 2005-06 the company crossed the mark of 1 million policies and
crossed the receipt of Rs 1000 crore of Gross Direct Premium Income (GDPI).
2009-2010
 In 2009-10 the company settled more than 5 million claims.
2013-2014
 During the year 2013-14 the company's profit after tax crossed Rs 500 crore mark and
the number of policies issued by the company crossed 10 million.
2014-2015
 During the year 2014-15 the company's investment book size crossed Rs 10000 crore
mark.
2015-2016
 During the year 2015-16 the company became the first general insurance company in
India to issue subordinated debt.
2016-2017
 During the year 2016-17 ICICI Lombard General Insurance Company crossed Rs
10000 crore GDPI mark.
 In September 2017 ICICI Lombard General Insurance Company Limited came out with
an initial public offer wherein ICICI Bank and FAL proposed to sell 31761478 Equity
Shares and 54485709 Equity Shares constituting 7.00% and 12.00% of the Company's
issued and paid-up capital to the public respectively.
 There was no fresh issue of shares from ICICI Lombard General Insurance Company.
The shares of ICICI Lombard General Insurance c were listed on the bourses on 27
September 2017 and it became the first pure play general insurance company in India
to list on the stock exchanges.
5 April 2018
 On 5 April 2018 Ola India's leading and one of the world's largest ride-sharing
companies announced the launch of a comprehensive intrip insurance program for its
customers across India in partnership with Acko General Insurance Ltd and ICICI
Lombard General Insurance Company.
 The first-of-its-kind program is being rolled out for customers in major metros and will
be scaled up to all cities covering the entire base in the coming weeks.

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  The comprehensive insurance program provides benefits in cases of loss of baggage
or laptops missed flights accidental medical expense ambulance transportation cover
and much more.
 The optional intrip insurance program can be purchased through the Ola app. The
claims can be made through the Ola app as well as the provider's website mobile app
and call center.
2 May 2018
 On 2 May 2018 ICICI Lombard General Insurance Company announced that it has
become the 1st company in India to be certified by the British Standard Institution
(BSI) for compliance with the revised ISO 31000:2018 Enterprise Risk Management
(ERM) Guidelines released in February 2018.
 ICICI Lombard has been awarded Certificate of Compliance for a period of 3 years
from 16 April 2018 to 15 April 2021 on successful completion of the ISO 31000:2018
compliance process for its ERM systems.
20 August 2018
 On 20 August 2018 ICICI Lombard General Insurance Company announced that it has
launched India's first Artificial intelligence (AI) based technology to facilitate instant
health insurance claims approval. As a result the traditional cashless claim request
which takes an average of 60 minutes of processing has been drastically brought down
to a minute using AI.
23 August 2018
 On 23 August 2018 ICICI Lombard General Insurance Company announced that it has
implemented host of initiatives to support the customers affected by Kerala floods. The
company has written premium of Rs. 85.98 cross (primarily motor property & health
insurance) during FY 2017-18 which comprises 0.7% of gross direct premium income
(GDPI) during FY 2017-18 (1.57% of the GDPI for all non-life insurance companies
from Kerala State) and Rs. 19.24 cross during Q1 FY 2018-19 which comprises 0.51%
of gross direct premium income (GDPI). As of now the number of claims received are
limited considering that the flood waters are yet to recede in the State of Kerala. The
company has put in place a well-defined retention limit for each product segment which
defines its maximum per risk and per event exposure to protect its balance sheet and
reduce volatility of its earnings.
17 September 2018
 On 17 September 2018 ICICI Lombard General Insurance Company announced the
launch of the industry's first application to facilitate speedier claim verification process.
Currently claim settlement cases that need to be verified takes from a day to more than
a week in some cases. This time intensive process will be reduced drastically to a few
hours with the app.
 The state of the art technology deployed in the app will also benefit the company as it
will be able to identify incidents of fraud claim quickly making the process more
efficient and ensuring that genuine cases are resolved in a speedy manner. Further the
solution will integrate with the company's health claims management system that has
inbuilt alerts to trigger suspect claims for verification.

