praba project
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CHAPTER I
INDUSTRIAL PROFILE
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The control on general insurance business started with the insurance act 1938,
setting up the government control. In 1968 it was amended to add more provisions to and
also Add Tariff Advisory Committee. This Tariff Advisory Committee now fixes the
rates terms and conditions for many branches of general insurance like Fire, Engineering,
Marine, Hull and Workmen compensation insurance.
In 1972, the General Insurance (Business Nationalisation) Act was passed. It set
up GIC and its subsidiaries. 107 private companies were merged into GIC and its
subsidiaries and these companies included both Indian and foreign companies. General
Insurance Corporation was formed as company under the Companies Act unlike LIC,
which was setup as corporation. The GIC has only one office in Mumbai and is the
holding companies for all the subsidiaries. It formulates general policy guidelines for
general insurance industry and control the investment and reinsurance policy of the
companies.
GIC had four subsidiary companies, namely (with effect from Dec'2000, these
subsidiaries have been de-linked from the parent company and made as independent
insurance companies.
1. The Oriental Insurance Company Limited
2. The New India Assurance Company Limited
3. National Insurance Company Limited
4. United India Insurance Company Limited.
In April 1993, the govt setup a high power committee headed by R. N. Malhotra,
former Governor of Reserve Bank of India. The committee submitted its report to the
ministry on 7th January 1994.
On 23rd January 1996, The Insurance Regulatory Authority was set up by a
Government order. N. Rangachari has taken over the function of the controller of the
Insurance also. In that capacity he has the controlling authority over the General
Insurance and Life Insurance business in India.
In the budget speech of July 1996, the govt formally announced its plans to open
the Insurance Industry and also the intention of bringing an Insurance Regulatory
Authority Bill 1996
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Insurance Regulatory and Development Authority Act 1999
An Act to provide for the establishment of an Authority to protect the interest of the
policy holders of insurance policies, to regulate, promote and ensure orderly growth of
the insurance industry and for matters concerned there with or incidental thereto and
further to amend Insurance Act 1938, and General Insurance Business (Nationalisation)
Act 1972.
On 26th August 1998 the Reddressal of public Grievances Rules 1998 was issued
by the Insurance Division, Ministry of Finance by which the Govt of India setup the
Insurance ombudsman scheme for GIC and LIC. This will handle cases against Industry
from the public and would take over a large part of the consumer forums. The scope
limited to personnel lineses of insurance i.e. Policies taken on individual capacity.
Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to
redress customer grievances in respect of insurance contracts on personal lines where the
insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme.
General Insurance Corporation of India
GIC and its subsidiaries have completed a Gross Premium of Rs. 8086 crores as
on 31-03-2009. The industry registered an underwriting loss of 384.20 crores, but it
because of its investment income of Rs. 2056 crores, it recorded a net profit after tax of
Rs. 1255 arores. The consolidated result of 2008-2009. The total asset as on 31-03-2009
stood at 21,563 crores.
Private General Insurance Company Includes-
S.No. Registration Date of Name of the Company
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Number Registration
1 102 23.10.2000 Royal Sundaram Alliance Insurance Company
Limited
2 103 23.10.2000 Reliance General Insurance Company
Limited.
3 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd
4 108 22.01.2001 TATA AIG General Insurance Company Ltd.
5 113 02.05.2001 Bajaj Allianz General Insurance Company
Limited.
6 115 03.08.2001 ICICI Lombard General Insurance Company
Limited.
7 131 03-08-2007 Apollo DKV Insurance Company Limited
8 132 04-09-2007 Future Generali India Insurance Company
Limited
9 134 16-11-2007 Universal Sompo General Insurance Company
Ltd.
10 123 15.07.2002 Cholamandalam General Insurance Company
Ltd.
11 124 27.08.2002 Export Credit Guarantee Corporation Ltd.
12 125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.
13 139 27.06.2008 Bharti Axa General Insurance Company Ltd.
14 141 15.12.2008 Raheja QBE General Insurance Co. LtdSource: www.irdaindia.org.html
Insurance is a federal subject in India. The primary legislation that deals with insurance
business in India is:
Insurance Act 1938, and Insurance Regulatory & Development Authority Act 1999.
Three Phases of De-Tariffing
India’s general insurance industry has undergone de-tariffing in three phases:
1994 -- marine cargo, personal accident, health, banker liability and aviation
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2005-06 -- marine hull segment
2007 -- fire, engineering and motor own damage (OD). However, the de-tariffing
did not immediately allow for free pricing. Instead, insurers were required to
follow the “file and use” method, whereby they were expected to file a charter of
proposed rates, which was then approved by IRDA.
The restrictions on price discounts during the initial periods were intended to
ensure orderly price adjustments. They were removed in January 2008.
The only segment that remains under a tariff regime is the third party motor
business, although there has been a large upward revision in this area’s premium rates by
regulators in recent times. Moreover, commercial third party motor business, which has
traditional
Chart 1: Premium – Public vs Private by segment before removal of tariff
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Chart 2: Premium – Public vs Private by segment after removal of tariff
Charts 1 and 2 compare the premium income of the private and public sectors.
Before the removal of tariffs, fire, engineering and motor own damage (OD) contributed
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a much greater proportion of business for private players than was the case for public
firms.
Charts 1 and 2 compare the premium income of the private and public sectors.
Before the removal of tariffs, fire, engineering and motor own damage (OD) contributed
a much greater proportion of business for private players than was the case for public
firms.
Company profile
Introduction
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Royal Sundaram Alliance Insurance Company Limited is the joint venture between
Sundaram Finance Ltd India and Royal & Sun Alliance PLC London, where the former
holds 74% and the latter holds 26% of the equity of the venture. Royal Sundaram
currently has over 2.1 million customers. It was the first foreign joint venture to obtain a
license for operating non-life insurance businesses in India.
Royal Sundaram began their official operations on 12th march'2001 with their head
office in Chennai. The Company was one of the first new companies to be granted a
licence by the IRDA (Insurance Regulatory and Development Authority) to transact
business in the non-life insurance sector. The Company was incorporated in April 2000,
received its certificate to commence business on October 25, 2000 and formally launched
in March 2001.Today they have four regional offices in along with 35 branch offices.
• Chennai
• Mumbai
• Gurgaon and
• Kolkata
The Royal Sundaram team includes in-house trained insurance agents, brokers and direct
sales office staff. It is a leading private insurance company in India.They provides
innovative insurance solutions to its customers, it has also been first in introducing
services like cashless hospitalization, co-branded credit cards,segment specific business
solutions and industry specific proposition etc.
It has an extensive business network with a presence in more than 150 cities. The
recruitment procedure involves a pre-recruitment exam in life or general insurance and
then a 100 hrs of practice and a license from IRDA.A wide range of specialised insurance
covers in Property, Marine, Engineering, Liability and Business Interruption risks apart
from specially designed packages for Small and Medium enterprises.
Sundaram Finance
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Sundaram Finance is one of the most trusted and an AAA rated non-banking finance
company in India. It offers financial services in a range of verticals like General
Insurance, Vehicle Finance, Asset Management Business Process Outsourcing, Home
Mortgages, IT Solutions and also financial products distribution. It has an extensive
network of more than 320 branches across the country with a workforce of more than
2,500 employees.
