NK QM Hardcopy 1

8/14/2019 NK QM Hardcopy 1

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Synopsis

1. History of Insurance

2. What is life Insurance

3. Information about AVIVA

4. Information about ICICI PUDENTIAL

5. Information about TATA AIG

6. Information about LIC INDIA

7. Formation of series

8. Tabulation

9. Graphical representation


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HISTORY OF INSURANCE

The story of insurance is probably as old as the story of

mankind. The same instinct that prompts modernbusinessmen today to secure themselves against loss anddisaster existed in primitive men also. They too sought toavert the evil consequences of fire and flood and loss of lifeand were willing to make some sort of sacrifice in order toachieve security. Though the concept of insurance is largelya development of the recent past, particularly after the

industrial era past few centuries yet its beginnings dateback almost 6000 years. Life Insurance in its modern formcame to India from England in the year 1818. Oriental LifeInsurance Company started by Europeans in Calcutta wasthe first life insurance company on Indian Soil. All theinsurance companies established during that period werebrought up with the purpose of looking after the needs ofEuropean community and Indian natives were not beinginsured by these companies. However, later with the effortsof eminent people like Babu Muttylal Seal, the foreign lifeinsurance companies started insuring Indian lives


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What is life Insurance ?

Life insurance is a contract that pledges payment of an

amount to the person assured (or his nominee) on thehappening of the event insured against.

The contract is valid for payment of the insured amount

during:

The date of maturity, or

Specified dates at periodic intervals, or

Unfortunate death, if it occurs earlier.Among other things, the contract also provides for the

payment of premium periodically to the Corporation by

the policyholder. Life insurance is universally

acknowledged to be an institution, which eliminates 'risk',

substituting certainty for uncertainty and comes to the

timely aid of the family in the unfortunate event of

death of the breadwinner. By and large, life insurance is

civilisation's partial solution to the problems caused by

death. Life insurance, in short, is concerned with two

hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent

family to fend for itself.

2. That of living till old age without visible means ofsupport.


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OBJECTIVES

Spread Life Insurance widely and in particular to therural areas and to the socially and economicallybackward classes with a view to reaching all insurablepersons in the country and providing them adequatefinancial cover against death at a reasonable cost.

Maximize mobilization of people's savings by makinginsurance-linked savings adequately attractive.

Conduct business with utmost economy and with thefull realization that the moneys belong to thepolicyholders.

Act as trustees of the insured public in their individualand collective capacities.

Meet the various life insurance needs of thecommunity that would arise in the changing social andeconomic environment.

Involve all people working in the Corporation to thebest of their capability in furthering the interests of theinsured public by providing efficient service withcourtesy.

Promote amongst all agents and employees of theCorporation a sense of participation, pride and jobsatisfaction through discharge of their duties withdedication towards achievement of Corporate Objective


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AvivaAviva is UKs largest and the worlds fifth largest insurance

Group. It is one of the leading providers of life andpensions products to Europe and has substantial businesseselsewhere around the world. With a history dating back to1696, Aviva has a 35 million-customer base worldwide. Ithas more than 332 billion of assets under management.InIndia, Aviva has a long history dating back to 1834. At thetime of nationalisation it was the largest foreign insurer inIndia in terms of the compensation paid by the Government

of India. Aviva was also the first foreign insurancecompany in India to set up its representative office in1995.In India, Aviva has a joint venture with Dabur, one ofIndia's oldest, and largest Group of companies. Aprofessionally managed company, Dabur is the country'sleading producer of traditional healthcare products.Inaccordance with the government regulations Aviva holds a

26 per cent stake in the joint venture and the Dabur groupholds the balance 74 per cent share.With a strong sales force of over 12,000 Financial PlanningAdvisers (FPAs), Aviva has initiated an innovative anddifferentiated sales approach to the business. Through theFinancial Health Check (FHC) Avivas sales force hasbeen able to establish its credibility in the market. The FHCis a free service administered by the FPAs for a need-basedanalysis of the customers long-term savings and insuranceneeds. Depending on the life stage and earnings of thecustomer, the FHC assesses and recommends the rightinsurance product for them.Aviva pioneered the concept ofBancassurance in India, and has leveraged its global


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expertise in Bancassurance successfully in India. Currently,Aviva has Bancassurance tie-ups with ABN Amro Bank,American Express Bank, Canara Bank, Centurion Bank of

Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & SindBank, 15 Co-operative Banks in Gujarat, Rajasthan, Jammu& Kashmir, Bihar, West Bengal and Maharashtra and oneregional Bank in Sikkim.When Aviva entered the market,most companies were offering traditional life products.Aviva started by offering the more modern Unit Linked andUnitised With Profit products to the customers, creating aunique differentiation. Avivas products have been designed

in a manner to provide customers flexibility, transparencyand value for money. It has been among the first companiesto introduce the more modern Unit Linked products in themarket. Its products include: whole life (LifeLong),endowment (LifeSaver, EasyLife Plus), child policy(Young Achiever) single premium (LifeBond and LifeBondPlus), Pension (PensionPlus), Term (LifeShield), fixed term

protection plan (Freedom LifePlan) and a tax efficientinvestment plan with limited premium payment term(LifeBond5). Aviva products are modern and contemporaryunitised products that offer unique customer benefits likeflexibility to chose cover levels, indexation and partialwithdrawals.Avivas Fund management operation is one ofits key differentiators. Operating from Mumbai, Aviva hasan experienced team of fund managers and the range offund options includes Unitised With-Profits Fund and fourUnit Linked funds: - Protector Fund, Secure Fund,Balanced Fund and Growth Fund.Aviva has 112Branches in India (including rural branches) supporting itsdistribution network. Through its Bancassurance partner


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locations, Aviva products are available in 392 towns andcities across India.Aviva is also keen to reach out to theunderprivileged that have not had access to insurance so

far. Through its association with Basix (a micro financialinstitution) and other NGOs, it has been able to reach theweaker sections of the society and provide life insurance tothem.For three consecutive years in 2003 2004 and 2005,Aviva has had relatively high scores on the parameters ofCredibility, Respect, Fairness, Pride and Camaraderie in thesurvey administered by Grow Talent Company Ltd. alongwith Great Places to Work Institute, Inc. and Business

World magazine.

Who are we ?

DaburFounded in 1884, Dabur is one of India's oldest and largestgroup of companies with consolidated annual turnover inexcess of Rs 1,899 crores. A professionally managedcompany, it is the country's leading producer of traditionalhealthcare products.

AvivaAviva is UKs largest and the worlds fifth largest insurance

Group. It is one of the leading providers of life andpensions products to Europe and has substantial businesseselsewhere around the world. With a history dating back to1696, Aviva has a 35 million customer base worldwide. Ithas more than 332 billion of assets under management.


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OUR VISION

Aviva - where exceeding expectations through

innovative solutions is "our" way of life.

This is the compelling vision that Aviva India has createdthrough the active contribution of its employees. Theselines not only define the way we live and work but alsoserve as a reminder to deliver the best to our customers,shareholders, colleagues, partners & employees at all times.Embedded in this vision are the core values of Integrity,

Customer centricity, Passion for winning, Innovation andEmpowered team that we have collectively defined andcommitted to working towards.


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ICICI PUDENTIAL LIFE

INSURANCE

INFOICICI Prudential Life Insurance Company is a joint venturebetween ICICI Bank, a premier financial powerhouse andPrudential plc, a leading international financial servicesgroup headquartered in the United Kingdom. ICICIPrudential was amongst the first private sector insurance

companies to begin operations in December 2000 afterreceiving approval from Insurance RegulatoryDevelopment Authority (IRDA).ICICI Prudential's equitybase stands at Rs. 11.85 billion with ICICI Bank andPrudential plc holding 74% and 26% stake respectively. Inthe financial year ended March 31, 2005, the companygarnered Rs 1584 crore of new business premium for a total

sum assured of Rs 13,780 crore and wrote nearly 615,000policies. The company has a network of about 56,000advisors; as well as 7 bancassurance and 150 corporateagent tie-ups. For the past four years, ICICI Prudential hasretained its position as the No. 1 private life insurer in thecountry, with a wide range of flexible products that meetthe needs of the Indian customer at every step in life.


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Vision

Our vision:

To make ICICI Prudential the dominant Life and Pensionsplayer built on trust by world-class people and service.

