SUMMER INTERNSHIP PROJECT

To study health insurance with reference to Jorh

Bros Financial Services Company Pvt. Ltd.

Prepared by
sayli jawade

Enrollment Number:
2021IIMPBBA173
BBA batch 2021 – 2024

Under the Guidance of

Dr. Sonali shrotri

ACADEMIC YEAR
2023 – 2024
submitted to

Shree Chanakya Education Society’s

Indira Institute of Management-BBA, Pune

Affiliated To
An Autonomous Institute affiliated to SPPU
To study health insurance with reference to Jorh
Bros Financial Services Company Pvt. Ltd.

Prepared by
sayli jawade

Enrollment Number:
2021IIMPBBA173
BBA batch 2021 – 2024

Under the Guidance of

Dr. Sonali shrotri

ACADEMIC YEAR
2023 – 2024
submitted to

Shree Chanakya Education Society’s

Indira Institute of Management-BBA, Pune

Affiliated To
An Autonomous Institute affiliated to SPPU
Certificate by collage
Certificate by organization
DECLARATION
I undersigned SAYLI JAWADE a student of Indira
Institute of Management, Pune BBA 5th semester,
declare that the summer internship project titled
“TO STUDY HEALTH INSURANCE WITH REFERENCE TO
JORN BROS FINANCIAL SERVICES COMPANY PVT. LTD.”
Written and submitted by me to the Indira Institute of
Management, Pune in partial fulfillment of the
requirements for the award of the degree of
BACHELOR OF BUSINESS ADMINISTRATION under
the guidance of DR. Sonali shrotri, this is my original
work, and the conclusions drawn therein are based on
the material collected by myself.

Name of student: Sayli Jawade

Enrolment number: 2021IIMPBBA173
Signature:
Acknowledgment
This internship report has been prepared as per the Bachelor
of Business Administration requirement in which students are
required to undergo internship training in an organization to
familiarize students with the practical aspects of working in
the organization. I would like to express my special gratitude
to the Indira Institute of Management for encouraging me
with all the help for this project.
I would also like to express my deep and sincere gratitude to
John bros financial services pvt. Ltd. For providing me the
exciting opportunities to move ahead with my internship
objectives. I would express my deepest to Mr. Meril John
(director) and the members of john bros financial services
Pvt. Ltd. For providing me the opportunity to be a part of
them, and providing necessary advice and guidance as well as
arranging all facilities to make work easier
Thank you Dr. Sonali Shrotri Ma'am from IIMP, for your
guidance while doing this project. I thank my college for
giving me this opportunity to have a summer internship and
create a project on the same.

B52 Sayli Jawade,

TY, BBA- Banking and Financial Services.
Enrollment no. : 2021IIMPBBA173

Abstract
This report is prepared per the requirement of the Bachelor
of Business Administration (BBA) course’s final year syllabus.
It is based on the 2-month long internship period during the
course which the author had an opportunity to put
theoretical knowledge gained in the classroom into
professional practice.
This report aims to provide basic information about health
insurance. Health insurance is essential to contemporary
healthcare systems because it gives people access to a variety
of healthcare services and financial security against the high
expense of medical care. The basic elements of health
insurance are examined in this abstract, along with its
significance in guaranteeing fair access to healthcare and its
wider effects on public health.
Health insurance is a vital part of contemporary healthcare
systems because it offers the potential for better public
health, equal access to healthcare, and financial security.
Policymakers, healthcare professionals, and citizens must all
comprehend the intricacies of health insurance since it
significantly affects societal well-being and changes the face
of healthcare.

Table of contents
Sr. no content Page no.
1 Summary
2 Introduction
3 Industry
Overview
4 Company
Overview
5 Objectives and
Scope of
Research
6 Research
Methodology
7 Dada Analysis
8 Conclusions