Royal & Sun Alliance
RSA is one of the world’s leading multinational quoted insurance groups. It has the
capability to write business in over 130 countries and with major operations in the UK,
Scandinavia, Canada, Ireland, Asia and the Middle East and Latin America. In general
insurance, it has around 22,000 employees and, in 2007
ABOUT ROYAL SUNDARAM ALLIANCE INSURANCE:
In the competition world, standard of living of the people is high. At this situation people
wants a security of their life. As a result they reach the insurance company’s. Some
confusion arise between the people to choose the insurance company.
The below information clears the doubt of the customers whether to choose Royal
Sundaram insurance company are not. The things like what kind of people will you work
with, what’s the culture like and what kind of benefits would you receive regarding the
company.
Orientation:
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Once customer joins, the orientation process kicks in straightaway. It’s designed to help
customer meet their future colleagues and to tell customer about day-to-day mechanics
like processes, tools and IT systems.
Culture:
Both Sundaram Finance and Royal & Sun Alliance share of pedigree of
trust that goes back decades before the two entered into partnership to form Royal
Sundaram. The culture at Royal Sundaram is the best of both these worlds. Honesty,
openness and trust mean everything to the company. It is the very foundation of their
business and fosters these qualities in every employee, encouraging him or her to uphold
these values in the execution of even the smallest detail. They have a ''learning
organisation'' where they continuously learn and explore more about their business and
environment.
Heart of Royal Sundaram
Six shared values have been at the heart of Royal Sundaram since their formation. These
values influence the way they meet customer’s needs while respecting the regulatory
requirements in the field they operate, and the way they promote ethically sound practices
within India and in their partnerships.
Truth:
In Insurance Industry, they will strive to be open and conduct their dealings to the
customers with honesty. They will never compromise on integrity.
Trust:
Empowering themselves and others to be involved and take responsibility.
Teamwork:
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Sharing knowledge and working well together including with business family.
People Commitment:
Invest in their people and recognize as well as reward superior performance.
Customer commitment:
Meet and exceed their customers’ needs.
Professionalism:
Develop and maintain the highest standards of professionalism backed by continuous
learning and improvement.
Technical Academy
In 2006, Royal & SunAlliance launched its Technical Academy. The aim of the academy
is to create competitive advantage by build technical mastery in the areas of
Underwriting, Claims and Actuarial.
The Academy provides:
To access technical skills training, including professional qualifications
To focus on technical talent ensuring the successful career development of those
within Underwriting, Claims and Actuarial communities.
A focus for effective collaboration, networking and project and product
development across geographical and functional boundaries
The development of strong sustainable leadership talent for current and future
generations
Royal Sundaram has received an extension of ISO 9000:2000 certification for Health and
Accident claims. Alignment of their processes and systems to ISO norms, methodical
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processes adopted in claims handling and pro-active customer-focused approach in
resolving customer complaints were instrumental in the extension of the ISO certification
for Royal Sundaram.
ISO 9000:2000 requires an organization to put in place an effective system for
monitoring a customer’s views and stipulates that the central purpose of a quality
management system is to ensure that the organization provides services that satisfy
customers. This international standard promotes the adoption of a process approach when
developing, implementing and improving the effectiveness of a quality management
system, to enhance customer satisfaction by meeting customer requirements.
The ISO 9000 quality management standard requires registered companies to measure
customer satisfaction. The customer Satisfaction Measurement for ISO 9000 has
guidelines on the conduct of a professional customer satisfaction survey that will produce
reliable results while being consistent with the requirements of ISO 9001:2000. Every
step of the customer satisfaction measurement process is linked to appropriate clauses in
the ISO 9001:2000 statement.
The audit of Royal Sundaram’s processes and systems was conducted by Bureau Veritas
to ascertain their adherence to ISO international standards. The first audit was conducted
in June 2008 and the certificate was given on July 08. The validity of the certification
was subject to the condition that Royal Sundaram passed through rigorous annual
surveillance audits without any non-conformities. Following a surveillance audit in June
09, the certifying body M/s. Bureau Vertitas officially confirmed the extension and
validity of the certification.
A concerted effort to drive efficiencies associated with claims and ensure an effective
delivery framework have been the major drivers to this end. Prompt redressal of claims is
the principal driver of customer satisfaction. Customer satisfaction is also based on
meeting or exceeding customer’s requirements and to achieve this objective, the business
has to be organized to do best what most to customers.
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The non-life insurer, Royal Sundaram Alliance Insurance Company hopes to close this
fiscal with a premium income of Rs.270 crore and a net profit of Rs. 7 crore. For the nine
months ended December 31,2003, the company has posted a premium income of Rs.187
crore and a net profit of Rs.5 crore.
Business mix
In personal insurance premium accounted for Rs.98 crore while the balance Rs.89 crore
is from commercial lines of business. Motor insurance accounted for 50 per cent of the
total business, followed by fire, engineering, personal accident, transit and health
insurance policies.
During the third quarter the company added two more banc assurance partners —
Lakshmi Vilas Bank and ING Vysya. The company has a 900 strong agency force and a
network of 26 branches.
GROWTH OF THE COMPANY
Royal Sundaram Alliance Insurance Company Ltd (RSAICL) net profit rose to Rs 21.18
crore as against Rs 8.63 crore registered during the 2005-06 period, recording growth of
145.42 per cent. For the full year ended March 31, 2007, Royal Sundaram Alliance
Insurance Company Ltd net profit rose to Rs 21.18 crore against Rs 8.63 crore registered
in 2005-06, a growth of 145.42 per cent.
Buoyed by the increasing demand from the motor, property, fire and health insurance
products, non-life insurance company Royal Sundaram Alliance Insurance Ltd is looking
at a healthy growth of around 40% during the current fiscal as against 28% during 2004
fiscal. The company, which has underwritten Rs 335 crore worth premium during 2004
fiscal, is targeting Rs 475 crore worth premiums during the current fiscal.
RECENT HAPPENINGS IN ROYAL SUNDARAM INSURANCE:
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Nov 10,2009 - Royal Sundaram Alliance Insurance Company a non-life insurance joint
venture between Sundaram Finance and UK’s RSA tied-up with with Geojit BNP
Paribas-financial services provider, to offer savings and investment solutions.
May 13,2009 - Royal sundaram put their trust on the atom’s payment platform. Atom
technologies India’s leading mobile payment solutions provider has tied-up with the
insurance major Royal Sundaram Alliance Insurance Company for its atom payments
platform. This service will provide policyholders the option to make their premium
payment in a hassle free and time saving manner over the phone with the help of their
credit card; it will enhance the customers ease in making premium payments.
Sep 11, 2008 - Royal Sundaram Alliance Insurance Company Limited has launchedHealth Shield Online and Travel Shield Online, two online comprehensive insurance
packages for the Indian customer, providing complete protection against health and travel
related risks. The online policies are in addition to Hospital Cash Online, Accident Shield
Online, Home Shield Online and Home Content Online. These policies can be bought
through the InstaBuy facility. Apart from buying new products, existing Royal Sundaram
customers can renew their policies online through the InstaRenew facility. InstaBuy and
InstaRenew are wholly user friendly and convenient facilities allowing customers to
transact anytime, anywhere. The added benefit - policy documents are made available
within 5 minutes of transaction completion through e-mail attachment as well as inside
the customer’s secure logged in section of the transaction website. The service is fast,
secure and convenient!
