An empirical study on perception of consumer in insurance sector.

Article Type: Report Subject: Consumer preferences (Surveys) Marketing research (Methods) Life insurance (Surveys) Author: Singh, Binod Kumar Pub Date: 03/01/2010 Publication: Name: Indian Journal of Economics and Business Publisher: Indian Journal of Economics and Business Audience: Academic Format: Magazine/Journal Subject: Business; Economics Copyright: COPYRIGHT 2010 Indian Journal of Economics and Business ISSN: 0972-5784 Issue: Date: March, 2010 Source Volume: 9 Source Issue: 1 Topic: Event Code: 240 Marketing procedures Advertising Code: 34 Research Findings Computer Subject: Marketing research Product: Product Code: 6310000 Life Insurance NAICS Code: 524113 Direct Life Insurance Carriers SIC Code: 6311 Life insurance Geographic: Geographic Scope: India Geographic Code: 9INDI India
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Accession Number: 225073249 Full Text: Abstract Consumer behavior studies the behavior of individual or a group of people. The study of consumer behavior provides marketers to understand and predict the future market behavior. In this paper, role of IRDA, role of Indian banks, role of private insurance companies, function of insurance company, various factors influencing consumer behavior, factors influencing buying decision and model of consumer decisions making process have been considered. Also, the types of insurance policy taken by consumer, the total sum assured of life insurance, the total sum assured of life insurance for the spouse, the share of public insurance in insurance sector, share of LIC in life insurance in insurance sector and the reasons for invested in life insurance have been studied. Keywords: Consumer behavior, Buying decision and Consumer decisions making process 1. INTRODUCTION Consumer behavior is the process where the individual decides what, when, how and from whom to purchase goods and services. Consumer behavior studies how individuals, groups

the Secretary General of General Insurance Council. India's general insurance sector is slated to grow at 18% rate in 2008. the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. ideas or experiences to satisfy their needs and desire. Under the plan of insurance. The comparable figure for 2007 was 13%. a large number of people associate themselves by sharing risk. Insurance is actually a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party on happening of a certain event. where. services. Consumer research is the methodology which is used to study consumer behavior and it takes place at every phase of the consumption process during before and after the purchase. The business of life insurance started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. As per Mr. The insurance sector in India come a full circle from being an open competitive market to nationalization and back to a liberalized market. 1. As per data from IRDA. LIC Managing Director expects the volatility in the stock markets to continue till October-November. Insurance may be described as a social device to reduce or eliminate risk of life and property. The comparable figure for 2007-08 was Rs 340 billion.LIC envisages augmenting its equity investment by one third in 2008. LIC plans to buy equities worth Rs 450 billion for the year 2008 -09. death. 30. The Indian insurance market is characterized by the presence of 'young pensioners'. 450 billion in the current year. sociology. Young pensioners are typically under 40 individuals who are purchasing retirement plans. The prime objective of the company is to ensure the safety of the resources invested by the company's shareholders. Consumer behavior has become an integral part of strategic and social responsibility. LIC is slated to buy up bonds worth Rs. 28% of the premiums collected by the Indian Insurance companies are from retirement plans. N.65 %. how and how often they buy it. The risk. use dispose off goods. incident. & burglary. depending upon the prevalent market conditions. social psychology. According to K. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years. which can be insured against include fire. the present market value of the Indian general insurance sector is Rs. It is also the largest life insurance company in India. buy. Life Insurance Corporation (LIC) is India's biggest domestic institutional investor.The Indian urban sector is a significant contributor to the general insurance market . Insurance is a contract whereby.15 trillion in the current fiscal year. who believe in going for a planned retirement. affluent young generation. LIC expects to earn a gross investment income ranging from Rs. in return for the payment of premium by the insured. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. It helps marketers to fulfill the needs of their target markets in such a way that it develops a society.and organization select. 400 billion to Rs. Thomas Mathew.LIC manages total assets worth around US$175 billion. the peril of sea.000-crore. Bhandari. when. It should also be an integral component of every marketing decision embodied in a revised marketing and the social marketing concept. cultural anthropology and economics. Bhandari. The current penetration level of the Indian insurance sector is 0. The growing Indian economy has created an upwardly mobile. The study of consumer behavior enables marketers to understand and predict consumer behavior in the market place in advance and it is concerned not only with what consumers buy but also with why. Consumer behavior is interdisciplinary approach that is based on concepts and theories about people that have been developed by scientists in diverse disciplines such as psychology. as per an article in the 'Times of India'. attached to individual.

