1  

Life & General Insurance Companies  &  Products

- Khalid Centre for Mangement Studies Jamia Millia Islamia New Delhi

  2  

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) is a Government of India enterprise, and is said to be the largest life insurance company and also the largest investor of the country. LIC had been established on the 1st of September, 1956, after the Life Insurance Corporation Act had been passed by the Parliament of India in the same year. The corporation is aimed at providing life insurance services primarily to the rural masses and the socially & economically backward sections of the Indian society. It also aims at promoting the people for saving their money, and offers attractive savings features along with various insurance policies. Vital Details The headquarters of Life Insurance Corporation of India are located in Mumbai, and as of April 2009 it has 8 zonal offices, 101 divisional offices and 2048 branches located in different towns and cities of India. Along with a workforce of 112,184 employees serving the institution, more than 1 Million agents of the Life Insurance Corporation of India are helping the people nationwide in adopting the various life insurance policies being offered by the corporation. Apart from India, LIC is also present in 12 other countries currently, fulfilling the life insurance needs of its overseas customers most of which are Non Resident Indians (NRIs). During the financial year 2006-07, the total number of Life Insurance Corporation of India policy holders were more than 200 Million, which was equal to the population of fourth largest populous country in the world at that time. Subsidiaries Life Insurance Corporation of India has a number of subsidiaries which help it in leveraging its potential to the maximum, providing an enhanced set of diversified services to its customers. These subsidiaries include LIC International, LIC Nepal, LIC Lanka, LIC Housing Finance and LICHFL Care Homes. Head Office Life Insurance Corporation of India, "Yogakshema", Jeevan Bima Marg, Mumbai - 400021 Website: www.licindia.com.

  3  

ICICI Prudential Life Insurance ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, which is one of India's foremost financial services companies, and Prudential plc, which is a leading international financial services group headquartered in the United Kingdom. ICICI Prudential began the operations in December 2000. Today, this company has over 2100 branches, which include 1,116 micro-offices, over 290,000 advisors and 18 banc assurance partners. ICICI Prudential Life Insurance Company is the first life insurer in India that received a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudential has been voted as India's Most Trusted Private Life Insurer for three consecutive years. ICICI Prudential Life Insurance Company has various insurance plans that have been designed for different individuals, as every individual has different insurance needs. Given below is a list of plans provided by ICICI Prudential Life Insurance Company: Life Insurance Plans Education Insurance Plans

• Smart Kid New Unit-linked • Regular Premium • Smart Kid New Unit-linked • Single Premium • Smart Kid Regular Premium

Wealth Creation Plans • Wealth Advantage • LifeStage Assure • LifeTime Gold • LifeLink Super • LifeStage RP

Premium Guarantee Plans • InvestShield Life New • InvestShield CashBank

Protection Plans • Pure Protect • Life Guard • Save 'n' Protect • CashBak • Home Assure

Retirement Solutions • Life Stage Pension • LifeTime Super Pension • LifeLink Super Pension • ForeverLife Plan • Immediate Annuity

Health Coverage Plans • Health Saver • Medi Assure • Hospital Care • Crisis Cover • Cancer Care • Diabetes Care Active • Diabetes Assure

ICICI Pru Group Solutions Advantage • Group Super Annuation • Group Gratuity Plan • Annuity Solutions • Group Term Insurance Plan • Group Term Insurance in lieu of EDLI

  4  

Rural Plans • ICICI Pru Suraksha • ICICI Pru Suraksha Kavach

Micro Insurance Plans • ICICI Pru Sarv Jana Plan

Contact Address ICICI Pru Life Towers 1089 Appasaheb Marathe Marg Prabhadevi, Mumbai - 400025 Website: www.iciciprulife.com

  5  

HDFC Standard Life Insurance Established on 14th August 2000, HDFC Standard Life Insurance Co. Ltd. is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited) - India's leading housing finance institution, and a Group Company of the Standard Life Plc, UK. The Company is one of leading private insurance companies, offering a range of individual and group insurance solutions, in India. Being a joint venture of top financial services groups, HDFC Standard Life has adequate financial expertise to manage long-term investments safely and resourcefully. HDFC Standard Life Insurance offers a range of individual and group solutions, which can be easily personalized to specific needs. Its group solutions have been planned to offer complete flexibility, together with a low charging structure. As of 31 December, 2008, the Company's new business premium income stood at Rs. 1,839.70 Crores; it has covered over 812,811 lives so far. Given below is a comprehensive list of policies and products on offer by HDFC Standard Life Insurance: Protection Plans

• HDFC Term Assurance Plan • HDFC Loan Cover Term Assurance Plan • HDFC Home Loan Protection Plan

Children's Plans • HDFC Children's Plan • HDFC Unit Linked Young Star II • HDFC Unit Linked Young Star Plus II • HDFC Unit Linked YoungStar Champion