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CHAPTER-2
OBJECTIVES AND METHODOLOGY
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RESEARCH PROBLEM
To study on products offered by ROYAL SUNDARAM GENERALINSURANCE COMPANY LIMITED.
OBJECTIVES OF THE STUDY
1. To analyse the different product in detail.
2. Put forth some suitable suggestions to improve performance of the Company on
the basis of findings of the study.
3. To analyze the attitude of the customers towards companies products.
4. To make suggestions and recommendations to the management.
RESEARCH METHODOLOGY
1. Methodology of data collection:-
To conduct the studies different methodologies have been adopted. Both
primary and secondary data are used. Primary data were collected by conducting
personal interviews with the departmental heads, casual talks with workers and secondary
data were collected from the organization manuals.
Primary sources
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Direct interview with the departmental heads , detailed interview with the
divisional heads and by interaction with workers and customers of the company .
The data is also collected by observing the functions of the organization.
Secondary sources
The secondary sources of data are:
1. Organization documents.
2. Departmental manuals.
3. Annual reports
4. Periodicals, books etc. published by the company.
5. Proposals Forums.
2. Methodology of data analysis:-
The data collected were edited, coded and processed. The information is presented
through tables, graphs etc.
SCOPE OF THE STUDY
This study is restricted to the analysis of Products offered by Royal Sundaram
General Insurance Co Ltd. For the purpose of the study the data relating various products
benefits premium risk covered are used.
LIMITATION OF THE STUDY
1. Only product portfolio is analyzed in the study. The firm’s overall performance
cannot be evaluated in the study.
2. Company keeping some data confidential due to competition.
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CHAPTER-3
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DIFFERENT PRODUCTS
OFFERED BY ROYAL
SUNDARAM
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INNOVATIVE INSURANCE PLANS:
Royal Sundaram Alliance Insurance Company Ltd. offers various plans to the customers.
It, offers customized insurance coverage plans. The various insurance policies and
products by Royal Sundaram Alliance Insurance include:
Individual (for individual and family)
Health Insurance
Home Shield Classic
Home Insurance
Motor Insurance (Car Insurance)
Travel Insurance Personal Accident Insurance
Hospital cash Insurance
Group (Employee solutions)
Group Health Insurance
Group Accident Insurance Workmen's Compensation Policy
Business Solutions
Marine Insurance
Theft/Burglary Insurance
Engineering Insurance
Liability Insurance
Industrial All Risk Insurance
Offices Insurance
Hotels Insurance
Excelerator Insurance
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Enterprise Insurance
Education Insurance
Traders Insurance
Standard Fire And Perils Insurance
NRI Services:
Royal Sundaram Alliance Insurance Company Limited brings a range of services for the
NRIs. Following are the services offered to the NRIs:
Car Insurance
Family Health Insurance
Health Insurance
Travel Insurance
Home Content Insurance
Home Insurance
Accident Insurance
Hospital Insurance
HEALTH INSURANCE:
Family Health Insurance is a comprehensive package specially designed to offer
complete protection and Health Insurance coverage to the insured and his family. This
plan can cover spouse, children (above 90 days) and dependent parents (up to 50 years)
from all Health worries. However, Renewals will be accepted up to the age of 70 years
for adults and up to the age of 21 years for dependent children.
Health Insurance Coverage Options available under this policy:
Coverage for 2adults
Coverage for 2adults + 1Dependant Children
Coverage for 2adults + 2Dependant Children
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Health shield standard
Eligibility:
• Age group between 3 months & 70 (60-70on renewals)
• Children classified between 3 months & 18 years
• Sum insured between 1 Lac and 5 Lacs
• Self, spouse, dependant children & dependant parents
Features:
• Cover for self, dependant children & dependant parents
• No medical reports until 45 year
• Illness and accident hospitalization
• Cashless hospitalization
• 24 hour hospitalization and daycare treatments
• 15 day free look –in
• 10% discount on enrolling 3 or more members in family
Benefits:
• Pre hospitalization expenses up to 30 days
• Post hospitalization expenses up to 60 days
• Pre-existing covered after 4 year
• Waiver of all exclusions on transfer from different company (below 40 years)
• Lump sum cash upto 2% of sum insured on minimum of 15 days in hospital
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• Fixed benefit of :
a. 1.5% of sum insured on room rent/day
b. 3% of sum insured on I C U rent /day
c. 40% of sum insured on surgeon fees
Exclusions:
• First 30 days
• 1st and 2nd year exclusions]
• Pre existing conditions
• Plastic/cosmetic surgery
• Dental treatment
• AIDS & drug abuse
Age group 10,000 200,000 300,000 400,000 500,000
0-25 1,129 1,725 2,725 3,524 3,964
26-40 1,993 3,156 4,735 5,995 6,747
41-45 2,339 4,010 6,016 7,620 8,572
46-50 2,681 4,866 7,570 9,588 10,788
51-55 3,217 5,840 9,085 11,507 12,945
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56-60 3,861 7,007 10,901 13,809 15,536
61-65 4,632 8,410 13,081 16,570 18,642
66-70 5,560 10,092 15,698 19,884 22,369
Super hospital cash:
Eligibility:
• Age group between 1 & 70 year (60-70 on renewals)
• Children classified between 1& 18 years
• Self, spouse, dependant children, dependant parents & any other legal dependant
relation
features:
• cover for self, spouse, dependants like children, parents ,parents & others
• No health checkup
• Illness and accident hospitalizations
• Minimum hospitalization of 24 hours
• 15 day free look-in
• 10% discount on enrolling 3 or more members I n family
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Benefits:
• Fixed daily benefit for inpatient hospitalization
• ICU benefit at double the amount
• Accident hospitalization at triple the amount
• 60 days of general ward/room expenses
• 30 day of ICU relating to accident
• 21 days of ICU relating to accident
• Tax benefit under 80D upto Rs. 15,000/-
Exclusions:
• First 30 days
• 1st year exclusions of the health policy
•
Pre existing conditions
• Plastic/ cosmetic surgery
• Dental treatment
• AIDS & drug abuse
• Out patient treatment
• Diagnostic stay
Benefits for every completed Plan 1 Plan2
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24 hours
hospitalisation following
illness
Rs. 500 Rs. 1,000
ICU benefit Rs. 1,000 Rs. 2,000
Accident hospitalisation Rs. 1,500 Rs. 3,000
Age group Plan 1 Plan 2
1 to 45 years 687 1276
46-60 years 1276 2454
61-70 years 1600 3000
Health shield floater
Eligibility:
• Age group between 3 month & 65 (66 – 70 on renewals)
• Children classified between 3 months & 21 years
• Sum insured – 2 Lac and 3 Lacs
• Self, spouse, dependant children & dependant parents
Features:
• Cover for self, spouse, dependant children & dependant parents
• No medical reports until 45 years
• Two options – annual & 2 year policy can be availed
• Illness and accident hospitalization
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• 24 hours hospitalization and daycare treatments
• Points to remember:
• No free look –in of 15 days
• Mp family discount
• No transfer of cumulative bonus from other companies.