The other important norm is the expansion of the sanctioned investments category. 699. Several other alterations were also done with the investment norms. Chidambaram. According to Mr. After the independence.Chidambaram. the Life Insurance Company was nationalized in 1956.375 crores. which would also include the mortgaged securities and the initial public offerings unlike previously when these two were not included. IRDA plays an important role in insurance sector giving important guide lines to various companies in the area of * To know about the total sum assured of life insurance * To know about the total sum assured of life insurance for the spouse * To know about the share of public insurance in insurance sector * To know about the share of LIC in life insurance in insurance sector * To know about the reasons for investment in life insurance III. ROLE OF IRDA IN INSURANCE SECTOR Insurance in India started without any regulations in the nineteenth century. The IRDA's green signal to insurance companies for investments in venture capital funds would provide a boost in growth pertaining to the infrastructure segment. It is expected that the products will then possess a high penetration power particularly in rural India. Only in 1999 private insurance companies were allowed back into the business of insurance with a maximum of 26 per cent of foreign holding (World Bank Economic Review 2000). at the board meeting on the 25th of March 2008. The alterations would provide more margins pertaining to the . The proposal would be submitted to the Insurance Regulatory and Development Authority of India (IRDA) board for approval. The insurance companies would be allowed to invest about 5% of the total investment in the venture capital funds pertaining to infrastructure based projects. The final draft was published in the Gazette of the Central Government at the end of March 2008.P. It was a typical story of a colonial era: a few British insurance companies dominating the market serving mostly large urban centers. and then the general insurance business was nationalized in 1972. On July 14. called for the insurance companies in India to make simple products for the Indian masses. The total aggregate of the assets under the life insurance companies is Rs. 2000 Insurance Regulatory and Development Authority bill was passed to protect the interest of the policyholders from private and foreign players. The alterations would help in developing the instruments of investment and provide flexibility for insurers. the then Indian Finance The entry of the State Bank of India with its proposal of bank assurance brings a new dynamics in the game. The proposed alterations in the regulations pertaining to investments of the insurance companies were settled by the Insurance Regulatory and Development Authority of India (IRDA). OBJECTIVES * To know about the types of insurance policy taken by consumer Ads by Google Business Journalism MA Study business and financial news reporting in this specialist course city. a simple product will gain more reception. II.