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 1.5 FEATURE

Motor Insurance policy is a must for every car owner. Hence, it is important to understand these
features in order to extract maximum benefits. You can now get your car repaired at one of the listed
garages without paying cash. The repair bill will be taken care of by the insurance company. The
facility is referred to as cashless claim.
Owning a car has been a dream for many. In fact, most of us have nurtured this dream since
childhood. Getting it insured will protect this investment. motor insurance policy, also known as auto
insurance or car insurance is usually bought for cars. The major benefit of having one is that it ensures
higher level of protection against losses incurred due to road accident. It also protects us against
complications arising from third party liability.
Before you buy car insurance, it is vital to understand the types of ca insurance available in India:
A motor insurance policy is categorized into two type:-
1. Comprehensive Car Insurance
2. Third Party Car Insurance

1. Comprehensive car insurance

The comprehensive plan will cover you vehicle against number of risks arising out of
destruction done to the vehicle due to an accident, theft etc. it also cover death of driver and /
or passengers inside the event of an accident. the plan offers cover against damage caused by
the car to the third party his/ her property.
Features of Comprehensive Car Insurance
A standard comprehensive car insurance plan insures your car against the following listed
below:

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Natural Calamities
 It covers against listed damage and destruction done to the car due to floods,
earthquakes, typhoons etc.

Man-made Calamities
 It covers damage and destruction caused to the vehicle due to theft, burglary, strikes,
riots, etc.

Personal Accident Cover

 The cover offers protection for the owner/driver of the car and co-passengers while
travelling. The cover is also valid for damage and destruction caused during mounting
or dismounting from the car.

2. Third Party Insurance Cover

This plan will protect insurance buyer against damage or destruction done by your vehicle to
another vehicle or property. You will not be covered for theft, burglary, accidents, or any
other damage to the car.

Features of Third Party Insurance

The third party liability cover will protect you against any legal liability caused due to
unintentional damages including:
1. Permanent injury of the individual
2. Death of the individual
3. Damage caused to the property of the individual
4. Damage caused while driving the insured vehicle on road
5. Both Comprehensive and Third Party car insurance plans are valid for about 12
months. One needs to renew the plan each year to avail of the benefits offered by the
insurance company.

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Premium Features of Motor Insurance Policy
 The premium of car policy depends on some specific parameters such as classification
of vehicle (model, year of make, type etc.), value etc.

Motor Insurance Policy Clauses

There are certain clauses which very much an integral part of car insurance that a buyer
should be aware of.

You as an insurance owner cannot claim for destruction or damage occurring to the car due to
the following:

1. General wear and tear of car

2. General aging of vehicle

3. Depreciation

4. Consequential loss

5. Mechanical breakdown

6. Breakdown due to electrical faults

7. Wear and tear of tubes and tires

8. If the vehicle is used for purposes other than stated in the 'restrictions' of usage in the
policy agreement

9. Car being used outside India’s geographical boundaries

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 10. Driving without a valid license

11. Driver under the influence of alcohol or drugs

12. Loss or damage occurred due to nuclear risk, war, or mutiny

Making Claims for Car Insurance

1. If you are involved in an accident or damaged someone's car, you can claim for
insurance.

2. In order to make such as a claim, you require doing the following listed below:

3. Record the licence plate number of car vehicle involved (if any)

4. Record names and phone numbers of witnesses (if any)

5. Reach out to the car insurance company and file a claim.

6. Note down the claim reference number offered to you and make a list of documents
needed for processing of claim. Confirm whether the insurance corporation has a list
for preferred garaged. If yes, then you must get details of the same.

7. File an FIR (First Information Report) at the nearest police station if major damages,
physical injury, theft, or property damage have occurred.

8. Submit documents to the representative of car insurance company. You should also
verify the documents with originals.

9. Pay the garage authorities for additional charges.

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Cashless Claims and Reimbursement Claims

1. You can get your car repaired at any of the listed garages and claim for the insurance.
The car insurance company will pay for the repairs. This facility is referred to as a
cashless claim.

2. Another way is to get the car serviced or repaired at a garage of your choice.
Thereafter, you can ask the company to reimburse the expenses. This facility is
referred to as a reimbursement claim.

