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Project Report

On

CUSTOMER PERCEPTION REGARDING

CHOLA MANDALAM

(In partial fulfillment of Master of Business Administration)

Submitted To Submitted

by

MR. AMRITPAL SINGH MANZOOR

AHMAD

LECT IN RM Roll no:

95272239397

M.B.A.II

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ST. SOLDIER MANAGEMENT AND TECHNICAL

INSTITUTE , JALANDHAR.

ACKNOWLEDGEMENT

The Project Title Comparative Analysis of Health Insurance Products & Market

Survey has been conducted by me at CHOLA MANDALAM General Insurance Co. Pvt.

Ltd. I have completed this project, based on the Primary research, under the guidance of

Mr. Amritpal Singh

I owe enormous intellectual debt towards my guide Mr. Amritpal Singh, who has

augmented my knowledge in the field of Insurance & company Management. He has

helped me learn about the process and giving me valuable insight into the Insurance

Business.

I am obliged to Mr. Amritpal Singh for cooperation during the Internship. My

increased spectrum knowledge in this field is the result of his constant supervision and

direction that has helped me to absorb relevant and high quality information.

I would like to thank all the respondents without whose cooperation my study

/project would not have been possible.

Last but not the least, I feel indebted to all those persons who helped directly or

indirectly in successful completion of this study.

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Manzoor Ahmad Roll. No. 95272239397

Table of ContentsIntroduction………………………………………………………………………5

1. Review of Literature………………………………………..…………………..6-16 About Insurance About Insurance Industry Insurance in India History of Insurance in India Insurance Regulatory and Development Authority Reinsurance Different Insurance Companies Changing face of Indian insurance industry India: The Next Insurance Giant

2. About The Organisation……………………………………………………17-22 About the Chola Mandalam The German Promoter : ERGO Insurance Group WHAT SAY THE NEWS HEAD LINES

3. Health Insurance & BAGIC…………………………………………………23-30Types Of Health Product Health Guard Hospital Cash Critical Illness Silver Health Insurance E-Opinion Personal Guard Star Package

4. Comparative Analysis Health Insurance Products of Chola Mandalam With Other Insurance Companies………………………………………………………..31-46

with Tata AIG CHOLA MANDALAM with Star Health Insurance CHOLA MANDALAM with National Insurance CHOLA MANDALAM with ICICI Lombard CHOLA MANDALAM with Reliance General

CHOLA MANDALAM with Royal Sundaram

5. Market Survey…………………………………………………………………47-48

6. Questionnaire…………………………………………………………………...49-60

7. Research Methodolgy…………………………………………………………...61-638. Other Works…………………………………………………………………….64-65 Recommendations …………………………………………………………………67

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Bibliography………………………………………………………………………..68

INTRODUCTION

About the projectThe project deals with comparative analysis of different insurance products offered by insurance companies.

Purpose of the projectThe main purpose of the project is to do comparative analysis of different insurance products, check the awareness level and perception of insurance by the individuals.

The project would also help in understanding preference of people regarding private and public insurance companies. The main objective of the research is

· Making comparative analysis between:-1. CHOLA MANDALAM with TATA AIG.2. CHOLA MANDALAM with Star Health Insurance3. CHOLA MANDALAM with National Health Plan 4. CHOLA MANDALAM with Reliance

· Finding out the features and benefits of these plans· To find out the awareness level of insurance in Kolkata· To determine customer preference towards private insurance companies andpublic insurance companies.· Marketing of different insurance products.

1.3: Scope of the projectThe entry of foreign MNC’s and the conductive business environment fostered by the government, it is no wonder that the re-entry of private insurance has marked a second coming for the sector. In just five years, the sector has undergone a makeover, offering more choice, better services, quicker settlement, tighter regulation and greater awareness ‘s the environment become more and more competitive and services and products become alike, creating a differentiation is becoming extremely tough. Thus, the main objective of my project was to find out the preference of people regarding insurance companies, which would help karvy employees to market their product. The study then goes on to evaluate and analyze the findings so as to present a clear picture of recent trends in the Insurance sector.

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CHAPTER – 1 Review of Literature

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REVIEW OF LITRATURE

ABOUT INSURANCE

Insurance defined.—Insurance is a provision for the distribution of risks; that is to say, it is a financial provision against loss from unavoidable disasters. The protection which it affords takes the form of a guaranty to indemnify the insured if certain specified losses occur. The principle of insurance, so far as the under-taking of the obligation is concerned, is that for the payment of a certain sum the guaranty will be given to reimburse the insured. The insurer, in accepting risks, so distributes them that the sum total of all the amounts paid for this insurance protection will be sufficient to meet the losses that occur. Insurance, then, indicates divided responsibility. This principle is introduced in most stores where a division is made between the sales clerk and the cashier's department, the arrangement dividing the risk of loss. The insurance principle is similarly applied in many other cases of divided responsibility. As a business, however, insurance is usually recognized as some form of securing a promise of indemnity by the payment of a premium and the fulfillment of certain other stipulations.

Early instances of insurance.—Forms of insurance were known to the Romans and to some extent were practiced among the Collegia. In certain respects these bodies resembled our benefit societies. For example, they provided for burial and also made some form of provision for promotion among the soldiers in their organizations. In reality, then, they were based on the insurance principle since they accepted from their members a certain stipulated sum and in return agreed to perform certain services. Demosthenes describes marine loans made to the ancient Greeks ; we also have record that insurance existed among the Chinese 2500 years ago. In none of these early instances, however, did insurance reach anything like large proportions. In fact, so far as we know, it entirely disappeared, many centuries passing before there was a revival. It is true that certain laws among the Romans governing annuities necessitated a mortality table, but it was, however, for this sole purpose and apparently not in any sense an insurance matter.

Present forms of insurance.—The business of insurance is divided into four main branches: marine insurance, fire insurance, life insurance and casualty insurance. The first three state the form of disaster against which insurance is provided. The fourth—originally accident insurance—includes all forms not embraced in the other three. An idea of the variety of events against which insurance is offered.

Marine insurance antedates every other form, its history dating back over seven centuries. It appears to have been practiced in the Mediterranean, and at least one old policy has come down from the thirteenth century, proving that marine insurance was an established practice among the commercial countries of that time. A broad gap exists between that period and the continuous history running back now some four hundred years, but since that time insurance has been an established business among those engaged in maritime adventures.

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Fire insurance, the second oldest form to become permanently established, dates from the great London fire of 1666. Life insurance followed a little later, although not until 1760 was a company founded on a modern basis.

Casualty insurance owes its origin to the application of steam to railway travel; its more common name of accident insurance was due to the fact that the first events to be insured against were those of accidents to the person on a railway journey. It originated in England in the first half of the nineteenth century. The theory of probabilities.—All forms of insurance have a fundamental basis in the theory of probabilities. This theory deals with those events which seemingly do not lend themselves to a fixed law but which in reality occur with such approximate regularity that a definite law may be deduced from a sufficient number of these uncertain events, the law being that these events will occur with sufficient regularity over a period of time so that conclusions may safely be drawn from them.

The possibilities contained in the theory of probabilities were first brought to light by the famous solution of a gaming problem. Two noblemen, engaged in a game of cards called the Game of Points, were obliged to cease play before the game could be finished. Being unwilling to separate with each retaining his own stakes, they asked Pascal, the eminent Frenchman, to suggest how the stakes should be divided. The stakes amounted to $64, each having contributed $32, and it was necessary for one of the players to make three points before he would be entitled to the stakes. At the time they appealed to Pascal, one player had two points to his credit and the other player had one. Pascal submitted the following solution: "Suppose," he said, "that you had played another hand. One of two things would necessarily happen : either the player who has two points would gain one, and, having three points to his credit, would claim the stakes; or the player with one point to his credit would win another so that he would have two points to his credit, the same as his opponent. If this latter should happen, each would have retained his individual stake. The chances of winning I consider equal, and as it is evident that the player with two points cannot, if he plays another hand, lose his original stake of $32, the other 832 should be divided into two parts and the player who has one point to his credit retain $16 and the player with two points receive $16, or the whole stake be divided into proportions of 48 and 16.

Pascal submitted two other suggestive solutions to clinch his theory, but they need not be discussed here. Gambling at that time was prevalent in the courts, and nothing pleased the gamblers more than to be shown ways whereby their games could be decided although not played to a conclusion. Great intellectual interest was aroused in the theory of probabilities, and out of this condition the business of insurance in its modern aspect originated. At this point it should be said that insurance, although often compared with gambling—possibly because of these early' associations—is entirely different from it in principle. Gambling is an attempt to increase, one's means by a venture not based on any known factors; that is, it is purely and simply a chance. Insurance, on the other hand, takes into consideration all the factors that enter into the problem and that may affect the hazard insured against, or the factors that may, if guarded against, prevent the contingency from happening.

Logic of insuranceIt is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the amount premiums collected from the insuring public and the Insurance Companies act as trustees to the collected.

Need of insurance

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Insurance is desired to safeguard oneself and one's family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death. Certain Insurance contracts are also made compulsory by legislation. For example, Motor Vehicles Act 1988, stipulates that a person driving a vehicle in a public place should hold a valid insurance policy covering “Act" risks.