Retirement Plans • HDFC Personal Pension Plan • HDFC Unit Linked Pension II • HDFC Unit Linked Pension Maximiser II • HDFC Immediate Annuity

Savings & Investment Plans • HDFC Unit Linked Endowment Plus II • HDFC SimpliLife • HDFC Unit Linked Endowment II • HDFC Unit Linked Enhanced Life Protection II • HDFC Unit Linked Wealth Maximiser Plus • HDFC Unit Linked Endowment Winner • HDFC Endowment Assurance Plan • HDFC Money Back Plan • HDFC Single Premium Whole of Life Insurance Plan • HDFC Assurance Plan • HDFC Savings Assurance Plan

Health Plans • HDFC Critical Care Plan • HDFC SurgiCare Plan

Group Plans • Group Term Insurance Plan • Group Variable Term Insurance Plan • Group Unit Linked Plan - Gratuity • Group Unit Linked Plan - Superannuation • Group Unit Linked Plan - Leave Encashment

Contact Address HDFC Standard Life Insurance Co. Ltd. 'Trade Star', 2nd floor, 'A' Wing Junction of Kondivita and M.V. Road Andheri-Kurla Road Andheri (East), Mumbai - 400059 Website: www.hdfcinsurance.com

  6  

Bajaj Allianz Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between Allianz SE, one of the world's largest insurance companies, and Bajaj Finserv. Allianz SE is a leading insurance corporation globally and one of the largest asset managers in the world, that manage assets worth over a Trillion. With over 115 years of financial experience, Allianz SE is present in over 70 countries around the world. Bajaj Allianz is into both life insurance and general insurance. Today, Bajaj Allianz is one of India's leading and fastest growing insurance companies. Currently, it has presence in more than 550 locations with over 60,000 Insurance Consultants. In June 2008, Bajaj Allianz entered into partnership with Thomas Cook India to provide travel finance. Bajaj Allianz Life Insurance ensures excellent insurance and investment solutions by offering customized products, supported by the best technology. A comprehensive list of policies and products offered by Bajaj Allianz Life Insurance Co. Ltd. is as follows: Unit Linked Plans

• Regular Premium 1. New UnitGain Super 2. UnitGain Plus Gold 3. New UnitGain Plus 4. New UnitGain 5. YoungCare 6. YoungCare Plus 7. New FamilyGain-R • Single Premium 1. New UnitGain Premier SP 2. New UnitGain Plus SP

Pension Plans • Annuity 1. Pension Guarantee • Retirement 1. Future Income Generator 2. Swarna Vishranti 3. New UnitGain Easy Pension Plus RP 4. New UnitGain Easy Pension Plus SP 5. Future Secure

Traditional Plans • Endowment 1. InvestGain 2. SaveCare Economy SP 3. Life Time Care 4. Super Saver • Money Back 1. CashGain

Term Plans • Protector • Term Care • New Risk Care

Women Insurance Plans • House Wives • Working Women

Health Plans • Care First • Health Care • Family CareFirst

Children Plans • ChildGain

Group Plans • Non Employer Employee

  7  

1. Credit Shield 2. Group Term Life(Non Employer Employee) 3. Group Suraksha 4. Swayam Shakti Suraksha 5. Group Loan Protector 6. Group Income Protection • Employer Employee 1. Group Term Life(Employer Employee) 2. New Group Gratuity Care 3. New Group Superannuation Care 4. Group Save Plus 5. Group Term Life in lieu of EDLI 6. Group Leave Encashment Scheme 7. Group Annuity 8. Group Superannuation Gold 9. Group Gratuity Gold

Micro Insurance • Alp Nivesh Yojana • Jana Vikas Yojana • Saral Suraksha Yojana

Other Plans • Family Assure • Fortune Plus • Capital Shield • CenturyPlus II

Contact Address Bajaj Allianz Life Insurance Co. Ltd. GE Plaza, Airport Road Yerawada, Pune - 411006 Website: www.bajajallianzlife.co.in

  8  

MetLife India Insurance MetLife India Insurance Co. Pvt. Ltd is a joint venture between MetLife Group and its Indian partners, including J&K Bank, Dhanalakshmi Bank, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothu. MetLife is insuring the lives of the people for around 140 years. MetLife is 88 of the top one-hundred FORTUNE 500 companies. MetLife entered Indian insurance sector in 2001. MetLife was the first insurance company which established a financial holding company with a nationally chartered bank. In 2005, Working Mother Magazine honored MetLife Insurance Co. as one of the "100 Best Companies for Working Mothers". In 2005, the company was listed among the Top 50 Companies for Diversity. In 2006, MetLife was named to the National Association for Female Executives' annual list of Top 30 Companies for Executive Women. Today, when people are feeling a greater financial burden than ever before, MetLife is helping millions of its customers in creating their own personal safety net by taking insurance plans. The plans provided by MetLife Insurance are listed below: Protection Plans

