Sbi General Insurance

PROJECT REPORT ON
SBI GENERAL INSURANCE

IN PARTIAL FULFILLMENT OF THE
DEGREE AWARDED AT
B.COM (BANKING AND INSURANCE) SEMESTER VI
SUBMITTED TO
UNIVERSITY OF MUMBAI
FOR ACADEMIC YEAR 2022 – 2023
SUBMITTED BY
NAME: NEHA JASAWANT SHRIMALI
ROLL NO: 132
VIVA COLLEGE OF ARTS, COMMERCE AND SCIENCE VIRAR

(WEST) 401303
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DECLARATION
I Hereby Declare that the Project Titled “SBI GENERAL INSURANCE is an original work
prepared by me and is being submitted to University of Mumbai in partial fulfilment of “B.
Com. (BANKING AND INSURANCE)” degree for the academic year 2022-2023. To the
best of my knowledge this report has not been submitted earlier to the University of Mumbai
or any other affiliated college for the fulfillment of “B. Com (BANKING AND
INSURANCE)” degree.
Date: Place : Virar
Name: Neha Jasawant Shrimali Signature:
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ACKNOWLEDGEMENT
I _NEHA JASAWANT SHRIMALI_ the student of VIVA College pursuing my “B.COM

(BANKING AND INSURANCE)”, would like to pay the credits, for all those who helped in
the making of this project. The first in accomplishment of this project is our Principal Dr. V.
S Adigal, Vice-Principal Prof. Prajakta Paranjape, Course Co-ordinator Dr. Roshani
Nagar and Guide Dr./Prof. KALPANA JAIN and teaching & non-teaching staff of VIVA
college. I would also like to thank all my college friends those who influenced my project in
order to achieve the desired result correctly.
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Project Title: -__SBI GENERAL INSURANCE__ Roll No: __132__
Sr. Page no
Particulars
No.
1 INTRODUCTION OF SBI GENERAL INSURANCE 6-13
2 HISTORY OF SBI GENERAL INSURANCE 14-18
3 REVIEW OF LITERATURE 19-22
4 MISSION AND VISION 23-29
5 STRUCTURE OF SBI GENERAL INSURANCE 30-31
6 PRODUCT AND SERVICES OF SBI GENERAL INSURANCE 32-43
7 DOCUMENTATION AND CLAIM SETTLEMENT 44-57

FEATURES PROSPECTUS OF INSURANCE IN INDIAN 58-62
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SECTOR
CORPORATE SOCIAL RESPONSIBILITY OF SBI GENERAL 63-64
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INSURANCE
10 CONCLUSION 65
11 BIBLIOGRAPHY 66
Guides Name:
Guides Signature:
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CHAPTER 1
Introduction of SBI General Insurance
1 .1 Introduction of Insurance
1.2 introduction of SBI General Insurance
What is insurance?
INTRODUCTION OF THE insurance
Insurance is the backbone in managing the risk of the country. The insurance
providers offer diversity of products to business, thus ensuring protection from risk thereby
guaranteeing financial stability. It helps individual and organization to minimize the
consequences of risk which impart significant cause the growth and development of insurance
industry. Insurance plays a key role in stabilizing the economy, trade and commerce Insurance
coverage can be defined as a contract in the form of a financial protection policy. This policy
covers the monetary risks of an individual due to unpredictable contingencies. The insured is
the policyholder whereas the insurer is the insurance-providing company/the insurance
carrier/the underwriter. The insurers provide financial coverage or reimbursement in many
cases to the policyholder.
The policyholder pays a certain amount called ‘premium’ to the insurance company
against which the latter provides insurance cover. The insurer assures that it shall cover the
policyholder’s losses subject to certain terms and conditions. Premium payment decides the
assured sum for insurance coverage or ‘policy limit’.
INTRODUCTION OF SBI GENERAL INSURANCE
SBI General Insurance is a general insurance company founded in 2009.[1] It started

operations in 2010 and is headquartered in Mumbai, India.
The company offers a range of general insurance products including insurance for
automobile, home, personal accident, travel, energy, marine, property and casualty as well as
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specialized financial lines. The current MD and CEO is Kishore Kumar Peludos and Anand
Pejawar is Deputy Managing Director.
We, at SBI General Insurance, are committed to carry forward the legacy of trust and security;
and have a vision is to become the most trusted general insurer for a transforming India.
Ever since our establishment in 2009, our growth has been exponential in various aspects. We
have expanded our presence from 17 branches in 2011 to over 139 branches pan-India. Till date,
we have served over 10 crore customers. We have been awarded ‘Insurer of the Year’ in the
nonlife category at FICCI Insurance Industry Awards, for two consecutive years in 2020 &
2021. In 2022, recognized as the 'Best General Insurance Company of the Year' at the 'Third
Emerging Asia Insurance Awards' organized by the 'Indian Chamber of Commerce'.
We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking,

Retail Direct Channels and Digital tie-ups. The widespread network of distributors like 22000
plus SBI branches, Agents, other financial alliances, OEMs, and multiple digital partners enable
us to extend our reach to the pocketed remote areas of India. We offer a bouquet of products
spread across various lines of businesses that cater to customers across all segments like Retail,
Corporate, SME and Rural, ensuring accessibility via i.e., digital as well as physical modes.
SBI General Insurance reported a 11% growth in Gross Written Premium (GWP) in FY 2021-
22 and the GWP stood at INR 9260 crore. With the increasing need of health insurance, we
have a very channelized strategy for health insurance business, which has reflected in 50%
growth in health insurance GWP for the FY2021-22.
The company offers a range of general insurance products including insurance for automobile,
home, personal accident, travel, energy, marine, property and casualty as well as specialized
financial lines. The current MD and CEO is Kishore Kumar Poludasu and Anand Pejawar is
Deputy Managing Director.
SBI General Insurance is a joint venture general insurance company. State Bank of India
(SBI), the largest state-owned banking and financial services company in India. SBI owns 70
per cent of the total capita. Other investors are Axis Bank Asset Management Co. Ltd, Premji
Invest & Warburg Pincus Group.
The company offers a wide range of insurance products and services, in the retail and
commercial space. Its offerings include personal accident, home, health, travel and motor
insurance in the retail space and aviation, marine, fire, liability insurance, engineering and
construction in the commercial space.
In 2009, ICRA Limited gave the company an iAAA rating.