Benefits of Motor Insurance Policy Cashless Claims

1. The responsibility completely lies with the insurance company

2. The inspector will take the car to the garage and get it repaired. He will also return it
back to you
3. The garage network of car insurance company is reliable The service offered by
garage network is of high standards as compared to a local garage

4. Benefits of Motor Insurance Policy Reimbursement Claims

5. You can repair your car at any of the garages preferred by you
6. Instant action will take place soon after the inspection
7. The garage you choose may fit into your budget. This is important because you need
to pay for some specific expenses from your own pocket
8. You can repair other parts of car that are damaged at the time of accident

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 Nature of injury Scale of compensation

(ii) Death 100%

(ii) Loss of two limbs or sight of two eyes 100%

or one limb and sight of one eye
(iii)Loss of one limb or sight of one eye 50%

(iv)Permanent total disablement from 100%

injuries other than named above.

Provided always that

1. Compensation shall be payable under only one of the items (i) to (iv) above in respect of
the owner-driver arising out of any one occurrence and the total liability of the insurer shall
not in the aggregate exceed the sum of ` 15 lakhs during any one period of insurance.
2. No compensation shall be payable in respect of death or bodily injury directly or indirectly
wholly or in part arising or resulting from or traceable to (1) intentional self injury suicide or
attempted suicide physical defect or infirmity or (2) an accident happening whilst such person
is under the influence of intoxicating liquor or drugs.
3. Such compensation shall be payable directly to the insured or to his/her legal
representatives whose receipt shall be the full discharge in respect of the injury to the insured.
a. This cover is subject to
i. The owner-driver is the registered owner of the vehicle insured herein;
ii. The owner-driver is the insured named in this policy.
iii. The owner-driver holds an effective driving license, in accordance with General Exceptio
the provisions of Rule 3 of the Central Motor Vehicles Rules, 1989, at the time of the
accident.
The personal accident cover for owner driver is mandatory for a period of one year and may
be extended, in line with the duration of policy, at the discretion of the customer”

GENERAL EXCEPTIONS
(Applicable to all Sections of the Policy)
The Company shall not be liable under this Policy in respect of
1. Any accidental loss or damage and/or liability caused sustained or incurred outside the
geographical area;
2. Any claim arising out of any contractual liability;

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The personal accident cover for owner driver is mandatory for a period of one year and may
be extended, in line with the duration of policy, at the discretion of the customer”
3. Any accidental loss damage and/or liability caused sustained or incurred whilst the vehicle
insured herein is a. Being used otherwise than in accordance with the .Limitations as to Use.
or b. Being driven by or is for the purpose of being driven by him/her in the charge of any
person other than a Driver as stated in the Driver’s Clause.
4. a. Any accidental loss or damage to any property whatsoever or any loss or expense
whatsoever resulting or arising there from or any consequential loss b. Any liability of
whatsoever nature directly or indirectly caused by or contributed to by or arising from
ionising radiations or contamination by radioactivity from any nuclear fuel or from any
nuclear waste from the combustion of nuclear fuel. For the purpose of this exception
combustion shall include any self-sustaining process of nuclear fission.
5. Any accidental loss or damage or liability directly or indirectly caused by or contributed to
by or arising from nuclear weapons material.
6. Any accidental loss damage and/or liability directly or indirectly or proximately or
remotely occasioned by contributed to by or traceable to or arising out of or in connection
with war, invasion, the act of foreign enemies, hostilities or warlike operations (whether
before or after declaration of war) civil war, mutiny rebellion, military or usurped power or
by any direct or indirect consequence of any of the said occurrences and in the event of any
claim hereunder the insured shall prove that the accidental loss damage and/or liability arose
independently of and was in no way connected with or occasioned by or contributed to by or
traceable to any of the said occurrences or any consequences thereof and in default of such
proof, the Company shall not be liable to make any payment in respect of such a claim.

CONDITIONS
This Policy and the Schedule shall be read together and any word or expression to which a
specific meaning has been attached in any part of this Policy or of the Schedule shall bear the
same meaning wherever it may appear.
1. Notice shall be given in writing to the Company immediately upon the occurrence of any
accidental loss or damage in the event of any claim and thereafter the insured shall give all
such information and assistance as the Company shall require. Every letter claim writ
summons and/or process or copy thereof shall be forwarded to the Company immediately on
receipt by the insured. Notice shall also be given in writing to the Company immediately the
insured shall have knowledge of any impending prosecution, inquest or fatal inquiry in
respect of any occurrence which may give rise to a claim under this Policy. In case of theft or
criminal act which may be the subject of a claim under this Policy the insured shall give
immediate notice to the police and cooperate with the Company in securing the conviction of
the offender.
Wherever details pertaining to any incident which results in a claim, are conveyed by the
insured to the insurer after reasonable period, insured shall provide the reasons of such delay
to the insurer and insurer may on analysis of reasons provided by insured, condone the delay
in intimation of claim or delay in providing the required information/documents to the
insurer.