• Met Suraksha • Met Suraksha TROP • Met Mortgage Protector

Savings Plan • Met Sukh • Met Suvidha • Met Saral • Met 100

Investment Plans • Met Smart Premier - Regular • Met Easy Met Smart Plus - Regular Pay • Met Smart Premier - Single Pay • Met Smart Gold Met Smart plus - Single

Child Plans • Met Bhavishya • Met Junior Endowment • Met Little Star • Met Junior Money Back • Met Magic

Retirement Plans • Met Growth • Met Advantage Plus • Met Pension - Par

Group Plans • Met Loan Assure • Met Group Life • Met Group Life in lieu of EDLI • Met Group Gratuity

Rural Plans • Met Vishwas • Met Suvidha - Rural

Contact Address MetLife India Insurance Co. Pvt Ltd. 'Brigade Seshamahal' 5, Vani Vilas Road Basavanagudi, Bangalore - 560004 Website: www.metlife.co.in

  9  

Max New York Life Insurance Max New York Life Insurance Company Limited is a joint venture between Max India Limited, which is a one of India's leading multi-business corporate, and New York Life International, which is a Fortune 100 company & global expert in life insurance. Max New York Life Insurance started its commercial operations in India in 2001. It is the first life insurance company in India to be awarded the IS0 9001:2000 certification. The company has around 133 offices all over the country. Max New York Life offers a variety of flexible products covering both life and health insurance including 8 riders that can be customized to over 800 combinations which enable the customers to choose the policy that suits their needs. Max New York Life also offers 6 products and 7 riders in group insurance business. The company has a plan for every need, designed as to meet your long term financial goals & aspirations. They help you fulfilling your dreams & commitments. The list of few plans provided by Max New York Life Insurance Company Limited is given below: Protection Plans

• Five Yr Renewable & Convertible Plan • Level Term Policy

Children Plans • Children's Endowment to 18 (Par) Plan • Children's Endowment to 24 (Par) Plan • SMART Steps • SMART Steps Plus

Investment Plans • Life Maker Premium • Life Maker Gold • Life Maker Platinum • Life Invest

Retirement Plans • SMART Invest Pension • Easy Life Retirement (Par) Plan

Health Plans • Lifeline Medicash • Lifeline Wellness Plus • Lifeline Medicash Plus • Lifeline Safety Net

Savings Plans • Whole Life Participating • Life Gain Plus 25 Participating Plan • 20 year Endowment (Par) Plan • Life Pay Money Back Plan

Strategic Products Plans • Bancassurance

1. Capital Builder Plan • Partnership Distribution

1. Max Mangal 2. Capital Builder 3. Max Vriksha 4. Max New York Life Unit Builder

• Max Amsure 1. Future Builder 2. Business Builder 3. Bonus Builder 4. Secure Returns Builder

Group Plans • Group Credit Life • Unit Linked Group Superannuation Plan • Group Gratuity cum Term Assurance • Group Term Life

  10  

• Unit Linked Group Gratuity Plan • Employee Deposit Linked Insurance • Max Super Life

Registered Office Max House 1 Dr. Jha Marg, Okhla New Delhi - 110020 Website: www.maxnewyorklife.com

  11  

ICICI Lombard General Insurance ICICI Lombard General Insurance Co. Ltd. is a joint venture between ICICI Bank Ltd. and Fairfax Financial Holdings Ltd. Where ICICI Bank boasts of being India's second largest bank, Fairfax Financial Holdings of Canada is a leading financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management. In August 2001, ICICI Lombard General Insurance Company received regulatory approvals to instigate general insurance business in India. In a short span of time, ICICI Lombard rose to become number one private general insurance company in India. Moreover, it's also the first company to get ISO 9001:2000 certification in India. ICICI Lombard has been assigned the iAAA rating by ICRA, indicating the highest claims paying ability. It is the first company to provide digitally signed documents through an online interface. For its effective solutions and working, it has got various recognitions like 'General Insurance Company of the Year' (2007), NDTV Profit Business Leadership Awards 2007, etc. Given here is a comprehensive list of policies on offer by ICICI Lombard General Insurance Co. Ltd. PERSONAL PRODUCTS Health Insurance

• Health Advantage Plus • Family floater Plan

Home Insurance • Home Insurance

Motor Insurance • Car Insurance • Two Wheeler Insurance

Overseas Travel Insurance • Platinum Plan • Gold Plan • Silver Plan

Student Medical Insurance • Plus Plan • Gold Plan • Silver Plan • Bronze plan

BUSINESS & RURAL PRODUCTS Business Insurance

• Fire Insurance • Marine Insurance • Industrial Insurance • Corporate Insurance • Liability Insurance • Shop Insurance • Others