Benefits:
• Pre hospitalization expenses up to 30 days
• Post hospitalization expenses up to 60 days
• Pre- existing covered after 4 years
• Lump sum cash upto 2% of sum insured on minimum of days in hospital
• Master health check –up –Rs. 1,500/ insured after 4 claim free years under the
policy
fixed benefit of:
a. 2% of sum insured on room rent/day
b. 4% of sum insured on ICU rent /day
c. 40% of sum insured on surgeon fees
Exclusions:
• First 30 days
• 1st
and 2nd
year exclusions
• Pre existing conditions up to 4years
• Plastic/ cosmetic surgery
• Dental treatment
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• AIDS & drug abuse
Tariff – annual policy
Premium for one year with TPA fees and 10.3% service tax
Based on family size and age of eldest member
Rs. 200000 2 adult 2 adult +1 child 2adult + 2children
Upto 35 years 5,224 6,739 8,253
Upto 45 years 6,617 8,127 9,718
Upto 55 years 12,664 14,204 15,861
Upto 60 years 16,012 17,600 19,230
Upto 65 years 19,216 21,117 23,078
Rs. 300000 2 adult 2 adult +1 child 2adult + 2children
Upto 35 years 6,014 7,766 9,586Upto 45 years 7,303 9,112 10,857
Upto 55 years 14,061 15,845 17,740
Upto 60 years 17,783 19,736 21,524
Upto 65 years 21,341 23,682 25,830
Tariff – year policy
Premium for years with TPA fees and 10% service tax
Rs. 200000 2 adult 2 adult +1 child 2adult + 2children
Upto 35 years 9,925 12,805 15,682
Upto 45 years 12,573 15,441 18,465
Upto 55 years 24,062 26,989 30,137
Upto 60years 30,422 33,441 36,538
Upto 65 years 36,511 40,124 43,849
Rs. 300000 2 adult 2 adult +1 child 2adult + 2children
Upto 35 years 11,427 14,754 18,212
Upto 45 years 13,877 17,313 20,629
Upto 55 years 26,717 30,107 33,707
Upto 60 years 33,788 37,499 40,895
Upto 65 years 40,547 44,996 49,078
Home shield classic
Scope:
• Household contents – linen, curtains, furniture, utensils & crockery
• Household appliances – refrigerator, TV, oven , washing machine, music system
• Jewelry - upto Rs. 1,00,000 /-
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• Add- on cover – optional – PC, AC, air cooler
Features:
• Three plans to choose from
• Cover including fire and allied perils, burglary, larceny and theft
• Earthquake and terrorism included
Benefits:
• No age restriction on items
• Insurance even when the family is on tour
• Owners and tenants are also covered
Restrictions:
• For electrical & mechanical equipment, the maximum age limit is 10 years
• Minimum 3 sections are compulsory
• Jewellery valued over Rs. 1,00,000/- needs a valuation certificate and produced at
time of purchasing the insurance.
Section Coverage Perils Silver Gold platinum
1 Household
contents:
Clothing linen,
furniture, curtains,
utensils & crockery
Fire & allied perils,
including
earthquake&
terrorism, burglary
& house breaking,
including larceny &
theft
100,000 150,000 200,000
Max limit item 10,000 15,000 20,000
2 Household
appliances:
TV, refrigerator or
Fire & allied perils
including earthquake
& terrorism,
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washing machine,
oven, music
system, VCR
/VCP,DVD player
burglary & house
breaking, including
larceny & theft.
Electrical
mechanical
breakdown
100,000 150,000 200,000
Max limit per item 15,000 20,000 30,000
3 Fire & allied perils
including earthquake
& terrorism,
burglary & house
breaking, including
larceny & theft.
Snatching of
jewellary whilst
worn by person
50,000 75,000 100,000
Max limit per item 7,500 10,000 15,000
Total sum insured 250,000 375,000 500,000
Annual premium service tax) 964 1,448 1,930
4 Fire & allied perils,
including earthquake& terrorism,
burglary & house
breaking, including
larceny & theft.
Electrical
mechanical
breakdown
50,000 75,000 100,000
Max limit per item 20,000 25,000 35,000Annual premium – with add
On(INCL service tax
1,322 1,983 2,644
Rates applicable from 31st march 2009:
section Coverage Perils silver Gold Platinum
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1
Household contents:
clothing linen
furniture, curtains,
utensils & crockery
Fire & allied
perils, including
earthquake &
terrorism, burglary
& house breaking,
including larceny
& theft
100,000 150,000 200,000
Max limit per item 10,000 15,000 20,000
2
Household
appliance:
TV, refrigerator or
washing machine,
oven, music system,
VCR/VCP,DVD
player
Fire & allied
perils, including
earthquake &
terrorism, burglary
& house breaking
including larceny
& theft. Electrical
mechanical
breakdown
100,000 150,000 200,000
Max limit per item 15,000 20,000 30,000
Fire & allied
perils, including
earthquake &
house breaking,
including larceny
& theft. Snatching
of jewellary whilst
worn by person
50,000 75,000 100,000
Max limit per item 7,500 10,000 15,000
Total sum insured 250,000 375,000 500,000
Annual premium
(INCL service tax)
956 1,440 1,919
Fire & allied
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perils, including
earthquake &
terrorism, burglary
& house breaking,
including larceny
& theft. Electrical
mechanical
breakdown
50,000 75,000 35,000
Max limit per item 20,000 25,000 35,000
Annual premium-with ADD on(INCL service tax) 1,316 1,974 2,633
Travel shield secure
Scope:
• Age group 3 months & 70 years
• Children classified between 1& 18 years
Features:
• No health checkup
• Four options to choose from
• 180 days of insurance in a single trip policy
• 45 days of continuous travel – annual policy
• No limit on no of trips
• Total travel days- 180
Benefits:
• Personal insurance
(a) Overseas health cover
(b) Expenses due to injury or sickness
(c) Medical, surgical and X-Ray costs
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(d) Emergency dental treatment
(e) Emergency evacuation
(f) Transportation of moral remains
(g) Hospital daily allowance
• Accidental death
(a) Death , PTD
(b) Children upto 17 years only 10% of sum insured is payable
(c) Additional cover if travelling, boarding or alighting from a common carrier
• Travel inconvenience
(a) Loss of baggage
(b) Delay in receipt of checked in baggage
(c) Loss of passport, visa
(d) Hijack distress allowance
(e) Trip delay
• Home insurance
• Personal liability
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MOTOR INSURANCE (CAR INSURANCE):
Royal Sundaram offers Car Insurance Online, a Comprehensive Package Policy designedto offer enhanced protection to you and your car. Our auto car insurance policy issuance
process is simple, convenient and easy, and our claims service is quick and hassle-free.
We have a world class customer service team which can be reached through our help
lines.
Key Features:
Car Insurance Online/Auto Insurance governed by the India Motor Tariff Act.The key features are:
Protection from loss of car or damage to your car
Unlimited Liability for Third Party death/ injury Claims
Indemnity for third party property damage up to a limit of Rs. 7.5 lakhs
Speedy authorization of repairs to get your car back on the road
Personal Accident Cover for you, your paid driver and the occupants in the car
Customer Helpline to give you support and guidance when you need it Efficient and worry free claims service to give you peace of mind
First Information Report is not required (Unless legally mandatory)
Key Benefits
Special Model Wise Discounts on Own Damage Premium for your car
Discount in premium up to 5% on the Own Damage Premium (or) Max of
Rs.200/- for a valid
Member of Automobile Association of India
Discount in premium up to 2.5% on the Own Damage Premium (or) Max of
Rs. 500/- on Installation of Anti-Theft Device in your car
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Discount of Rs. 100/- in Third Party Basic Premium on reduction in Limits of
Liability for Third Party Property Damage
Discount of 35% on Own Damage Premium subject to a maximum of Rs.