Another example of compulsory insurance pertains the Environmental Protection Act, wherein a person using or to carrying hazardous substances (as defined in the Act) must hold a valid public liability (Act) policy.

About Insurance Industry"Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event."Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected. For Example, in a Life Policy, by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured. Similarly, in a car insurance, in the event of the car meeting with an accident, the insured receives the compensation to the extent of damage. It is a system by which the losses suffered by a few are spread over many, exposed to similar risks.

Insurance in IndiaInsurance is a federal subject in India and has a history dating back to 1818. Life and general insurance in India is still a nascent sector with huge potential for various global players with the life insurance premiums accounting to 2.5% of the country's GDP while general insurance premiums to 0.65% of India's GDP. The Insurance sector in India has gone through a number of phases and changes, particularly in the recent years when the Govt. of India in 1999 opened up the insurance sector by allowing private companies to solicit insurance and also allowing FDI up to 26%. Ever since, the Indian insurance sector is considered as a booming market with every other global insurance company wanting to have a lion's share. Currently, the largest life insurance company in India is still owned by the government.

History of Insurance in IndiaInsurance in India has its history dating back till 1818, when Oriental Life Insurance Company was started by Europeans in Kolkata to cater to the needs of European community. Pre-independent era in India saw discrimination among the life of foreigners and Indians with higher premiums being charged for the latter. It was only in the year 1870, Bombay Mutual Life Assurance Society, the first Indian insurance company covered Indian lives at normal rates.At the dawn of the twentieth century, insurance companies started mushrooming up. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed to regulate the insurance business. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. However, the disparage still existed as discrimination between Indian and foreign companies. The oldest existing insurance company in India is National Insurance Company Ltd, which was founded in 1906 and is doing businesseven today. The Insurance industry earlier consisted of only two state insurers: Life Insurers i.e. Life Insurance Corporation of India (LIC) and General Insurers i.e. General Insurance Corporation of India (GIC). GIC had four subsidiary companies. With effect from December 2000, these subsidiaries have been de-linked from parent company and made as independent

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insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.

Life insurance Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

Life Insurance Corporation Act, 1956

Even though the first legislation was enacted in 1938, it was only in 19 January 1956, that life insurance in India was completely nationalized, through a Government ordinance; the Life

Insurance Corporation Act, 1956 effective from 1.9.1956 was enacted in the same year to, inter-alia, form LIFE INSURANCE CORPORATION after nationalization of the 245 companies into one entity. There were 245 insurance companies of both Indian and foreign origin in 1956. Nationalization was accomplished by the govt. acquisition of the management of the companies. The Life Insurance Corporation of India was created on 1 September, 1956, as a result and has grown to be the largest insurance company in India as of 2006 .

General InsuranceGeneral insurance or non-life insurance policies, including automobile and homeowners policies,

provide payments depending on the loss from a . particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and casualty insurance in the U.S. and Non-Life Insurance in Continental EuropeIn the UK, General insurance is broadly divided into three areas: personal lines, commercial lines and London market. The London market insures large commercial risks such as supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, [P&I Clubs], brokers and other companies that are typically physically located in the City of London. The Lloyd's of London is a big participant in this market. The London Market also participates in personal lines and commercial lines, domestic and foreign, through reinsurance.Commercial lines products are usually designed for relatively small legal entities. These would include workers' comp (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels. Personal lines products are designed to be sold in large quantities. This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others.

General Insurance Business (Nationalization) Act, 1972The General Insurance Business (Nationalization) Act, 1972 was enacted to nationalizethe 100 odd general insurance companies and subsequently merging them into fourcompanies. All the companies were amalgamated into National Insurance, New IndiaAssurance, Oriental Insurance, and United India Insurance which were headquarteredin each of the four metropolitan cities.

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Insurance Regulatory and Development Authority

The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto."

Insurance Regulatory and Development Authority (IRDA) Act,1999

Till 1999, there were not any private insurance companies in Indian insurance sector. The Govt. of India then introduced the Insurance Regulatory and Development Authority Act in 1999, thereby de-regulating the insurance sector and allowing private companies into the insurance. Further, foreign investment was also allowed and capped at 26% holding in the Indian insurance companies. In recent years many private playersentered in the Insurance sector of India. Companies with equal strength startedcompeting in the Indian insurance market. Currently, in India only 2 million people(0.2 % of total population of 1 billion), are covered under Med claim, whereas inDeveloped nations like USA about 75 % of the total population are covered under someInsurance scheme. With more and more private players in the sector this scenario mayChange at a rapid pace

Power, Duties and Functions Of the authority

The Authority has been entrusted with the duty to regulate, promote and ensure the orderly growth of the insurance and re-insurance business in India. In furtherance of this responsibility, it has been conferred with numerous powers and functions which include prescribing regulations on the investment of funds by insurance companies ,regulating maintenance of the margine of solvency, adjudication of disputes between insurers and intermediaries, supervising the functioning of the tariff advisory comitee,specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations and specifying the percentage of Life & General Insurance business to be undertaken by the insurer in the rural or social sector

ReinsuranceReinsurance is a means by which an insurance company can protect itself with other insurance companies against the risk of losses. Individuals and corporations obtain insurance policies to provide protection for various risks (hurricanes, earthquakes, lawsuits, collisions, sickness and death, etc.). Reinsurers, in turn, provide insurance to insurance companies. The company requesting the cover is called the cedant and the reinsurer can be called the ceded, although the latter term is not in common use.The main use of any insurer that might practice reinsurance is to allow the company to assume greater individual risks than its size would otherwise allow, and to protect a company against losses. Reinsurance allows an insurance company to offer higher limits of protection to a policyholder than its own assets would allow. For example, if the principal insurance company

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can write only $10 million in limits on any given policy, it can reinsure (or cede) the amount of the limits in excess of $10 million.Reinsurance’s highly refined uses in recent years include applications where reinsurance was used as part of a carefully planned hedge strategy

Different Insurance CompaniesInsurance is an upcoming sector, in India the year 2000 was a landmark year for lifeinsurance industry, in this year the life insurance industry was liberalized after morethan fifty years. Insurance sector was once a monopoly, with LIC as the only company,a public sector enterprise. But nowadays the market opened up and there are manyprivate players competing in the market. There are fifteen private life insurancecompanies has entered the industry. After the entry of these private players, the marketshare of LIC has been considerably reduced. In the last five years the private players isable to expand the market (growing at 30% per annum) and also has improved theirmarket share to 18%. For the past five years private players have launched many innovations in the industry in terms of products, market channels andadvertisement of products, agent training and customer services etc.

The various life insurers entered India:-

Life Insurer in Public Sector

1. Life Insurance Corporation of India

Life Insurers in Private Sector

2. MetLife India Life Insurance

3. ICICI Prudential

4. Bajaj Allianz Life Insurance

5. Max New York Life Insurance

6. Sahara Life Insurance

7. TATA AIG Life Insurance

8. HDFC Standard Life

9. Birla Sunlife

10. SBI Life Insurance [1]

11. Kotak Life Insurance

12. Aviva Life Insurance

13. Reliance Life Insurance Company Limited - Formerly known as AMP Sanmar LIC

14. ING Vysya Life Insurance

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15. Shriram Life Insurance

16. Bharti AXA Life Insurance Co Ltd

17. Future Generali Life Insurance Co Ltd

18. IDBI Fortis Life Insurance

19. AEGON Religare Life Insurance

20. DLF Pramerica Life Insurance

21. CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE

The various other general Insurance Companies are as under:-Non-Life Insurer in Public Sector1. The Oriental Insurance Company Limited2. The New India Assurance Company Limited3. National Insurance Company Limited4. United India Insurance Company Limited.

Non-Life Insurers in Private Sector

1. Bajaj Allianz General Insurance Co. Ltd.2. ICICI Lombard General Insurance Co. Ltd.3. IFFCO Tokio General Insurance Co. Ltd.4. Reliance General Insurance Co. Ltd.5. Royal Sundaram Alliance Insurance Co. Ltd 6. Tata AIG General Insurance Co. Ltd.7. Cholamandalam MS General Insurance Co. Ltd.8. CHOLA MANDALAMGeneral Insurance Co. Ltd.9. Export Credit Guarantee Corporation of India Ltd.10. Agriculture Insurance Co. of India Ltd.11. Apollo Munich Health Insurance Company Limited12. Future Generali India Insurance Company Limited13. Universal Sompo General Insurance Co. Ltd. 14. Shriram General Insurance Company Limited,15. Bharti AXA General Insurance Company Limited16. Raheja QBE General Insurance Company Limited,17. SBI General Insurance Co. Ltd.

Reinsurers

GENERAL INSURANCE CORPORATION OFINDIA

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Changing face of Indian insurance industry

Indian life-insurance market is the target market of all the companies who either want toextend or diversify their business. To tap the Indian market there has been tie-upsbetween the major Indian companies with other International insurance companies tostart up their business. The government of India has set up rules that no foreigninsurance company can setup their business individually here and they have to tie upwith an Indian company and this foreign insurance company can have an investment ofonly 24% of the total start-up investment. Indian insurance industry can be featured by:

Low market penetration.Ever growing middle class component in population.Growth of customer’s interest with an increasing demand for better insurance products.Application of information technology for business.Rebate from government in the form of tax incentives to be insured.

