A PROJECT REPORT ON VARIOUS INSURANCE PLAN OF

ICICI Lombard General Insurance Company Ltd.

GENERAL INTRODUCTION ABOUT THE SECTOR Insurance is not the sale of products, but servicing customers. It is a system, by which the losses suffered by a few are spread over many, Exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected. The very fundamental principle of spreading of the risk is actually practiced by the insurance companies by reinsuring the risks that they have insured. The opening up of the Insurance Sector to Private Companies, has made available more products and world class service to Indian Customer. This project has been made with an objective to give an insight into various facts of General Insurance sector in India. An attempt has been made to explain the apex body of General Insurance. i.e. General Insurance Corporation of India, its structure, products and subsidiaries. Also the review of latest entrants into insurance sector viz. private players like TATA AIG General Insurance Company, Reliance General Insurance Company limited, Bajaj Allianz General Insurance Company, IFFCO Tokyo General Insurance Company, Royal Sundaram General Insurance Company limited and ICICI Lombard General Insurance Company have been described in brief, Due to the growth in the technological sector of the country, the insurance companies have started utilizing these technologies to it‚as optimum level.

About ICICI Lombard General Insurance Company Ltd.

ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank with consolidated total assets of over USD 100 billion at March 31, 2010 and Fairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of 36,948 million for the year ended March 31, 2010. The company issued over 44 Lakh policies and settled over 62 Lakh claims and has a claim disposal ratio of 96% (percentage of claims settled against claims reported) as on March 31, 2010. The company has 4,634 employees and 350 branches as on March 31, 2010.

The company has been assigned a domestic rating of ‘iAAA’ by ICRA (an associate of Moody’s Investors Service) for highest claim paying ability and a fundamentally strong position, for the fourth consecutive year. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. The company has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and Brand Loyalty award in the ‘Insurance Sector - Non-Life’ at the 3rd Loyalty awards, 2010. It was awarded the ‘General Insurance Company of the Year’ at the 11th Asia Insurance Industry Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya Global Connect Customer Responsiveness Award 2006. It has the Gold Shield for “Excellence in Financial Reporting” by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006.

Gross Return premium of the company:

Number of claim Settlement of company:

Number of policies sold by Company:

Various plan offered by ICICI Lombard General Insurance Company Ltd

Health Plan:

Family Floater Health Insurance Family Floater Health Insurance from ICICI Lombard offers you the best of both world’s by taking care of your family’s health while helping you save on your taxable income.

Secure your family against financial emergencies during sudden illness, surgery and accidents as well as against terrorist activities. Family Floater Health Insurance plan lets you share the entire sum insured among the family members covered under the policy, without any individual upper limits. Example: The Prakash Family is covered under a traditional health insurance plan with individual policies, of which Mr. Prakash is separately covered for 2 Lakhs, his wife for 1 Lakh, their son and daughter for 50,000 each. They have paid premium for all these four policies separately. In an

unforeseen situation, wherein surgery and post hospitalisation bill of their son amounts to 1.30 Lakhs, the existing policy will cover only 50,000, while Mr. Prakash will have to bear the balance 80,000 from his pocket. However, with Family Floater Health Insurance plan, each member of the Prakash family can utilize the entire sum insured of 4 Lakhs. Thus in the above situation, Family Floater would have covered the entire amount of 1.30 Lakhs of medical expenses of his son.

Policy Details:
Key Benefits
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Comprehensive coverage for your family with floater benefit Cashless claims facility at over 4,000+ network hospitals across India Continue to enjoy quality service even during claim settlements with - ICICI Lombard Health Care - our own in-house health claim processing and wellness team No sub-limits on room rent, doctor fees, and hospital charges or for any disease* No co-payments for any disease or any hospitalisation expenses Now get a Free health check-up coupon for any one insured family member, valid for the policy period No health check-up up to the age of 45 years (age as on last birthday) Avail tax benefits under Section 80D of the Indian Income Tax Act 1961** Buy Online and pay in EMIs without any extra charges*** Options for one or two year covers (auto renewal) available Get additional Sum Insured for every claim free year Keep your family secured even against expenses for hospitalisation due to terrorist activities