2,500/- on opting maximum voluntary deductible of Rs. 15,000/-
Transfer of No Claim Bonus (NCB) from other insurance company on
renewal with Royal Sundaram’s Car Insurance Online Policy
Features and Benefits:
Damage to your car: This Car Auto Insurance Policy provides protection for
your car from loss or damage caused by misfortunes such as impact, fire, theft,
riot, strike, storm, flood, landslide, malicious act and earthquake
Legal Liability to Third Parties: This policy provides for the customers
legal protection against death or injury claims from third parties and for damage
to third party property up to the limit of Rs. 7.5lakhs. Car Insurance Online also
includes cover for your legal costs and expenses agreed by Royal Sundaram.
Personal Accident: Under this Online Car Auto Insurance we provide the
Owner Driver a Capital Sum Insured of Rs. 2 lakhs for death or permanent total
disability. We also provide an option to insure other named and unnamed
occupants of the car for Personal Accident benefits for death and serious injuries.
Wider Legal Liability for your Paid Driver: Auto Insurance/Car Insurance
Online also gives you the option to provide for a wider cover of your legal
liability to your Paid Driver, over and above what is offered as per the Workmens
Compensation Act.
Deductible: Car Auto Insurance Online includes a deductible of Rs.500 for
cars not exceeding 1,500cc and Rs.1,000 for cars exceeding 1,500cc. This means
that you pay the first amount of each claim for loss or damage to your car. This
policy gives you the opportunity to get a discount on the premium if you choose
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to increase this deductible. The discount is allowed from the Loss or Damage
Section premium.
TRAVEL INSURANCE:
Traveling abroad can be exciting and at the same time quite challenging, if we are not
well prepared. A little bit of planning before you leave can make your trip smooth and
memorable.Besides your luggage, money, passport and tickets, the next important item to
accompany you on your trip is a reliable travel insurance plan to take care of anyunexpected event.Until you return to India, Travel Shield guards you from unexpected
incidents such as baggage delay, loss of baggage, flight delays, medical expenses and loss
of travel documents, all under one convenient package, at an affordable price.
Key Benefits
• Instant Coverage
• No Documentation
• No Medical Examination
Key Features:
• Medical advice over the telephone
• Medical services provider referral
• Arrangement of appointments with local doctors for treatment
• Arrangement of hospital admissions
• Monitoring of medical condition during hospitalization
• Direct settlement for in-hospital medical expenses abroad (Medical expenses in
excess of US $500 only will be entertained for direct claims settlement)
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• Arrangement of emergency medical evacuation
• Arrangement of medical repatriation
• Arrangement of transportation of mortal remains
• Inoculation and visa requirement information
• Lost baggage and lost passport assistance
• Emergency message transmission assistance
• Embassy and legal referral services
• Interpreter referrals
•
Weather and exchange rate information
• Information on claims procedure
Exclusions
This Travel policy does not cover claims arising out of exclusions. Some of the
important exclusions are stated here. For details please refer the policy wording.
Plan and Premium
TRAVEL SHIELD ONLINE SECURE - BASIC
Days
Excluding USA /Canada World Wide
0.3-40 Yrs 41-60 Yrs 61-70 Yrs 0.3-40 Yrs41-60
Yrs61-70 Yrs
1 - 10 205 260 404 306 392 638
11 - 17 372 471 734 554 712 1,159
18 - 24 507 644 1,005 758 975 1,587
25 - 31 740 937 1,464 1,105 1,421 2,313
32 - 60 1,164 1,476 2,315 1,750 2,251 3,677
61 - 90 1,954 2,483 3,927 2,969 3,828 6,294
91 - 120 2,834 3,613 5,765 4,353 5,631 9,329
121 - 150 3,955 5,058 8,137 6,136 7,957 13,278
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151 - 180 5,970 7,653 12,402 9,340 12,141 20,379
TRAVEL SHIELD ONLINE SECURE – CLASSIC
DaysExcluding USA /Canada World Wide
0.3-40 Yrs 41-60 Yrs 61-70 Yrs 0.3-40 Yrs 41-60 Yrs 61-70 Yrs
1 - 10 255 326 502 367 473 759
11 - 17 460 588 910 663 856 1,378
18 - 24 628 804 1,243 906 1,171 1,886
25 - 31 913 1,169 1,809 1,319 1,706 2,746
32 - 60 1,429 1,830 2,843 2,078 2,689 4,346
61 - 90 2,378 3,053 4,782 3,501 4,541 7,394
91 - 120 3,426 4,407 6,964 5,105 6,637 10,896
121 - 150 4,750 6,124 9,761 7,160 9,330 15,429
151 - 180 7,132 9,214 14,791 10,852 14,171 23,583
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TRAVEL SHIELD ONLINE SECURE - CLASSIC SILVER PLUS
DaysExcluding USA /Canada World Wide
0.3-40 Yrs 41-60 Yrs 61-70 Yrs 0.3-40 Yrs 41-60 Yrs 61-70 Yrs
1 - 10 351 441 664 482 617 971
11 - 17 624 789 1,193 862 1,105 1,750
18 - 24 844 1,070 1,627 1,172 1,506 2,389
25 - 31 1,222 1,552 2,359 1,701 2,186 3,473
32 - 60 1,900 2,414 3,691 2,668 3,433 5,479
61 - 90 3,139 3,999 6,172 4,469 5,765 9,282
91 - 120 4,491 5,740 8,941 6,484 8,389 13,624
121 - 150 6,195 7,938 12,473 9,056 11,747 19,231
151 - 180 9,255 11,887 18,823 13,677 17,786 29,311
Days
MULTI TRIP - SILVER
Excluding USA /Canada World Wide
0.3-40 Yrs 41-60 Yrs 61-70 Yrs 0.3-40 Yrs 41-60 Yrs 61-70 Yrs
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TRAVEL SHIELD ONLINE SECURE -CLASSIC SILVER
DaysExcluding USA /Canada World Wide
0.3-40 Yrs 41-60 Yrs 61-70 Yrs 0.3-40 Yrs 41-60 Yrs 61-70 Yrs
1 - 10 337 425 639 463 592 933
11 - 17 599 757 1,147 829 1,063 1,683
18 - 24 811 1,029 1,563 1,127 1,448 2,297
25 - 31 1,175 1,492 2,269 1,636 2,102 3,339
32 - 60 1,827 2,322 3,550 2,565 3,301 5,268
61 - 90 3,017 3,846 5,934 4,296 5,543 8,924
91 - 120 4,319 5,519 8,598 6,235 8,067 13,099
121 - 150 5,956 7,633 11,993 8,707 11,296 18,490
151 - 180 8,899 11,430 18,100 13,151 17,101 28,184
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30 Days 2,781 3,533 6,030 3,893 5,011 8,916
45 Days 3,466 4,410 7,553 4,942 6,349 11,284
Days
MULTI TRIP - SILVER PLUS
Excluding USA /Canada World Wide
0.3-40 Yrs 41-60 Yrs 61-70 Yrs 0.3-40 Yrs 41-60 Yrs 61-70 Yrs
30 Days 3,069 3,928 6,843 4,418 5,728 10,393
45 Days 3,831 4,910 8,583 5,607 7,260 13,158
HOME INSURANCE:
A policy that provides complete coverage for damages to the customers building which is
occupied as ‘Residence’ and not let out for commercial purposes. They will pay the
Reconstruction cost of the building in the event of its destruction or damages that may
arise due to insured perils (such as fire, lightning, earthquake etc). The reconstruction
cost is subject to the maximum of Sum Insured.