9 suggestions

10 Annexure
11 Bibliography

Summary
This project is based on my internship as finance intern as
finance intern at john bros financial services pvt. Ltd. a
finance firm. It holds my various experiences, findings, and
learning throughout my tenure.
Health insurance is a financial arrangement that provides
coverage for medical expenses incurred by an individual or a
group of people. It is designed to help policyholders manage
the costs associated with healthcare, including
hospitalization, doctor visits, prescription medications, and
other medical services
Health insurance is crucial for financial protection against
unexpected medical expenses, ensuring that individuals can
access necessary healthcare without facing significant
financial burdens. It plays a vital role in promoting overall
well-being and mitigating the economic impact of health-
related issues.
 CHAPTER – 1
INTRODUCTION
 INSURANCE
According to definitions, insurance is a financial arrangement in
which the insured pays a premium in exchange for the insurer taking
on the risk of having to pay a sizable amount in the event of a specific
calamity. Consequently, the insurance is a contract whereby:
a. Certain sum, termed as premium, is charged in consideration,
b. Against the said consideration, a large amount is guaranteed to be
paid by the insurer who received the premium,
c. The compensation will be made in a certain definite sum, i.e., the
loss or the policy amount whichever may be, and
d. The payment is made only upon a contingency More specifically,
insurance may be defined as a contract between two parties,
wherein one party (the insurer) agrees to pay to the other party (the
insured) or the beneficiary, a certain sum upon a given contingency
(the risk) against which insurance is required
Insurance is a financial arrangement that involves the transfer of risk
from an individual, business, or entity to an insurance company in
exchange for the payment of premiums. The purpose of insurance is
to provide financial protection and compensation for covered losses
or events. It operates on the principle of risk management, where
the financial burden associated with certain risks is shared among a
larger group of policyholders.
Here are the key components of insurance:
Policyholder: The individual, business, or entity that purchases an
insurance policy.
Insurance company: The company that provides insurance coverage
and assumes the financial risk of covered events.
Premium: The amount of money the policyholder pays to the
insurance company at regular intervals (monthly, quarterly, annually)
to maintain the insurance coverage.
Policy: A legal contract that outlines the terms and conditions of the
insurance coverage, including the types of risks covered, the limits of
coverage, and the obligations of both the policyholder and the
insurance company.
Coverage: The amount of money the policyholder must pay out of
pocket before the insurance coverage kicks in. It represents the initial
portion of a loss that the policyholder is responsible for.
Claim: A formal request by the policyholder to the insurance
company for compensation or coverage for a covered loss or event.
Risk: The possibility of a financial loss or negative outcome. Insurance
is designed to mitigate or manage these risks.
Underwriting: The process by which the insurance company
evaluates the risk associated with a potential policyholder to
determine whether to provide coverage and at what cost.
Insured event: A specific event or circumstance that triggers coverage
under the insurance policy. For example, a car accident for auto
insurance or a medical emergency for health insurance.

Reinsurance: The practice where insurance companies transfer a

portion of their risk to other insurers, known as reinsurers, to reduce
their exposure to large losses.
Insurance is a crucial tool for individuals and businesses to protect
against financial hardships caused by unexpected events. It promotes
financial stability and helps mitigate the impact of risks on a person's
or organization's financial well-being. The specific types of insurance
and their terms can vary widely, ranging from health and life
insurance to property and casualty insurance.

Type of Insurance
There are numerous types of insurance designed to provide coverage
for various risks and needs. Here are some of the most common
types:
Life insurance: Provides a death benefit to beneficiaries upon the
policyholder's death. It can be term life insurance (which provides
coverage for a specified term) or whole life insurance (which covers
the insured for their entire life).
Health insurance: Covers medical expenses, including hospitalization,
doctor visits, prescription drugs, and preventive care.
Auto insurance: Provides coverage for damage to or caused by a
vehicle in accidents, theft, or other incidents. It typically includes
liability coverage, collision coverage, and comprehensive coverage.
Home insurance: Protects against damage or loss to a home and its
contents due to disasters, theft, or accidents. It may include coverage
for the dwelling, personal property, and liability.
Disability insurance: Replaces a portion of the insured individual's
income if they become unable to work due to a disability.
Renters insurance: Similar to home insurance but designed for
tenants renting a property. It covers personal belongings and liability.
Travel insurance: Provides coverage for unforeseen events during
travel, such as trip cancellations, medical emergencies, lost baggage,
or travel delays
These are just a few examples of the diverse range of insurance
options available. The specific types of insurance someone might
need depend on their circumstances, lifestyle, and potential risks
they want to protect against. Each type of insurance has its terms,
coverage limits, and conditions, so it's crucial to understand the
details of the policy before purchasing.