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 2. No admission offer promise payment or indemnity shall be made or given by or on behalf
of the insured without the written consent of the Company which shall be entitled if it so
desires to take over and conduct in the name of the insured the defence or settlement of any
claim or to prosecute in the name of the insured for its own benefit any claim for indemnity
or otherwise and shall have full discretion in the conduct of any proceedings or in the
settlement of any claim and the insured shall give all such information and assistance as the
Company may require.
3. The Company may at its own option repair reinstate or replace the vehicle or part thereof
and/or its accessories or may pay in cash the amount of the loss or damage and the liability of
the Company shall not exceed:
a. For total loss/constructive total loss of the vehicle-the Insured’s Declared Value (IDV) of
the vehicle (including accessories thereon) as specified in the Schedule less the value of the
wreck.
b For partial losses, i.e. losses other than Total Loss/Constructive Total Loss of the vehicle
actual and reasonable costs of repair and/or replacement of parts lost/damaged subject to
depreciation as per limits specified.
4. The insured shall take all reasonable steps to safeguard the vehicle from loss or damage
and to maintain it in efficient condition and the Company shall have at all times free and full
access to examine the vehicle or any part thereof or any driver or employee of the insured. In
the event of any accident or breakdown, the vehicle shall not be left unattended without
proper precautions being taken to prevent further damage or loss and if the vehicle be driven
before the necessary repairs are effected any extension of the damage or any further damage
to the vehicle shall be entirely at the insured’s own risk.
5. The Company may cancel the policy by sending seven days notice by recorded delivery to
the insured at insured’s last known address and in such event will return to the insured the
premium paid less the pro rata portion thereof for the period the Policy has been in force or
the policy may be cancelled at any time by the insured on seven days. notice by recorded
delivery and provided no claim has arisen during the currency of the policy, the insured shall
be entitled to a return of premium less premium at the Company’s Short Period rates for the
period the Policy has been in force. Return of the premium by the company will be subject to
retention of the minimum premium of `100/- (or ` 25/-in respect of vehicles specifically
designed/modified for use by blind/handicapped/ mentally challenged persons). Where the
ownership of the vehicle is transferred, the policy cannot be cancelled unless evidence that
the vehicle is insured elsewhere is produced.
6. If at the time of occurrence of an event that gives rise to any claim under this policy there
is in existence any other insurance covering the same liability, the Company shall not be
liable to pay or contribute more than its ratable proportion of any compensation, cost or
expense.
7. If any dispute or difference shall arise as to the quantum to be paid under this policy
(liability being otherwise admitted), such difference shall independent of all other questions
be referred to the decision of a sole arbitrator to be appointed in writing by the parties to the
dispute or if they cannot agree upon a single arbitrator within 30 days of any party invoking
Arbitration, the same shall be referred to a panel of three arbitrators comprising two

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arbitrators one to be appointed by each of the parties to the dispute/difference, and a third
arbitrator to be appointed by such two arbitrators who shall act as the presiding arbitrator and
Arbitration shall be conducted under and in accordance with the provisions of the Arbitration
and Conciliation Act, 1996.
It is clearly agreed and understood that no difference or dispute shall be referable to
Arbitration as hereinbefore provided, if the Company has disputed or not accepted liability
under or in respect of this policy.
It is hereby expressly stipulated and declared that it shall be condition precedent to any right
of action or suit upon this policy that the award by such arbitrator/arbitrators of the amount of
the loss or damage shall be first obtained.
It is also hereby further expressly agreed and declared that if the Company shall disclaim
liability to the insured for any claim hereunder and such claim shall not, within twelve
calendar months from the date of such disclaimer have been made the subject matter of a suit
in a court of law, then the claim shall for all purposes be deemed to have been abandoned and
shall not thereafter be recoverable hereunder.
8. The due observance and fulfillment of the terms, conditions and endorsements of this
Policy in so far as they relate to anything to be done or complied with by the insured and the
truth of the statements and answers in the said proposal shall be conditions precedent to any
liability of the Company to make any payment under this Policy.
9. In the event of the death of the sole insured, this policy will not immediately lapse but will
remain valid for a period of three months from the date of the death of insured or until the
expiry of this policy (whichever is earlier). During the said period, legal heir(s) of the insured
to whom the custody and use of the Motor Vehicle passes may apply to have this Policy
transferred to the name(s) of the heir(s) or obtain a new insurance policy for the Motor
Vehicle. Where such legal heir(s) desire(s) to apply for transfer of this policy or obtain a new
policy for the vehicle such heir(s) should make an application to the Company accordingly
within the aforesaid period. All such applications should be accompanied by
a. Death Certificate in respect of the insured
b. Proof of title to the vehicle Original Policy.