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What is covered

Medical expenses incurred as an inpatient during hospitalisation for more than 24 hours, including room charges, doctor/ surgeon's fee, medicines bills, etc Medical expenses incurred 30 days prior and 60 days post hospitalisation Day Care expenses incurred on named advanced technological surgeries and procedures requiring less than 24 hours of hospitalisation. (Including Dialysis, Radiotherapy and Chemotherapy)

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Pre-existing diseases can be covered after four continuous years of coverage with the Company* This policy also covers you for hospitalisation in case of Swine Flu / H1N1 influenza**

What is not covered

Exclusions valid for the first 30 Days

Any illness contracted within 30 days of the inception date of the Policy, except those that are incurred as a result of an accident. This clause is not applicable on the subsequent renewals

Exclusions valid for the first 2 Years
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Treatment of the following diseases/illness/ailments: Cataract Benign Prostatic Hypertrophy Myomectomy, Hysterectomy unless because of malignancy Hernia, Hydrocele Fistula in Anus, Piles Arthritis, Gout, Rheumatism

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Joint replacement, unless due to accident Sinusitis and related disorders Stone in the urinary and biliary systems Dilatation & Curettage Skin and all internal tumors / cysts / nodules / polyps of any kind, including breast lumps, unless malignant / adenoids and hemorrhoids Dialysis required for chronic renal failure Surgery on tonsils, adenoids and sinuses Gastric and duodenal ulcers

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If the Policy is renewed with us for two consecutive years, the above diseases / illness / ailments will be covered from the third year. If these are pre-existing diseases at the time of inception of the policy, the same will be covered after the fourth year onwards, subject to continuous renewal of the policy with us.

Permanent exclusions

Any illness/ disease/ injury/ pre-existing disease before the inception of the policy. However, this exclusion ceases to apply if the policy is renewed with the Company for 4 consecutive years

Non-allopathic treatment, pregnancy and childbirth related complications, cosmetic, aesthetic and obesity related treatment Expenses arising from HIV or AIDS and related diseases, use or misuse of liquor, intoxicating substances or drugs as well as intentional self injury War, riots, strike, nuclear weapon, induced treatment

Eligibility

The customer can buy the policy for any family member(s) children and / or parents The senior most person to be insured should be between 5 to 60 years of age The Proposer needs to be aged above 18 years To cover children aged between 91 days to 5 years, the policy must also cover at least 1 adult under the same policy Children under less than 91 days old cannot be covered Individual(s) proposed for Insurance whose age is 46 years & above have to undergo medical tests at ICICI Lombard designated diagnostic centers The policy cover is renewable till the age of 70 year

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Income Tax benefits u/s 80D can only be availed for policies bought for Self, Spouse, Children or Parents Floater benefit under the policy is available up to the age of 60 years. All floater policies thereafter will be renewed under individual plan up to the age of 70 years

Travel insurance plan: Individual Overseas Travel Insurance A comprehensive Travel Insurance policy that covers unexpected medical and non-medical expenses when you are travelling abroad. Avail of benefits like Checked-in Baggage loss/ delay and unique facilities such as Cashless hospitalisation, worldwide. Our Travel Insurance plans are the most preferred among others because we cover Pre-Existing diseases in life-threatening emergency situations.* Policy details : Key Benefits
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Cashless hospitalisation facility available worldwide Avail of quality health care through our tie up with UnitedHealth International (UHI is a leading US based health care provider) No medical check-up required The insurance also covers medical evacuation costs back to India Pre-existing diseases are covered under life-threatening situations* Coverage available up to 360 days (Original policy for 180 days and extension for additional 180 days) Pay Per day: Slab rate for first 7 days only, then pay on a per day basis Extend the policy online in case you extend the trip, pay only for number of days extended. This policy also covers you for hospitalisation in case of Swine Flu / H1N1 influenza.