The current Managing Director & CEO is Prakash Chandra Kandpal, who was appointed on
20th
July 2020, by SBI General Insurance Company Limited. The former managing director
and CEO Pushan Mahapatra, has been appointed as Director of Strategic Investments &
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Digital Initiatives, and will continue to be the Whole Time Director with SBI General
Insurance.
Important Of SBI general insurance
Life is unpredictable, and that’s exactly why you need insurance. No matter how efficiently
and intelligently you save and invest your money for your future goals, one adverse event and
all the planning can go kaput. When such unforeseen events strike, it’s insurance that helps
bring back balance to your life. So, let’s take a closer look at the role and importance of
insurance in having a stable lifestyle.
But before that, it is important to understand what exactly insurance is and how the whole
system works. An insurance policy is essentially a legal contract between you and your
insurance provider. When you buy a policy, you promise to pay a small amount of money at
fixed intervals of time to your insurer (known as premium amount). In return, if you suffer a
loss that’s covered by your insurance policy, your insurer offers you financial assistance by
compensating you for the damages/losses suffered (as per the terms outlined in the policy).
The most common types of individual insurance policies include life insurance, health, motor
and home insurance. Businesses also need certain insurance policies to insure themselves
against specific types of risks they face.
The importance of insurance in India especially is undeniable and immense. Find out how
buying an insurance can change your life for the good and why you should not delay buying it
any further:
1) For a sense of security:
When the earning member of a family passes away, life gets extremely tough for the
remaining family members. In such a situation, a life insurance policy can make a whole lot of
difference. Without insurance, the family might eat into its old savings for their survival, or
depend on others for financial support. But if the deceased had insured himself by way of
having a life insurance policy in his name, the family would rightfully get a financial lifeline
from the insurer in the form of either a one-time corpus of money or regular payout. This
gives a sense of peace and security in the mind of the policyholders that the future of their
families is secured even in their absence.
Promotes savings culture:
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Besides providing you a safety net, insurance also offers an investment opportunity. In certain
types of life policies, the premium payment acts like systematic savings. And the policyholder
gets a lump sum amount at the time of the maturity of the policy.
2) Healthcare support:
Health Insurance policies are extremely important in today’s time when medical costs are
seeing an upward spiral. Adequate medical insurance for you and your family can compensate
you for the expenses incurred from the treatment of various health conditions and help you
absorb any financial shock.
3) Protecting valuables:
Life and health insurance are a must today, but the importance of general insurance is also no
less. General insurance helps us protect the things we value, like our houses, cars, gazettes,
appliances, valuables, etc. From any kind of risk such as theft, fire, natural calamity, among
others. We can choose a suitable policy for the asset we want to protect and safeguard our
finances against any unforeseen repair or replacement expenses.
4) Additional benefits:
Apart from paying for the losses and damages suffered, different types of insurance policies
can offer different kinds of supplementary benefits. For instance, a motor insurancepolicy can
offer benefits like free roadside assistance, or premium paid towards life and health insurance
policies can help you save taxes.
5) Legal compliance:
In certain situations, buying insurance is mandatory and not doing so can invite legal troubles
for you. For example, all vehicle owners in India compulsorily need to buy a thirdparty
liability-only motor insurance policy. It covers any financial loss or damage caused by the
insured vehicle to a third person or property. Similarly, certain businesses are required by law
to have insurance in order to protect their workers’ compensation.
What is the importance of general insurance covers?
While life insurance still remains a priority for most people, general insurance policies are not
far behind. Owing to the risks posed by natural calamities, diseases, medical emergencies, and
accidents, general insurance covers is something that can provide a blanket of financial
protection from them. Accidents and misfortunes cannot be predicted, but it is in our hands to
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make sure that we are prepared. That is why investing in the right general insurance covers is
something that should be on the top of your to-do list.
What are general insurance covers?
protection from them.
Accidents and misfortunes cannot be predicted, but it is in our hands to make sure that we are
prepared. That is why investing in the right general insurance covers is something that should
be on the top of your to-do list.
Any non-life insurance policy can come under the purview of general insurance. These
policies are not as long drawn as life insurance ones and are mostly applicable for a period of
1 year. The most common ones among these general insurance covers are
What is the importance of general insurance covers?
protection from them.
Accidents and misfortunes cannot be predicted, but it is in our hands to make sure that we are
prepared. That is why investing in the right general insurance covers is something that should
be on the top of your to-do list.
Any non-life insurance policy can come under the purview of general insurance. These
policies are not as long drawn as life insurance ones and are mostly applicable for a period of
1 year. The most common ones among these general insurance covers are:
• Health insurance
• Motor insurance
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• Travel insurance
• Home insurance
• Let us now take a look at each of these general insurance covers and their importance.
• Health insurance is a general insurance cover that provides protection against various surgical
and medical expenses incurred by the insured person. In fact, in recent
• years, health insurance has been customized to fit the needs of patients with specific illnesses
(e.g. cancer patients, people with diabetes, etc.).
• Some of the benefits that come with this general insurance cover include cashless treatment,
pre and post hospitalization benefits, etc.
Important
1. Hospitalization and surgeries can be extremely expensive, and arranging for substantial
amounts of cash can become a liability during emergencies. With health insurance, people are
assured of financial backup at the time of getting treatments.
2. With health insurance, you can get reimbursement for a lot of things, thus making it a lot
easier to manage your expenses during treatment.
• Motor insurance
For car owners, this general insurance cover is the most crucial one. Since accidents can
happen at any point of time, motor insurance can make sure that you are covered for all the
damages that your vehicle might cause or incur.
Motor insurance is widely categorized into two types – for the car and for twowheelers.
Also, getting your vehicle insured is mandatory under the Motor Vehicles Act of 1988.
• Importance:
1. When an accident occurs, a third party might suffer damage because of your vehicle. Motor
insurance safeguards you from such situations by taking care of third-party liabilities.
2. Motor insurance also safeguards you from theft, natural disasters, etc .
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3. Since motor-related accidents can have extensive financial damages, motor insurance
provides coverage for limiting your financial losses.
2. With health insurance, you can get reimbursement for a lot of things, thus making it a lot
easier to manage your expenses during treatment.
• Motor insurance
• For car owners, this general insurance cover is the most crucial one. Since accidents can
happen at any point of time, motor insurance can make sure that you are covered for all the
damages that your vehicle might cause or incur.
• Motor insurance is widely categorized into two types – for the car and for twowheelers. Also,
getting your vehicle insured is mandatory under the Motor Vehicles Act of 1988.
• Importance:
• 1. When an accident occurs, a third party might suffer damage because of your vehicle. Motor
insurance safeguards you from such situations by taking care of third-party liabilities.
• 2. Motor insurance also safeguards you from theft, natural disasters, etc.
• 3. Since motor-related accidents can have extensive financial damages, motor insurance
provides coverage for limiting your financial losses.
• Home insurance
• Your home is surely among your most valuable possessions, which is why you must ensure
that it is secured with a home insurance policy. This general insurance cover provides
protection for your home and its contents from various natural and man-made perils that might
befall it.
• Natural disasters like fire, lightning, earthquake, floods, storm, and hurricanes are
unpredictable risks that can cause extensive damage to your house. The same can be said for
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man-made calamities like strikes, riots, etc. A home insurance policy ensures protection for
your home in the event of such disasters.
• Importance:
• Repairing a house can be quite an expensive affair, especially if the damage has occurred due
to a calamity. Home insurance helps you on the financial front during such events
• Traveling is an inevitable part of life, and so are the risks associated with it. That is why
having a travel insurance cover is essential regardless of whether you travel domestically or
internationally.
• Travel insurance provides coverage against emergencies while traveling, accidental death, loss
of baggage, flight cancellation/delay and the likes. Therefore, there’s no downplaying the role
of travel insurance on your travels.
. Importance:
• 1. Medical treatment in foreign countries without insurance can be very expensive. Having
health insurance cover helps a lot.
• 2. It accounts for common occurrences like flight delays.
• When you take all of the above into perspective, the significance of having general insurance
covers for different needs in life becomes clear. If you have been skipping out on any of these,
it is time to change that for the better.
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CHAPTER No 2
History Of SBI General Insurance
History
SBI General Insurance was founded in 2009. It started operations in 2010, as a joint
venture between State Bank of India (SBI) and Insurance Australia Group (IAG).
In September 2018, the company sold a 4 per cent stake to Axis Asset Management Company
and Premji Invest for ₹4.82 billion (US$60 million) crore.
In October 2019, IAG sold its entire stake of 26 per cent for US$310 million (₹2,325 crore).
Out of this, 16.01 per cent stake was acquired by Napean Opportunities LLP (an affiliate of
Premji Invest) and the remaining 9.99 per cent stake was acquired by Warburg Pincus. The
same year, the company partnered with Policy Bazaar to sell travel insurance to overseas
travellers and announced Bancassurance tie-Up with Karnataka Gramin Bank.
SBI General Insurance Company Limited commenced its operations as a joint venture
between
State Bank of India (SBI) and Insurance Australia Group (IAG). Pursuant to stake sale by IAG
on 27th March 2020, SBI now owns 70%, while Napean Opportunities LLP (Premji Invest
affiliate) owns 16.01%, Honey Wheat Investment Ltd., an entity forming part of Warburg
Pincus Group owns 9.99%, PI Opportunities Fund-1 owns 2.35% and Axis New Opportunities
AIF-I owns 1.65% stake in SBI General Insurance.
The company offers a wide range of general insurance products in retail and commercial
space at affordable prices to make insurance accessible to all individuals and businesses.
SBI General Insurance follows a robust multi-distribution model encompassing
Bancassurance, Agency, Broking and Retail Direct Channels. Today, SBI General’s
Distribution family includes over 21,000 IRDAI certified employees including the State Bank
Group employees, and over 8,000 Agents to make insurance easily available even in the
remote areas of the country.
SBI General Insurance has established its presence in over 23000 branches of State Bank
Group and over 5500 Regional Rural Banks (RRBs).The company’s current geographical
exposure covers 110+ cities pan India with a presence of another 350+ locations through
satellite resources. SBI General Insurance is currently serving three key customer segments
i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to
large size companies) and SME Segment
General Insurance business in India were sowed. It was the first company of its kind to
transact in all kinds of general insurance business in India. Thereafter the major development
took place when Indian Mercantile Insurance Ltd was set up in 1907.
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After 10 years of attaining independence in 1957, the General Insurance Council, a wing of
the Indian association of insurance was created. The council framed a code of conduct to
ensure that fair business practices are being carried out in India in the general insurance sector
In 1968, the Insurance Act was amended to regulate investments and set minimum solvency
margins. After that, a tariff advisory committee was set up.
The General Insurance Business in India was nationalized by the General Insurance Business
(Nationalization) Act in 1972(GIBNA). The Government of India through the nationalization
scheme bought 55 shares of the 55 Indian Insurance companies along with the undertakings of
52 insurers carrying on general Insurance business. The National Insurance Company Ltd., the
New India Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United
India Insurance Company Ltd. were formed through the amalgamation of 107 insurers. The
General Insurance Corporation of India (GICI) was founded in 1971 and began operations on
January 1, 1973.