Today, the Indian life insurance industry has a dozen private players, each of which are making strides in raising awareness levels, introducing innovative products andincreasing the penetration of life insurance in the vastly underinsured country. Severalof private insurers have introduced attractive products to meet the needs of their targetcustomers and in line with their business objectives

India: The Next Insurance GiantMarket Performance & Forecast: In 2000, Indian insurance market size was $21.71billion. Between 2000 and 2007, it had an increase of 120% and reached $47.89 billion.Between 2000 and 2007, total premiums maintained an average growth rate of 11.96%and the CAGR growth during this time frame has been 11.96%. It was one of the mostconsistent growth patterns we have noticed in any other emerging economies in Asianas well as Global markets.

Indian Insurance MarketIndian economy is the 12th largest in the world, with a GDP of $1.25 trillion and 3rdlargest in terms of purchasing power parity. With factors like a stable 8-9 per centannual growth, rising foreign exchange reserves, a booming capital market and arapidly expanding FDI inflows, it is on the fulcrum of an ever increasing growth curve.Insurance is one major sector which has been on a continuous growth curve since the

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revival of Indian economy. Taking into account the huge population and growing percapita income besides several other driving factors, a huge opportunity is in store forthe insurance companies in India. According to the latest research findings, nearly 80%of Indian population is without life insurance cover while health insurance and non-lifeinsurance continues to be below international standards. And this part of the populationis also subjected to weak social security and pension systems with hardly any old ageincome security. As per our findings, insurance in India is primarily used as a means to improve personal finances and for income tax planning; Indians have a tendency to invest in properties and gold followed by bank deposits. They selectively invest in shares also but the percentage is very small 4-5%. This in itself is an indicator that growth potential for the insurance sector is immense. It’s a business growing at the rate of 15-20% per annum and presently is of the order of $47.9 billion.India is a vast market for life insurance that is directly proportional to the growth inpremiums and an increase in life density. With the entry of private sector players backedby foreign expertise, Indian insurance market has become more vibrant. Competition inthis market is increasing with company’s continuous effort to lure the customers withnew product offerings. However, the market share of private insurance companiesremains very low -- in the 10-15% range. Even to this day, Life Insurance Corporation(LIC) of India dominates Indian insurance sector. The heavy hand of government stilldominates the market, with price controls, limits on ownership, and other restraints.

Major Driving FactorsGrowing demand from semi-urban populationEntry of private players following the deregulationRising demand for retirement provision in the ageing populationThe opening of the pension sector and the establishment of the new pension

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regulatorRising per capita incomes among the strong middle class, and spreading affluenceGrowing consumer class and increase in spending & saving capacityPublic private partnerships infrastructure developmentDearth of innovative & buyer-friendly insurance productsSuccess of Auto insurance sector

Emerging AreasHealthcare Insurance & Pension PlansMutual fund linked insurance productsMultiple Distribution Networks .i.e. Bank assurance

The upward growth trend started from 2000 was mainly due to economic policiesadopted by the then Indian government. This year saw initiation of an era of economicliberalization and globalization in the Indian economy followed by several reforms andlong-term policies that created a perfect roadmap for the success of Indian financialmarkets. On the basis of several macroeconomic factors like increase in literacy rate &per capita income, decrease in death rate and unemployment, better tax rebates,growing GDP etc., we estimate that the Indian insurance sector will grow by $28.65billion and reach $76.54 billion by 2011 with a CAGR (compounded annual growth rate)of 12.44% and a growth of 59.82%.

Valuing the invaluableBoth under insurance and over insurance can often be attributed to the lack of properunderstanding of the exact insurance needs for oneself and the family, and the failure tospot and cover all liabilities properly and adequately, or being over-conservative in thisregard.

Under InsuranceUnder insurance, typically occurs when the existing financial liabilities and insuranceneeds are fully taken care of. In the event of the untimely death of the only (or the mainearning) member of the family, his financial liabilities would obviously fall on hisdependents, leaving them in a state of financial distress that could threaten their needof sustenance.

Over InsuranceConversely, there are also instances where individuals indulge in life insurance coversthat far exceed in value than what is actually required. This is a classic case of overinsurance, which leads to an unnecessarily higher premium payment, leaving you muchpoorer. It results in unnecessary expenditure that could otherwise be wisely investedelsewhere.

The need for an adequate insurance cover is never static and keeps on varying with changes in the life stages and important events of an individual. The table belowprovides an insight into the various life stages and events when life insurance coverusually requires a revision.

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CHAPTER – 2 About Organization

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About CHOLAMANADLAM

Cholamandalam MS General Insurance Company Limited (Cholamandalam MS

General Insurance) is a joint venture company, formed by the Murugappa Group and

the Mitsui Sumitomo Insurance Group (MSIG).

The Murugappa Group is an Indian conglomerate with interests in engineering, abrasives,

fertilisers, finance, bio-products and plantations. The Mitsui Sumitomo Insurance Group

(MSIG) is one of the largest insurance groups in the world.

Cholamandalam MS General Insurance offers complete range of general insurance for

motor, home, accident & health, travel, property and casualty, liability as well as several

specialized financial lines.

The German Promoter : ERGO Insurance GroupWith premium income amounting to €17,7bn, ERGO is one of the major insurance groups in Europe. Worldwide, ERGO is represented in more than 30 countries and concentrates on Europe and Asia. In Europe, ERGO is no. 1 in the health and legal expenses insurance segments, and in its home market of Germany it is among the market leaders. 50,000 people work full-time for the Group, either as salaried employees or as self-employed sales representatives.

ERGO offers a wide spectrum of different types of insurance and other services, and, as a reliable and fair partner, intends to be the permanent no. 1 choice for all provision and insurance needs of its clients. 40 million clients currently place their trust in the services, expertise and financial strength provided by ERGO and its companies. In Germany, 20 million clients place their faith in

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http://en.wikipedia.org/wiki/Mitsui_Sumitomo_Insurance_Group

http://en.wikipedia.org/wiki/Murugappa_Group

http://en.wikipedia.org/wiki/Mitsui_Sumitomo_Insurance_Group

http://en.wikipedia.org/wiki/Murugappa_Group

the strong brands of D.A.S., DKV, ERV, Hamburg-Mannheimer, KarstadtQuelle Insurance and Victoria.

ERGO has the right sales channel for every client: Over 21,000 self-employed sales representatives, staff working in direct sales, as well as insurance brokers and strong cooperation partners - both in Germany and abroad - look after our clients. We maintain a far-reaching sales partnership with the major European bank UniCredit Group, both in Germany as well as in Central and Eastern Europe.

ERGO is part of the Munich Re Group, one of the leading risk carriers worldwide. Under its umbrella, both primary insurer and reinsurer capitalise on opportunities to turn risk into value. The investments undertaken by the Munich Re Group amount to approximately € 175bn, of which € 108bn are accounted for by ERGO, and are managed by the joint asset management and fund company MEAG. Munich Re holds a 94.7 % stake in ERGO..ERGO in brief

1. Total premium income of € 17.7 billion in 2008 2. European market leader in private health and legal expenses insurance 3. Investments totalling to over € 100 billion 4. Shareholders' funds amounting to around € 3.7 billion 5. Over 31,000 salaried employees and 21,000 full-time representatives

The CHOLA MANDALAM Difference

• Business strategy aligned to clients' needs and trends in Indian and global economy industry • Internationally experienced core team, majority with local background • Fast, decentralised decision making • Long-term commitment to market and clients

Trust

At CHOLA MANDALAM we realise that you seek an insurer whom you can trust. Chola Mandalam General Insurance is trusted name for over 32 years in the Indian market and ERGO AG has over 110 years of global experience in financial services. Together we are committed to provide you with time tested and trusted financial solutions that provide you all the security you need for your investments.

Claims Philosophy

The CHOLA MANDALAM team follows a service that aims at taking the anxiety out of claims processing. We pride ourselves on a friendly and open approach. We are focused towards providing you a hassle free and speedy claims processing.Our claims philosophy is to : • Be flexible and settle fast • Ensure no claim file to be seen by more than 3 people • Check processes regularly against the global ERGO OPEX (Operational Excellence) methodology Sold over 1 million since inception.

Customer Orientation

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At CHOLA MANDALAM our guiding principles are customer service and client satisfaction. All our efforts are directed towards understanding the culture, social environment and individual insurance requirements - so that we can cater to all your varied needs.

Experienced and Expert Servicing Team

We are driven by a team of experienced people who understand Indian risks and are supported by the necessary international expertise required to analyse and assess them

Superior Technology In order to ensure speedy and accurate processing of your needs, we have established

world class technology, with renowned insurance software, which networks all our offices and intermediaries

Using the Web, policies can be issued from any office across the country for retail products

Unique, user friendly software developed to make the process of issue of policies andclaims settlement simpler (e.g. online insurance of marine policy certificate)

Unique Forms of Risk Cover Special PA cover for Amarnath Yatris Film insurance Event management cover Sports & Entertainment Insurance Package

Risk Management- Our ExpertiseOur service methodology is tried, tested and Proven the world over and involves:

Risk identification: Inspections Risk analysis: Portfolio review and gap analysis Risk retention Risk Transfer: To an insurer as well as reinsurer (as required) Creation of need based products Ongoing dialogue and proactivity

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WHAT SAY THE NEWS HEAD LINES?