Rural Insurance • Health Insurance

1. Family Health Floater 2. Poorna Suraksha Bhima 3. Sampoorna Arogya bhima

• Home Insurance 1. Gold Plan 2. Silver Plan

• Tractor Insurance • Weather Insurance • Shop Insurance

  12  

NRI PRODUCTS NRI Services

• Parents' Health Insurance • Parents' Overseas Travel Insurance • Student Medical Insurance • Home Insurance • Car Insurance • Two Wheeler Insurance

Contact Address ICICI Lombard General Insurance Co. Ltd. ICICI Bank Towers Bandra Kurla Complex Mumbai - 400051 Website: www.icicilombard.com

  13  

United India Insurance United India Insurance Company Limited is a leader in the business of General Insurance in India. It came into being on 18 February 1938. However, the General Insurance business was nationalized in the country in 1972, the United India Insurance was then merged with 12 Indian Insurance Companies, 4 Cooperative Insurance Societies, Indian operations of 5 Foreign Insurers, and the General Insurance operations of southern region of Life Insurance Corporation of India. The company has progressed tremendously since nationalization and today stands as one of the most trustworthy name in the Insurance sector. Branches and Business The United India Insurance Company Limited is one of the biggest companies in India with more than 20000 offices of the company spread in the length and breath of India. The company today, claims to cover more than 1 Crore policy holders under its insurance policies. With an efficient workforce of over 21000, the company claims apart from all the major cities of the country also claims its presence in more than 200 tier II and III towns and villages through their innovative Micro Offices. However, the headquarters the company is situated in Chennai, India. The business of the United India is very widespread. The company claims to provide insurance cover to varied products right from insurance to bullock carts to satellites. The net income of the company was estimated to be Rs. 520 Crore in the year 2006. Apart from catering big brands like ONGC, GMR, Mumbai International Airport Ltd and Tirumala-Tirupati Devasthanam, United India has also been the pioneer of insurance in rural India. The Tsumani Jan Bima Yojana which covered more than 4.59 lakhs of families in the 4 Tsunami affected states of India gained a lot of appreciation throughout the country. United India Insurance has also been awarded with 'iAAA' rating by Investment Information and Credit Rating Agency consecutively for three years for its strong fundamental policies and financial strength. Products and Services Personal Services

• Householder • Personal Accident • Mediclaim • Unimedicare

Commercial Services • Fire Insurance • Marine Insurance • Motor Insurance • Industrial Insurance • Liability Insurance

Head Office 24, Whites Road Chennai - 600014 Tamil Nadu, India Phone: 091-044-28520161 Email: www.uiic.co.in

  14  

National Insurance Company Ltd After the passing of the General Insurance Business Nationalisation Act in 1972, National Insurance Company Limited, (which was incorporated in 1906 and registered in Kolkata) became one of the four subsidiaries of General Insurance Corporation of India (GIC). Wholly owned and controlled by the Government of India, it continued its operation as a GIC subsidiary, until the August of 2002. Subsequent to the notification of the General Insurance Business (Nationalisation) Amendment Act, on August 7, 2002, National Insurance Company Limited (NIC) de-linked from its holding company GIC and started operating, as a Government of India undertaking. NIC has its head quarters in Kolkata. Being one of the leading public sector insurance companies of India, it effectively carries out the general insurance business in India. With a workforce of more than 16,000 personnel, NIC's has about 1000 offices, covering almost the entire country. Right from the metropolitan cities to the rural areas and remote townships, NIC has enveloped the length and breadth of India. While the domestic operations are carried out by the offices in India, the foreign operations are controlled from its branch offices in Nepal. Services With more than 200 policies under its belt, NIC caters to the diverse insurance requirements of its 14 million policyholders. The company offers services to approximately all the sectors in the Indian Economy - banking, telecom, aviation, shipping, information technology, power, oil & energy, agronomy, plantations, foreign trade, healthcare, tea, automobile, education, environment, space research and so on. Apart from this, NIC also covers the conventional insurance schemes, such as indemnity against fire, marine and other miscellaneous risks, to its customers. Present Scenario National Insurance Company Ltd has a paid-up share capital of Rs.100 crores. From the modest start of 500 million rupees, as its premium base in 1974, NIC's gross direct premium income has progressively grown to 4021.97 million rupees (as per 2007-08). As of March 2008, NIC's general reserve stood at 1457.25 million rupees, with an asset value of 8867.99 million rupees. It is due to this that NIC has been awarded 'AAA/STABLE' (the highest financial strength to meet policyholders' obligations), by CRISIL rating agency. Products & Services Personal Line

• Motor Policy - Two Wheelers • Householders Policy • Personal Accident Policy • Critical Illness Policy • NRI Accident Policy • Amartya Siksha Yojana Policy • Rajrajeshwari Mahila Kalyan Yojana Policy • Bhagyashree Child Welfare Policy • Traffic Accident Policy • Niwas Yojana Policy • Baggage Policy • Mediclaim Policy • Motor Policy - Private Car • Professional Indemnity for Doctors • Star National Swasthya Bima Policy • PARIVAR - Mediclaim for Family • VIDYARTHI-Mediclaim for Students • UCO Medi + Care Bima Policy • VARISTHA Mediclaim for Senior Citizens • BOI National Swasthya Bima • Overseas Mediclaim • Baroda Health Policy