General Insurance Corporation was formed by S.9(1) of the GIBNA and was incorporated on
the 22nd of November 1972 under the Companies Act,1956. It was declared a private
company limited by shares. GIC was established to supervise, control, and carry out all the
work in the general insurance industry. The Government of India transferred all of its general
insurance company shares to GIC as soon as it was founded. All of the government's
nationalized undertakings were transferred to Indian insurance companies at the same time
The Insurance Regulatory and Development Authority Act, 1999 (IRDAA) which came into
being on the 19th of April in the year 2000 marked the next major milestone in the General
Insurance sector in India.
GIBNA and the Insurance Act of 1938 were both amended by the introduction of this Act. The
exclusive license of GIC and its subsidiaries to carry on general insurance in India was revoked
by an amendment to GIBNA. GIC was renotified as the Indian Reinsurer in November 2000,
and its supervisory function over the four subsidiaries was terminated by administrative
instruction. It ceased to be a holding company of its subsidiaries on March 21, 2003, when the
General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) came into
effect. State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public
Sector Banking and Financial services statutory body headquartered in Mumbai. The rich
heritage and legacy of over 200 years, accredits SBI as the most trusted Bank by Indians through
generations.
SBI, the largest Indian Bank with 1/4th market share, serves over 45 crore customers through
its vast network of over 22,000 branches, 62617 ATMs/ADWMs, 71,968 BC outlets, with an
undeterred focus on innovation, and customer centricity, which stems from the core values of
the Bank - Service, Transparency, Ethics, Politeness and Sustainability.
The Bank has successfully diversified businesses through its various subsidiaries i.e SBI
General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its
presence globally and operates across time zones through 229 offices in 31 foreign countries.
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Growing with times, SBI continues to redefine banking in India, as it aims to offer responsible
and sustainable Banking solutions..
Stamp dedicated to the State Bank of India in 2005
Share of the Bank of Bengal, issued 13 May 1876
Seal of Imperial Bank of India
The roots of State Bank of India lie in the first decade of the 19th century when the Bank of
Calcutta later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of
Bengal was one of three Presidency banks, the other two being the Bank of
Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July
1843). All three Presidency banks were incorporated as joint stock companies and were the
result of royal charters. These three banks received the exclusive right to issue paper
currency till 1861 when, with the Paper Currency Act, the right was taken over by the
Government of India. The Presidency banks amalgamated on 27 January 1921, and the re-
organised banking entity took as its name Imperial Bank of India. The Imperial Bank of
India remained a joint-stock company but without Government participation. Pursuant to the
provisions of the State Bank of India Act of 1955, the Reserve Bank of
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India, which is India's central bank, acquired a controlling interest in the Imperial
Bank of India. On 1 July 1955, the Imperial Bank of India became the State Bank of India. In
2008, the Government of India acquired the Reserve Bank of India's stake in SBI so as to
remove any conflict of interest because the RBI is the country's banking regulatory authority.
In 1959, the government passed the State Bank of India (Subsidiary Banks) Act. This made
eight banks that had belonged to princely states into subsidiaries of SBI. This was at the time
of the First Five Year Plan, which prioritised the development of rural India. The government
integrated these banks into the State Bank of India system to expand its rural outreach. In
1963 SBI merged State Bank of Jaipur (est. 1943) and State Bank of Bikaner (est.1944).
SBI has acquired local banks in rescues. The first was the Bank of Bihar (est. 1911), which
SBI acquired in 1969, together with its 28 branches. The next year SBI acquired National
Bank of Lahore (est. 1942), which had 24 branches. Five years later, in 1975, SBI acquired
Krishnaram Baldeo Bank, which had been established in 1916 in Gwalior State, under the
patronage of Maharaja Madho Rao Scindia. The bank had been the Dukan Pichadi, a small
moneylender, owned by the Maharaja. The new bank's first manager was Jall N.
Broacha. In 1985, SBI acquired the Bank of Cochin in Kerala, which had 120 branches. SBI
was the acquirer as its affiliate, the State Bank of Travancore, already had an extensive
network in Kerala.
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State Bank of India logo was designed by NID in 1971 designed the SBI logo in 1971
There was, even before it actually happened, a proposal to merge all the associate banks into
SBI to create a single very large bank and streamline operations.
The first step towards unification occurred on 13 August 2008 when State Bank of Saurashtra
merged with SBI, reducing the number of associate state banks from seven to six. On 19 June
2009, the SBI board approved the absorption of State Bank of Indore, in which SBI held
98.3%. (Individuals who held the shares prior to its takeover by the government held the
balance of 1.7%.)
The acquisition of State Bank of Indore added 470 branches to SBI's existing network of
branches. Also, following the acquisition, SBI's total assets approached ₹10 trillion. The total
assets of SBI and the State Bank of Indore were ₹9,981,190 million as of March 2009. The
process of merging of State Bank of Indore was completed by April 2010, and the SBI ndore
branches started functioning as SBI branches on 26 August 2010. On 7 October 2013,
Arundhati Bhattacharya became the first woman to be appointed Chairperson of the bank.
Mrs. Bhattacharya received an extension of two years of service to merge into SBI the five
remaining associate banks.
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CHAPTER NO 3
Review of literature of SBI general insurance
1. Manish Mittal and Arunna Handmade (2005): they found that higher profitability is the
only major parameter for evaluating banking sector performance from the shareholders point of
view. It is for the banks to strike a balance between commercial and social objectives. They
found that public sector banks are less profitable than private sector banks. Foreign banks top
the
list in terms of net profitability. Private sector banks earn higher non-interest income than public
sector banks, because these banks offer more and more fee based services to business houses or
corporate sector. Thus there is urgent need for public sector banks to provide such services to
stand in competition with private sector banks.
2.I.M. Pandey (2005): An efficient allocation of capital is the most important financial function
in modern times. It involves decision to commit the firm's funds to the long term assets. The
firm’s value will increase if investments are profitable and add to the shareholders wealth.
Financial decisions are important to influence the firm’s growth and to involve commitment of
large amount of funds. The types of investment decisions are expansion of existing business,
expansion of new business and replacement and modernization. The capital budgeting decisions
of a firm has to decide the way in which the capital project will be financed. The financing or
capital structure decision. The assets of a company can be financed either by increasing the
owners claims on the creditors’ claims. The various means of financing represent the financial
structure of an enterprise.
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2. Medhat Tarawneh (2006) financial performance is a dependent variable and measured by
Return on Assets (ROA) and the intent income size. The independent variables are the size of
banks as measured by total assets of banks, assets management measured by asset utilization
ratio (Operating income divided by total assets) operational efficiency measured by the
operating efficiency ratio (total operating expenses divided by net income)
3. Vasant desai (2007): The Reserve Bank of India plays a very vital role. It is known as the
banker’s bank. The Reserve Bank of India is the head of all banks. All the money formulations
of commercial banks are done under the Reserve Bank of India. The RBI performs all the typical
functions of a good central bank as it is involved in planning the economy of the country. The
main function is that the RBI should control their credit. It is mandatory for the Bank to maintain
the external value of the rupee. Major function is that it should also control the currency.
4. K. C. Sharma (2007)
Banking has entered the electronic era. This has been due to reforms introduced under the
WTO
compliances. Private sector banks have been permitted to open their shops in the country. These
banks are either foreign or domestic banks with foreign partnerships. Some of them have been
set up by Development Financial Institutions in order to embrace concept of universal banking,
as practiced in advanced countries. The private sector on the other hand have began their high
tech operations from the initial stage and made the elite of the country to taste the best banking
practices that happens in the western countries. They have foreseen the digital world and have
seen the emerging electronic market, which has encouraged them to have a better customer
service strategy that would be able to deliver the things as per customer’s requirement.
5. Hr Machiraju international publishers (2009): Efficiency can be considered from
technical, economical or empirical considerations. Technical efficiency implies increase in
output. In the case of banks defining inputs and output is difficult and hence certain ratios of
costs to assets or operating revenues are used to measure banks efficiency. In the Indian context
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public sector banks accounts for a major portion of banking assets, it is necessary to evaluate
the financial decisions of these banks and compare them with private sector banks to know the
quality of financial decisions on its impact or performance of banks in terms of efficiency,
profitability, competitiveness and other economic variables.
6. DR.S. Gurusamy (2009): One of the key elements of importance for shaping the financial
system of a country is the pension fund. The fund contributes to the development of social
security systems of a country is the pension fund. The fund contributes to the development of
social security system of a country. A fund is established by private employers, governments,
or unions for the payment of retirement benefits. Pension funds are designed to provide for
poverty relief, consumption smoothing etc. Pension funds not only provide compensation for
the loyal service rendered in the past, but in a broader significance. Works as a measure of socio
economic justice. Pension system refers to the framework of arrangement under which
individuals gain specified entitlements to a regular income in retirement called pension.
7. Dangwal and kapoor (2010) also undertook the study on financial performance of
nationalized banks in India and assessed the growth index value of various parameters through
overall profitability indices. They found that out of 19 banks, four banks had excellent
performance, five banks had good performance and six banks had poor performance. Thus the
performance of nationalized banks differ widely
8. Prasana Chandra (2010): Fundamental of financial management covers all the aspects of
the subject from the basics overview of the financial environment to the financial analysis and
financial planning. The basic consists of forms of business organization which gives detailed
information about the financial management of the organization. After the analysis part
budgeting of capital and fundamental valuation of concept is in detail. It provides an
introduction to the financial management and to the financial environment. The fundamental of
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financial management provides a good coverage of the basic concepts relating to the financial
environment. The topics are explained with various examples like the tax system, financial
institution, banking arrangement & the regulatory framework. All the concepts are explained
using numerous examples & illustration besides the illustration given within the chapter,
additional concepts, tools & technique with illustration are provided at the end of chapter
section.
The book takes an analytical approach and explains the various analytical methods in context.
9. Jha DK and D S Sarangi (2011): The financial performance of seven public sector and
private sector banks during the period 2009-10. They used three sets of ratio, operating
performance ratio, financial ratio and Efficiency ratio. The study revealed that Axis bank was
on the top of these banks followed by ICICI, BOT, PNB, SBI, IDBI and HDFC.
10.Neeru Mundrai, Kamni Tandon, Nidhi Malhotra (2011) excel books found that there is
significant impact on the SBI’s performance due to entry of new private sector banks as the new
banks are profit oriented institutions while traditional banks are operating with the shackles of
social responsibility towards the society. The other reasons that can be attributed are slow
technological up gradation, poor staffing and employment practices which affect long term
profitability of public sector banks. The study revealed that profitability of SBI is lower than
that of private sector banks even predicting of private sector banks (business per employee) is
higher than state banks.
11.Fernando Ferreng (2012) it is generally agreed that recent economic crisis intensified
worldwide competition among financial institution. This competition has direct impact on how
bank deal with their customer and achieve its objectives performance evaluation of banks is the
key function for improving banks performance. Banks profitability and success to a large extent
depends on bank branch financial performance
22
Chapter No 4
Mission And vision
The Vision Statement of State Bank of India
1.1. What is a vision statement?