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View details of policy Coverage:

What is not covered
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Pre-existing conditions except in case of life-threatening situations Addiction to alcohol, drugs Mental disorder, anxiety, depression Venereal diseases Sexually transmitted diseases, AIDS, HIV Radiation, nuclear weapons induced Sporting activities Expenses arising out of loss of valuables, money, securities and tickets Loss of passport in public places

Travel Insurance - A must have companion for every trip, Choose Wisely Travel insurance is something you should never forget whenever planning an overseas trip. It is essential because it covers you against medical and other financial emergencies that may incur during your travel. While a low cost policy does cover the basics, it usually does not cover all matters of emergencies. Travel insurance is one area where it is not advisable to buy the cheapest policy. Always do a little research to determine the levels of cover offered with the policy. What you should expect Typical services offered by travel insurance providers are, emergency repatriation and/or evacuation, medical expenses incurred while travelling, personal accident cover, travel cancellation and delay, theft, checked-in baggage loss and delay, loss of passport, missed connection and personal liability coverage .Always play safe Remember that this could happen to anyone, no matter what your age or current health. A simple accident or a terrible stomach upset due to foreign food can result in the need for this kind of emergency care. Travel medical insurance coverage will either pay for your treatment at the nearest medical facility, or allow you to choose the medical hospital or clinic where you want to avail of the required treatment.

.Travel Worry-free If you think travel insurance is not necessary because you plan to spend all your time just vacationing and sight seeing, think again. If necessary, pay a little more for adequate insurance and buy yourself not just peace of mind, but a whole lot more cover where you may need it most. Travel Insurance is designed to protect your health, belongings, and your financial investment in your trip, for you and your family.

Motor insurance: Car Insurance: It took Mr. Manas Pandit only two minutes to know how much money he could save on his car insurance premium. Get a free quote to know how much Money you could also Save on your Car Insurance Premium. Car Insurance Premium is calculated based on the car's Model, Age and the Registration City. Due to this Pricing Model, in some cases, the premium for similar cars could be higher as well. Policy Details Key Benefits
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A digitally signed policy is issued immediately through our online facility. Access to over 2700+ network garages for cashless claims servicing across India. Optional Personal Accident cover of up to . 2 Lakhs for co-passengers. Doorstep surveyor facility to cover your car with a gap in insurance. Avail NCB on renewals if no claim is made during the previous policy period. Know more Towing charges up to 1,500 in case of accidental damage (as per the policy terms and conditions). Transfer all No Claim Bonus (NCB) benefits when shifting your motor insurance policy to ICICI Lombard. 5% discount for recognised Automobile Associations Members. 2.5% discount for ARAI approved anti theft device in your vehicle. Avail add-on covers for items such as fog lights, music system and seat covers. Buy Online and pay in installments without any extra charges.

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What is covered Loss or Damage to your vehicle against Natural Calamities Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. Loss or Damage to your vehicle against Man-made Calamities Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air. Personal Accident Cover Coverage of 2 Lakhs for the individual driver of the vehicle while travelling, mounting or dismounting from the car. Optional personal accident covers for co-passengers available. Third Party Legal Liability Protection against legal liability due to accidental damages resulting in the permanent injury or death of a person, and damage caused to the surrounding property. What is not covered
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Normal wear and tear and general ageing of the vehicle. Depreciation or any consequential loss. Mechanical/ electrical breakdown. Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time, in which case the liability of the company shall be limited to 50% of the cost of replacement.

Vehicles including cars being used otherwise than in accordance with limitations as to use. Damage to/ by a person driving any vehicles or cars without a valid license. Damage to/ by a person driving the vehicle under the influence of drugs or liquor. Loss/ damage due to war, mutiny or nuclear risk

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Sum Insured
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All vehicles are insured at a fixed value called the Insured’s Declared Value (IDV). IDV is calculated on the basis of the manufacturer’s listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the Indian Motor Tariff.

If the price of any electrical and / or electronic item installed in the vehicle is not included in the manufacturer’s listed selling price, then the actual value (after depreciation) of this item can be added to the sum insured over and above the IDV.

In case of vehicles fitted with bi-fuel system such as Petrol/ Diesel and CNG/ LPG, permitted by the concerned RTO, the CNG/LPG kit fitted to the vehicle is to be insured separately at an additional premium of 4% on the value of such kit. You need to specifically declare this in the proposal form.

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