Key Benefits
Instant Coverage
No Documentation
Simple and easy claims process
Long term discounts from 15% to 50% based on the tenure
Coverage against earthquake
Architect’s/ Consulting Engineer’s fees are also covered
Features and Benefits:
Insured Perils
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Fire
Lightning
Explosion / Implosion
Aircraft damage
Riot, Strike and Malicious Damage
Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation
Impact Damage
Subsidence and landslide including rockslide
Bursting and / or overflowing of water tanks, apparatus and pipes
Missile testing operations
Leakage from automatic sprinkler installations
Bush fire (excluding loss or destruction caused by forest fire)
Earthquake risk is also covered
Plan and Premium:
The policy is offered for tenure of 1 year to 15 years. Premium Rate for one year is
Rs.0.55 per thousand, exclusive of Service Tax on the reinstatement value of the
building.
Reinstatement Value:
It is the approximate cost that would be incurred to Reconstruct the Property (after
damage or destruction), to its present form. As per Standard Procedure the
Reconstruction cost includes the value of plinth and foundation
HOSPITAL CASH INSURANCE:
In addition to hospital bills and medicines, incidental expenses like special diet,
commuting to the hospital and back, hospital stay with the patient become an additional
burden on the family's financial resources.
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Hospital Cash plan provides the customers with the solution for this extra financial
burden during hospitalization. Hospital Cash plan is NOT a substitute for Health
Insurance, but should be viewed as a supplement cover to help customers and their family
members in the event of hospitalization.
Key Benefits:
Instant Coverage
No Documentation required
No Medical Examination required
Daily Cash benefit of Rs.1000/- for up to 180 days
Income Tax benefit under section 80D of the IT Act
Double Accident benefit, Triple ICU benefit and Convalescence benefit
Plan and Premium:
Benefits under each plan
BENEFITS SILVER PLAN GOLD PLAN
Illness Hospital Confinement Rs 500 per day Rs 1,000 per day
Accident Hospital Confinement Rs 1,000 per day Rs 2,000 per day
Intensive Care Benefit Rs 1,500 per day Rs 3,000 per day
Convalescence Benefit Rs 7,500 lump sum Rs 15,000 lump sum
• Premium (Inclusive of 10.3% ST)
Illness Benefit
For each 24 hour period of hospital confinement, the benefit payable is the daily sum
insured as per the plan selected by customer.
Accident Benefit
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This benefit is payable only in excess of first 24 hours of confinement. Benefit payable
will be increased to double the illness benefit for each 24 hour period of hours of
confinement, resulting from an insured person sustaining bodily injury due to road, rail or
air accident. This benefit is payable up to a maximum of 21 days during the entire policy
period.
ICU Benefit
Benefit payable will be increased to triple the illness benefit for each 24 hour period of
hospital confinement, where an insured person is being confined to an intensive care unit
for a maximum of 21 days during the policy period. For this purpose, the Intensive Care
Unit shall be the special hospital unit for critically ill patients whose health
requires continuous intensive medical care and treatment.
Convalescence Benefit
A fixed lump sum amount as per Plan chosen is payable if the confinement
inhospital exceeds 21 consecutive days.
Tis benefit is payable once in the policy period.
This benefit is payable only if there is an admissible claim under any of the daily
benefits.
PERSONAL ACCIDENT INSURANCE:
Accident Shield Insurance is a worldwide, Personal Accident Cover that is specially
designed to protect customers from the following unforeseen events - Death, TotalDisability and Permanent Partial Disability. This comprehensive policy will help their
family meet its financial commitments in the hour of need.
This is available for the age band between 5 to 70 years. The proposer's age should be
between 18 to 70 years.
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Key Benefits:
Instant Coverage
No Medical Examination
Worldwide Cover
Three convenient plans to choose from – Silver, Gold and Platinum
Educational Grant for 2 dependant children up to Rs. 10000/- per policy
Family discount of 10% for insuring 3 or more people in a family
Simple and easy claims process
Three convenient plans to choose from – Silver, Gold and Platinum
o Educational Grant for 2 dependant children up to Rs. 10000/- per policy
o Family discount of 10% for insuring 3 or more people in a family
o Simple and easy claims process.
A person who is a Resident of India between the age of 18 years and 70 years can
propose for this insurance. This Insurance is also available for spouse (Maximum age of
70 years) and dependant children (Minimum age of 5 years and Maximum age of 18
years) on payment of relevant premium.
Death Benefit: In the unfortunate event of a fatal accident, the Sum Insured will be paid
to the nominee of the insured person.
Permanent Total Disablement: In the unfortunate event of an accident resulting in
Permanent Total Disablement, the Insured Person will be paid the Sum Insured.
Permanent Partial Disablement: In the unfortunate event of an accident resulting in
Permanent Partial Disablement, the Insured Person will be paid a specified percentage of
Sum Insured, according to the disability which has been listed in the policy.
Education Grant: In the event of death or Permanent Total Disablement (PTD) of any
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of the Insured Parent due to an accident as defined in the Policy, the Company shall pay
educational grant for the dependent Children who are in full term education as under:-
• One dependant child: Rs.5000/-per policy
• More than one dependant child: Rs.10000/-per policy
• Rs.10000/-towards Transportation expenses of mortal remains in case of
accidental death of Insured person.
Plan and Premium:
COVERAGEPLANS (In Rupees)
Silver Gold Platinum
Death 5,00,000 7,50,000 10,00,000
PTD 5,00,000 7,50,000 10,00,000
PPD (as a %) 5,00,000 7,50,000 10,00,000
Tranportation
expenses of mortal
remains
10,000 10,000 10,000
Education grant for
one child Rs. 10,000/-
(up to maximum of 2
children in event of
accidental death or
PTD of either Parents
insured)
10,000 10,000 10,000
One year Premium incl 10.3%
ST
589 834 1,080
Two year Premium incl 10.3%
ST
1,080 1,571 2,062
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BUSINESS SOLUTIONS:
MARINE INSUANCE:
Cargo Insurance covers transits by:
• Water
• Air
• Road or Rail
• Registered Post Parcel
• Courier
• Or any combination of the above.
For Whom?
Buyers, Sellers, Import/Export merchants, Buying Agents, Contractors and Banks-in fact
any one engaged in the business of movement of goods.During the course of transit, the
cargo may not always be at customers risk. For instance, customer can sell it to a
buyer.The Marine Cargo Policies cover customer interest in the cargo insured and also
extends to cover the interests of any third party to whom customer have assigned interest
upon transfer of ownership, as determined by the Terms of Sale.
Marine Cargo Coverage:
• A vast majority of Marine Cargo policies are based on Institute Cargo Clauses,
that appear in three versions viz., ICC (A), ICC (B) and ICC(C). ICC (A) is based
on ''All Risks'' while (B) and (C) are based on named-perils.
•
All three clauses have certain exclusions.