The vision statement for State Bank of India is its strategic plan for the future – it defines what
and where State Bank of India Company wants to be in the future. The vision statement for State
Bank of India is a document identifying the goals of State Bank of India to facilitate its strategic,
managerial, as well as general decision making processes.
1.2. Components of the vision statement
1.2.1. Concise
The vision statement of State Bank of India is brief and to the point. This means that the
company has not used long dialects and dialogues to delivers its opinion ad stance to the public
and relevant stakeholders. The vision statement should be brief and comprehensive – it should
communicate the essence of the business, and its future plans to help the stakeholders
understand its business philosophy and business strategy.
1.2.2. Encompassing description

The vision statement of State Bank of India should be brief but should be holistic in nature. This
means that the visions statement should be complete in its description and information of what
the company desires, and how it plans to achieve its long term goals strategically. The vision
statement should be a comprehensive statement identifying the company’s core strengths, which
would enable it to achieve its futuristic goals.
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1.3. How to develop a vision statement

The company should identify the following t be able to guide its business decisions towards
future success and progress to be able to develop a successful vision statement:
1.3.1. Look at the organizational history
• When did State Bank of India start the business?

• How many employees did the company have during the beginning?
• The significant milestones that State Bank of India has achieved since being started, and when
were these milestones achieved?
• Include all positive and negative milestones that State Bank of India has faced, and how it
overcame them?
• What does State Bank of India enjoy the most about its business and why?
These questions will help the management and key decision makers at State Bank of India to
critically assess the history and the various decisions that were made for State Bank of India
and the business. These will be critically reviewed for the positive o the negative consequences
they brought, and how that influenced the general business direction or State Bank of India to
have it stand in its present position.
1.3.2. Look at the present
• What is the business landscape for State Bank of India currently?

• How many employees does the business have currently?
• What is the unique value proposition offered by State Bank of India
• What are the strengths, weaknesses, opportunities and threats being faced by State Bank of India
in the present?
24
What is the financial strength of the company in the present?
These questions will help strategic managers and decision-makers identify the need of the
business to progress, as well as identify the resources needed for advancement. In addition, these
questions will also help State Bank of India in deciding the future direction it wants to take on,
and how to achieve and realize that direction. Lastly, assessment of present standing for State
Bank of India will help the business identify how it can improve the business with potential
changes.
1.3.3. Look at the future of the organization
• What are the long term goals for State Bank of India?
• What are the short term goals for State Bank of India?
• How can the company improve its offerings?
• Which processes and ideas can be implemented to help the business gain higher effectivity and
efficiency?
• What is the potential for growth for State Bank of India?
• What are the secondary goals of the business?
These questions will allow managers and decision makers for State Bank of India to clearly
think about where they want the business to be in the future, and how this future and its goals
can be achieved and realized.
1.3.4. Identify loopholes

The process of critically assessing the past, present and future of State Bank of India is important
for vision building because:
• It allows identification of gaps and loopholes between the present an the future
• It directs State Bank of India towards filling those loopholes through correct resource allocation
• It helps idea generation for enhancing business performance
• It allows strategic decision making for fueling business growth
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1.4. How to implement a vision statement
1.4.1. Gathering for a meeting and idea generation
• State Bank of India should gather all employees from different managerial levels in groups
• These groups should work towards generating ideas based on what the organization stands for,
and what it offers
• The idea generation should be based on the employee's perception
• The ideas should also involve where the progression of the company should be focused on
• In addition, the employees should also focus their ideas on foreseeing a potential future for State
Bank of India
1.4.2. Grouping similar ideas and developing drafts
• Similar ideas should be grouped

• Senior level employees should develop and compare descriptions for grouped ideas
• The grouped ideas should be categorized according to themes
• The thematic groupings should be prioritized with the organizational offerings and values
• Draft vision statements should be created based on high priority groups of ideas and descriptions
1.4.3. Evaluating the vision statement
• Visions statements should be evaluated on their criteria of matching with the organizational
offering and potential
• The vision stamen should also reflect the work environment and business potential of State
Bank of India
• The vision statement should be in line with the values of State Bank of India
1.4.4. Communication of vision statement
• The visions statement should be communicated to all relevant stakeholders of State Bank of
India
• The visions statement should be incorporated in the annual statement
The visions statement for State Bank of India should also be updated, and transparently be
drafted within the organization
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• The visions statement should be sued to guide the drafting of the mission statement
2. The mission statement of State Bank of India
2.1. What is a mission statement?

The mission statement for State Bank of India is a public document that details the values and
strategic aims of State Bank of India. The mission statement of State Bank of India also
identifies the purpose of the organization existence, highlighting the services and the products
it offers. Further, the mission statement also identifies the organization’s operational goals for
State Bank of India, the processes the company uses to achieve those, the target customer
groups, and the region where the company operates.
2.2. Components of a mission statement
2.2.1. Customer satisfaction

The mission statement of State Bank of India focuses on addressing issues of customer
satisfaction. The mission statement of State Bank of India has identified its target customer
groups, and also identified their needs and demands. The mission statement reflects on how its
products and services work towards increasing customer satisfaction for its target customers.
2.2.2. Based on core competencies

The mission statement of State Bank of India is based on its integral strengths and competencies.
This is important for State Bank of India as the mission statement will highlight the different
systems and processes as well as strategic tactics that the company uses to achieve its
organizational and strategic goals. The achievement of the goals will depend on how well State
Bank of India makes use of its core competencies.
2.2.3. Realistic and clear

The mission statement for State Bank of India is also realistic and clear. This means that State
Bank of India has used simple, string, and easily understood words and phrases in the drafting
of its mission statement. Clarity is important so that the mission statement is understood by all
relevant stakeholders of State Bank of India Company. State Bank of India’s mission statement
is also realistic, which makes it able to achieve various set goals and targets.
27
2.2.4. Motivational and inspirational
The mission statement of State Bank of India is motivational in that it works towards inspiring
the employees and the workforce towards giving their optimal best performance towards the
goal achievement of State Bank of India. The mission statement of State Bank of India is also
inspirational in that it develops the need for growth and progress in individuals – for the
betterment of not only the company but also for their own selves.
2.2.5. Specific and sharp

The mission statement of State Bank of India is precise and to the point. It is easy to understand
and delivers what the audience must know about State Bank of India’s offerings and operations.
It is important to keep the missions statement short, sharp and precise to be able to successfully
communicate the company’s standing to stakeholders, instead of dragging it on into long pages
with repetition and non-important aspects.
2.2.6. Reflects the company’s offerings

The mission statement of a company should be based on what the company has to offer in terms
of products and services. This means that the mission statement for State Bank of India
highlights its offerings, but ensures that this offering is in line with the values that the company
stands for. The mission statement for State Bank of India, therefore, identifies the ethical
grounds through which the company systematically works to deliver its offering.
2.3. How to develop a mission statement

It is important to follow the following steps and answer the following questions to be able to
develop successful mission statements:
2.3.1. What does State Bank of India do?
• Define the purpose of State Bank of India

• Define its brief history
• Define the need for existence for State Bank of India
2.3.2. How does State Bank of India manage to achieve its promised offering?
• Explain the systems and operations employed at State Bank of India

Identify relevant ethical policies in place at State Bank of India
• Highlight the use of transparency at State Bank of India in all matters
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• Define the processes that State Bank of India uses to deliver its promised offering to target
customer groups
2.3.3. For whom does State Bank of India produce offerings?
• Define target market customers for State Bank of India

• Target market customers from different regions can also be defined
• State Bank of India can also explore secondary target market groups, and define them in the
mission statement
2.3.4. What value is State Bank of India adding on?
• Define the value additions being brought forward by State Bank of India in the customer’s
life
• Define the purpose of the offerings being delivered by State Bank of India
• Highlight the importance of State Bank of India in the lives of its customers
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CHAPTER NO 5
Structure of SBI general insurance Structure
1. The Board of Directors broadly governs the SBI presided by the Chairman and Managing
Director.
2. The government of India appoints both the Chairman and Managing Director.
3. There are several bifurcations of the banking business.
4. The Managing Director heads each division, who then reports to the Chairman.
30
5. The global human resource, Chief Financial Officer, and the Chief Vigilant Officer also report
to the Chairman.
6. To each Managing Director, the Deputy Managing Directors of respective departments are
aligned with the Managing Director to facilitate a streamlined banking business.
7. The current Chairman of SBI is Mr. Rajnish Kumar. Mr. P.K. Gupta, Mr. Dinesh Kumar
Khara, and My Arijit Basu are the current Managing Director of SBI.
8. Normally, stated the Chairman and Vice-Chairman in the Indian government’s SBI board in
consultation with the Reserve Bank of India.
The Central Board of SBI chooses two managing directors with approval from the Indian
government.
9. The private shareholders elect six Directors.
10. The government of India and the Reserve Bank of India nominates one Director.
11. Eight Directors are nominated and appointed by India’s government in consultations and
recommendations of the Reserve Bank of India.
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CHAPTER NO 6
Product and Service Provided SBI General Insurance
Bank Products and Services:
. SBI Business Loan
. SBI Car Loan
. SBI Credit Card
. SBI Education Loan
. SBI Gold Loan
. SBI Home Loan
. SBI Loan Against Property
. SBI Personal Loan
. SBI Saving Account – Interest Rates 2023, Types, KYC, Documents Required
State Bank of India (SBI) is the largest public sector banks in India. It was the
first bank established in India as Bank of Calcutta in 1806. Headquartered in Mumbai, the bank
has over 24,000 branches, 59,000+ ATMs and 195 foreign offices across 36 countries after the
merger of its 5 associate banks and Bhartiaya Mahila Bank (as on 1 st April, 2017). SBI offers a
plethora of products and services such as savings account, credit cards, fixed deposits, personal
loan, home loan, business loan, debit card, loan against property, car loan, gold loan, mudra
loan and more.
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Deposit Account
Saving Account
SBI offers 5 types of saving account with which account holders can earn upto 4% p.a.interest
on their account balance. Account can also link it MOD account to earn higher interest
Current Account
SBI offers 8 types of current account with low maintenance charges to satisfy customers needs
and expectations. SBI current account can be opened with a minimum balance of Rs 10,000.
Loan
Home Loan
SBI home loans have catered to the need of owning a home of over 30 Lakh families in India .
SBI loans come with low processing charges low interest rates and no hidden costs .
Personal Loan
SBI offers 4 types of personal loans for tenure ranging from 1 to 5 years .SBI Personal loan
cater to the financial need of any account holder at low interest rates .
Loan Against Property
SBI offers 2 types of loans against property, namely, Mortgage of Immovable property and rent
plus . customers can avail loan against property at low EMI and flexible tenures .
Gold Loan
SBI account holders can avail Gold Loan (from Rs. 20000 to Rs. 20 lakh) by a pledge of gold
ornaments including gold coins. It comes with less paperwork and affordable interest rates.
Education Loan
SBI offers 5 types of education loans. Using SBI Education Loan, customers can opt for leading
institutions in India. Customers can avail a loan amount of up to Rs. 1.5 crore. It also provides
concession for girl students.
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Two- Wheeler Loan
SBI offers 2 types of two-wheeler loans with no advance EMI and low-interest rates. The
interest of two-wheeler loans is calculated on daily reducing balance. SBI also offers the
flexibility of payment of EMI anytime during the month.
Business Loan
SBI offers secured and unsecured business loan options to its customers. To fulfill the business
requirements easily, SBI provides hassle free documentation, attractive interest rates and
flexible tenure options.
Car Loan
SBI offers 4 types of car loans. It helps its customers in financing a car for its customers at low-
interest rates, low EMIs, less paperwork, and quick disbursement. SBI car loan offers the longest
tenure of 7 years.
Investment
Fixed Deposit
SBI offers a wide array of fixed deposit schemes to regular individuals and senior citizens. SBI
FD rates vary from 5.00% to 6.80% for regular individuals and 5.50% to 7.30% for senior
citizens.
Recurring Deposit
SBI offers a recurring deposit with tenure ranging from 12 months to 120 months. Customers
can avail loan/overdraft up to 90% against SBI recurring deposit.
Cards
Credit Card
SBI offers a wide range of credit cards to its customers to provide various benefits in the form
of cashback, reward points, welcome bonus across categories such as lifestyle, traveling,
shopping, etc.
Debit Card
SBI offers various types of debit cards specially designed to cater to the needs of its customers.
Each debit card comes with a lot of benefits, flexible withdrawal limits, rewards on shopping,
traveling, etc.
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Banking
Balance Enquiry
SBI account holders can use SBI net banking, toll-free number, mobile banking, passbook,
missed call service, SMS banking (SBI Quick), USSD, ATM to check their SBI account balance
instantly.
Mobile banking
SBIN0050240 is the IFSC code of sector 22 Chandigarh branch.
Types of insurance
Life is full of uncertainties. Unexpected situations can unsettle even the most well-
thought-out plans and make life disrupted and chaotic.
Insurance can make a huge difference when uncertainty stares at you. Insurance coverage can
act as a hedge against the risks posed by unpredictability.
There are different types of insurance coverages. There are life insurance policies that offer
financial protection to your loved ones in case of your unfortunate death. There are also
policies that protect the assets and property.
It is always beneficial to know different types of insurance policies as such an understanding