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NO CLAIM BONUS:
No Claim Bonus, wherever applicable, will be as per the following table.
ALL TYPES OF VEHICLES % OF DISCOUNT ON OWN DAMAGE
PREMIUM
No claim made or pending during the 20%
preceding full year of insurance
No claim made or pending during the 25%
preceding 2 consecutive years of insurance
No claim made or pending during the 35%
preceding 3 consecutive years of insurance
No claim made or pending during the 45%
preceding 4 consecutive years of insurance
No claim made or pending during the 50%
preceding 5 consecutive years of insurance

Sunset Clause :
If at the renewal falling due any time between 1st July 2002 and 30th June 2003, both days
inclusive, (after completion of the full policy period of 12 months) an insured becomes
entitled to an NCB of 55% or 65% in terms of the Tariff prevailing prior to 1st July 2002, the
entitlement of such higher percentage of NCB will remain protected for all subsequent
renewals till a claim arises under the policy, in which case the NCB will revert to ‘Nil’ at the
next renewal. Thereafter, NCB if any earned, will be in terms of the above table.

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 CHAPTER 2
RESEARCH METHODOLOGY

Research methodology is a systematic way, which consists of series of action step, necessary
to effectively carry out research and the desired sequencing to these steps. The marketing
research is a process of involves it number of inter-related activities. Which overlap and do
rigidly follow a particular sequence. It consists of the following steps:-

2.1 Objective

The study undertaken includes the study of vehicle insurance, it is recent growth with a
special focus on scope of vehicle insurance.

Along with all this the basic objective of the study undertaken are as following:-

1. To know about the ICICI LOMBARD VEHICLE INSURANCE planes, process and
policy.

2. To know about the feature profit and benefits ICICI LOMBARD VEHICAL
INSURANCE.

3. To find out the growth of vehicle insurance in thane to known the customer
preference for insurance

4. To known the customer choices for various schemes for vehicle insurance

2.2 SELECTION OF THE TOPIC

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To study and evaluate the progress provided by the ICICI LOMBARD VEHICLE
INSURANCE COMPANY to the customer.

2.3 Hypothesis of the study

The hypothesis pertaining of demand for vehicle insurance are as follow

 Whether ICICI Lombard vehicle insurance are competitive.

 Whether ICICI Lombard vehicle insurance all risk and given value of insurance
policy.

 Suggestion as in to whether there are any insurance from other company which are
better than ICICI Lombard vehicle insurance.

 To give recommendations for improvement of ICICI Lombard vehicle insurance.

 Whether the vehicle has a positive or negative effect on the demand for the vehicle
insurance.

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 2.4 Limitation

Limitation of the project for me

 Insufficient time
For the collection of primary data there are get more time to collect data from company or
customers, there are primary data are not fulfil my project information there are also I want to
collect secondary data. This process get more time to collect information.
 Limited Availability primary data
There are limited availability of primary data, due to the shortage of time and information
about company, and finding customer who get insurance from ICICI Lombard vehicle
insurance company.
 Time consuming for collect secondary data and primary data
To do primary data collection, we have to visit the company and travel and wait in it and for
the secondary data, we have cyber visit, carry books etc.
 Limited Updated information
There have less availability of updated information, in the books there are available old data,
and current updated information are not available in books or website.
 Involve pepper work for primary data collection
For the collection of primary data we have to carry paper work for row data.
 Network or laptop
For the do that project work we want to have laptop or good network for the collect
information from website or done project

Limitation of the company ( ICICI Lombard vehicle insurance )

Scope of cover

This policy broadly covers loss or damage to insured property by fire, riot and strike, terrorist
activity, theft, accident, any of which arising from any fortuitous cause anywhere within the
geographical limit stated.

More Details

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 1. Sum insured
The basis of arriving at the sum insured will be the market value of the property.