Health Insurance
One sort of coverage known as health insurance covers the insured
person's medical and surgical costs. It functions as a contract
between the policyholder and an insurance provider, whereby the
provider consents to cover the policyholder's medical expenses out
of pocket in exchange for regular premium payments.
Prescription drugs, hospital stays, doctor visits, certain medical
procedures, and preventive care can all be paid for by health
insurance. The kind of health insurance plan determines the scope of
coverage and the particular services that are covered.
There are different types of health insurance plans:
Health maintenance organization (HMO): HMO plans typically require
individuals to choose a primary care physician (PCP) and get referrals
for specialist consultations. They often have a network of healthcare
providers, and coverage may be limited to in-network services
Preferred provider organization (PPO): PPO plans give you additional
options when it comes to selecting healthcare providers. People can
visit out-of-network providers at a higher cost, but they have a
network of preferred physicians and hospitals.
Exclusive provider organization (EPO): Aspects of PPOs and HMOs are
combined in EPO plans. With the exception of emergencies, they
often have a network of healthcare providers, and coverage is
restricted to in-network treatments.
Point of service(POS): Plans permit some coverage for out-of-network
services, albeit at a higher cost than in-network services, but they still
need a primary care physician.
By guaranteeing that people can obtain essential healthcare services
without having to pay excessive fees, health insurance helps people
lessen the financial burden of medical bills. It supports early
interventions, routine checkups, and preventative treatment, all of
which improve general health and well-being.
As of my most recent information update in January 2022, the
specific number of people with health insurance coverage may
fluctuate over time due to changes in laws, the status of the
economy, and government activities in various nations. Availability of
employer-sponsored insurance, specific markets, government
programmes such as Medicaid and Medicare, and overall economic
conditions are some of the factors that often impact the number of
persons covered by health insurance.
For example, the US Census Bureau reported that 91% of the
population had health insurance in 2019 prior to the COVID-19
pandemic. This comprised employer-sponsored plans, Medicare,
Medicaid, and individual coverage acquired through marketplaces.
The proportion of the population with health insurance may vary
greatly throughout countries with universal healthcare programmes
or mandatory health insurance coverage, depending on the structure
of their healthcare systems and laws.
To get the most reliable and up-to-date information about the
population covered by health insurance, it is essential to study
reports and statistics from government agencies, insurance providers,
or relevant healthcare authorities in various regions or nations. These
figures could alter over time as a result of how the number of
covered people is affected by changes in the economy and in policy.
.

Need for the study

A crucial financial tool for managing and covering the expenses of
medical treatment and healthcare services is health insurance. It
works on the idea of pooling risk, in which a number of people pay
premiums into a fund that is collectively managed by an insurance
provider. In exchange, the insurer offers access to medical services as
well as coverage for a range of healthcare costs, protecting your
finances.
A vital role that health insurance plays in every family. Throughout
this project, I aim to understand people's attitudes towards health
insurance and their level of awareness of it.

Objective of project
 To observe the number of policyholders
 To understand the health insurance industry
 To study the penetration of health insurance
 To study the demand of the health insurance industry
 To study the details of attributes of health insurance
 Scope of the project
Ensuring the requirements of surviving family members in the event
of an unexpected death is the primary goal of life insurance coverage.
Losing the principal breadwinner can lead to severe financial
uncertainty in addition to emotional hardship. For this reason, the
majority of personal finance professionals advise that the primary
focus of an investor’s strategy should be health insurance. Since
there is a dearth of knowledge regarding life insurance products,
health insurance in India has not yet realised its full potential.
Although the private sector’s introduction into the Indian life
insurance market has brought about significant change, there is still
more work to be done before the entire nation is adequately
protected.
 Chapter II
PROFILE OF THE ORGANIZATION
 NAME
JHON BROS FINANCIAL SERVICES COMPANY PVT. LTD.

ADDRESS
EWS 430 NEEM SARAI,
MUNDERA
ALLAHABAD – 211001

505 5TH FLOOR

SANAKARITI ARCADE
KASPATE VASTI,
PUNE – 411057

VISION
To be the most respected and referred financial services brand.