helps you choose the one that aligns with your needs the most.
Types of insurance in India
Insurance is a contract between an insurance company and an individual. It can be divided into
two broad categories:
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• Life Insurance
• General Insurance
• Let us delve a little deeper into each of them.
Life Insurance: A life insurance policy will protect your loved ones in case of an
unfortunate event involving you. It covers your life and in case of unfortunate death the family
members will receive financial assistance. The sum assured will be paid to the nominee
mentioned by the insured in the policy. You have the flexibility of choosing the policy period,
the sum assured and the payout option based on your financial needs and preferences. Some
plans also come with an element of saving and investment, making it easier for you to build
wealth.
Different types of insurance policies are as follows:
Term life insurance: This type of insurance covers your life for a specific period. It is
the most basic and affordable insurance policy that will secure the financial future of your
loved ones. You pay a low premium and enjoy a high sum assured. In case of an unfortunate
death within the policy period, the loved ones will receive the sum assured according to the
payout option chosen at the time of purchase of the policy.
Whole Life insurance: Also referred to as traditional life insurance, the whole life
insurance plan will offer coverage for the life of the insured individual. It does not have a
restriction on a specific number of years. It will also offer to pay a death benefit. The maturity
age for the plan is 100 years and it comes with a savings component. This helps accrue a cash
value through the policy term. If the individual outlives the maturity age, then the plan will
become matured endowment.
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Unit-Linked Insurance Plan (ULIP): A unit-linked insurance plan will offer insurance
and investment in one contract. Your premium will be distributed towards investment and
insurance. It will be invested in different market-linked equity and debt instruments. ULIPs
offer high flexibility and also allow you to choose the premium allocation as per your risk
appetite and financial requirements.
Endowment Plans: An endowment plan will cover you from uncertainties of life but will
also allow you to save over a specific period. On maturity, the policyholder will receive the
lump sum amount in case of survival. In case of death, the sum assured will be paid to the
family members of the policyholder.
Child Plans: You can secure the life goals of your child through child plans. It is a life
insurance plan that will make it easier for you to achieve long-term goals like higher education
and the marriage of your child, even if you are no longer around. The plan is a combination of
insurance and savings and will help plan the financial future of your child. The amount
received at the time of maturity can be used to meet the financial needs of your child.
Pension Plans: The pension plan is also referred to as a retirement plan and it is an
investment plan that will allow you to accumulate a part of the savings over an extended
period. You can easily handle the uncertainties after retirement through a pension plan. It will
ensure that you continue to receive a regular flow of income. Hence, you can create a financial
cushion for life after retirement, where you contribute a certain amount regularly until you
retire. Post-retirement, this amount will be given back to you as a pension at regular intervals.
General Insurance
A general insurance policy will help cover other risks and assets including your
health, home, business, motor, and more. The policies offer varying coverage and financial
protection against losses to your assets. It helps cover everything valuable to you. The
different types of insurance policies include:
37
• Motor insurance
• Fire insurance
• Home insurance
• Marine insurance
• Business insurance
Motor insurance: Motor insurance is offered for your car or bike or other type of motor
vehicle. The insurance company will compensate you for the losses or damages caused by an
accident involving the insured vehicle. In case of third-party damages, the insurance company
will pay for the liabilities that may arise. It is mandatory in India for car and bike owners to
have third-party liability insurance.
Motor insurance can further be categorized as follows
1. Car insurance: Four-wheelers owned individually and for personal use will be covered in this
plan. There are two policies to choose from—third-party only liability policy and
38
comprehensive insurance policy. The third-party liability insurance will only pay for the third-
party liabilities that may arise. It will not cover damages to your car. Comprehensive car
insurance will cover the third-party liabilities and damages to your car in addition to theft,
natural and manmade calamities.
2. Bike insurance: All two-wheeler owners need to have bike insurance in India. It is a type of
insurance that will cover accidents and damages to the bike.
3. Commercial vehicle insurance: When a vehicle is owned and used for commercial purposes,
it is essential to have commercial vehicle insurance.
Health insurance
Health insurance policy covers the risk to your health. It will cover the expenses that
are incurred for medical care and the plan will either pay at the hospital or reimburse the
amount paid for the treatment of an illness or injury. It usually covers daycare procedures,
hospitalisation, pre- and post-hospitalisation, and treatment for critical illnesses. The cost of
health care is consistently rising in the country and this makes health insurance an absolute
necessity. There are different plans you can choose from. These include:
Individual health insurance: This is a basic health insurance coverage that will cover one
individual.
Critical illness cover: As the name suggests, the critical illness cover will offer coverage
against different life-threatening illnesses such as kidney failure, stroke, cancer, heart attack.
The policyholder will receive a lump sum amount on the diagnosis of a critical illness.
Family floater insurance: The family floater insurance will allow you to get coverage for an
entire family under a single plan. It includes husband, wife as well as two children.
Group health insurance: The group health insurance is offered by the employer to
employees.
Senior citizen health insurance: This insurance plan caters to the individual above the age of
60 years.
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Maternity health insurance: The maternity health insurance covers the prenatal, postnatal,
and delivery stage expenses. It offers protection to both the mother and the newborn.
Travel insurance
Travel insurance is a policy that will protect you and your family when you are
travelling in the country or abroad. It does not matter whether you are travelling solo or in a
group, the insurance coverage will ensure you have a peaceful journey. It will take care of the
issues you may face in your trip like flight cancellation, loss of baggage, medical emergencies,
loss of passport, etc. You can choose from domestic travel insurance, individual travel
insurance, international travel insurance, student travel insurance, family travel insurance, and
senior citizen travel insurance.
Domestic travel insurance: The type of insurance policy is ideal for travel
within the country.
1. International travel insurance: If you are taking any trips outside India, international travel
insurance offers an ideal coverage.
2. Student travel insurance: For students going abroad for higher studies, the student travel
insurance will offer adequate coverage.
3. Individual travel issuance: The insurance will provide coverage when traveling alone.
4. Family travel insurance: Suitable for family vacations.
5. Senior citizen travel insurance: Designed for senior citizens, aged between 60-70 years.
Fire insurance
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A fire insurance policy will compensate for the losses incurred due to fire breakout.
It helps individuals and companies to reopen their places after extreme damage due to fire.
The policy also includes riot losses, turmoil and war risks.
Home insurance
A home insurance policy will protect the structure of your home and the contents
inside. If there is any damage or physical destruction, the insurance company will pay for the
damages. It will also provide coverage against natural and man-made calamities like
tornadoes, fires, robbery, earthquake, and burglary.
Different policies under this category are as follow:
Building insurance: This coverage will protect the structure of the house from damage in any
calamity.
Standard fire and special perils policy: This is a type of insurance policy that offers
coverage against the damages caused due to natural calamities, earthquakes, fire outbreaks,
landslides, floods, storms, and anti-social human activities like riots, strikes, and explosions.
Standard fire and special perils policy: This is a type of insurance policy that offers
coverage against the damages caused due to natural calamities, earthquakes, fire outbreaks,
landslides, floods, storms, and anti-social human activities like riots, strikes, and explosions.
Public liability coverage: It will provide coverage against damage to the third party or guest
on the insured property.
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Burglary and theft insurance: The insurance offers compensation for the stolen goods in the
event of theft or burglary.
Personal accident: The policy will provide financial coverage to the insured and their family
against the permanent dismemberment or sudden demise of the individual anywhere in the
world.
Landlords’ insurance: It offers coverage to the landlord against contingencies like loss of
rent or public liability.
Tenants’ insurance: The policy offers financial protection to the tenant against loss of
personal property.
Contents insurance: Contents insurance will offer compensation for the loss of vehicles,
furniture as well as other appliances in case of theft, riots, fire, and floods.
Marine insurance
A marine insurance policy will provide protection from losses due to marine perils.
These include fire, attack by enemies, collision with a ship or rock, etc. Such events can cause
destruction, damage, and the disappearance of the ship or the non-payment of freight. The
policy will insure the hull, freight and cargo. The scope of marine insurance is divided into
two –ocean marine insurance and inland marine insurance. In the ocean marine insurance, the
policy will only insure the marine perils and in inland marine insurance, the inland perils will
also be covered
Business insurance
42
A business insurance policy will protect the business from financial losses that occur
during the operations of the business. It offers coverage for the risks associated with people,
and property. It includes third-party liabilities, employee insurance policy, property insurance,
and professional liability insurance. The insurance will compensate for the losses incurred due
to the business operation or while providing a professional service. One should choose the
policy based on the industry the business operates in, the type of business, and the financial
requirements of the business.
There are many different insurance types available in the market today. It is advisable to
consider your needs first before making the buying decision. You should understand the
coverage and terms thoroughly before purchasing. If you need additional coverage on the
policy you have, consider adding riders to it to enhance the coverage and make the most of the
premium you pay for the policy. Remember to read the inclusions and exclusions on the
policy documents.
Each insurance policy is designed to meet the changing demands of consumers and offers
financial protection from loss and damages. It is important to choose an appropriate sum
assured to ensure adequate protection at all times. Timely payment of premium is necessary to
remain covered under the policy.
43
CHAPTER NO 7
Documentation and claim settlement
Claim Process of General Insurance
General insurance policies or non-life insurance plans are taken to secure cars, bikes,
property, etc. The claim settlement process is a service that is very important to the
policyholder as well as the insurer. Claim settlement in general insurance can make the
policyholder stay with the insurer. It is a process where the policyholder claims financial
support from the insurer. Claim Settlement in general insurance is offered only after the due
process gets completed. The insurance companies need to offer an easy settlement process
because they want to stay ahead in the market.
Every policyholder wants to receive the claim amount easily, which is why insurance
companies want to offer the most efficient claim service to its customers.
Here is a normal claim process for all General Insurance Products
• The policyholder must make the insurer aware of the damage or loss.
• The insurer assigns the surveyor, who verify the damage/hospitalization and share details with
the insurance company.
• Claim is settled on priority.
Claim Hassle Free
Let’s check the claim process for different general insurance products Car
Insurance Claims
44
There are 2 ways in which you can make claims on your car insurance. You can either go for
a cashless claim settlement or opt for reimbursement on your claim. One thing to be note here
is in both types of claims; the damage must be surveyed by the insurer before starting the
repair work.
Let us take a look at how each one works:

