CONTENT

Chapter TOPIC Page no

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1 Introduction
1.1 About the study
1.2 About the Industry
1.3 About the company

2 Research Methodology
2.1 Objective of the study
2.2 Scope of the study
2.3 Methodology
2.4 Review of Literature

3 Literature Review

4 Data Analysis, Interpretation and Presentation

4.1 Findings
4.2 Recommendations
4.3 Conclusion

5 Conclusions and Suggestions

6 Bibliography
INTRODUCTION:
1.1 ABOUT THE STUDY
“Welfare” is a broad concept referring to a state of living of an individual group in a desirable relationship
with the total environment ecological, economic, and social. Labor welfare includes both the social and
economic contents of welfare. Social welfare is primarily concerned with the solution of serious problems
facing the weaker sections of society, like the prevention of destitution, poverty, etc.
It aims at social development by such means as social legislation, social reform, social services, social work,
social action, etc. The object of economic welfare is to promote economic development by increasing
production and productivity and through e-commerce distribution. Labor welfare is a part of social welfare
conceptually and operationally. It covers a broad field and connotes a state of well-being happiness,
satisfaction, and development of human resources.
Labor welfare may be defined as a total concept, as a social concept, or as a relational concept. The total
concept is a desirable state of enhancing the physical, mental, moral, and emotional well-being. These four
elements together constitute the structure of welfare on which its totality is based. The social concept of
welfare implies the welfare of man, his family, and his community. All these three aspects are interrelated
and work together in a three-dimensional approach. The relative concept of welfare is related in It is a
dynamic and flexible concept, and hence its meaning and concept differ from time to time, region to region,
industry to industry and the general standard of the socio-economic development of the people.
Labor welfare means working out things for the well-being of the laborers. knowing there wants and
enabling them to fulfill them.
Oxford dictionary defines labor welfare as efforts to make life worth living for workmen defines welfare as
fundamentally an attitude of mind on the part of the management influencing the methods by which
management activities are undertaken. Social welfare activities in an industrialized society have far-reaching
impacts not only on the work force but also all the facets of human resources.
Labor welfare includes all such activities, which not only secure essential needs but also ensure
improvement in spiritual and emotional well-being. It comprises short-term and long-term goals toward
building a humane society. As labor welfare is a dynamic concept, changes in its principles and activities
and the rationale supporting them have not been static. They closely follow the stages of advancement in
industrialized society G from police theory to functional Theory. Accordingly, principles for successful
implementation of labor welfare activities ranges from the acceptance of wages to the impact on efficiency
as well as transformation of personality in nutshell. It is the extension of democratic values in and
industrialized society.
Theories of Labor welfare, Activities have been formulated on the conviction that it is man behind the
machine who is responsible for achieving mission of an organization. A person can deliver at his best only
when he is satisfied and committed to the cause. To keep the employees motivated and committed various
welfare facilities are provided by the organization not only to the employees but also to the family member.
The term 'Welfare' expresses many ideas, meanings and connotations, such as the state of well-being, health.
happiness, prosperity and the development of human resources. It includes both the social and economic
aspects of welfare. The social concept of welfare implies the welfare of man, his family and his community.
All these three aspects are inter-related and work together.

The word labor means any productive activity. In a broader sense, therefore the phrase labor welfare means
the adoption of measures to promote the physical, social, psychological and general well-being of the
working population. Welfare work in any industry aims or should aim at improving the working and living
conditions of workers and their families. The concept of labor welfare activities, however, is flexible, elastic
and differs from time to time, region to region, industry to industry and country to country, depending upon
the value system, level of education, social customs, degree of industrializations and the general standard of
the socio-economic development of a people.

OBJECTIVES OF LABOUR WELFARE ACTIVITIES

The object of welfare activities is to promote economic development by increasing production and
productivity. The underlying principle is to make the workers given their loyal services ungrudgingly in
genuine spirit of co-operation, in return for obligations, voluntary and compulsory, accepted by the
employee towards the general well-being of the employees.
Improving the efficiency of the labor is another objective of labor welfare activities. Efficiency gives double
reward, one in the form of increased production and the other in the shape of higher wages due to
achievement of higher productivity. Welfare activities add to their efficiency and efficiency in turn help the
worker to earn more wages. Therefore, welfare activities in an organization are twice blessed. It helps the
employer and the employee both.
Another objective of welfare activities is to secure the labor proper human conditions of work and living.
Working conditions of organization may be led by an artificial environment which features are dust, fumes,
noise, unhealthy temperature, etc. The welfare activities are done to minimize the hazardous effect on the
life of the workers and their family members. It is the duty of the employer to see these human needs. If
welfare activities are viewed in this light, it can be seen that they are guided by purposes of humanitarian
and social justice.