MISSION
We at John Bros Financial Services have stayed true to our mission:
To help people feel confident about their financial future.

History
 Product and services
Stocklearn
Mutual fund
Unlisted shares
Insurance
Demat and trading accounts
Registration of companies
 CHAPTER III
RESEARCH DESIGN AND METHODOLOGY
DATA COLLECTION:
For data collection, I developed a well-defined questionnaire
as a research instrument, consisting of questions aimed at
measuring the consumer perception of health insurance
companies in India, their views, and comments about the
awareness structure of health insurance.

PRIMARY DATA:
Primary data were collected through a questionnaire.

SECONDARY DATA:
Secondary data were collected through a literature review
which includes the company’s internal records, publications,
annual reports, journal, statutory reports, website (official
and others), etc.

RESEARCH OBJECTIVE
To know about awareness about health insurance
To know about the reason for investment in health insurance
know why customers are not interested in health insurance
To know the age group who take health insurance
 CHAPTER IV
DATA ANALYSIS AND INTERPRETATION
DATA ANALYSIS
During our internship, we completed a survey for the SIP. In
general, there were six insurance-related questions. We also
discussed it with our parents, coworkers, college students,
and the general public.
THE QUESTION WE ASKED ARE MENTIONED BELOW.

This is the count of gender there are a total of 42 responses

of which 48.6% are female and 51.4% are men.
COUNT OF PROFESSION

There are types of professions involved in the survey through

this we know the different perspectives over different
profession
Student-46.2%
Assistant professor- 2.4%
Working- 12.2%
Engineer- 9.7%
Finance- 2.4%
Pharmacist- 2.4%
COUNT OF AGE

The 20-25 age group is more in this responses

ARE YOU CURRENTLY COVERED BY A HEALTH INSURANCE PLAN?

There are 39.0% of people who are not yet covered by health
insurance and 60.9% of people are covered by health insurance
IF YES, WHAT TYPE OF HEALTH INSURANCE PLAN ARE YOU ENROLLED
IN?

`Most people enrolled in private health insurance policy

53.1% in private policy
9.4% in government policy
28.1 in employer-based
9.4% other
WHAT FACTORS INFLUENCED YOUR CHOICE OF HEALTH INSURANCE
PLAN

Most of the people influenced by coverage that is 34.2%

28.9% influenced by cost
15.8% influenced provider network
5.3% influenced by recommendations 15.8% by other
DO YOU THINK THAT HEALTH INSURANCE IS AFFORDABLE FOR THE
AVERAGE INDIVIDUAL OR FAMILY IN YOUR COMMUNITY?

There are only 5.0% think that health insurance is affordable for the
average individual or family in your community and 95.0% agree with
this question.
COUNT OF DOES THE HEALTH INSURANCE EXTEND TO
FAMILY?

Yes, family members are frequently given coverage options

under health insurance programmes. A lot of health
insurance policies let people to add dependant children and
spouses to the same coverage as themselves.
In my survey 50% of people have extended health insurance
to family.
HAVE YOU AND YOUR FAMILY EVER EXPERIENCED
UNEXPECTED MEDICAL EXPENSES OR MEDICAL BILLS
THAT YOU FOUND DIFFICULT TO MANAGE, DESPITE
HAVING HEALTH INSURANCE?

Most families face medical emergencies that may cost

emergency fees and 50% of people experienced unexpected
medical expences.
Even with health insurance, some people may find it difficult to
keep up with the costs. It's critical to comprehend the specifics
of your insurance plan, including coverage, network providers,
out-of-pocket expenses, and any restrictions or exclusions, in
order to lessen these difficulties. To aid with unforeseen
medical costs, one can also construct an emergency fund or
think about additional insurance options like health savings
accounts (HSAs) or supplemental health policies.
IF YOU ARE NOT COVERED BY A HEALTH INSURANCE
PLAN, WHAT IS THE REASON ?