Cashless Car Insurance - For opting for cashless car insurance, policyholder need to file
cashless car insurance via taking their damaged car to a network garage. Claim amount
would be directly settled between insurance company and garage.
Car insurance Reimbursement Claim - If you take the car to a non-network garage for
repairing, then you have to settle the bill directly with garage. However, the money will be
reimbursed to policyholder when they make a claim with bills.
Car Insurance
Two-Wheeler Insurance Claims
Kindly note that process for claim for two-wheeler insurance remain the same as of car
insurance. You can either opt for cashless claim settlement via a network garage or go for
reimbursement model for settling two wheeler insurance claim.
TWO-WHEELER INSURANCE
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Health Insurance Claims
Health insurance claims can also be settle in two ways via cashless mode or via
reimbursement. Lets check each of them -
Cashless health insurance claim – You just have to visit one of our network hospital and
we will settle bills directly with the hospital.
Health insurance Reimbursement Claim – In case you are admitted to a non-network

hospital, then you have to settle the bills directly with hospital and will reimburse the money
when you submit the bills.
Individual Health Insurance
Home Insurance Claims
A home insurance policy cover your home or household products that can be
transported. To make a claim against the home insurance, the policyholder must make the
insurer aware of the damage to the property. The insurer will survey the damage to the
property, and the reimbursement will take place after that.
46
Home Insurance
Travel Insurance Claim
A travel insurance claim can help the policyholder receive financial assistance for
events such as personal accident, illness. loss of baggage etc. However, the claim process
might be different from type of claim for e.g., for any health-related claim, you can opt for
cashless or reimbursement model, while in case of claim related to loss of baggage, only
reimbursement can be done.
TRAVEL INSURANCE
A policyholder can get benefits such as cashless and reimbursement facilities with
insurance. The process of claiming it is easy too. A policyholder doesn’t have to hassle much
47
in order to get the financial help they need. Be it a health or property or a car, securing them is
important. If they meet with damage, then repairing it will become easy with the financial help
that the insurer offers
Claims Settlement Process

Contact our toll-free number 1800 22 1111 or SMS “CLAIM”to 561612 and get your claim
number/reference number.
Our customer care representative will provide you with the details of the documents required
for initiating and processing your claim.
Our Claims Manager / Executive will contact you within 24 hours of registering the claim.
Kindly submit all the required documents to our Claims Manager / Executive and get them
verified against the originals.
SBI General will initiate the claim process and all admissible claims shall be settled within 30
days of receipt of final survey report and/or the last relevant and necessary document as the
case may be as per the IRDAI policy holders interest regulation 2017
SBI General Insurance Accelerates Disaster Related Claim Settlement
SBI General Insurance is focusing on disaster related claim settlements by quickly settling the
Hudhud Cyclone related claims within 7 days of the disaster. In order to demonstrate its
commitment to the task, SBI General’s MD & CEO Mr. Bhaskar J Sarma visited Vizag and
some of the disaster affected areas. He has also met a few of the affected customers. This
establishes a reassurance to the customers that SBI General will offer immediate help by way
of quick settlement of claims.
In the Insurance Industry, the “Moment of Truth” is when an unfortunate event strikes a
Policy holder and he/she has to make a claim. This is when an Insurer’s promise, process and
reputation are put to test. SBI General understands this fully and has gone all out to
demonstrate to its policy holders that it really cares and is ready to help them get back to
normalcy at the earliest.
Speaking on the occasion of handing over the Claim settlement to some of the cyclone victims
on 22nd October 2014, Mr. Sarma said, “Till date we have received over 400 claims. Most of
the initial claims are from our SME customers and Home Insurance c related ustomers. While
the settlement process has already started and survey reports have started to come in, the
Company is geared up to settle the claimsat the earliest.” SBI General has deployed a crack
team of Claims Experts at Vizag branch to coordinate all the claim activities. The team is
empathetically handling all the claims that have been reported till date. Inspections are being
carried out on war footing. At the ground level, the SBI Branches, SBH Branches and the
48
Retail Asset & SME Processing Centres & RBO of State Bank of India are kept in the loop
and the officials are helping SBI General in facilitating the claim process.
SBI General also published a ‘Claims Intimation’ advertisement in English and Telugu News
papers. The advertisement provided information on the claim process and the emergency
contact details to the Customers, for speedy settlement of claims.
About SBI General Insurance
SBI General Insurance Company Limited is a joint venture between the State Bank of India
and Insurance Australia Group (IAG), Australia’s leading general insurance provider. It serves
three key customer segments: the retail segment that caters to individuals and families; the
corporate segment including mid to large size companies; and the SME segment. Currently,
SBI General provides Health, Motor, Personal Accident, Travel & Home Insurance for
individuals; Fire, Marine, Package, Construction & Engineering, Group Health and
Miscellaneous Insurance for businesses.
SBI Health insurance claim process
SBI claims can be of different types based on the hospital in which you are getting the
treatment. If it’s part of SBI's network hospitals, you can get a “Cashless claim” in which
insurance company directly pays the bills to the hospital. But if your choice of hospital is not
part of their network, then you have to pay the bills and apply for reimbursement claim.
Here’s a brief process for both types of claims
1 Cashless Claims
Inform the Hospital Desk All n claims:
Cashless Claims network hospitals have an insurance desk. You can submit your policy copy
(even soft copy works), ID proof, initial diagnosis report and the insurance desk will request
the insurance company for “pre-authorization”. In case of planned treatments, you need to do
this process 2 days before hospitalization.
2 Insurer’s decision
Based on the provided documents, insurance company approve the claim and the hospital will
start the treatment and they will co-ordinate with insurer for the treatment costs. In case of
49
Cashless claim rejection, you can still go ahead with the treatment. In this case, you will need
to pay the bills initially and can file for a reimbursement claim later.
3 Discharge
If your cashless claim is approved, at the time of discharge, the insurance company will do the
final settlement with the hospital and once that is sorted, you are good to go.
1 Reimbursement Claims
Inform the insurance company
For any planned treatments, you need to inform the insurance company 2 days before
hospitalisation. In case of emergency, you can inform within 24 hours of admission. Insurance
company will acknowledge the intimation.
2 Hospitalization
You need to submit an insurance claim form along with original copies of hospital bills,
doctor consultation reports, and diagnostic reports.
3 File the claim
Within 30 days post discharge, you can initiate the claim online or at any of the registered
offices of the insurance company. You need to fill a claim form and attach all the reports and
bills.
4 Insurer’s decision
Based on the claim form and submitted documents, insurance company will settle the claims
as per policy terms and conditions.
50
What is an Insurance Document?
An insurance document is a legal instrument that protects against financial loss due to injury,
property damage, or death. Insurance documents are issued by an insurance company to
individuals or businesses. They are designed to provide for the payment of a sum of money in
the event of injury, property damage, or death.
An insurance document is a document that has been created by an insurance company to
protect the insured from a loss. A document is a legal contract between the insured and the
insurer.
The main purpose of an insurance document is to provide financial protection for its holder. It
can be used by individuals, businesses, or governments. Insurance documents are created to
cover different types of risks such as property damage, health, life, and Car.
A common example of an insurance document would be car insurance which protects the car
owner against any damages that may occur to their vehicle in case it's involved in an accident,
theft, or vandalism.
Find Policy Documents for Car, Life, Health, and Bike:
1.) Documents Required for Car Insurance:
Documents required for car insurance in India are: -
• Birth Certificate
• Voter ID card
• PAN Card
• Aadhaar Card
• Driving License
• Car registration certificate
• Car registration number
• Old car insurance policy number
• Passport.
51
New car insurance:
• Aadhar Card Number