27.05.2009An all-inclusive health cover in the works at Chola Mandalam General Insuranceby Shruti Verma Financial Chronicle

CHOLA MANDALAM General Insurance is planning to offer a specialized health insurance product that will cover maternity expenses, dental treatment, contact lenses, glasses, hearing aids, non-allopathic treatment and domiciliary treatment. In a standard health insurance product, such expenses are not covered and are treated as exclusions.

CHOLA MANDALAM General Insurance hopes to cover high-value customers with the new product.

The company plans to offer these benefits as riders attached to a health insurance product. The company has filed rider details with the Insurance Regulatory and Develop-ment Authority (Irda).

The company is working on the premium structure for the cover. “Compared with standard health insurance products, we propose to offer broader and more responsive coverage designed specifically for high-value customers. The market would soon get to see our composite health product with no limits. In addition to the standard health cover, we would provide a host of riders such as hospital cash, expenses for dental and glasses/hearing aids,” said Ritesh Kumar, managing director, CHOLA MANDALAM General Insurance.

The company has filed for regulatory approval for add-on benefits. Since January 1, 2009, Irda has allowed general insurance companies to offer tailor-made (add-on) products to its customers and charge them for the extra benefits offered. Introduction of the riders would be a follow up of the relaxation given by the insurance regulator.

CHOLA MANDALAM is looking to launch ‘first-of-its-kind’ products to strengthen its position in the market and to grow despite the economic slowdown. “The insurance industry follows the fortunes of the market.

The slowdown has definitely impacted the insurance industry. Given the low insurance penetration in the country, there are still opportunities for growth. The company plans to target untapped markets by increasing reach and adding product lines in all segments. We have filed additional products that would be the first-of-its-kind in the Indian Insurance market,” said Kumar.

18.03.2009Insurers will cover you with whistle-blower policies

20

18 Mar 2009, 0318 hrs IST, Debjoy Sengupta, ET Bureau

KOLKATA : When Anil Mehrotra (name changed), a finance executive with an MNC operating in India, lost his job for refusing to reimburse a sheaf of false bills forwarded by his managing director, he could not muster enough courage to draw the attention of the company’s board.

He knew that could lead to a protracted legal tussle and he didn’t have the resources to sustain a legal battle with his erstwhile employer.

For the multitude of unsung heroes-turned-victims like Mehrotra, who remain disillusioned, there may finally be a reason to rejoice.

Whistle-blower insurance has been making waves in the highest echelons of India Inc in the aftermath of the Satyam scam. Also known as “retaliation cover” in hardcore insurance circles, it is offered by some general insurers such as CHOLA MANDALAM and Tata AIG.

The retaliation cover will help a senior executive (independent directors included) to blow the whistle against wrongdoings by any member of the apex management team and ward off a legal backlash.

“People seldom come to the rescue of an employee who blows the whistle. If anything, he attracts retaliatory action from the management by way of lawsuits.

A whistle-blower insurance is an add-on cover that comes with the directors & officials policy (D&O policy) of a company. It shields a director/company official from legal hassles he/she may face for blowing the whistle.

Independent directors-turned-whistle-blowers will also be covered,” says a top CHOLA MANDALAM executive.

Officials at CHOLA MANDALAM are upbeat on the potential of whistle-blower insurance as a redressal tool. Dwelling on the mechanics of its new cover, CHOLA MANDALAM official notes: “Consider director A of a company, who makes an allegation against director B, following which Director B sues him.

Once that happens, the whistle-blower cover gets activated and pays for legal expenses of both directors. If Director B is declared guilty in court, he will have to refund his portion of the expenses paid by the insurer.”

While there have been no specific whistle-blower cover-related claims so far, an CHOLA MANDALAM official asserts that lately, there has been a surge in the number of queries, especially after the Satyam fraud sent shock waves across the corporate spectrum. Tata AIG officials declined to comment on either its related product or this genre of insurance.

However, the moot question is: Are adequate independent safeguards in place to protect those who actually stand up against the bending of laws when it comes to corporate ethics?

Or is it the moral responsibility of a company board and not a single person to blow the whistle once irregularities committed by a fellow director or senior management team member get detected? ET spoke to a stellar cast of company directors and insurance hotshots to get to the core.

Deloitte & Touche Consulting India managing director Roopen Roy does not mince words in his blog that more attention to issues like tolerance of dissent and protection of whistle-blowing may actually reduce the incidence of fraud.

21

“Tick-boxes and checklists often don’t show up the malaise because meek and spineless ‘subordinates’ and external accomplices are deployed to cover the tracks,” he says.

Corporate heavyweights like Basudeb Sen, a former director on the boards of several companies, remain sceptical. “A whistle-blower cover can work only in certain circumstances.

For instance, if the chairman of a company indulges in illegal activity about which the MD gets a whiff, the board of directors may not get to know as the matter may not be discussed at the board level. In that event, the whistle-blower policy can only work if the MD actually blows the whistle,” he points out.

CHAPTER – 3Health Insurance & BAGIC

22

Health Insurance & BAGIC

Health insurance like other forms of insurance is a form of collectivism by means of

which people collectively pool their risk, in this case the risk of incurring medical expenses. It is

sometimes used more broadly to include insurance covering disability or long-term nursing or

custodial care needs. It may be provided through a government-sponsored social insurance

program, or from private insurance companies. It may be purchased on a group basis (e.g., by a

firm to cover its employees) or purchased by individual consumers. In each case, the covered

groups or individuals pay premiums or taxes to help protect themselves from high or unexpected

healthcare expenses. Similar benefits paying for medical expenses may also be provided through

social welfare programs funded by the government.

By estimating the overall risk of healthcare expenses, a routine finance structure (such as a

monthly premium or annual tax) can be developed, ensuring that money is available to pay for the

healthcare benefits specified in the insurance agreement. The benefit is administered by a central

organization such as a government agency, private business, or not-for-profit entity.

The worst nightmare that anyone can have is the one when a family member is hospitalized. Today, when everything is uncertain nobody can be sure what will happen. A seemingly small ailment can turn into major one. And what happens when the earning member of your family is hospitalized. But with a policy from CHOLA MANDALAM you and your family can rest assured!

23

Types Of Health ProductsTypes Of Health Products

Health GuardHealth Guard

Hospital CashHospital Cash

Critical IllnessCritical Illness

Silver Health InsuranceSilver Health Insurance

EE-- OpinionOpinion

Personal GuardPersonal Guard

Star PackageStar Package

1: HEALTH GUARDHealth care cost are high and getting higher. Who will pay your bills if you have a serious accident or major illness? Most of the times we are unprepared for these difficult times, emotionally, as well as financially. CHOLA MANDALAM Health Guard Policy, protect you and your family in case you need expensive medical care. It also offers you cashless benefit & medical reimbursement for hospitalization expenses

Coverage

1. Cashless Facility at empanelled hosp.2. 10% reduction in claim amt if any other hosp.3. Pre-hosp=60 days4. Post-hosp=90 days5. Ambulance charges=Rs 10006. Daycare facility7. E-opinion rider for SI Rs 5lacs, Rs 7.5lacs, Rs 10lacs

Age 1. 5-55 yrs2. 0-5yrs(if any parent)

Sum Insured1. 7.5lacs & 10lacs=5-40yrs2. 50k to 5lacs=40-50yrs3. 50k to 3lacs=50-55yrs

Benefits1. 5%-25% NCB

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2. Family Disc.=10%3. Tax saving4. 2 yrs waiting period for some disease

Exclusions1. Pre-existing disease2. Non-Allopathic treatment3. 30 days waiting period

2: Hospital CashIt provides cash benefits for each and every completed day of hospitalization. Day for this purpose shall be every completed (24 hours) of hospitalization. However, period less than 24 hours shall be considered as a day if it is a period of 12 hours but includes 0300 hours.Can be taken with Health Guard or Critical Illness

Coverage1. Rs 500 to Rs 2500 per day2. Paid for 30/60 days (irrespective of no. of confinements to hosp.)3. Family stands insured4. Benefit is doubled in case of ICU admission5. Day care facility

Age1. 25-60 yrs2. 3mnths-24yrs(with any parent)

Sum insured1. Rs 500, Rs 10002. Rs 2000, Rs 2500

Premium1. Rs 250-Rs 1600,Rs 300-RS 3k2. Rs 600-Rs 4800,Rs 800-RS 5.8k

Benefits1. Family discount 10%2. Tax saving

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Exclusions1. Pre-existing disease2. Natural perils3. 30 days waiting period4. Maternity expenses.