This we hope to achieve by:

Understanding the needs of customers and offeringthem superior products and service

Leveraging technology to service customers quickly,

efficiently and conveniently Developing and implementing superior risk

management and investment strategies to offersustainable and stable returns to our policyholders

Providing an enabling environment to foster growthand learning for our employees

And above all, building transparency in all ourdealings.

The success of the company will be founded in itsunflinching commitment to 5 core values -- Integrity,Customer First, Boundary less, Ownership and Passion.Each of the values describes what the company stands for,the qualities of our people and the way we work.We do believe that we are on the threshold of an exciting

new opportunity, where we can play a significant role inredefining and reshaping the sector. Given the quality ofour parentage and the commitment of our team, there areno limits to our growth.


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Tata AIG Life Insurance

Company Ltd

Tata AIG Life Insurance Company Ltd. "Tata AIG Life"offers a broad array of life insurance products toindividuals, associations and businesses of all sizes, with awide variety of additional coverage to ensure our customerscan find an insurance product to meet their needs.Tata AIG is a joint venture of the Tata Group and AmericanInternational Group, Inc. (AIG).

THE TATA GROUP

The Tata Group ( www.tata.com) is one of India's best-known industrial groups with an estimated turnover ofaround US $14.25 billion (approximately 2.6% of India's

GDP). With more than 220,000 employees across 91 majorcompanies, it is also India's largest employer in the privatesector. The Tata Group pioneered several firsts in Indianindustry firsts, including: India's first private sector steelmill, first private sector power utility, first luxury hotelchain and first international airline, amongst others.Recently, the Tata Group's pioneering spirit has beenshowcased by companies such as Tata Consultancy

Services (TCS), Asia's largest software and servicescompany, and Tata Motors, the first car maker in adeveloping country to design and produce a car from theground up.


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global consumer finance business in the United States. AIGalso has one of the largest U.S. retirement savingsbusinesses through AIG SunAmerica and AIG VALIC, and

is a leader in asset management for the individual andinstitutional markets, with specialized investmentmanagement capabilities in equities, fixed income,alternative investments and real estate. AIG's commonstock is listed in the New York Stock Exchange andArcaEx, as well as the stock exchanges in London, Paris,Switzerland and Tokyo.

Management

Trevor Bull Managing Director

Mr. Trevor Bull joined Tata AIG Life as ManagingDirector in January 2006. Prior to this, Trevor wasSenior Vice President and General Manager atAmerican International Assurance in Korea.Trevor has over 28 years of experience in the lifeinsurance industry and has spent considerable timeworking in Japan and Britain. His experience coversan array of skills at various authority levels includingDirector, Regional Executive, Senior LineManagement and Project Management. Additionally,Trevor has acquired keen insights into Unit Linked,


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conventional life and health insurance/ reinsuranceand all major products & distribution channels.A proud father of two boys and one girl, he aligns his

hobbies with theirs and connects with them through agame of tennis or football regularly.


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The Life Insurance Corporation of

India

The Life Insurance Corporation of India was created on 1stSeptember, 1956, with the objective of spreading lifeinsurance much more widely and in particular to the ruralareas with a view to reach all insurable persons in thecountry, providing them adequate financial cover at areasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212branch offices, apart from its corporate office in the year1956. Since life insurance contracts are long term contractsand during the currency of the policy it requires a variety ofservices need was felt in the later years to expand theoperations and place a branch office at each districtheadquarter. re-organization of LIC took place and largenumbers of new branch offices were opened. As a result of

re-organisation servicing functions were transferred to the branches, and branches were made accounting units. Itworked wonders with the performance of the corporation. Itmay be seen that from about 200.00 crores of NewBusiness in 1957 the corporation crossed 1000.00 croresonly in the year 1969-70, and it took another 10 years forLIC to cross 2000.00 crore mark of new business. But with

re-organisation happening in the early eighties, by 1985-86LIC had already crossed 7000.00 crore Sum Assured onnew policies.

Today LIC functions with 2048 fully computerized branchoffices, 100 divisional offices, 7 zonal offices and the


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Corporate office. LICs Wide Area Network covers 100divisional offices and connects all the branches through aMetro Area Network. LIC has tied up with some Banks and

Service providers to offer on-line premium collectionfacility in selected cities. LICs ECS and ATM premiumpayment facility is an addition to customer convenience.Apart from on-line Kiosks and IVRS, Info Centres havebeen commissioned at Mumbai, Ahmedabad, Bangalore,Chennai, Hyderabad, Kolkata, New Delhi, Pune and manyother cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE

SAMPARK offices. The satellite offices are smaller, leanerand closer to the customer. The digitalized records of thesatellite offices will facilitate anywhere servicing and manyother conveniences in the future.