• Chassis Number
• Engine Number
• Body Type
• Fuel Type
• Vehicle Colour
• Manufacturer Details
• Model Details
• Registration Number
• Full Name of the Owner.
b.) Renewal
• Government-issued ID proof (PAN card/ Aadhar card/ Passport/Photo ID)

• Address proof (Passport/Driving License/ Bank passbook/)
• Recent Photograph
• Driving License
• Vehicle registration number
• Registration certificate
• PUC certificate/Pollution test certificate
• Old motor insurance policy number
• Credit or debit card details for online banking.
c.) Claim Process
Documents Required for Car Insurance Claim Settlement:
• Duly signed and filled claim form

• Insurance Policy Document
• Car’s Registration Certificate (RC)
• Driver’s license (DL)
• Pollution Under Control (PUC) Certificate
52
• Original receipt/bills of repairs (in case of reimbursement claim)
• FIR (in case of fatal injuries/accidents or third party liabilities)
• A copy of PAN Card (if the claim amount is more than Rs. 1 lakh).
• Duly signed Satisfaction Voucher (SV) or Discharge Voucher (DV)
Accidental Death Claim: -
• Death certificate
• Post-mortem report
• Medical certificate
• FIR report
• Medicine bills.
• Photograph of the proposer

2.) Documents Required for Health Insurance:
a.) Buy
List of Documents Required for Health Insurance Policy
• Proof of Age such as Passport/driving license/Aadhaar card/PAN card/Birth certificate, 10th

or 12th marks sheet, etc.
• Proof of Address such as Aadhaar/telephone bill/ power bill/ration card/ pan card/driving
license
• Passport Size Photograph
• Medical reports in case needed.
b.) Renewal
Documents Required for Health Insurance Renewal
• Old insurance policy number

• Policy renewal notice
• Proposal form
• Photographs
• Premium Cheque
• Mandate letter.
53
c.) Claim
• Original investigation reports

• Pharmacy bills along with the prescription
• Final hospital discharge summary
• FIR or post-mortem report if happened
• Original bills, receipts, and discharge report
• Original hospital bills and a valid photo ID proof
• Treating doctor's report, and original consultation notes
• Nature of operation performed and surgeon's bill and receipt
• Indoor case papers and duly-filled claim form
• Test reports along with attending doctor’s or surgeon’s report.
3.) Documents Required for Life Insurance:
a.) Buy
To buy a life insurance policy, the following documents would be required: -
• Life insurance proposal form, duly filled and signed by the proposer and/or the life insured
• Photograph of the life insured (if different from the proposer)
• Age proof of the proposer and/or the life insured
• Identity proof of the proposer and/or the life insured
• Address proof of the proposer
• Medical examination report of the life insured if required by the policy because of the age
and/or the sum assured chosen
• Income proof of the proposer if the sum assured and/or the premium of the policy is high
• PAN card of the proposer.
b.) Renewal
• Life insurance proposal form, duly filled and signed by the proposer and/or the life insured
• Photograph of the life insured (if different from the proposer)
• Age proof of the proposer and/or the life insured
54
• Identity proof of the proposer and/or the life insured
• Address proof of the proposer
• Medical examination report of the life insured if required by the policy because of the age
and/or the sum assured chosen
• Income proof of the proposer if the sum assured and/or the premium of the policy is high
• PAN card of the proposer
• Old life insurance policy copy/number
c.) Claim Process
Documents Required for Life Insurance Claims:

• Original Policy Documents
• Claimant’s Photo ID Proof
• Claimant’s Address Proof
• Claim Forms (Duly signed and attested)
• Death Certificate attested by the local authorities
• Copy of Cancelled Cheque/Bank Statement/Bank Passbook
• Copy of FIR/Post Mortem Reports/Punchnama.
• Medical Records (including hospital discharge summary).
Maturity or Survival Claims:

• Discharge voucher sent by the insurance company, duly filled and signed by the policyholder
• Life insurance policy bond
• Identity proof of the policyholder, legal heirs or assignee as the case may be, Bank account
details of the policyholder, legal heirs or assignee as the case may be, Age proof of the insured
member if it was not submitted at the time of buying the policy.
Death Claims:
• The death claim form, duly filled and signed by the nominee
• Life insurance policy bond
• Death certificate of the life insured
• Identity proof of the nominee, legal heirs, or assignee as the case may be Bank account details
of the nominee, legal heirs, or assignee as the case may be Police FIR if death happened due to
an accident
55
• Post-mortem report, coroner’s report, police inquest report, panchnama, and other relevant
records if death happened in an accident
• Any other document as needed by the insurance company to settle the claim.
a.) Buy
4.) Documents Required for Two-Wheeler Insurance:
• Proof of identity such as Ration card/ voter ID/Driving license/ passport/Aadhaar Card
• Proof of Address such as Aadhaar Card/telephone bill/ power bill/ration card/ pan card/driving
license
• Registration certificate of the bike
• Old policy number, if have.
b.) Renewal
Documents required for old policy renewal:
• Policyholder’s details such as name date of birth, gender, address, occupation

• Driving license of Policyholder
• Vehicle registration certificate number and registration number
• Old two wheeler insurance policy number
• Net banking/credit/debit card details.
Transfer and renew your insurance policy:
• Policyholder’s details such as name, address, date of birth, gender, occupation

• Identity proof such as passport/driving license/Aadhaar card/PAN card/Birth certificate, 10th
or 12th marks sheet, etc.
• Proof of address documents (passport/driving license/bank or post office
passbook/government-issued address proof)
• Passport-sized photograph
• Policyholder’s driving license information
• Old insurance policy number
• Vehicle registration number and registration certificate (RC) number
• Credit/debit card/ net banking details.
56
c.) Claim
Documents required submitting to the insurance company to process your claim.
• Original RC copy in case of Theft claim