Birla Sun Life with a premium of Rs. Bank of India. 2004). IV.96 crore for the period under review of this.e.09 crore. Kamataka Bank.980 crores. This is due to the fact that the insurance companies are now unable to find banks with whom they can enter into partnerships for the distribution of their products. the public sector giant.000 crores in the segments of non. translates into a market share of 90 per cent. 18. Punjab National Bank. V. 364. 132.000 crore in three years of liberalization. accounting for 10 percent. during the first nine months of 2007-2008. the private insurers had collected premium income from new business of about Rs. 9.688. The major Indian Banks that are planning to enter the insurance sector of the country are Union Bank. this would help them to diversify from the regular banking activity that they are involved in. recording a growth of 70. Allahabad Bank. The private insurance players have significantly improving their market share when compared to 50 years Old Corporation (i. 1019. The insurance companies have been affected with the planning of Indian banks to foray into the insurance sector of the country.87 crore. that their market share rose to 14. One important reason is that they would get better dividends than the commission they would get by entering into partnerships with other insurance majors. Federal Bank.707.urban and rural insurance and is expected to be worth about US$ 60 billion by 2010. Further. in 2007. According to the Insurance Regulatory and Development Authority (IRDA). 176. It recorded a premium of Rs.75 per cent on an annual basis. The Insurance Regulatory and Development Authority of India (IRDA) constituted a working group in the year 2006 to probe the existing investment regulations and provide review on the present statutory advices and the trends of investments for insurance companies. 1. LIC). 10. the business of insurance in the country is expected to increase due to the growth in the categories of semi. 3. private sector accounted for only 3. private players contributed to Rs.9 crore followed by Max New York Life with Rs. 21 March. ROLE OF INDIAN BANKS IN INSURANCE SECTOR Many Indian banks are planning to enter the insurance sector due to the huge growth that is estimated to take place in this sector. In case of private non-life insurance players. while the market share of public . The private insurance joint ventures have collected the premium of and life in certificates of deposit issued by the banks and term deposits. The ICICI Prudential topped among the private players in terms of premium collection. ROLE OF PRIVATE INSURANCE COMPANIES IN INSURANCE SECTOR Private sector also plays important role in this sector and tried to capture maximum shares in this sector. without partnering with insurance companies due to several reasons. continued to lead with a premium collection of Rs. 170 crore .7 crore.8 crore. Moreover.77per cent as compared to 96. Indian banks are planning to enter the insurance sector on their own. and Dena Bank. As per the figures compiled by IRDA. there are a number of banks that are planning to set up their own companies for insurance such as Bank of Baroda.13 per cent. At present the insurance companies may invest about 10% of its investment funds to a particular sector. In terms of number of policies and schemes sold. Indian banks plan to foray into the insurance sector by setting up their own insurance companies. Indian Overseas Bank and Bank of Maharashtra. The Indian insurance sector collected a premium of about Rs. Life Insurance Corporation of India (LIC). Further.23 per cent share of LIC (The Economic Times.HDFC Standard with Rs. 75. the Life Insurance Industry recorded a total premium underwritten of Rs.019.09 crore with the investment of just Rs.

a fixed premium for a five-year term. The third health insurance policy of Max New York Life Insurance is a term plus health protection plan known as "Safety Net". Max New York Life Insurance Company Ltd.60 per cent. is the "Wellness Plan". private insurer would dominate the public sector like New India Insurance Corporation.32 per cent by the end of January 2004. it also has provision for a free telephonic medical helpline across India. VI. surgery and critical illness of the insured and these plans have been structured with features like coverage for a wide range of ailments. etc. ICICI Lombard topped the list with a premium collection of Rs. launched 'lifeline' a health insurance product on March 2008. If this trend continues. Max New York Life Insurance Company is the leading private life insurance company in India. HDFC Chubb and Cholamandalam have registered annual growth rates of 4030. followed by Bajaj Allianz with a premium of Rs. The second plan of the newly launched health insurance of Max New York Life Insurance. whereas New India has registered it as 0. Secondary function 3. Recently.403. which is meant to provide a fixed amount of cash benefit on a day-to-day basis during the entire period of hospitalization of the insured. free second opinion from the best health care institutions of India on detection of illness. It is obviously reflect the insurance sector has facing the challenges with foreign counter parties as well as private counter parties and lot more opportunities are prevailing to penetrate the insurance business among the uncovered people and area of India. This newly launched health insurance product of Max New York Life Insurance Company offers three groups of heath insurance solutions.38 per cent.34 per cent.62 crore in one year period with a market share of 3. The hospitalization is covered by "Medicash Plan".20 per cent respectively. no claim discount on revised premium for a healthy life.49 crore premium and 2. Max New York Life Insurance Company is one of the fastest growing life insurance companies in India and is the first life insurance company of India to be awarded with ISO 9001:2000 certification. heart ailments.02 crore and 2. liver disease. Further. Among the private non-life insurance players. permanent disability.91 percent market share and Tata AIG with 300. The "Medicash Plan" would also cover expenses for admission in ICU.385. which is a more attractive one and covers 'critical illness' like cancer. Primary function 2. across India.26 per cent and 1101.sector stood at 85. Other functions .87 per cent.27 per cent market share with an annual growth rate of 62. Now. The overall market has recorded a growth of 12. deafness. registering a marginal growth of 6. lump sum benefits against an unlimited number of surgeries and recuperation benefits. the company can boast of offering complete health and life insurance products across 11 regions in India. alzheimers.05 per cent and with an annual 131. The director marketing product management and corporate affairs of Max New York Life Insurance said that these three distinct heath insurance products are meant to cover eventualities like hospitalization.6 per cent. FUNCTIONS OF INSURANCE CAN BE CLASSIFIED INTO THREE PARTS 1. Further. which is the highest number of illness covered under one insurance plan in India by any insurance company. The "Wellness plan" covers thirty eight critical illnesses. it leads to economic development of the country.