Rural Line

  15  

• Cattle / Livestock Insurance • Sheep and Goat Insurance • Elephant Insurance • Dog Insurance • Brackish Water Prawn Insurance • Silkworm ( Sericulture) Insurance • Janata Personal Accident Insurance • Horticulture/Plantation Insurance • Kisan Agriculture Pumpset Insurance

Industrial Line • Erection All Risks Insurance ( EAR ) • Contractors All Risks Insurance (CAR) • Machinery Insurance ( MI ) • Electronic Equipment Insurance ( EEI) • Consequential Loss (Fire) Policy • Standard Fire and Special Perils Policy • Workmen Compensation Insurance • Product Liability Insurance • Public Liability Insurance

Commercial Line • Burglary (Business Premises) Policy • Shopkeepers Policy • Bankers Indemnity Policy • Office Package Policy • Glass Insurance • Money Insurance • Jewellers Block Policy • Extended Warranty Policy • Directors and Officers Liability Policy • Fidelity Guarantee Policy • Marine Cargo Insurance

Head Office 3 Middleton Street Kolkata - 700071 West Bengal Phone: 22831705 /22831706 Website: www.nationalinsuranceindia.com

  16  

Reliance General Insurance Reliance General Insurance Company Limited is one of the leading private general insurance companies of India, in the present times. It was amongst the first companies to apply for, and obtain, a license for insurance business, after the liberalization of the insurance sector, in 2000. The company continued to grow with the passing time, widening the scope of its insurance policies. Today, it offers over 94 customized insurance products, catering to needs of the corporate, SME and individual customers. Reliance General Insurance also boasts of being the first insurance company in India to be awarded the ISO 9001:2000 certification across all functions, processes, products and locations pan-India. Growth & Innovation Reliance General Insurance Company Ltd has grown over time, to set up as many as 200 offices, which have spread across 173 cities, in 22 states of India. Such a wide distribution channel network, along with 24x7 customer service assistance and a full fledged website, has added to its success. At the same time, the company continues to launch innovative products, like India's first Over-The-Counter health & home insurance policies, to woo potential customers and keep the presents ones satisfied and pleased. Customer Focus The brand philosophy of Reliance General Insurance Company is "Protecting what you value". The company aims at helping individuals, corporates as well as SMEs protect their dreams and accomplishments; that too through a hassle-free buying process. With the concept of online buying, Reliance has made it possible for the potential customers to book the policies from within the confines of their home/office. At the same time, the insurance company intends to make the claims settlement as prompt, transparent and speedy as possible. Services Reliance General Insurance Company offers a wide range of innovative products to the potential customers. Right from health and home insurance to car/motor and travel insurance, you can get almost all types of individual policies with Reliance, that too at the best premium rates. Apart from that, the company also caters to corporate and SME clients, providing end to end insurance solutions. The product basket includes fire, engineering, liability, marine, travel and other types of insurance, for organizational risk management. Products For Individuals Health Insurance

• Reliance Critical Illness • Reliance HealthWise • Individual Mediclaim

Motor Insurance • Two Wheeler Comprehensive • Private Car Comprehensive

Home Insurance • Reliance HomeProtect • Householder's Package

Travel Insurance • Individual & Family • Student • Asia • Schegen • Pravasi Bhartiya Bima

Accident Cover • Personal Accident Policy

  17  

For Corporates Fire Insurance

• Std Fire & Spl Perils • Consequestial Loss • Industrial All Risks

Engineering Insurance • Erection All Risks/Storage-cum-Erection • Contractor's All Risks • Contractor's Plant & Machinery • Machinery Loss of Profits • Boiler & Pressure Plant • Electronic Equipment • Machinery Insurance

Marine Insurance • Marine Cargo

Liability Insurance • Directors & Officers Liability • Workmen's Compensation • Professional Indemnity • Product Liability • Public Liability Insurance • Public Liability (Act)

Packages • Office Package • Commercial Care • Industry Care • Shopkeeper's Package

More Plans • Travel • Health • Accident • Misc

For SMEs Property

• Reliance Burglary & Housebreaking Fire Insurance

• Std Fire & Spl Perils Packages

• Office Package • Commercial Care • Industry Care • Shopkeeper's Package

Marine Insurance • Marine Cargo

Health • Group Mediclaim

More Plans • Engineering • Liability • Travel • Accident Cover • Misc

Head Office Reliance General Insurance Customer Service 570, Naigaum Cross Road, Next to Royal Industrial Estate, Wadala (W), Mumbai- 400031