LIC continues to be the dominant life insurer even in theliberalized scenario of Indian insurance and is moving fast

on a new growth trajectory surpassing its own past records.LIC has issued over one crore policies during the currentyear. It has crossed the milestone of issuing 1,01,32,955new policies by 15th Oct, 2005, posting a healthy growthrate of 16.67% over the corresponding period of theprevious year.

From then to now, LIC has crossed many milestones and

has set unprecedented performance records in variousaspects of life insurance business. The same motives whichinspired our forefathers to bring insurance into existence inthis country inspire us at LIC to take this message ofprotection to light the lamps of security in as many homes


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as possible and to help the people in providing security totheir families.

Mission"Explore and enhance the quality of life of people through

financial security by providing products and services ofaspired attributes with competitive returns, and byrendering resources for economic development."

Vision"A trans-nationally competitive financial conglomerate of

significance to societies and Pride of India."


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Some of the important milestones in the life insurance

business in India are:

1818: Oriental Life Insurance Company, the first lifeinsurance company on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the firstIndian life insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as

the first statute to regulate the life insurance business.1928: The Indian Insurance Companies Act enacted toenable the government to collect statistical informationabout both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to bythe Insurance Act with the objective of protecting the

interests of the insuring public.1956: 245 Indian and foreign insurers and providentsocieties are taken over by the central government andnationalised. LIC formed by an Act of Parliament, viz. LICAct, 1956, with a capital contribution of Rs. 5 crore fromthe Government of India.

The General insurance business in India, on the other hand,can trace its roots to the Triton Insurance Company Ltd.,the first general insurance company established in the year1850 in Calcutta by the British.


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Some of the important milestones in the general

insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first

company to transact all classes of general insurancebusiness.

1957: General Insurance Council, a wing of the InsuranceAssociation of India, frames a code of conduct for ensuringfair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments

and set minimum solvency margins and the Tariff AdvisoryCommittee set up.

1972: The General Insurance Business (Nationalisation)Act, 1972 nationalised thegeneral insurance business in India with effect from 1stJanuary 1973.

107 insurers amalgamated and grouped into four companiesviz. the NationalInsurance Company Ltd., the New India AssuranceCompany Ltd., theOriental Insurance Company Ltd. and the United IndiaInsurance CompanyLtd. GIC incorporated as a company.