FACTORS INFLUENCING CONSUMER BEHAVIOUR Social factor: Social factor divides the society into a hierarchy of distinct classes. Insurance is device whereby the uncertain risks may be made more certain. Source of earning foreign exchange--Insurance is an international business. Contributes towards the development of larger industries--Insurance provides development opportunity to those larger industries having more risks in their setting up. Assessment of risk--Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. VII. Insurance is actually a protection against economic loss. Risk free trade--Insurance promotes exports insurance. by paying small amount of premium against larger risks and uncertainty.The primary functions of insurance include the following: Provide protection--The primary function of insurance is to provide protection against future risk. by sharing the risk with others. Collective bearing of risk--Insurance is a device to share the financial loss of few among many others. Insurance is a means by which few losses are shared among larger number of people. The . Hence. For the purpose of availing income-tax exemptions people may also invest in insurance. Provide certainty--Insurance is a device. The other functions of insurance include the following: Means of savings and investment--Insurance serves as savings and investment. Prevention of losses causes lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's. accidents and uncertainty. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. which helps to change from uncertainty to certainty. Small capital to cover larger risks--Insurance relieves the businessmen from security investments. which makes the foreign trade risk free with the help of different types of policies under marine insurance cover. The secondary functions of insurance include the following: Prevention of Losses--Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions and installation of automatic sparkler or alarm systems etc. Reduced rate of premiums stimulate for more business and better protection to the insured. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery.

income. Personal factors also influence buyer's behavior. 11. The target respondents are well educated. Personal factor: It is a very important factor. A sample of 1947 individuals has been selected by setting questionnaire. They include age. occupation. values and customs of their society and to avoid behavior that is judged acceptable. MODEL OF CONSUMER DECISIONS MAKING PROCESS A simple model of Consumer Decision Making [ILLUSTRATION OMITTED] X. Beliefs. VIII. Psychology factor: The buying behavior of consumer is influenced by a number of psychological factors which includes motivation. within a larger. purchase. perception. more complex society. beliefs and attitude and personality. The profile of the target respondents is typically matched. celebrity etc.60% respondents have taken unit linked insurance plan and 7. The online response system has self-checking and its validation system vetted the quality and veracity of the responses. RESEARCH METHODOLOGY The survey was conducted across 334 cities/towns in all the states and union territories. professions and different age groups. 19. group. 14. The majority of the respondents were from the top five metres and 10 major cities had at least 30 participants. FINDINGS The Study was aimed to identifying the perception of consumer in insurance sector. XI.61% respondents have taken term cover insurance.members of each class have relatively the same status and members of other classes have either more or less status.20 % respondents have taken vehicle insurance. The figure I explains about the types of insurance taken by consumer. 10. Thus sub-culture is a distinct cultural group that exists as an identifiable segment. values and customs set subculture apart from other members of the same society. It includes family. This profile and the sensitivity of the information made it imperative that the respondents fill the survey questionnaire themselves.13% respondents have taken pension plan etc. About 20. life style. They simply direct our outer personality. . Cultural factor: It has potent influences that are brought up to follow the beliefs.1% respondents have taken personal accident insurance. spread over major urban centers having a higher socio-economic and income profile and spread across a range of occupations. learning. FACTORS INFLUENCING THE BUYING DECISION Major factors influencing buying decision [ILLUSTRATION OMITTED] IX.6% respondents have taken medical/health insurance. familiar with English.