The coverage available under these standard clauses include:
Actual Total Loss
Constructive Total Loss
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Particular Average i.e., Partial Loss by an insured peril
General Average
Collision Liability
Expenses such as Survey Fees, Reconditioning Costs, ForwardingExpenses, Sue and Labour etc.
THEFT/BURGLARY INSURANCE:
Royal sundaram alliance insurance offer Burglary Insurance as part of an overall package
to cater to customers insurance requirements. Burglary Insurance covers burglary or
housebreaking accompanied by either forcible or violent entry into/ exit from the
premises and hold-up.
Burglary Insurance is for
o Machinery
o Stock in trade
o Furniture, fixtures & fittings
o Goods held in trust or on commission for which the insured is
responsible.
ENGINEERING INSURANCE:
Machinery Breakdown Insurance
There is no substitue for perfection in maintenance to ensure zero breakdown in machine.
Still breakdown do occur involving expensive machinery and equipment and grabing
substantial financial investment for reasons varied.
RSA, is the company offering service prove to the word ' Insurer'. As a part of its
commitment to provide widest possible choice of general insurance products to the Indian
Insurance market,Royal Sundaram extend its hand offering Machinery Breakdown
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Insurance Cover ably supported by most capable technocrats to throw more light about
the mechanical side of all machines.
What is covered:
Machinery against unforseen, sudden accidental physical loss or damage caused by-
o Carelessness
o Short-circuit, disruption, electrical overpressure
o Failure of operation of safety devices
o Structural defects, material defects or defects of assembly
o Fortuitous working accidents such as vibration, maladjustment
o Loosening of parts, abnormal stresses, fatigue, centrifugal force, excessive speed
o Defective or accidental lack of lubrication, seizure, water hammer or local
overheating
o Falling, impact, collision or similar occurrences
o Obstruction or the entry of foreign bodies
Sum Insured:
The sum insured has to represent the new replacement value of the machine including
Customs Duty, freight and cost of erection & testing
Period of insurance:
On annual basis and to be renewed periodically
Possible extensions available:
o Third Party Liability
o Owner's Surrounding Property
o Additional Customs Duty
o Express freight
o Escalation
o Air freight
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Features:
o 50% discount on tariff rates is applicable on tariff rates for stand by
equipment (except DG Sets).
o Higher Excess can be opted for to obtain a rebate in premium rate.
o Claims Experience discount can be availed as per the provisions of the policy.
LIABILITY INSURANCE:
• Introduction - Basics of Legal Liability
• Generally, the law in all countries intends that a person who causes injury or
damage to another party should compensate the other party for that loss. The
compensation will be in the same proportion as his/her liability. The burden of
liability and the means and standard of proof necessary to establish it, will vary
from country to country and from one particular subject-matter to another within
the same legal system.
Liability arises from a civil wrong or breach of personal duty imposed by law on a
person and owed to his/her fellow citizens. In some countries, legal rights and
duties are framed in a Civil Code.
Insurance policies are concerned with breaches of Civil Law, i.e. with civil
liability and the two main sources are
1. Common Law
- Often referred to as Judge-made law
- Based on customs and traditions
- Developed by Judges through precedent
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2. Statute
- Written law
- Sets down what should and should not be done
- Usually introduced by Acts of Parliament
- By amending common law or replace it with new
INDUSTRIAL INSURANCE:
Wide and comprehensive cover for the large sized business where the assets at all
locations of the insured exceeds Rs.100 Crores.
It is an All Risks Policy covering a wide range of perils such as fire and allied perils,
burglary, accidental damage, breakdown as well as business interruption.
• Standard Cover
• Section I: Material Damage - It covers accidental physical loss or damage
(including machinery breakdown) to the property insured due to any cause other
than those excluded.
• Section II: Business Interruption- It covers loss due to business interruption
following a Physical loss or damage to the property covered and the same is
admissible, under material damage section of the policy.Loss of Profits arising out
of machinery breakdown is optional.
Features:
o Quick and expert risk inspections where required.
o Expert Risk Control Programme by our Risk Engineers on all aspects of
safety and Loss Prevention/ Minimization
o Availability of various optional covers
o Rating based on individual risk features including claims experience and
fire protection systems availability
o Superior claim service.
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OFFICE INSURANCE:
All types of offices where only administrative functions and not trading of physical assets
are performed. These could be corporate offices, computer training centres or
consultancy offices of professionals like solicitors, architects, estate agents, travel agents,
tax-consultants, insurance brokers and chartered accountants.
•Property All Risks: Fire, burglary and accidental damage cover to building (if owned), office equipment and all contents.
• Business Interruption: Loss of revenue or increased cost of working resulting
from interruption of business due to damage by fire and allied perils.
• Breakdown: Electrical and Mechanical breakdown of office equipment like air-
conditioners, photocopiers, water filters, refrigerators, computers and related
items.
• Portable items: Cover for laptops, palmtops and mobile phones against all risks
anywhere in the world.
• Money in transit and Money in safe at premises: Cover against robbery,
dacoity, burglary and housebreaking.
• Dishonesty of Employees: Loss of money or goods caused by fraud or
dishonesty of employees.
• Group Personal Accident: Any accidental bodily injury resulting in
death/disablement. This is a 24-hour worldwide cover.
• Baggage: Accidental loss of or damage to baggage while on an official journey
anywhere in the world.
• Public liability: Your legal liability to pay, including costs and expenses incurred
on account of legal liability arising out of accidental bodily injury and/or property
damage to third parties happening in your premises.
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Features:
• Option to choose any section except Property All Risks section which is
compulsory
• Personal assault cover for Rs.25,000 per person subject to a maximum of
Rs.1,00,00under money section
• Modern policy wordings
• Expert Risk Control Program (RCP) on all aspects of safety and loss Prevention /
Minimisation
• Competitive pricing
HOTEL INSURANCE:
• Property All Risks: Fire, burglary and accidental damage cover to
building (if owned), office equipment and all contents.
• Business Interruption: Loss of profit or increased cost of working
resulting from interruption of business due
to damage by fire and allied perils.
• Breakdown: Electrical and Mechanical breakdown of office equipment
like air-conditioners, photocopiers, water filters, refrigerators, computers and
related items.
• Portable items: Cover for laptops, palmtops and mobile phones against
all risks anywhere in the world.
• Money in transit and Money in safe at premises: Cover against robbery,
dacoity, burglary and housebreaking.
• Dishonesty of Employees: Loss of money or goods caused by fraud or
dishonesty of employees.
• Group Personal Accident: Any accidental bodily injury resulting in
death/disablement. This is a 24-hour worldwide cover.
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• Baggage: Accidental loss of or damage to baggage while on an official
journey anywhere in the world.
• Public liability: Your legal liability to pay, including costs and expenses
incurred on account of legal liability arising out of accidental bodily injury and/or
property damage to third parties happening in your premises.
Features:
• Personal assault cover for Rs. 25,000 per person subject to a maximum of
Rs. 1,00,00 under money section
• Modern policy wordings
• Expert Risk Control Program (RCP) on all aspects of safety and loss
• Prevention/ Minimisation
• Competitive pricing
• Superior claim service
MOTOR INSURANCE:
It is a package insurance cover specifically designed to meet the special needs of the
motor trade industry.
• Road Risks: Motor Trade Insurance Policy covers loss or damage to vehicles that
you own (or that are in your custody or control) and are used in the course of your
business on road (including liability to third parties).