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A B C D E

1 NAME SEX POLICY NAME NOMINEE INCOME

2 KIRAN MALE ICICI PARENTS 1LAC-2LAC

3 ROHIT MISHRA MALE ICICI SON 1LAC-2LAC

4 MANOJ THAKUR MALE LIC SON 1LAC-2LAC

5 AJAY.S MALE LIC SON 1LAC-2LAC

6 BHAVESH MALE ICICI DAUGHTER 1LAC-2LAC

7 SATISH MALE LIC WIFE 1LAC-2LAC

8 AARTI FEMALE LIC SON 1LAC-2LAC

9 SULSHA FEMALE ICICI DAUGHTER 1LAC-2LAC

10 DAYA.C MALE ICICI SON 1LAC-2LAC

11 REHAMAN MALE ICICI SON 1LAC-2LAC

12 PYUSH.S MALE LIC DAUGHTER 1LAC-2LAC

13 APAL MALE LIC PARENTS 2LAC-5LAC

14 AMITA FEMALE TATA AIG SISTER 1LAC-2LAC

15 SITA.S FEMALE LIC SON 2LAC-5LAC

16 DEEPA FEMALE TATA AIG SON ABOVE 5LAC

17 ANKUR MALE ICICI DAUGHTER 2LAC-5LAC

18 FENIL MALE ICICI PARENTS ABOVE 5LAC

19 ISHITA FEMALE TATA AIG HUSBAND 1LAC-2LAC

20 CHETAN MALE LIC DAUGHTER 1LAC-2LAC

21 MADHAV MALE TATA AIG WIFE 1LAC-2LAC

22 DHWANI FEMALE LIC SON ABOVE 5LAC

23 MAHINDRA MALE LIC DAUGHTER ABOVE 5LAC

24 SAM MALE ICICI WIFE 2LAC-5LAC

25 YASH MALE AVIVA WIFE 1LAC-2LAC

26 SAMAY MALE TATA AIG WIFE 2LAC-5LAC

27 SEJAL FEMALE TATA AIG PARENTS 2LAC-5LAC

28 KRUTI FEMALE LIC HUSBAND 1LAC-2LAC

29 .GARGI.S FEMALE LIC BROTHER 1LAC-2LAC


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30 NAMITA FEMALE LIC HUSBAND 1LAC-2LAC

31 JULIE FEMALE LIC SON 1LAC-2LAC

32 JAGRUTI FEMALE LIC PARENTS 1LAC-2LAC

33 SUSHAMA FEMALE LIC HUSBAND 1LAC-2LAC

34 JAYSHREE FEMALE LIC HUSBAND 1LAC-2LAC

35 NAMRATA FEMALE LIC HUSBAND 1LAC-2LAC

36 AMI.R FEMALE LIC HUSBAND 2LAC-5LAC

37 MAMTA FEMALE AVIVA PARENTS 1LAC-2LAC

38 URVI.J FEMALE ICICI PARENTS 1LAC-2LAC

39 SONAL.C FEMALE LIC PARENTS 1LAC-2LAC

40 CHINTAN MALE ICICI BROTHER 2LAC-5LAC

41 SACHIN MALE ICICI SISTER 1LAC-2LAC

42 NANIL.V MALE TATA AIG PARENTS 1LAC-2LAC

43 ISHA FEMALE LIC HUSBAND 1LAC-2LAC

44 JIGAR MALE LIC DAUGHTER 1LAC-2LAC

45 TANVI FEMALE LIC PARENTS 1LAC-2LAC

46 SACHIN.V MALE LIC SISTER 2LAC-5LAC

47 MITTAL.M MALE AVIVA PARENTS 1LAC-2LAC

48 MINAL FEMALE LIC PARENTS 1LAC-2LAC

49 BHARAT MALE LIC DAUGHTER 2LAC-5LAC

50 ARPITA FEMALE LIC SON ABOVE 5LAC

51 PRACHI FEMALE LIC PARENTS ABOVE 5LAC

52 REEMA FEMALE TATA AIG PARENTS ABOVE 5LAC

53 AMIR MALE ICICI SON 2LAC-5LAC

54 SUNNY.P MALE TATA AIG PARENTS ABOVE 5LAC55 RUCHI FEMALE LIC HUSBAND 1LAC-2LAC

56 RADHESHYAM MALE LIC WIFE 1LAC-2LAC

57 ZAHEER MALE LIC WIFE 1LAC-2LAC

58 KANTILAL MALE AVIVA PARENTS 2LAC-5LAC

59 RAJENDRA MALE TATA AIG PARENTS ABOVE 5LAC

60 MITESH MALE ICICI PARENTS 2LAC-5LAC

61 KUNAL MALE ICICI PARENTS 2LAC-5LAC

62 SAHIL.J MALE TATA AIG DAUGHTER 1LAC-2LAC

63 SUNNY.J MALE ICICI PARENTS 1LAC-2LAC

64 T.H.JOSHI MALE LIC SON 1LAC-2LAC

65 PURHOIT MALE LIC DAUGHTER 1LAC-2LAC

66 MADHU FEMALE ICICI HUSBAND 1LAC-2LAC

67 PRAFUL.S MALE AVIVA WIFE 1LAC-2LAC

68 DILIP.JAIN MALE LIC DAUGHTER 2LAC-5LAC

69 RAKESH MALE LIC SISTER 1LAC-2LAC

70 MUKESH MALE ICICI BROTHER 1LAC-2LAC


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71 SUNIL MALE LIC WIFE 2LAC-5LAC

72 RAHUL MALE LIC DAUGHTER 1LAC-2LAC

73 SONI.M FEMALE AVIVA SISTER 1LAC-2LAC

74 KINJAL.S FEMALE AVIVA HUSBAND 1LAC-2LAC

75 MANISHA FEMALE LIC HUSBAND 1LAC-2LAC

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NK QM Hardcopy 1