• Driving license of the driver at the time of the accident
• Original policy copy
• Duly filled and signed claim form
• Description of the accident
• Cancered cheque to process the payment
• FIR in case of theft claim
• Details of other vehicles involved or any third-party claims which can arise in future
• An estimate of the vehicle repair cost
• Repair bills and payment receipts
57
Chapter No 8
Features prospectors of insurance in Indian sector
Insurance Sector in India and Future of Insurance – Past, Present
January 24. 2023
Reading Time 6 mins
Secure now insuropedia
The Indian insurance sector is booming right now. There are 58 total insurance companies in
the market which includes 34 non-life insurance providers. There are 25 general insurance
companies, 7 standalone health insurance companies, and 2 specialised insurance providers.
They have been growing at different rates over the past couple of years. These companies are
considered to be some of the leading players in the country’s economy. Dealing with both
personal and corporate policies such as auto, home, accidental death and dismemberment, and
life and general liability coverage.
This article will offer a deep dive into the insurance sector of India.
Life Insurance Companies Performance
Over the previous two decades. Indias insurance market has grown at an outstanding rate,
owing to increased private sector engagement and improved distribution capacities, as well as
significant advancements in operational efficiencies.
Life insurance providers in India provided premiums from the new businesses of around INR
2.78 trillion (-USD 38 billion) in the financial year 2021-22, up by 7.49% from last year. At
the same time, private insurance companies grew by around 16.29%. Private insurance
companies contributed approximately 33.8% of the markets new business premium in the
financial year 2021-22, with the famous LIC (Life Insurance Corporation of India) accounting
for the rest amount.
58
In the financial year 2020-21, the Life Insurance Sector in India posted a gross premium
amount of roughly INR 5.73 trillion (-USD 81.3 billion), which shows a 12.75% increase over
the prior year, with private insurers accounting for around 33.7% of overall premium insured
by the industry.
Non-Life Insurance Companies Performance
Along with life insurance providers, the non-life insurance sector has also shown tremendous
growth over the years. Non-life insurance companies consisting of general insurers,
standalone medical insurers, as well as speciality insurers increased overall direct premiums
by roughly 5.19% in the financial year 2021-22.
In this same year, car insurance contributed to around 34.1% of the overall non-life insurance
premiums collected, trailed by medical insurance at approximately 29.5%. Increasing demand
for individual mobility access is contributing to a change in car ownership trends, which may
present a chance for auto insurance companies. In the financial year 2021-22, GDPI for health
insurance increased by 13.3%, whereas the GDPI for liability insurance and fire insurance
increased by 16.4% and 28.1%, respectively.
The Past of the Insurance Sector in India
The insurance market in the nation has been quickly expanding, with overall insurance
premiums rising at a rapid pace when compared to foreign peers. However, if you look at the
past of the insurance industry in India, here are some previous challenges that are now being
addressed:
Lack of Penetration
This goes hand-in-hand with the lack of insurance knowledge that was prevalent in the
country. Insurance penetration can be defined as a measure of a country’s insurance sector’s
potential and performance. It is computed as a proportion of total insurance premiums to the
overall GDP. The insurance penetration in India increased from around 2.71% in the year
2001 to about 3.76% in 2019. However, when you match it with other Asian countries such as
Malaysia, China, and Thailand, this expansion can be substantially lower. This is something
which is actively being worked upon by the Indian government.
The Present-day scenario of the Insurance Sector in India
With the advent of technology, more customers are going digital for their insurance needs.
The young generation understands the importance of insurance. In fact, it is most likely to get
59
one to cover themselves and their families than the older generation. They are more aware of
the importance of saving money. They know that unforeseen circumstances could arise at any
time in life and increase their risk of financial ruin. The number of companies that provide you
with the ability to purchase a policy online has grown substantially in recent years. This is
largely due to the fact that its cheaper and easier than using traditional methods such as
visiting a local insurance providers office and browsing through their catalogue of insurance
solutions.
Here are the recent trends in the Indian insurance market:
Standardised Products
A mix of technology and globalisation has ushered in an era of increased knowledge of pure
risk coverage, and the desire for simple, no-frills propositions has undoubtedly aided the
markets growth in insurance penetration. Most insurance providers offer insurance brochures
on their websites. Many people often consider the insurance brochure as an important part of
any insurance policy. This is because the information provided in it was a sign that the policy
was acceptable for use. It often contains details about the benefits and covers provided for the
customer as well as other essential information related to the purpose of buying this type of
policy.
Rising Web Aggregators
The insurance industry is one thats traditionally overlooked in digital marketing. However,
with the rising share of web aggregators within the online insurance space, insurance
providers are now closer to the customers than ever. Web aggregators are now accounting for
more than 30% of online digital origination in India. They have been a boon to consumers
looking for information on their specific needs.
Wellness Products
In this competitive market, insurance companies are trying to ensure that they have a
competitive edge over their competitors. This is why they are increasing the Scope their
benefits. To promote their plans, insurers, mainly health insurance providers, are now
providing wellness benefits to the policyholders. Policyholders can get a good amount of
discount on their premiums by maintaining a proper health routine. Also, many companies are
offering health coaches and other similar programs to help insured individuals get out of their
bad healthcare routine.
60
Types of Life Insurance Plans offered by Indian Companies:
The COVID epidemic has boosted insurance penetration and raised insurance awareness.
Along with that, it has improved the demand for insurance products, particularly health and
life coverage. With this rising demand, the industry has witnessed a substantial increase in the
number of policyholders all over the nation. Apart from that, with all new types of life
insurance plans like TROP, child insurance plans and ULIP policies released, the life
insurance sector of India has considerably expanded.
Types of Non-Life Insurance plans offered by Indian Companies :
The explosion of digitisation has made it easier for us to buy insurance in India. More
companies are looking towards standardising their products and making them more user-
friendly for the consumers convenience. Customers are buying a lot of these plans at higher
rates than before. This has led people to start seeing what kind of policies are available. Apart
from mandatory plans like auto insurance, other general coverages like liability and fire
insurance demands have also increased by a significant margin.
Types of Health Insurance plans offered by Indian Companies
Recently, the premium level and the number of subscribers in Indias health insurance business
have increased. One of the primary factors would be the significant engagement of
government-aided schemes. PM-JAY, among other government initiatives, are increasing
insurance coverage in India. In addition, private health insurers have strengthened their
attempts to broaden their coverage. Alongside, they feature specialised offerings for seniors as
well as base insurance for the working sector.
The Future of the Insurance Sector in India
In the future, general insurance businesses will benefit greatly from economic liberalisation.
This is particularly true as trade activity improves, expanding the market for vehicle and
health insurance.
61
The insurance industry is growing as a result of Significant government efforts. Strong
democratic elements, The favourable regulatory environment, Greater collaborations,
Innovative products, and Lively distribution networks.
Insurance and Automobile Sector :
The automobile insurance sector is likely to benefit from strong expansion in the automotive
sector over the coming decade. Besides that, a steeper yield curve, along with lower short-
term rates and rising long-term rates, will assist the life insurance industry.
Online issuance and digital channels are likely to rise further. Web aggregators participation in
online insurance distribution has been steadily rising. Web aggregators presently source 30-
40% of online insurance and this is only going to rise further.
Scope of Insurance in India :
In conclusion, the Indian insurance sector is on a path of growth, transformation and

profitability. The government initiatives, along with the recent developments in the key
players and trends in the industry. They have helped to change the face of the industry. And
all these will continue to increase enrolment, increase penetration and increase awareness
among consumers.
62
CHAPTER No 9
Corporate Social Responsibility OF SBI General Insurance
HOME PRESS RELEASE CORPORATE SOCIAL RESPONSIBILITY (CSR):

SBI GENERAL INSURANCE SUPPORTS CHILDREN WITH PEDIATRIC CANCER
SBI General, one of India’s leading General Insurance companies announced that it has joined
hands with Cuddles Foundation to support pediatric cancer patients. SBI General Insurance
supports the Food Heals Program by Cuddles Foundation in Meenakshi Mission Hospital and
Research Centre for pediatric patients in Madurai.
The program aims to provide counselling, diet planning, caregiver support, nutritional meals
and supplements to 250 pediatric cancer patients for a duration of 3 months. On World Cancer
Day, team from SBI General along with Shefali Khalsa, Head – Brand, Corporate
Communications & CSR visited these kids on behalf of the Company and spent the day with
them.
The programme focuses on providing counselling and diet planning where nutritionists assess
a child’s grade of malnourishment, plan diets and monitors progress. Basis this they are then
aided with food and supplements like nutritional supplements, hot meals, in-meal
supplements.
This programme also provides caregiver support to patient families with the knowledge to
make healthier food choices by organising parent support group meetings, videos and
educational talks and more. SBI General believes that every child deserves a balanced diet,
without which battling cancer becomes difficult, and fully supports the cause of assisting
children by providing approximately 4900 meal supplements, 270 boxes of nutritional
supplements, and 116 ration baskets.
Speaking on the social cause, Anand Pejawar, Whole-Time Director, SBI General Insurance
said, “SBI General is committed to giving back to the society and maintains strategic
partnerships with organisations that have a positive impact on the community. Those affected
by cancer are already on an uphill climb, both on emotional & financial front and lack of
nutrition can be additional battle to fight. We have associated with Cuddles Foundationfor
theFoodhealsProgram which will focus on providing counselling, diet plan, food and
supplements aid and caregiver support.
63
This will help them have the knowledge of the disease, its recovery mechanism and protocol
for the same and more importantly access to quality food intake which helps the patient to
become strong enough to endure the pain & probable side effects of radiation and
chemotherapy.”
SBI General through this initiative recognises the importance of basic nutrition and
understands that many children have limited economic resources to access quality healthcare
and treatment. This association will equip the partnering organization and children who are
cancer patients with all possible nutrition related supplies for themselves and their families.
64
Chapter No 10
Conclusion
The State Bank of India is a public sector financial institution in India. Beginning
from Calcutta, it has expanded to vast geographies, making itself a global bank and
multinational entity.
As per the current growth plans of SBI and to retain its market share, it has made
inroads in digital banking and economic transformation.
65
Chapter No 11
Bibliography
https://en.m.wikipedia.org/wiki/SBI_General_Insurance#:~:text=SBI%20G
eneral%20Insurance%20was%20founded,(US%2460%20million)%20cror
e
https://securenow.in/insuropedia/insurance-sector-in-india-past-present-and-
future-of-insurance/
https://www.wallstreetmojo.com/full-form-of-sbi/
WWW.INSURANCE.COM
WWW.Google. Com
66

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PROJECT REPORT ON

SBI GENERAL INSURANCE

B.COM (BANKING AND INSURANCE) SEMESTER VI

VIVA COLLEGE OF ARTS, COMMERCE AND SCIENCE VIRAR

Date: Place : Virar

Name: Neha Jasawant Shrimali Signature:

I _NEHA JASAWANT SHRIMALI_ the student of VIVA College pursuing my “B.COM

2 HISTORY OF SBI GENERAL INSURANCE 14-18

3 REVIEW OF LITERATURE 19-22

4 MISSION AND VISION 23-29

5 STRUCTURE OF SBI GENERAL INSURANCE 30-31

6 PRODUCT AND SERVICES OF SBI GENERAL INSURANCE 32-43

7 DOCUMENTATION AND CLAIM SETTLEMENT 44-57

Introduction of SBI General Insurance

INTRODUCTION OF THE insurance

INTRODUCTION OF SBI GENERAL INSURANCE

SBI General Insurance is a general insurance company founded in 2009.[1] It started

We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking,

In 2009, ICRA Limited gave the company an iAAA rating.

Important Of SBI general insurance

1) For a sense of security:

Promotes savings culture:

What is the importance of general insurance covers?

What are general insurance covers?

What are general insurance covers?

What is the importance of general insurance covers?

What are general insurance covers?

• 2. It accounts for common occurrences like flight delays.

History Of SBI General Insurance

Stamp dedicated to the State Bank of India in 2005

Share of the Bank of Bengal, issued 13 May 1876

Seal of Imperial Bank of India

Review of literature of SBI general insurance

5. Hr Machiraju international publishers (2009): Efficiency can be considered from

technical, economical or empirical considerations. Technical efficiency implies increase in

quality of financial decisions on its impact or performance of banks in terms of efficiency,

profitability, competitiveness and other economic variables.

social security system of a country. A fund is established by private employers, governments,

individuals gain specified entitlements to a regular income in retirement called pension.

performance of nationalized banks differ widely

budgeting of capital and fundamental valuation of concept is in detail. It provides an

higher than state banks.

depends on bank branch financial performance

Mission And vision

The Vision Statement of State Bank of India

1.1. What is a vision statement?

1.2. Components of the vision statement

1.2.2. Encompassing description

Scale Your Grade Expectation Bar HIGH!

1.3. How to develop a vision statement

1.3.1. Look at the organizational history

• When did State Bank of India start the business?

1.3.2. Look at the present

• What is the business landscape for State Bank of India currently?

1.3.3. Look at the future of the organization

1.3.4. Identify loopholes

1.4.1. Gathering for a meeting and idea generation

1.4.2. Grouping similar ideas and developing drafts

• Similar ideas should be grouped

1.4.3. Evaluating the vision statement

1.4.4. Communication of vision statement

2. The mission statement of State Bank of India

2.1. What is a mission statement?