2. Premium
Premium chargeable depends on nature of insured property, territorial limits (India or
worldwide) and claims experience.

3. Significant exclusions
The first 1% of the claim, subject to a maximum of `5,000 (hereinafter called 'Compulsory
Excess'), shall be borne by the insured.

This policy does not cover loss or damage arising from war and warlike operations, civil
commotion, wear and tear, electrical breakdown, breakage of glass, theft from unattended
vehicles, detention or confiscation by customs or other authorities and consequential loss.

4. Excess
1% of the claim amount subject to maximum of `5000. Higher voluntary excess qualifies for
reduction in premium level.

5. Main extension
Policy may be extended to cover electrical and mechanical breakdown on payment of
additional premium.

2.5 ADVANTAGES
Advantage of project for me

 Increase knowledge
Due to that project I am increase my knowledge about the insurance and its policy and
process for get vehicle insurance and its merits,

 Known about the vehicle insurance process

There are many process include for the done vehicle insurance done, and which type of
document required for the get insurance.

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  Known about claim
It is the last steps of vehicle insurance, there are recover the losses of vehicle and calculate
risk and there policy amount which type f policy get by the policy holder.

 Known about the company

there are I am get more information about its financial or market condition, this is increase
my knowledge about ICICI Lombard vehicle insurance
 Known bout risk coverage
There are cover loss of vehicle, accident, theft of vehicle, medical etc.

 Known about advantages of insurance

The most advantages of vehicle insurance that cover the risk and make your vehicle safe
through losses this is minimise the risk of losses and make you secured.

Advantages of the company (ICICI Lombard vehicle insurance )

ICICI Lombard Car Insurance

A car is one of the most prized possessions of the family. Hence, it becomes all the more
important to invest in a car insurance plan on a timely basis so as to protect it from all risks
that it might be subjected to. ICICI Lombard is a trusted insurer that provides some of the
best car insurance plans in the market. ICICI Lombard’s car insurance plan protects your car
against third party personal liability as well as provides own damage cover that ensures your
damages are covered without you having to break a sweat.

Types of Coverage of ICICI Car Insurance

ICICI Lombard Insurance cover protects your vehicle against:

Third Party Personal Liability covers you against:

Legal liability due to permanent injury and / or death of a third party

Legal liability due to damage to a third party's property
Own Damage Cover protects against the loss due to:

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Loss or damage to your own vehicle in accident
Loss or damage due to natural (fire, earthquake, etc.) or manmade calamities (burglary or
theft)
Personal Accident provides adequate financial protection in case of Permanent Total
Disability (PTD), death and cost of hospitalization due to a car accident.
Add-on Features of ICICI Lombard Car Insurance
To supplement the coverage offered by the basic car insurance policy, ICICI Lombard offers
add-on features at additional premium. Below are listed few:

Zero Depreciation Cover: This add-on makes you entitles you to claim the entire amount for
the replacement of damaged parts of your car.

Garage Cash: With this add-on policy holder can request to compensate for the
inconvenience caused while his/her car is being repaired.

Eligibility of ICICI lombard Car Insurance

Car owners who have got their vehicles registered under their respective names with the
Regional Transport Authority in India are eligible for purchasing ICICI Lombard Car
Insurance.

Discounts Offered by ICICI Lombard Car Insurance

ICICI Lombard car insurance offers specific discounts that can significantly trim your
premiums.

NCB discount: Can be availed on own damage premium depending on the number of
consecutive claim free years.

Installing Anti-Theft devices: Anti-theft devices, approved by ARAI, attracts extra discounts
on the premium.

Membership of AAI: Membership of any Automobile Association of India wins brownie

points.

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Opting for Voluntary Deductions: Higher you opt for the Voluntary Excess, lower will be
your premium.

Significant Exclusions of ICICI Lombard Car Insurance

While ICICI Lombard Car insurance policy is designed to provide adequate coverage against
any ill-fated eventualities, there are certain scenarios that are excluded from the coverage.
Below are listed few:

Mechanical breakdown
Consequential loss
Depreciation
Wear and tear
Any contractual liability
Intoxicated driving
Deliberate accidental loss
Damage due to nuclear weapons and war
How to Claim ICICI Lombard Car Insurance?
Intimate the claim on ICICI Lombard's Helpline 1800-2666.