  18  

Phone: 1800 3002 8282 (toll free), 3989 8282 (local call charges) Website: www.reliancegeneral.co.in

  19  

IFFCO Tokio General Insurance Initiated in December 4, 200, IFFCO-Tokio General Insurance (ITGI) Company is a cooperative undertaking by the Indian Farmers Fertilizer Co-operative (IFFCO) and its associate and Tokio Marine and Nichido Fire Group (the largest listed insurance group in Japan), to deal in the insurance sector of India. With a wide network of 51 'Strategic Business Units' and 110 offices all over India, the company serves its customers and potential customers, with an array of uniquely customized policies. It covers each stratum of the society, right from farmers to India's largest automobile manufacturers. While ITGI gets its technical support for underwriting and reinsurance from Tokio Marine, the risk management is sourced from Tokio Risk Consulting (TRC). Apart from dealing with the conventional insurance schemes, the company has also come up with niche products like credit insurance, fine arts insurance, P & I insurance, errors & omissions policy for the IT Sector and so on. ITGI has also centered its activities keeping into mind the rural segment. It has commenced various products such as Sankat Haran Bima Yojana, Mausam Bima Yojana, Mahila Suraksha Bima Yojana and Janata Bima Yojana for the masses. ITGI is also credited with being the first company to underwrite mega policies for a fertilizer and an automobile company. Present Scenario Though the company started with a modest initial GWP (Gross Written Premium) of Rs. 2130 millions (in 2001-02), IFFCO-Tokio General Insurance Company today has progressed ahead to boasts of Rs 12350 Million as GWP (2007-08). With such advancement, the company has become one of the leading private insurers in the insurance sector. It is also the only company to own its distribution channel called IFFCO-TOKIO Insurance Services Ltd (ITIS). Talking about ITIS, the company has a staff of over 1000 employees spread across 200 towns in India. It conducts various customer satisfaction surveys semi annually, to determine its operational efficiencies. Products & Services Commercial Line

• Standard Fire & Special Perils • Consequential Loss • Contractors All Risk • Contractors Plnt & Machn • Boiler & Pressure Plant • Erection All Risks • Industrial All Risks • Machinery Breakdown • Machinery Loss of Profit • Product Liability • Public Lia Industrial • Public Lia Non-Industrial • Marine Cargo • Electronic Equipment • Bankers Blanket • Burglary Insurance • Fidelity Guarantee • Money Insurance • Workmen's Compensation

Retail Line • Motor Private Car • Motor Cycle/Scooter • Home & Family Protector • Trade Protector • Industry Protector • Office Professional Establishment • Home Suvidha • Trade Suvidha • Individual Medishield

  20  

• Individual Personal Accident • Group Personal Accident • Critical Illness Policy • Travel Protector • All Risk Insurance

Specialty Line • Credit Insurance • Multi Modal transport (MTO) • Marine Hull & Machinery • Jeweller's Block • Barish Bima Yojna (Weather Insurance) • Sagar Bandhu Bima Policy • Aviation Insurance Policy • Errors and Omissions (Technology) Policy • Fine Art Insurance - Private Collectors • Fine Art Insurance - Art Dealers & Gallery Owners

Corporate Office IFFCO TOWER 4th & 5th Floors Plot No.3, Sector 29 Gurgaon-122001 Haryana (India) Registered Office IFFCO SADAN C-1, District Centre Saket New Delhi - 110017 India

  21  

Products  

ICICI  Pru  Smart  Kid  –  Regular  Premium  

As  a  loving  and  caring  parent,  you  have  big  dreams  for  your  child  and  you  want  to  make  those  dreams  come  true.  To  bring  your  dreams  to  life,  you  need  an  investment  that  is  designed  to  provide  adequate  money  for  key  educational  milestones  in  your  child's  life,  no  matter  what  happens.  With  this  objective  in  mind  ICICI  Prudential  now  presents  ICICI  Pru  Smart  Kid  Regular  Premium  Plan.  This  is  a  regular  premium,  traditional  plan  with  two  options  to  receive  guaranteed  educational  benefits,  no  matter  what  the  uncertainties  in  your  life.  

ICICI  Pru  Smart  Kid  –  Regular  Premium  at  a  glance  

Minimum Premium Rs. 8,400 p.a.

Modes of Premium Payment Yearly / Half yearly / Monthly

Minimum / Maximum Sum Assured Rs. 1,00,000 / Rs. 30,00,000

Minimum / Maximum age at entry (Parent) 20 / 60 years

Minimum / Maximum age at maturity (Parent) 50 / 70 years

Minimum / Maximum age at entry (Child) 0 / 12 years

Minimum / Maximum age at maturity (Child) 22 / 25 years

Minimum / Maximum Policy Term 10 / 25 years

 

How  can  I  benefit  from  this  plan?  