The next objective of welfare activities is to add in a real way to the low earning of the labor. The facilities
are provided to supplement the income of the workers by services such as housing, medical assistance,
school, co-operative, canteens, stores, playgrounds etc.

1.2 INDUSTRY PROFILE

The insurance sector in India has come full circle from being an open competitive market to nationalization
and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the
360-degree turn witnessed over a period of almost two centuries.

With the largest number of life insurance policies in force in the world, insurance is a mega opportunity in
India. It's a business growing at the rate of 15-20 per cent annually and presently is of the order of around
rupees 450 billion. Together with banking services, it adds about 7 percent to the country's GDP. Gross
premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 percent
of GDP.

Yet, nearly 80 per cent of Indian population are without life insurance cover, health insurance and non-life
insurance continues to be below international standards. And this part of the population is also subject to
weak social security and pension systems with hardly any old age income security. This itself is an indicator
that growth potential for the insurance sector is immense.
RECENT SCENARIO

The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance
Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and
allowing foreign players to enter the market with some limits on direct foreign ownership. Under the current
guidelines, there is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal
to increase this limit to 49 percent. Premium rates of most general insurance policies come under the
purview of the government appointed Tariff Advisory Committee.

The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this
may also include restructuring and revitalizing of the public sector companies. A host of private Insurance
companies operating in both life and non-life segments have started selling their insurance policies since
2001. In the life Insurance segment, the Life Insurance Corporation of India (LIC) is the major player. The
LIC has 2050 branches. It is constituted in to seven zones. Currently, there are 56,000 LIC agents in India. In
the General Insurance Business, General Insurance Corporation (GIC) and its four subsidiaries, New India
Insurance, Oriental Insurance, National Insurance and United India Insurance, are growing at a rate of 19
percent per year.

Presently there are 12 general insurance companies with 4 public sector companies and 8 private insurers.
Although the public sector companies still dominate the general insurance business, the private players are
slowly gaining a foothold. According to estimates, private insurance companies have a 10 percent share of
the market. In the first half of 2002, the private companies booked premiums worth Rupees 6.34 billion.
Most of the new entrants reported losses in the first year of their operation in 2001. Insurance costs
constitute roughly around 1.2-2 percent of the total project costs. Under the existing norms, insurance
premium payments are treated as part of the fixed costs. Consequently, they are treated as pass-through costs
for tariff calculations.

NON-LIFE INSURANCE STATISTICS:

The general insurance industry grew by 13 percent with premium income rising to Rupees 180.95 billion in
2004-05 from Rupees 160. 37 billion in 2003-04 and Rupees 142.81billion in 2002-03, according to
Insurance Regulatory and Development Authority (IRDA) data.
Oriental Insurance crossed Rupees 30 billion mark in premium income in 2004-05 and maintained its
position as the country's third largest general insurer. "The company's premium collection grew by 7.30 per
cent to Rupees 30.38 billion during 2004-05 from Rupees 28.32 billion in 2003-04.

Delhi-based Oriental was at the third spot with a market pie of 16.99 per cent after clocking a business
growth of 8.08 per cent to Rupees 2,782 billion till February.
1.3 COMPANY PROFILE

 Star Health and Allied Insurance Co. Ltd has a capital base of Rupees. 108. crores, more than what is
adequate to form a general insurance company.

 The Star Health and Allied Insurance is the first stand-alone insurance company in India. It
specializes in Health insurance, provides quality service at the best rates, and commits itself to the
service of the insured.

 Offers hassle free cashless settlements to the insured. There is no third party Administrator involved,
which means better service, in shorter time and no hassles at all.

 Provides a no claim discount one that has never been offered before in the country.

 Has a round-the-clock GP service, which provides counseling and advice. When necessary the
insured will be guided to the company's large network of doctors in different localities,

 Provides periodic health checkups for the clients. Has a range of policies suited to every age group,
different health aspects and concerns,

 And last but not the least; STAR HEALTH is first and foremost, a dedicated insurer who cares for
your health in every way.

Vision
Protecting health promoting health

Mission
Ultimate customer satisfaction

Trust and ethics

We believe honesty and integrity are essential to our success,

Teamwork
We work together to provide you the best of healthcare options.
Commitment
We are committed to become a STAR in health and related insurance.

Conducive work environment

To create an environment that is conducive to customer satisfaction, innovation and belongingness.

Exclusive Features
 Cashless service without TPA intervention the USP of the company.

 Direct tie-up with hospitals on all India basis.

 24 hours General Practitioner's advice and medical counseling 24x7

 in-house call center.

 Toll free telephone assistance.

 Complete knowledge backed website to offer medical information, including health tips.

PRODUCT PROFILE

Senior Citizen Red Carpet Policy