For cashless service, you need to get your car repaired at a garage within the network of
ICICI Lombard.

If you wish to opt for reimbursement of expenses, you will need to get the car repaired, settle
the costs and then claim for reimbursement.
Note: Do not initiate any repairs to your car before the survey/inspection by the insurance
company.
ICICI Lombard Car Insurance Review
Backed by a strong brand like ICICI, ICICI Lombard General Insurance is one of the market
leaders in the insurance segment. With quick and reliable customer service clubbed with
convenient and easy claims processing, the company surely deserves to be in the top 3 list.
The car insurance plan offered is very comprehensive and when supplemented with
appropriate add-on features can definitely secure your financial future in case of any
unfortunate mishap ensuring a complete peace of mind.

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2.6 SCOPE OF ICICI LOMBARD VEHICLE INSURANCE

1. lessen your burden in case of a mishap

A third party car insurance safeguards the person involved in an accident, who is not the
owner of the vehicle involved in the accident. It covers all costs towards the medical
expenses incurred towards treating the injury inflicted in the accident, disability or death. It
also gives the owner of the vehicle a certain peace of mind that in case of a mishap on the
road, a pre-existing solution is available to him or her to mitigate the situation.

2. The Regulation
Opting for a third party car insurance would protect you in a situation where while driving
your vehicle you have injured a third person on the road. The Motor Vehicles Act, 1988
mandates that every vehicle owner must opt for an insurance cover before driving their
vehicle on the road and says that all cars without this insurance are illegal to drive as per the
law.

3. Limits Up To Which Third Party Car Insurance Is Offered

Third party insurance would compensate for injuries incurred by the victim of an automobile
accident. Compensation is also allowed for disability, death and damage to property caused
by the insured’s car.
Various regulations offer different third party compensations. Hospitalization and medical
costs are offered in cases of injuries. If the victim is permanently disabled, compensation
offered is higher than a lesser injury. In case of the death of the injured, the compensation is
the greatest and is made to the surviving beneficiaries of the deceased.

4. Special Cases
If the third party involved in an automobile accident suffers damage to his or her property,
the maximum compensation offered is ₹7.5 Lakhs. If a court decides that the victim deserves
a higher compensation, or if such an agreement is reached between the vehicle owner and the

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third party, the insurance company is not liable to pay the extra amount; in such cases the
vehicle owner settles the claim.

5. Why Obtain A Third Party Car Insurance

None of us wish to be in a situation where we have to make a claim on our car insurance.
However, it is better to be prepared for a road accident using a third party insurance because
such mishaps are not uncommon, and an insurance would prove to be a blessing in the crisis.

2.7 Research design

The research design can be grouped under 2 section i.e., Primary source and secondary
source other than these primary and secondary source the study of various cases of the
applicant by going through the file guide to make an analysis and findings regarding the
status of vehicle insurance in the current scenario. Even by assisting the insurance processing
analysis, the analysis and findings were approved by them.

Research
Design

PRIMARY SOURCE SECONDARY SOURCE

INTERVIEW WITH WEBSITE INTEREST OF

CUSTOMER ICICI LOMBARD
QUESTIONNAIRE INSURANCE

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 Exploratory design

The survey research method will be the basic research design. The respondent will be
classified into three type namely the ICICI insured and insure. I will be conducting an
experience survey in which we are going to have expert interview that will be conduct with
the expert who are qualified and have good knowledge in the field and the interview will last
around 30-45 minutes. I will also be conducting a non-disguised, qualitative analysis called
in-depth interview of the consumers that is expected to last between 15-25 minutes. By this
we came to know about their perception regarding the procurement of the Vehicle insurance.

SAMPLING DESIGN
The sampling design adopted was convenience and quota of non probabilistic in which we
got filled questionnaire from 50 respondent, all of them were other insurance company
customer. So my sample are would be 50. Eligible respondents will be adults over the age of
18. The quota that I had taken was on the basis of the vehicle condition and policy selection
for insurance.

Data collection
Primary data:-
Approaching the vehicle insurance of ICICI Lombard vehicle insurance and other insurance
company obtain detail by questionnaires, personally.
INTERVIEWS:- ( TOOL:- QUESTAINNAIRE)
As interview is a technique of data collection that involve respondents oral questioning.
Interview can be conducted with varying degree of flexibility.

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 Chapter 3
REVIEW OF LITERATURE

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