3: Critical Illness

A Critical Illness plan means you can insure yourself against the risk of serious illness in much the same way as you insure your car and your house. It will give you the same security of knowing that a guaranteed cash sum will be paid if the unexpected happens and you are diagnosed with a critical illness. The purpose of a critical illness plan is to let you put aside a small regular amount now, as an insurance against all this happening. The statistics speak for themselves and if you become a part of them at least you will be sure that lack of money won't add to your problems. CHOLA MANDALAM, in its efforts to provide a customer centric solution is offering an insurance policy to cover to some of these critical illnesses like

Coverage(10 sections)1. Cancer2. Coronary artery bypass surgery3. First heart attack4. Kidney failure5. Major organ transplant6. Multiple sclerosis7. Stroke8. Aorta graft surgery9. Paralysis10. Primary pulmonary arterial hypertension

Age1. 6-59 yrs2. 1lacs, 3lacs3. 5lacs, 10lacs

Premium1. 2k-3k, .6k-9k2. 1k-15k, 2k-30k

Benefits1. Lump sum amt to plan the treatment accordingly2. Donor Expenses

Exclusions1. Death within 30 days(after diagnosis of critical illness)2. Maternity expenses3. 90 days waiting period4. War or alike expenses5. HIV/AIDS infection.

4: Silver Health

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Silver Health Plan offers you cashless benefit or medical reimbursement for hospitalization expenses due to illness or accident and is specifically for people aged between 46-75yrs which protects you and your spouse in case you need expensive medical care.

Coverage1. 3%pre & post hosp. expenses2. Ambulance charges Rs 10003. 3times limit of indemnity if renewed continuously.4. Medical exp. if proposal is accepted.

Age1. 46yr to 75 yrs2. Age at entry=70yrs

Sum Insured1. 50000 to 3lacs

Premium1. Rs 1995 to Rs 21006

Benefits1. Pre-existing disease covered after 2nd year with 50% coverage of SI2. Cashless facility3. NCB of 5% every claim free year4. Family discount of 5%5. Tax saving6. Health checkup after 4 yrs

Exclusions1. Non-Allopathic Medicine2. Maternity expenses3. 90 days waiting period4. All pre-existing diseases5. HIV/AIDS infection

5: E-OpinionCHOLA MANDALAM launches e-opinion rider, which will cover the expenses of 2nd opinion e-consultation services for serious illness in India. The policy offers unprecedented access to over 7000 physicians employed by the renowned hospitals of the World Care Consortium. This innovative e-opinion rider gives you an opportunity to obtain best of international expertise at a fraction of the cost.This is a RIDER

Coverage1. Cancer2. Heart Attack3. Coronary Artery Disease4. Stroke5. Renal Failure6. Sudden Blindness7. Multiple Sclerosis8. Coma

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9. Paralysis10. Major burns11. Major organ transplant12. Neuro-degenerative disease13. Pathology14. Disease wanting 2nd opinion15. Life threatening condition16. Estimated cost>1lacs

Premium1. Rs 476 & above (as per head)

Benefits1. Consultation with world’s best doctors2. Opinion in just 7 days.

Exclusions1. Pre-existing disease2. 90 days waiting period3. Any sexually transmitted disease4. Maternity expenses5. Occupational disease6. Accidental bodily injury

6: Personal GuardLife is full of uncertainties and unexpected events. Accidents can happen at home, at work, even at play.The death or injury of a breadwinner can create serious financial problems for any family. It is in situation like these, that you need to be prepared. To help you soften the blow Bajaj Allianz offers the Personal Guard cover. Our Personal Guard Policy offers these additional benefits.

Coverage1. Medical expenses2. Hospital confinement allowance3. Children’s Education Bonus4. Death Benefit5. PTD6. PPD7. TTD

Age1. 3months to 65 yrs

Premium1. 0.45%o to 2%o

Benefits1. Medical exp reimbursed upto 40% of claim amt2. Rs1k/day for 30 days3. CEB Rs 5k(1 child) to Rs 10k(2children)

Exclusions1. Suicide2. Pre-existing disease3. War, civil war

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4. Motor rallies

7: Star PackageCoverage(8 sections)

1. Health Guard2. Hospital Cash3. Critical Illness4. Education Grant5. Householders Content6. Personal Guard7. Traveling Baggage8. Public Liability

Benefits1. All sections have separate discount slabs2. 4-5 sections-10%disc3. 6-8 sections-15%disc4. 2yrs policy-10%5. 3yrs policy-15%

CHAPTER - 4

Comparative Analysis Health Insurance Products of CHOLA MANDALAM With Other Insurance Companies

29

Comparative Analysis Health Insurance Products of CHOLA MANDALAM With Other Insurance Companies

CHOLA MANDALAM with Tata AIG CHOLA MANDALAM with Star Health Insurance CHOLA MANDALAM with National Insurance CHOLA MANDALAM with ICICI Lombard CHOLA MANDALAM with Reliance General

CHOLA MANDALAM with Royal Sundaram

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CHOLA MANDALAM with Tata AIG

Ins Co. CHOLA MANDALAM Tata AIGS. No. Particulars

1 Types of policies 1. Health Guard 1. Accident Guard

2. Critical Illness 2. Healthcare policy

3. Hospital Cash 3. Maharaksha

4. Silver Health 4. Secured Future Plan

5. E-Opinion 5.Criticare

6. Star Package 6.Hospital Care

7. Personal Guard

2 Cash less benefit Yes Yes

3 Cash benefitRs 500 to Rs 2500/day(In health guard & silver health policy

monthly cash benefit(Rs 10000 to Rs 35000)for 5 to 20 yrs OR daily benefit of rs 1000, RS 5000 & Rs 5000

4 Pre-hospitalisation Amt no limit Not Specified

31

5 Pre-hospitalisation Period 60 days Not Specified

6 Post-hospitalisation Amt no limit Not Specified

7 Post-hospitalisation Period 90 days Not Specified

8 Age limit 5yrs to 75 yrs & (0-5yrs) 8 yrs to 70 yrs & (6 mnths to 18 yrs)

9 Sum Insured Rs 50000 to Rs10 lacs (varies b/w ages) Not Specified

10 Premium Rs 798 to Rs 12697(varies b/w ages) Rs 1017 to Rs 11593/ Rs 867 to Rs 12061

11 No Claim Bonus 5% to 25% for claimfree yr Not Specified

12 Family Floater Discount 5% - 10%(varies) Not Specified

13 Family Floater Premium {50%(spouse) & 25%(children)}of annual rate{in star package}

Rs 2798 to Rs 11593(100% for spouse & 25% for 4 children)

14 Ambulance charges max upto Rs 1000 Rs 2000 to Rs 4000(as per SI)

15 Disease Waiting Period(Cogenital) 2 yrs Not Specified

16 Health Check-Up Rs 1000 Not Specified

17 Income Tax Reduction sec 80d sec 80d

18 Income Tax Amount Rs 15000 Not Specified

19 Pre-existing Disease covered upto 50% after 1yr of policy not covered

20 E-opinion yes for SI Rs 5lacs, Rs 7.5lacs & Rs 10 lacs Not Specified

21 126 Daycare Facility yes No

22 Critical Illness yes(separate plan with 10 sections) Not Specified

23 Attendants Expenses Rs 500/day(for 10 days),extra premium Not Specified

24 Donor Expenses Rs 1 lac(add-on) Not Specified

25 Nursing Allowances no limit Not Specified

26 ICU Benefits Double( 7 days) double(5 days)

27 Non-Allopathic Treatment Not Specified Not Specified

28 Add-On Cover separate plans Not Specified

29 Maternity Benefit no Not Specified

30 Physiotherapy Rs 50000(Add-on), in Star package only yes, Rs 5000, Rs 10000,Rs 10000

31 Accident Death Benefit 125 (PA only) 100 times daily cash benefit

32 Anethetists Fee no limit Rs 5000,Rs 10000 or Rs 10000(as per SI)

32

33 Operation Theatre Charges no limit Rs 5000,Rs 10000 or Rs 10000(as per SI)

34 Surgeon's Fees no limit Rs10000,Rs20000,Rs20000(as per SI)

35 Physician Fees no limit Not Specified

36 Policy Period 1 year 1 year

37 TPA no Not Specified

38 Domiciliary Expenses not covered not covered

39 Additional Discounts Not Specified Not Specified

CHOLA MANDALAM with Star Health Insurance

Ins Co. CHOLA MANDALAM Star Health

S. No. Particulars

1 Types of policies 1. Health Guard 1. Medi-Classic Ins.

2. Critical Illness 2. Family Health Optima Ins.

3. Hospital Cash 3. Accident Care Ins.

4. Silver Health

5. E-Opinion

6. Star Package

7. Personal Guard

2 Cash less benefit Yes yes

3 Cash benefitRs 500 to Rs 2500/day(In health guard & silver health policy rs 500 (add-on)


5 Pre-hospitalisation Period 60 days 30 days

6 Post-hospitalisation Amt no limit 7% hosp exp. Or Rs 5000/

7 Post-hospitalisation Period 90 days Not Specified

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8 Age limit 5yrs to 75 yrs & (0-5yrs) 5 mnths to 80 yrs

9 Sum Insured Rs 50000 to Rs10 lacs (varies b/w ages) Rs 5000 to Rs 5 lacs

10 Premium Rs 798 to Rs 12697(varies b/w ages) Rs 575 to Rs 30023

11 No Claim Bonus 5% to 25% for claimfree yr 5% to 25%

12 Family Floater Discount 5% - 10%(varies) Not Specified

13 Family Floater Premium {50%(spouse) & 25%(children)}of annual rate{in star package}

Rs 2348 to rs 3280(for SI 2 lacs to Rs 3 lacs)