• Complete protection : Lump sum payment of Sum Assured plus payment of future premiums by the Company in the unfortunate event of death of the parent (Life Assured)

• Development Allowance : Under this benefit, a specified amount is paid to the child every year, in the unfortunate event of death of the parent, if Income Benefit Rider is opted for

• Facility to provide money for key educational expense of the child • Protection against Accident and Disability : Additional protection against accident and

disability is provided with the help of a rider at a marginal extra cost • Tax Benefits : On premiums paid and benefits received, as per prevailing tax laws

 

Benefits  in  detail  

• Guaranteed educational benefits : This plan guarantees educational benefits to your child. It provides you with two options to receive those benefits: Option 1: Benefits at critical educational milestones Option 2: Avail of benefits in the last 5 years of the policy

  22  

• Death benefit : In the unfortunate event of death of the parent (life assured) during the term of the policy, the benefits under the policy are as follows:

o The Sum Assured would be paid out immediately o Future premiums till maturity will be waived off and the premiums would be paid by

the Company till maturity of the policy o The policy benefits continue for your child's educational and developmental needs as

planned by you. • Developmental Allowance : This guarantees a regular income to secure your child's

academic career as well as his all round development (in the unfortunate event of death) of the parent). To avail of this benefit, you have to take the Income Benefit Rider available at a marginal extra cost. An amount equal to 10% of the Rider Sum Assured will be paid annually to your child, till the maturity of the policy.

• Additional Rider Benefits : This is an additional benefit which can be availed along with the base plan, by paying a marginal extra cost. The riders offered are:

o Income Benefit Rider o Accident and Disability Benefit Rider

  23  

ICICI  Pru  LifeGuard  

All  of  us  want  happiness  and  security  for  our  family.  The  thought  of  unfortunate  events  befalling  us  may  cause  anxiety  about  our  ability  to  provide  for  our  loved  ones.  Adequate  term  insurance  ensures  that  your  loved  ones  are  provided  for  and  that  their  lives  are  not  affected,  even  if  you  are  not  around.  ICICI  Prudential  presents  Life  Guard.  Choose  from  two  variants  of  this  term  plan  to  insure  your  life  and  provide  total  security  to  your  family,  at  a  very  affordable  cost.  

ICICI  Pru  LifeGuard  at  a  glance  ICICI Pru LifeGuard-Level Term Assurance with Return of Premium

Minimum Premium Rs. 2,400 p.a. Modes of Premium Payment Yearly / Half yearly / Monthly

Minimum / Maximum Sum Assured As per min. premium requirements/ Rs. 10,00,000

Minimum / Maximum age at entry 18 / 55 years Cover ceasing age 65 years Policy term 10 / 30 years ICICI Pru Life Guard-Single Premium

Minimum / Maximum premium As per the minimum / maximum S.A. limits

Minimum / Maximum Sum Assured Rs. 2,50,000 / Rs. 10,00,000 Minimum / Maximum age at entry 18 / 55 years Cover ceasing age 65 years Policy term 3 / 15 years Modes of Premium Payment Yearly / Half yearly / Monthly

 

How  can  I  benefit  from  this  plan?  ICICI Pru Life Guard-Level Term Assurance with Return of Premium

• Regular premium payment : You will be provided with life cover equal to the Sum Assured, on payment of regular annual premium for the term chosen

• Return of Premiums : On survival till maturity, all the premiums paid will be returned • Extended Life Cover : The plan also offers the unique feature of an additional extended

cover for 5 years after maturity of the policy, for 50% of the Sum Assured without any further payment of premium.

• Death Benefit: In case of death of the life assured during the term, the Sum Assured under the plan will be paid to the beneficiary.

• Tax Benefits : On premiums paid and benefits received, as per prevailing tax laws ICICI Pru Life Guard-Single Premium

• Single premium : Pay premium once and enjoy Life Cover for the chosen term • Death Benefit : In case of death of the life assured during the term, the Sum Assured under

the plan will be paid to the beneficiary • Tax Benefits : On premiums paid and benefits received, as per prevailing tax laws

 

 

 

  24  

ICICI Lombard Home Insurance  

ICICI  Lombard's  Home  Insurance  policy  secures  the  structure  and/or  contents  of  your  home  against  natural  and  man-­‐made  disasters.  

Policy  Details  

Key  Benefits  

•Comprehensive  insurance,  which  covers  both  structure  and  /  or  contents  of  your  home  

•Coverage  up  to  5  years  for  structure  and  contents  

•Cover  against  Fire  and  allied  perils,  Burglary  &  Theft  and  Optional  cover  for  Terrorism  and  Additional  expenses  of  rent  for  alternative  accommodation.  

What  is  covered  You  can  choose  to  buy  insurance  for  only  the  building  (structure)  of  your  home,  or  only  the  contents  (belongings)  or  both.    The  policy  covers  the  losses  to  the  structure  and  contents  of  your  home  due  to  any  natural  and  man-­‐made  calamities.    