It is essential to get health insurance. It guarantees access to

essential healthcare services when needed, promotes
preventative care, and offers financial protection against
unforeseen medical costs.
There are some reasons which we can see on chart.
 CHAPTER V
SUGGESTION & RECOMMENDATIONS
Health insurance coverage is a financial tool that
can shield you from the costs associated with a
wide range of medical expenses, from serious
illnesses and injuries to more minor ailments.
Therefore, in the event that you have to pay for a
significant medical bill, health insurance coverage
and the cumulative Bonus act as a safety net.
One's health is surrounded by so much
unpredictability, and controlling medical costs is
nearly impossible. But once you're covered by a
good health insurance plan, you can take some
control and feel more secure about the medical
costs for you and your family.
CHAPTER VI
CONCLUSIONS
People’s perceptions of health insurance differ
depending on a number of factors, such as
awareness levels, cultural influences, personal
experiences, and economic status. The following
are some typical viewpoints that people may hold
on health insurance:
NECESSITY FOR FINANCIAL SECURITY: A lot of
people consider health insurance to be an
essential safety net against excessive medical
expenses. It offers a sense of financial certainty by
guaranteeing payment for medical costs, which
can be very substantial
ACCESS TO QUALITY HEALTHCARE: Many
people view health insurance as a means of
gaining access to higher calibre medical care. It
makes possible for people to afford medical
procedures, consultations, operations, drugs, and
preventive care that they might not otherwise be
able to afford.
PEACE OF MIND: People who are financially
secure due to their health insurance can seek
medical attention without undue concern about the
cost of their care.
EMPOWERMENT AND CONTROL: It gives
people a feeling of control over their overall health
and wellbeing. Better health outcomes result from
people feeling more empowered to seek
preventative care and make healthcare decisions
when they have insurance coverage.
MIXED OPINIONS ON COSTS VS BENEFIT:
Some people may think health insurance is
expensive, particularly if they don’t use medical
services frequently. Their perceptions can be
influenced by weighing the perceived benefits of
premiums against any potential drawbacks.
DEPENDENCY ON PUBLIC HEALTHCARE
SYSTEMS: People may rely more on government-
funded healthcare than private insurance in
particular areas or nations with strong public
healthcare systems.
PERCEPTIONS ABOUT COVERAGE AND
SERVICES: Based on coverage options,
deductibles, copayments, and network constraints,
different insurance plans may be seen favorably or
unfavorably. While some people would value
reduced premiums, others might prefer complete
coverage.
CULTURAL AND SOCIETAL INFLUENCES:
Perceptions can also be shaped by social
conventions and cultural ideas. Certain cultures
may place a high value on the community
providing healthcare, while others may place a
higher value on personal accountability via
insurance.
AWARENESS AND EDUCATION: Understanding
policy terms, coverage alternatives, and benefits,
as well as awareness and education levels
regarding the significance of health insurance,
may have an impact on perception.

In general, opinions regarding health insurance

are not all the same and are impacted by different
things. While many view it as an essential and
beneficial tool for accessing healthcare and
protecting their finances, others may have doubts
or differing degrees of interest depending on their
unique situation and experiences.
Annexure
Questionnaire:

1 Are you currently covered by a health insurance plan?

A yes
B no

2 if yes, what type of health insurance plan are you

enrolled in?

A Employer-based
B private
C government- funded
D other

3 what factors influenced your choice of health

insurance plan?

A cost
B coverage
C provider network
D recommendation
E other
4 do you think that health insurance is affordable for the
average individual or family in your community?

A yes
B no

5 Does the health insurance extend to the

Family?

A To spouse only for

B Includes both parents
C Extends up to 2 kids
D All of the above
E limited to just insurer

6 Have you and your family ever experienced

unexpected medical expenses or medical
billa that you found difficult to manage,
despite having health insurance?
A yes
B no
7 If you not covered by a health insurance
plan, what is the reason?
A Not aware of health insurance
B not insurance in health insurance
C not stable health insurance
D other
BIBLIOGRAPHY
BOOK:
Balchandran, S., & Kaikini, A. N. (2014). Indian
Insurance Industry. Mumbai: Insurance Institute of
India.

WEBSITE:
https://licindia.in
https://www.policyholder.gov.in
https://bankrate.com

other:
Annual Reports of IRDA.
Annual Reports of LIC of India.
Hand Book of IRDA.
Annual Reports of selected private companies.
Public Disclosures of selected private companies.
Various publications of IRDA are issued from time
to time.