14 Ambulance charges Max upto Rs 1000 Rs 500, Rs 750 or Rs 1500 as per location

15 Disease Waiting Period(Cogenital) 2 yrs 1yr & 2 yr

16 Health Check-Up Rs 1000 Not Specified


18 Income Tax Amount Rs 15000 upto Rs 10000 (if paid by cheque)

19 Pre-existing Disease Covered upto 50% after 1yr of policynot in 1st yr but some are covered in 2nd yr & some in 3rd yr


21 126 Daycare Facility Yes no

22 Critical Illness yes(separate plan with 10 sections) Not Specified

23 Attendants Expenses Rs 500/day(for 10 days),extra premium Rs 400/day(Add-On)

24 Donor Expenses Rs 1 lac(add-on) Not Specified

25 Nursing Allowances no limit Not Specified

26 ICU Benefits Double( 7 days) Not Specified

27 Non-Allopathic Treatment Not Specified yes upto Rs25000/ or 25%of SI

28 Add-On Cover separate plans Yes

29 Maternity Benefit No yes(add-on)

30 Physiotherapy Rs 50000(Add-on), in Star package only Not Specified

31 Accident Death Benefit 125 (PA only) Not Specified

32 Anethetists Fee no limit Not Specified

33 Operation Theatre Charges no limit Not Specified

34 Surgeon's Fees no limit Not Specified

35 Physician Fees no limit not Specified

34


37 TPA No No



CHOLA MANDALAM with National Insurance

Ins Co. CHOLA MANDALAM National Ins.

S. No. Particulars

1 Types of policies 1. Health Guard 1. Parivar Mediclaim Policy

2. Critical Illness 2. NRI Accident Policy

3. Hospital Cash 3. Traffic Accident Policy

4. Silver Health 4.Personal Accident Policy

5. E-Opinion 5. Mediclaim

6. Star Package 6. Critical Illness

7. Personal Guard


3 Cash benefitRs 500 to Rs 2500/day(In health guard & silver health policy 1% of SI



6 Post-hospitalisation Amt no limit Not Specified

7 Post-hospitalisation Period 90 days 60 days

35

8 Age limit 5yrs to 75 yrs & (0-5yrs) 3 mnths to 60 yrs

9 Sum Insured Rs 50000 to Rs10 lacs (varies b/w ages) 2 lacs to 5 lacs

10 Premium Rs 798 to Rs 12697(varies b/w ages) Not Specified

11 No Claim Bonus 5% to 25% for claimfree yr 5%(10 claim free yr)

12 Family Floater Discount 5% - 10%(varies) No

13 Family Floater Premium {50%(spouse) & 25%(children)}of annual rate{in star package} 3/4 to 1/2 of annual rate

14 Ambulance charges max upto Rs 1000 1% of SI or Rs 1000

15 Disease Waiting Period(Cogenital) 2 yrs 2 yrs

16 Health Check-Up Rs 1000 1% of SI


18 Income Tax Amount Rs 15000 Not Specified

19 Pre-existing Disease covered upto 50% after 1yr of policy after 4th year


21 126 Daycare Facility Yes yes (conditions)

22 Critical Illness yes(separate plan with 10 sections) No

23 Attendants Expenses Rs 500/day(for 10 days),extra premium No

24 Donor Expenses Rs 1 lac(add-on) 50% of SI

25 Nursing Allowances no limit 25% of SI

26 ICU Benefits Double( 7 days) 2% of SI or Rs 10000 max

27 Non-Allopathic Treatment Not Specified No

28 Add-On Cover separate plans No

29 Maternity Benefit no No

30 Physiotherapy Rs 50000(Add-on), in Star package only No


32 Anethetists Fee no limit 25% of SI

33 Operation Theatre Charges no limit Not Specified

34 Surgeon's Fees no limit 25% of SI

35 Physician Fees no limit 25% of SI

36


37 TPA no Yes



CHOLA MANDALAM with ICICI Lombard

Ins Co. CHOLA MANDALAM ICICI Lombard

S. No. Particulars

1 Types of policies 1. Health Guard 1. Family Floater Policy

2. Critical Illness 2. Critical Care Policy

3. Hospital Cash 3. 10K Tax Saver health Policy

4. Silver Health 4. Personal Accident Policy

5. E-Opinion

6. Star Package

7. Personal Guard



Rs 10000 for 10 days (in case of any bodily injury or illness

4 Pre-hospitalisation Amt no limit not specified


6 Post-hospitalisation Amt no limit not specified


37

8 Age limit 5yrs to 75 yrs & (0-5yrs) 5 yrs to 60 yrs & 3mnths to 5 yrs

9 Sum Insured Rs 50000 to Rs10 lacs (varies b/w ages) 2 lacs to 3 lacs

10 Premium Rs 798 to Rs 12697(varies b/w ages) Rs 2078 to Rs 18032/32182

11 No Claim Bonus 5% to 25% for claimfree yr not specified

12 Family Floater Discount 5% - 10%(varies) not specified

13 Family Floater Premium {50%(spouse) & 25%(children)}of annual rate{in star package} Rs 7619 to Rs 32182

14 Ambulance charges max upto Rs 1000 not specified

15 Disease Waiting Period(Cogenital) 2 yrs 2 yrs

16 Health Check-Up Rs 1000free(but only for 2yrs family floater plan)


18 Income Tax Amount Rs 15000 no limit

19 Pre-existing Disease covered upto 50% after 1yr of policy after 4th yr20

E-opinion yes for SI Rs 5lacs, Rs 7.5lacs & Rs 10 lacs not covered

21 126 Daycare Facility yes yes(conditions)

22 Critical Illness yes(separate plan with 10 sections) not covered

23 Attendants Expenses Rs 500/day(for 10 days),extra premium not covered

24 Donor Expenses Rs 1 lac(add-on) not specified

25 Nursing Allowances no limit not specified

26 ICU Benefits Double( 7 days) not covered

27 Non-Allopathic Treatment Not Specified not covered

28 Add-On Cover separate plans not covered

29 Maternity Benefit no not covered

30 Physiotherapy Rs 50000(Add-on), in Star package only not covered

31 Accident Death Benefit 125 (PA only) not specified

32 Anethetists Fee no limit not covered

33 Operation Theatre Charges no limit not covered

34 Surgeon's Fees no limit not covered

35 Physician Fees no limit not covered

38

36 Policy Period 1 year 1 yr & 2 yrs

37 TPA no Yes

38 Domiciliary Expenses not covered Covered

39 Additional Discounts Not Specified Covered

CHOLA MANDALAM with Royal SundaramIns Co. Bajaj Allianz Royal Sundaram

S. No. Particulars

1 Types of policies 1. Health Guard 1. Health Shield2. Critical Illness 2. Personal Accident

3. Hospital Cash

4. Silver Health

5. E-Opinion

6. Star Package

7. Personal Guard


3 Cash benefit Rs 500 to Rs 2500/day(In health guard & silver health policy

1%of S.I. Per day


5 Pre-hospitalisation Period

60 Days 30 Days

6 Post-hospitalisation Amt no limit No limit

7 Post-hospitalisation Period

90 Days 60 Days

8 Age limit 5yrs to 75 yrs & (0-5yrs) 3mths-70 yrs

9 Sum Insured Rs 50000 to Rs10 lacs (varies b/w ages)

rs.50000-10lakhs

10 Premium Rs 798 to Rs 12697(varies rs.816-31000

39

b/w ages)11 No Claim Bonus 5% to 25%for claimfree yr 5-50% inc S.I.12 FamilyFloater Discount 5% - 10%(varies 5% - 10%(varies)13 Family Floater Premium {50%(spouse) & 25%

(children)}of annual rate{in star package}

Rs 816 to Rs 2755

14 Ambulance charges max upto Rs 1000 upto rs.100015 Disease Waiting

Period(Cogenital2 yrs 2 yrs

16 Health Check-Up Rs 1000 upto rs.750 (for 5yrs of NCB)

17 Income Tax Reduction sec 80d sec 80d18 Income Tax Amount Rs 15000 Rs 1500019 Pre-existing Disease covered upto 50% after 1yr

of policynot in 1st yr but some are covered in 2nd yr & some in 3rd yr

20 E-opinion yes for SI Rs 5lacs, Rs 7.5lacs & Rs 10 lac

not covered


22 Critical Illness Yes(separate plan with 10 sections

not specified

23 Attendants Expenses Rs 500/day(for 10 days),extra premium

not covered

24 Donor Expenses Rs 1 lac(add-on) covered uptoS.I.

25 Nursing Allowances no limit Not Covered

26 ICU Benefits Double( 7 days) 3% S.I./day

27 Non-Allopathic Treatment

Not Specified not covered


29 Maternity Benefit no Not Specified

30 Physiotherapy Rs 50000(Add-on), in Star package only

not covered


32 Anethetists Fee no limit no limit

33 Operation Theatre Charges

no limit Covered

34 Surgeon's Fees no limit Covered

35 Physician Fees no limit Covered36 Policy Period 1 year 1 year37 TPA No Not Specified38 Domiciliary Expenses not covered not covered39 Additional Discounts Not Specified Not Specified