IRDA plays an important role and time to time gives important guide lines to various companies. Allahabad Bank. 20 lakh. Bank of Maharashtra. About 1104 respondents having sum assured of life insurance less than Rs.43% respondents have invested in life insurance for tax saving and 19. 20 lakh to Rs.38% respondents preferred LIC for Life Insurance and 33. APPENDIX Appendix B: List of Insurance Companies in India * General Insurance Companies In India * Birla Sun Life Financial Services . In this sector. Indian Overseas Bank. Insurance sector provides some security to the consumer for any type of mishappening. 10 lakh to Rs. XII. Bank of India. About 55. 132 respondents having sum assured of life insurance for the spouses between Rs. Recently banking sector has also moved towards insurance sector since they would get better dividends than the commission they would get by entering into partnerships with other major insurance market players.50% respondents have preferred private sector insurance company. The figure V explains about the share of LIC in insurance sector. Karnataka Bank. 10 laldi to Rs. 300 respondents having sum assured of life insurance between Rs. Federal Bank. 32. 39 respondents having sum assured of life insurance for the spouses between Rs. 10 lakh. Union Bank. 20 lakh to Rs.62% respondents preferred other insurance company for Life Insurance. medical/health insurance and they also prefer sum assured of life insurance less than Rs 10 lakh. CONCLUSION With increase in population and income there is a wide scope in insurance sector. The figure IV explains about the share of insurance sector. About 66. Bank of Baroda. Most of the respondents show their interest in life insurance having higher risk coverage and also for tax saving purpose.Major respondents generally prefer insurance like vehicle insurance. Still.The figure II explains about the total sum assured of life insurance.50% respondents have preferred public sector insurance company and 45. The figure III explains about the total sum assured of life insurance for the spouses. 50 lakh and 1067 respondents have not taken any sum assured life insurance for the spouses etc. 20 lakh and 93 respondents having sum assured of life insurance between Rs. About 35.70% respondents have invested in life insurance due to higher risk coverage. 10 lakh. Punjab National Bank. term cover insurance. LIC plays an important role and has maximum share in this sector. 50 lakh etc. Among private sectors Max New York insurance company plays a vital role. About 695 respondents having sum assured of life insurance for the spouses less than Rs.65% respondents have invested in life insurance due to easy way to invest. and Dena Bank are planning to enter in this sector. The figure VI explains about the reasons for investing in life Insurance. There are various factors that affect the consumer buying decision and also influence consumer thinking when they are planning to invest in insurance scheme .

Ltd * Ing Vysya Life Insurance Co. Life and general insurance in India is still a nascent sector with huge potential for various global players with the life . Ltd * Max Life Insurance Co. CHANGING PARADIGMS OF FINANCE SECTOR-SPECIAL REFERENCE TO INSURANCE SECTOR Insurance is a federal subject in India and has a history dating back to 1818. Ltd * HDFC Standard Life Insurance * Metlife Insurance * Sahara India Life Insurance * ANZ Insurance * Amsure Insurance * Cholamandalam MS General Insurance * Employee State Insurance Corporation * Export Credit Guarantee Corporation Of India Ltd * ICICI Lombard * Agriculture Insurance Company F India Ltd * Peerless Smart Financial Solutions * IFFCO TOKIO .* Birla Sun Life * Birla Sun Life Insurance Company In India * Bajaj Allianz Insurance Company In India * Om Kotak Mahindra Life Insurance Company In India * Royal Sundaram Alliance Insurance Co.