 What  is  not  covered  

•Willful  destruction  of  property.  

•Loss,  damage  and  destruction  caused  by  war,  wear  and  tear  etc.  

•Losses  if  your  home  has  been  unoccupied  for  more  than  30  days,without  prior  notice  to  the  company.  

•Cash,  bullion,  painting,  works  of  art  and  antiques.  

•For  more  details,  kindly  refer  to  the  Policy  Wordings.  

   How  to  calculate  the  Sum  Insured  

 Home  Structure:    The  home  insurance  policy  insures  the  structure  of  your  home  for  its  reconstruction  value  (and  not  for  market  value).  Reconstruction  value  is  defined  as  the  cost  incurred  to  reconstruct  the  home  if  it  is  damaged.  On  the  other  hand  market  value  is  a  combination  of  cost  of  land,  demand  &  supply  scenario,  etc.  

   

  25  

 Home  Insurance  and  You  

•Safeguard  your  Home  against  Burglary    Your  home  is  definitely  one  of  your  most  prized  possession.  It  is  the  place  you  belong...  a  place  you  come  back  to...  a  place  where  you  live  happily  with  your  loved  ones.  The  most  common  incident  that  threatens  your  home's  security  is  Burglary.  There  is  no  fool  proof  method  to  prevent  it  completely,  but  you  can  definitely  take  some  steps  to  avoid  it  considerably.  Here  are  a  few  thoughts.  

 

 

  26  

ICICI  Lombard  Motor  Insurance •A  motor  insurance  policy  is  mandatory  under  the  Motor  Vehicle  Act.  Owning  ICICI  Lombard  Motor  Insurance  ensures  that  the  car  owner  is  protected  from  financial  losses,  caused  by  damage  or  theft  to  the  vehicle  and  third  party  liability.  With  a  cashless  network  of  over  2700+  garages  across  India  you  can  avail  of  cashless  claim  facility  with  very  limited  out-­of-­pocket  expenses.  To  facilitate  greater  convenience,  you  can  renew  your  motor  insurance  online  at  www.icicilombard.com  and  track  claim  status  anytime,  anywhere.  

 

Policy  Benefits  :  Instant  Policy  Issuance  

•No  Paperwork  

•Cashless  Claim  at  over  2700+  network  garages  

•No  Claim  Bonus:  If  you  do  not  make  a  claim  during  the  policy  period,  a  No  Claim  Bonus  (NCB)  is  offered  on  renewals    

•Transfer  your  NCB:  You  can  transfer  full  benefits  of  No  Claim  Bonus  when  you  shift  your  motor  insurance  policy  to  another  company  

•Free  Renewal  Reminder  Service  

•Track  Claim  Status  Online  

•Towing  charges  upto    .1500  covered    

 

 

What  does  the  policy  cover?The  ICICI  Lombard  Motor  Insurance  Policy  is  comprehensive  vehicle  insurance,  as  governed  by  the  Indian  Motor  Tariff.  It  covers  you  for,  Loss  Or  Damage  To  Your  Vehicle-­Provides  cover  for  any  loss  or  damage  to  your  vehicle  or  the  accessories  due  to  Natural  Calamities  :  Fire,  explosion,  self  ignition  or  lightning,  earthquake,  flood,  typhoon,  hurricane,  storm,  tempest,  inundation,  cyclone,  hailstorm,  frost,  landslide,  rockslide.  

Man-­made  Calamities  :  Burglary,  theft,  riot,  strike,  malicious  act,  accident  by  external  means,  terrorist  activity,  any  damage  in  transit  by  road,  rail,  inland  waterway,  lift,  elevator  or  air,  etc.  

Personal  Accident  Cover-­The  motor  insurance  provides  compulsory  personal  accident  cover  for  individual  owners  of  the  vehicle  while  driving.  You  can  also  opt  for  a  personal  accident  cover  for  passengers.  

Third  Party  Legal  Liability-­Covers  for  legal  liability  due  to  accidental  damage  for  Any  permanent  injury/death  of  a  person  

•Any  damage  caused  to  the  property.  

  27  

Additional  Covers-­Electrical/non-­‐electrical  accessories  can  be  covered,  e.g.  Fog  Lights,  Music  System,  Seat  Covers,  etc.  

You  can  also  cover  your  bi-­‐fuel  system  such  as  CNG.  

What  is  not  covered  in  the  policy?Some  Main  Exclusions  are:  Mechanical  breakdown  

•Consequential  loss  

•Depreciation  

•Wear  &  tear  

•Any  contractual  liability  

•Intoxicated  driving  

•Deliberate  accidental  loss  

•Damages  due  to  nuclear  weapons  material  or  war    

 

 

 

 

 

 

 

 

 

 

- Khalid

Centre for Mangement Studies Jamia Millia Islamia New Delhi