40

CHOLA MANDALAM with HDFC ERGO Ins Co. CHOLA MANDALAM HDFC ERGO

S. No. Particulars

1 Types of policies 1. Health Guard 1.Health Insurance(ind.)

2. Critical Illness 2. Family health plan

3. Hospital Cash3. Accident protection plan

4. Silver Health

5. E-Opinion

6. Star Package

7. Personal Guard



rs.200-500 for 7-14 days respectively



6 Post-hospitalisation Amt no limit not specified



9 Sum Insured Rs 50000 to Rs10 lacs (varies b/w ages) rs.50000-10lakhs

41

10 Premium Rs 798 to Rs 12697(varies b/w ages) rs.800-20470

11 No Claim Bonus 5% to 25% for claimfree yr 5% to 25%

12 Family Floater Discount 5% - 10%(varies) 10%

13 Family Floater Premium {50%(spouse) & 25%(children)}of annual rate{in star package} Rs 4415 to Rs 15050

14 Ambulance charges max upto Rs 1000 upto rs.1000

15 Disease Waiting Period(Cogenital) 2 yrs not specified

16 Health Check-Up Rs 1000covered (limit not specified)


18 Income Tax Amount Rs 15000 RS 15000

19 Pre-existing Disease covered upto 50% after 1yr of policy after 4th year

20 E-opinion yes for SI Rs 5lacs, Rs 7.5lacs & Rs 10 lacs not covered

21 126 Daycare Facility Yes covered (147surgeries)

22 Critical Illness yes(separate plan with 10 sections) Covered

23 Attendants Expenses Rs 500/day(for 10 days),extra premium not specified

24 Donor Expenses Rs 1 lac(add-on) covered uptoS.I.

25 Nursing Allowances no limitrs.200-300 for 7-10 days

26 ICU Benefits Double( 7 days) limit not specified

27 Non-Allopathic Treatment Not Specified not specified


29 Maternity Benefit no not covered

30 Physiotherapy Rs 50000(Add-on), in Star package only not covered


32 Anethetists Fee no limit Covered

33 Operation Theatre Charges no limit Covered

34 Surgeon's Fees no limit Covered

35 Physician Fees no limit Covered


37 TPA no not specified

42


39 Additional Discounts Not Specified5%(for people not living in metro)

CHOLA MANDALAM with Reliance General

S. No. Particulars CHOLA MANDALAMReliance

1 Types of policies 1. Health Guard 1. Standard2. Critical Illness 2. Silver 3. Hospital Cash 3. Gold4. Silver Health5. E-Opinion6. Star Package7. Personal Guard


3 Cash benefit

Rs 500 to Rs 2500/day(In health guard & silver health policy

Minor-rs.250(7days), Critical rs.250(14days)


5Pre-hospitalisation Period 60 days 30-60 days

6 Post-hospitalisation Amt no limit no limit

7Post-hospitalisation Period 90 days 60-90 days


9 Sum InsuredRs 50000 to Rs10 lacs (varies b/w ages) rs.1lakhs-5lakhs

10 PremiumRs 798 to Rs 12697(varies b/w ages) rs.900-15886

11 No Claim Bonus 5% to 25% for claimfree yr 5% to 25%12 Family Floater Discount 5% - 10%(varies) 10%

13 Family Floater Premium

{50%(spouse) & 25%(children)}of annual rate{in star package} RS 1248 to RS 3996

14 Ambulance charges max upto Rs 1000rs.500 STD, rs.750 Silver, rs.1000 Gold

43

15Disease Waiting Period(Cogenital) 2 yrs 2 yrs

16 Health Check-Up Rs 1000 1% S.I. (for 4 yrs of NCB)17 Income Tax Reduction sec 80d sec 80d18 Income Tax Amount Rs 15000 RS 15000

19 Pre-existing DiseaseCovered upto 50% after 1yr of policy after 4th year

20 E-opinionyes for SI Rs 5lacs, Rs 7.5lacs & Rs 10 lacs covered(coditions)


22 Critical Illnessyes(separate plan with 10 sections) covered(conditions)

23 Attendants ExpensesRs 500/day(for 10 days),extra premium rs.200-300 for 5 days

24 Donor Expenses Rs 1 lac(add-on) covered uptoS.I.25 Nursing Allowances no limit rs.200-300 for 5-10days26 ICU Benefits Double( 7 days) Double

27Non-Allopathic Treatment Not Specified

covered(limit not specified)

28 Add-On Cover separate plans Yes29 Maternity Benefit no not covered

30 PhysiotherapyRs 50000(Add-on), in Star package only Actual Expenses

31 Accident Death Benefit 125 (PA only) Not Specified32 Anethetists Fee no limit no limit

33Operation Theatre Charges no limit Covered

34 Surgeon's Fees no limit Covered35 Physician Fees no limit Covered36 Policy Period 1 year 1 yr & 2 yrs37 TPA no yes 38 Domiciliary Expenses not covered covered upto 10% S.I.39 Additional Discounts Not Specified Not Specified

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CHAPTER – 5Market Survey

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Market Survey

Shopkeeper’s Insurance

SHOPKEEPERS PACKAGE: CHOLA MANDALAM shopkeeper’s package protects your shops against all risks

Unique Features

Comprehensive package by a single policy.Uniform rate for money insuranceSingle proposal formCoverage for business interruptionCovers for damage to data media, software and cost of recovery of lost data

Advantages

Single Proposal formComplete coverage at lower premiumSimple documentationCovers for unanticipated lossAll needs of the client get addressed in a single policy

Benefits

All the insurance requirements are addressed by a single policySaving on costsLess time spent in fulfilling procedural requirement

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Smooth functioning of the businessOne stop shop / solution for the clients business related need

CHAPTER - 6 Questionnaire

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Questionnaire

Graphical Presentation of Survey

We have presented below the findings and analysis of the questionnaire addressed to the respondents to gauge the attitude and perception of the people towards insurance. I conducted this survey in Jaipur’s market areas like M I Road, Vaishali Nagar, Malviya Nagar & Bani Park.This survey included 120 shops in all and the response of over all survey is shown in graphs below.

1. Your age ? (“√” one box) [1] < 30 years [2] 30–39years [3] 40–49years [4] 50 and over years

2. Do you know about general insurance?

Options Number PercentageYes 114 95%No 6 5%

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0

20

40

60

80

100

120

yes no

Series1

3. The question was asked to the respondents to know how many of the respondents had a Shop insurance policy.?

Options Number PercentageYes 78 65%No 42 35%

0

10

20

30

40

50

60

70

80

90

yes no

Series1

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From the survey it was found out that 65% of the respondents had a life insurance policy whereas 35% of the respondents didn’t had a Shop insurance policy

4. With which company?

Company Number PercentageCHOLA MANDALAM 5 4.16%Oriental Ins. 26 21.67%National Ins 67 55.83%Others 22 18.33%

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The finding which came out from the survey was that 55.83% of the respondents who have a insurance cover bought life insurance from National Insurance Company Ltd. National Insurance Company is the most preferred brand in the insurance industry because it is the only government company which offers insurance. People prefer to buy insurance from National Insurance Company because of the security being one of the prime factors. In the figure we can also see that nowadays people mindset have changed towards insurance and are opting for private company for insurance cover or policy.

5. From whose suggestion have the respondents taken a policy?It was asked to gain an insight from the respondents that on whose suggestion did theyopt for a life insurance cover or policy.

Family Friends Agents Others50% 25% 23% 12%

0

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50

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70

80

Chola mandam oriental national others

Series1

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After the survey it was found that most of the respondents took policy or shop insurance cover from the suggestions of their friends or family.And only 23 respondents took policy on the recommendation of the agents.Other sources like banks, corporate tie-ups and etc. plays a minute role in reaching out people for insurance policies.

6. What is the insurance coverage?

Coverage Number PercentageFire 120 100%Motor 120 100%Burglary 87 72.5%Others 33 27.5%

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7. Given an option will you change your insurance company?

Option Number PercentageYes 35 29.16%No 85 70.83%

Number

0

1020

3040

5060

7080

90

Yes No

Number

8. Why would you change your insurer?

Option Number PercentageBetter Services 33 27.5%More Options 51 42.5%Better claim handling 24 20%Others 12 10%

Number

0

20

40

60

80

100

120

140

Fire Motor Burglary Others

Number

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Number

0

10

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60

Better Services More Options Better claim handling Others

Number

9. Are you aware about following insurances?

Types of Cover Number PercentageFire 120 120%Burglary 112 112%Theft 116 96.67%Workmen’s Compensation 65 54.16%Public Liability 98 81.76%Glass Plate 23 19.16%Office 78 65%Neon sign 12 10%

Number

0

2040

60

80

100120

140

Fir

e

Bu

rgla

ry

Th

eft

Wo

rkm

en

’sC

om

pe

nsa

tion

Pu

blic

Lia

bili

ty

Gla

ss P

late

Offi

ce

Ne

on

sig

n

Number

10. Why do you think insurance must be done?

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Option Number PercentageSafety 111 111%Tax Rebate 51 42.5%Compulsary by law 89 74.16%Market Trend 33 27.5%

Number

0

20

40

60

80

100

120

Safety Tax Rebate Compulsary by law Market Trend

Number

11. What do you expect from insurance company ?

------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------

ResultsAfter the survey it was found that still major portion of customers go for public insurance companies, but with the entry of more and more private companies the scenario is changing rapidly, people with a need of more and better returns are opting for private companies, and this can be justified by the increasing market share of private companies in the Indian insurance sector.There are various ways in which private companies are found much more lucrative thanpublic companies and the facts which support this statement are as follows:-1. Versatility of products.2. Efficient fund managers.3. Better customer services.4. More returns.