1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. Kanpur and Bhopal. Currently.e. Bombay Mutual Life Assurance Society. the Life Insurance Companies Act. GIC had four subsidiary companies. these subsidiaries have been de-linked from parent company and made as independent insurance companies: Oriental Insurance Company Limited.. operates through 100 divisional offices in important cities and 2. National Insurance Company Limited and United India Insurance Company Limited. namely. LIC is associated with joint ventures abroad in the field of insurance.e. when Oriental Life Insurance Company was started by Europeans in Kolkata to cater to the needs of European community. General Insurance Corporation of India (GIC).insurance premiums accounting to 2.HISTORY Insurance in India has its history dating back till 1818. New India Assurance Company Limited. Ken-India . of India in 1999 opened up the insurance sector by allowing private companies to solicit insurance and also allowing FDI up to 26%. At the dawn of the twentieth century. Life Insurers i. The oldest existing insurance company in India is National Insurance Company Ltd. Delhi. However. the disparage still existed as discrimination between Indian and foreign companies. the first Indian insurance company covered Indian lives at normal rates. Life Insurance Corporation of India (LIC) and General Insurers i. Insurance industry earlier comprised of only two state insurers. In the year 1912. Chennai. which was founded in 1906 and is doing business even today. The Life Insurance Companies Act. Pre -independent era in India saw discrimination among the life of foreigners and Indians with higher premiums being charged for the latter. Mauritius and United Kingdom. LIC has 5.5% of the country's GDP while general insurance premiums to 0. The Insurance sector in India has gone through a number of phases and changes. Hyderabad. LIC with its central office in Mumbai and seven zonal offices at Mumbai.048 branch offices. INDIAN INSURANCE INDUSTRY. It was only in the year 1870.59 lakh active agents spread over the country. With effect from December 2000. the Indian insurance sector is considered as a booming market with every other global insurance company wanting to have a lion's share.65% of India's GDP. The Corporation also transacts business abroad and has offices in Fiji. particularly in the recent years when the Govt. and the Provident Fund Act were passed to regulate the insurance business. Calcutta. Ever since. insurance companies started mushrooming up. Insurance Industry MAJORS a) Public Sector 1) Life Insurance Corporation of India (LIC) Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilise people's savings for nation-building activities. the largest life insurance company in India is still owned by the government.

and (iv) United India Insurance Company Limited.22 per cent per annum. (iii) Oriental Insurance Company Limited. As a result LIC down the years have seen the declining phase in its career. 2) General Insurance Corporation of India (GIC) The general insurance industry in India was nationalized and a government company known as General Insurance Corporation of India (GIC) was formed by the Central Government in November 1972. Besides the domestic market. with effect from Dec'2000. (ii) New India Assurance Company Limited. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. The market share was distributed among the private players. were grouped into four operating companies. LIC's income grew at a healthy average of 10 per cent as against the industry's 6.3 Billion. Though LIC still holds the 75% of the insurance sector but the upcoming natures of these private players are enough to give more competition to LIC in the near future. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers which were operating in the country prior to nationalization. Compounded annual growth rate for Life insurance business has been 19. LIC's claims settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent. namely. Nairobi.C. (However.4 per cent in Europe. In 1995-96. (i) National Insurance Company Limited.Assurance Company Limited. with 50 per cent subsidy in the premium rates. The new players have improved the service quality of the insurance. . It has also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension policies in U. All the above four subsidiaries of GIC operate all over the country competing with one another and underwriting various classes of general insurance business except for aviation insurance of national airlines and crop insurance which is handled by the GIC. these subsidiaries have been de-linked from the parent company and made as independent insurance companies). E.K. and Life Insurance Corporation (International).7 per cent growth in the rest of Asia (3. Bahrain. LIC had a total income from premium and investments of $ 5 Billion while GIC recorded a net premium of $ 1. IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO INSURANCE BUSINESS: The introduction of private players in the industry has added to the colors in the dull industry.4 per cent in the US). LIC market share has decreased from 95% (200203) to 82 %( 2004-05). United Oriental Assurance Company Limited. During the last 15 years. Kuala Lumpur. the industry is presently operating in 17 countries directly through branches or agencies and in 14 countries through subsidiary and associate companies. 1. LIC has even provided insurance cover to five million people living below the poverty line.