• Internal risks: Damage to any motor vehicle belonging to the Insured caused by
external accidental means and occurring within the premises.
• Property: Fire and burglary cover to buildings and their contents, including
machinery furniture's, fixtures, fittings, improvements and decorations by tenants,
fixed plain glass, sanitary earthenware, neon and glow sign.
• Business Interruption: Loss of profit or increased cost of working resulting from
interruption of your business due to damage by fire and allied perils.
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• Breakdown: Electrical & Mechanical breakdown of office equipment like air-
conditioners, photo copiers, water filters, refrigerators, computers and related
items.
• Portable items: Cover for laptops, palmtops and mobile phones against all risks
anywhere in the world.
• Money in transit and Money in safe at premises: Cover against robbery,
dacoity, burglary and housebreaking.
• Dishonesty of Employees: Loss of money or goods caused by fraud or
dishonesty of employees.
• Group Personal Accident: Any accidental bodily injury resulting in
death/disablement. This is a 24-hour worldwide cover.
• Baggage: Accidental loss of or damage to baggage while on an official journey
anywhere in the world.
• Public liability: Your legal liability to pay, including costs and expenses incurred
on account of legal liability arising out of accidental bodily injury and/or property
damage to third parties happening in your premises.
Features:
Completely new "all in one" cover for the motor trade industry
• Personal assault cover for Rs. 25,000 per person subject to a maximum of Rs.
1,00,000 under money section
• Modern policy wordings
• Expert Risk Control Program (RCP) on all aspects of safety and loss
• Prevention/ Minimization
• Competitive pricing
• Superior claim service
ENTERPRISE SHIELD:
Enterprise Shield is a newly devised package providing total insurance solutions for
industries. Enterprise Shield Policy is the answer to all insurance needs ranging from
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providing protection for business property and assets to legal liability towards third
parties.
This insurance covers businesses that have assets worth between Rs.10 crores and
Rs.100 crores.
• Combined Fire and Burglary: Combined Fire and burglary cover to buildings
and their contents, including machinery furniture, fixtures, fittings, improvements
and decorations by tenants, fixed plain glass, sanitary earthenware, neon and glow
sign.
• Business Interruption: Loss of profit or increased cost of working resulting from
interruption of your business due to damage by fire and allied perils.
• Breakdown: Electrical & Mechanical breakdown of office equipment like air-
conditioners, photo copiers, water filters, refrigerators, computers and related
items.
• Portable items: Cover for laptops, palmtops and mobile phones against all risks
anywhere in the world.
• Money in transit and Money in safe at premises: Cover against robbery,
dacoity, burglary and housebreaking.
• Dishonesty of Employees: Loss of money or goods caused by fraud or
dishonesty of employees.
• Group Personal Accident: Any accidental bodily injury resulting in
death/disablement. This is a 24-hour worldwide cover.
FIRE INSURANCE:
A traditional and a time-tested policy that offers cover against fire and allied perils and
the perils of nature. The policy can cover building (including plinth and foundation),
plant and machinery, stocks, furniture, fixtures and fittings and other contents.The
standard cover is a named-peril policy covering the following perils:
• Fire
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• Explosion/ Implosion (excluding explosion/ implosion of boilers, economizers or
other vessels, machinery or apparatus in which steam is generated)
• Direct lightning
• Aircraft including damage caused by any article dropped there from (excluding
pressure waves)
• Riot, strike, malicious damage-excluding terrorism
• Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation
• Impact by any rail/ road/ vehicle/ animal (other than own)
• Subsidence and landslide including rockslide
• Bursting and/ or overflowing of water tanks, apparatus and pipes
•
Missile testing operations• Leakage of water from automatic sprinkler installations
• Bush fire (excluding forest fire)
• Terrorism risk can be covered on payment of additional premium
• The policy also covers
• Removal of debris up to 1% of claim amount
• Architect's and Surveyor's fees up to 3% of claim amount
Features:
• Quick and expert risk inspections where required
• Expert Risk Control Programme by our Risk Engineers on all aspects of safety
and Loss Prevention/ Minimization
• Availability of various optional covers
• Rating based on individual risk features including claims experience and fire
protection systems availability• Superior claim service
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FINDINGS
1. The company’s marketing activities are much focussed on personnel policies.
2. Majority portion of the policies issuing from this branch includes Mediclaim,
Motor insurance, Standard Fire and Special Peril Policy.
3. Sales of Social policies are few. It is due to peoples are not known about these
policies.
4. Peoples in this area were not involved in farming so there is no scope for
Agricultural Pump set Insurance, Poultry Insurance, Plantation Insurance
5. The company facing cutthroat competition from both private and public sector
companies. Their major competitors include
The New India Assurance Company Limited,
National Insurance Company Limited,
Reliance General Insurance Company Limited,
Bajaj Allianz General Insurance Company Limited,
ICICI Lombard General Insurance Company Limited.
6. Lack of awareness existing among the customers regarding policy terms, perils
covered, discounts available, procedure for applying claims.
7. Customers doesn’t having much idea regarding how claims are calculating,
conditions regarding claims calculation, due to this reason some customers are
complaining that the insurance companies are good in collecting premium but not
good in paying claims.
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CHAPTER-4
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SUGGESTIONS
1. The company can go for awareness programme regarding to the social policies,
because they can serve the community in better manner by these policies.
2. For meeting the competition they can-
Rather than try to satisfy everyone, marketers start with market
segmentation and develop a market offering that is positioned in the minds of
the target market.
The company must analyze the patterns of segmentation in a market to get
a sense of their positioning alternatives and that of the competitors,
Targeting strategies can the company use to select and enter the most
attractive market segments,
The company can update their portfolio timely with reference to
competitors products.
3. Once when issuing the policy they can provide information regarding policy
terms, perils covered, discounts available, procedure for applying claims, how
claims are calculating, conditions regarding claims calculation by talk as well as
printed documents; it will avoids the customers lack of awareness.
4. This branch having lot of agents; by motivation rewards and appreciation,
practical oriented training by expertise will help to procure more business.
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5. The company can keep in touch with the customers. They can send detail
regarding the new policy brochures, renewal notices; it will help to retain the
customers.
6. The company can effectively utilize technology platforms to retain customers.
Almost every clerical work such as issuing of new policy, renewal of policy,
underwriting, claims settlement are doing with the help of computer but they
don’t have customer interacting technology.
CONCLUSION
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CONCLUSIONS
This study is mainly focused on the study of product portfolio of the company. The
secondary data from various sources is used for this study. As a leading private sector
insurance company they have their own foot prints in the industry. The company
providing variety of products to the peoples which start from insurance cover for pedal
cycle to satellites. Their social welfare policies are really a protecting hand to backward
and typical middleclass peoples. Peoples in India receiving a lot of advantage from
those policies which offering tie-ups with Govt of India. The company is much
interested in national development that we can understand by analysing their social and
rural insurance policies.
The study has enabled to arrive at the conclusion regarding product portfolio.
Majority of the customers are satisfied with the products offered by this organisation.
Any effort in the part of the company to develop the product portfolio will definitely
improve the present position. I hope in the coming days they would be the largest
insurer in India by all means.
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BIBLIOGRAPHY
Reference Books
General insurance IC-34
Life insurance IC-33
Website
www.royalsundaram.in
www.irda.com
www.productroyalsundaram.in