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5. Regular follow up.6. Quicker settlement

Suggestions and recommendation

People are not aware of the Fire insurance. Most of them know only one company which provides fire insurance i.e Oriential. . So awareness campaign should be run so that people are aware of different life insurance companies in India.

People should be educated about the different types of products or plans offered by the General insurance companies. Most of them don’t know much of the different types of plan or products.

It was felt that most of the people took life for tax savings or just to cover up their life, not as an investment avenue. General Insurance companies need to advertise in such a manner that people start investing in General insurance like the way they invest in the stock market

Now at the time of global turmoil insurance company had to hold on to the

Policy holders trust which might lead the company to the path of success

Insurance companies should try to adopt different strategies to market their products or plan. Companies should not primarily focus on the agents for their business.

Conclusion

Insurance is one sector that witnessed continuous growth owing to the reforms in 2000.The insurance sector is likely to attain a size of Rs. 2,00,000 crore ($51.2billion) in 2009-10. In life insurance, the business grew by 23.3% to Rs. 93,000 crore in 2008-09A well-functioning insurance market plays an important role in economic developmentand financial stability of developing economies such as India’s. First, it inculcates andencourages the habit of saving. Second, it provides a safety net to rural and urbanenterprise and productive individuals.

The General insurance market in India is on a growth path. In spite of this, the country lags far behind the others in awareness about General insurance. The challenge is to spread awareness about General insurance and it true benefits. The industry has to convince people to park their hard earned money in long-term insurance and not just look at it as a tax saving instrument

LimitationsUseful Financial insights are not easily available.Due to time constraint sufficient research on all the investment tools is difficult.

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The survey sample is not very large for analysisProperly convincing people to invest in insurance products is challenging.Due to recession there is liquidity crunch in the market.There might have been tendencies among the respondents to amplify or filtertheir responses under the testing conditionsThe research is confined to Kolkata and does not necessarily shows a pattern applicable to other parts of the country.

Questionnaire1) Name:

2) Sex :

3) Age :

4) Occupation :

5) Income :

6) Marital status :

7) No. of family members :

8) Mobile no. :

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9) Are you insured (yes/no):

10) If yes , then with life/ non-life/both

11) In which company ________________

12) How you rank your insurance company ?

|----------------|-----------------------|------------------|-----------------------|excellent very good good fair bad

13) Who suggested you to take the Insurance Policy?

Friends Family AgentsOthers, please specify___________

14) In which of the insurance plan have you invested the money?

Health Plan Others please specify_______________________________

15) Rank the insurance co. according to your preference:o Oriential ------------o National ------------o Reliance ------------o Bajaj Allianz ------------o ICICI Lombard ------------o Chola Mandalam ------------o Royal Sundaram ------------o HDFC ERGO ------------

16) Where do government insurance co. need to improve ? [ ]

a) Serviceb) Returnc) Informationd) Varitye) Easy claim

17) Reason behind the preference of your insurance company?____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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59

Chapter-7 Research Methodology

RESEARCH METHODOLOGY

Sources

The success of any Insurance company depends on how well they are able to align with the

objectives and needs of individual customers, and is able to provide proper solutions to them. To

know how a company is performing and whether they have any cutting edge advantage over

competitors, an intensive study of the market is absolutely necessary. In order to understand the

performance of different companies in the market, we did two types of surveys, primary survey

and secondary survey.

Primary survey

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Primary survey included:-

Visiting websites and fixing appointments with their agents.

Creation of database of prospective clients from different sources calling them up to fix

appointment and then visiting them.

Prepare a questionnaire for the market survey .

Meeting different people to know their views, perception and preference of different

insurance companies.

Secondary survey

Secondary survey included of consulting books, magazines, journals, internet and also

taking reference from:-

library.

I internet.

CHOLA MANDALAM fin polis.

Methodology

We would go in for a qualitative research as our objective is to judge the perception and

preference of different insurance products. The research would be done from primary

data.

Sample Design

Target population: The target population for the research would be people who are

in the age group beyond 40 and age group between 25 to 40.We targeted this group of

population because these populations are the potential customers of insurance.

Sampling Frame : The research would be conducted in Jaipur. The survey has been conducted

among the potential customers of CHOLA MANDALAM from different sectors as CHOLA

MANDALAM deals in many sectors of business.

Sampling Technique : The sampling technique that is adopted is the simple random sampling

wherein every element in the target population has an equal chance or probability of getting

selected in the sample. That means every unit of the population who is more is in the above

mentioned age group, have an equal chance of getting selected

Sample Size: I did a survey among 120 people by taking two categories in

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consideration of 50 each; that is

1.) Age group beyond 40

2) Age group between 25 to 40

Data Collection : The research would be conducted from the source of primary

data collection. Secondary data would help us in knowing the trends prevailing in

the insurance market and would help us in analyzing and interpretation of the

primary data.

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CHAPTER – 8Other Works

OTHER WORKS

Policy Issuance & Renewal

My job profile also included issuance of the policies as well as renewals of the policies.I also renewed the policies of motor, health, marine and travel. Renewing of the policies is a very important issue for all the companies because getting a customer might be easy but retaining the customers is not always easy. So in order to keep good rapport with the customers and name in the market, the company tries to meet the need and demand of the customers.

Agency Issuance & Renewal

Agents and brokers are the life line of an insurance company. Almost 60% of the revenue of the company is generated by agents. I recruited agents which involved process of filling up the forms

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and checking and rechecking of documents. All the agencies lapse after every 12 months. I even renewed some of the agencies so that the companies work is not disrupted.

Underwriting Practices

Underwriting department is one without which an insurance company can not work.in order to get some idea about the underwriting practices of the company I also worked under an underwriter for 1 week. It helped me in getting the clearer picture of the policies and their premium rates.

Sales

My three weeks of training involved selling of health insurance products. The methodology adopted was visits to customers place, tele-calling, meeting the customers who directly come to the company for health policies and also meeting the shopkeepers and making them aware about the policies and various plans available with Bajaj. So that they get motivated to buy the policy.

RECOMMENDATIONS

The rapid increase in competition and the never ending launches of new products and services describe the insurance sector of today. This transformation has been to attract a share of the financial market and to increase it over time, the companies are coming out with strategies that are novel in nature. Tailor made schemes for niche segments of the society are an attempt in this direction. However this is not the end of road. They should strive for introducing new products and services and at the same time updating the old ones. Giving recommendation to a company like Bajaj Allianz General Insurance Co. Ltd. is like showing diya to a sun. Still, I would like to recommend Bajaj Allianz General Insurance Co. Ltd. that should consider improvising on its performance.

Problem posed by bouncing of cheques (difficulty in cheque clearance). Stringent terms and condition of insurance policies. Insurance is product of solicitation.

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Unavailability of Bajaj Allianz General Insurance Co. branches in small cities, towns and rural area.

High amount of base premium. Fear of policy lapse on not paying premium on right time. Lack of faith amongst low income group customers. Lack of advertising of general insurance products. Family floater is not available in all health policies. It is available only in STAR

PACKAGE policy. This posed a lot of problem while selling Health Policies to the customer.

While working with Bajaj Allianz, I observed that there was no proper method of following up.

Products are not as flexible as it demands, especially after detariffying. Commission has to be increased. More technical support required. At times delay in services.

Entry of global and national players in to life insurance sector poses danger of greater competition and realignment of life insurance market.

Bibliography

The monthly fact sheet available from the company for studying the features of products.Online information from the various websites namely:-STEPHEN ROBINS “ORGANIZATIONAL BEHAVIOUR”

HAWKINS “MARKETING RESEARCH”

CUSTOMER BEHAVIOUR

CHOLA MANDALAM’S PRODUCT MODULE

WWW.CHOLAMANDALAM.COM

WWW.BIMAONLINE.COM

WWW.GOOGLE.COM

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http://WWW.GOOGLE.COM/

http://WWW.BIMAONLINE.COM/

http://WWW.CHOLAMANDALAM.COM/

WWW.WIKIPEDIA.COM

WWW.TATAAIG.COM

WWW.ICICILOMBARD.COM

WWW.ROYALSUNDARAM.COM

WWW.STARHEALTH.COM

WWW.IRDAINDIA.ORG

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http://WWW.IRDAINDIA.ORG/

http://WWW.STARHEALTH.COM/

http://WWW.ROYALSUNDARAM.COM/

http://WWW.ICICILOMBARD.COM/

http://WWW.TATAAIG.COM/

http://WWW.WIKIPEDIA.COM/