Max New York Life Insurance Co.00. is a joint venture between Kotak Mahindra Bank Ltd.000 advisors. 7) SBI Life Insurance Company Limited . India's leading housing finance institution and The Standard Life Assurance Company. 5. Om Kotak Mahindra Life Insurance Co. Max New York Life Insurance Company Limited is a joint venture that brings together two large forces . Ltd.A) LIFE INSURANCE 1. as well as 7 bancassurance and 150 corporate agent tie-ups. Kotak Mahindra Old Mutual Life Insurance Ltd.40. a global expert in life insurance. a multi-business corporate. (KMBL). there are more than 400 product combinations to choose from.). 2. They have managed to cover over 11.000 lives have been covered through our group business tie-ups. With their various Products and Riders. and Old Mutual plc. Ltd. is one of India's leading private life insurance companies.Max India Limited. a premier financial powerhouse and Prudential plc. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd. 6) Tata AIG Life Insurance Company Ltd.Birla Sun Life Insurance Company Ltd. Apr-Nov 2005. including the first year premiums and renewal premiums is Rs. which offers a range of individual and group insurance solutions. together with New York Life International. The company has a network of about 56. 672. HDFC Standard Life Insurance Company Ltd. a leading provider of financial services from the United Kingdom. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank. They have a national presence with a network of 57 offices in 37 cities across India.000 individuals out of which over 3. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). a leading international financial services group headquartered in the United Kingdom. 4. HDFC Standard Life Insurance Company Ltd. ICICI Prudential Life Insurance Company Ltd.3 for the financial year. Their cumulative premium income. Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life financial Services of Canada. 3.

insurance claims management and investment management. The company is Head Quartered at Chennai. Ltd. and has two Regional Offices. 11) AMP SANMAR Assurance Company Ltd. is one of Canada's oldest property and casualty insurers. 2. Royal Sundaram Alliance Insurance Company Limited The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance Limited started its operations from March 2001. 2001 to conduct General Insurance business (including Health Insurance business) in India. Both enjoy a reputation of expertise. 13) Aegon Religare Life Insurance 14) Aviva Life Insurance B) GENERAL INSURANCE 1. reinsurance. AG. Lombard Canada Ltd. Bajaj Auto holds 74% and the remaining 26% is held by Allianz. a group company of Fairfax Financial Holdings Limited. The Company has an authorized and paid up capital of Rs 110 crores. 10) MetLife India Insurance Company Pvt. ICICI Bank is India's second largest bank. Bajaj Allianz General Insurance Company Limited Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Ltd. Cholamandalam General Insurance Company Ltd. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001. Germany. one at Mumbai and another one at New Delhi. ICICI Lombard General Insurance Company Limited ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. 4. 12) Dabur CGU Life Insurance Company Pvt. stability and strength. while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance. 3. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd. .ING Vysya Life Insurance Company Private Limited 9) Allianz Bajaj Life Insurance Company Ltd.

Tata AIG General Insurance Company Ltd. Inc. Indore. as well as several specialized financial lines. Coimbatore. Pune. 2001. Bangalore.4 lakh policies in its first calendar year of operations. HDFC-Chubb General Insurance Co. Reliance General Insurance Company Limited. (AIG). is a joint venture company. travel. marine. personal accident. offers the complete range of insurance for automobile. The company has a pan-Indian presence with offices in Chennai. Export Credit Guarantee Corporation Ltd. Chola-MS commenced operations in October 2002 and has issued more than 1. Ltd. 7. Tata AIG combines the strength and integrity of the Tata Group with AIG's international expertise and financial strength. TATA AIG General Insurance Company Ltd. Kochi. 9. formed from the Tata Group and American International Group. Delhi. Ltd 8. property and casualty. Tata AIG General Insurance Company. home. which started its operations in India on January 22. Chandigarh. 6. energy. Mumbai. DATA ANALYSIS & INTERPRETATION DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES . Kolkata and Vizag.Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint venture of the Murugappa Group & Mitsui Sumitomo. The Tata Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per cent stake. Ahmedabad. 5. IFFCO Tokio General Insurance Co. Hyderabad.

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