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Insurance provides financial protection against a loss arising out of happening of
an uncertain event. A person can avail this protection by paying premium to an
insurance company.
A pool is created through contributions made by persons seeking to protect
themselves from common risk. Premium is collected by insurance companies which also
act as trustee to the pool. Any loss to the insured in case of happening of an uncertain
event is paid out of this pool.
Insurance works on the basic principle of risk-sharing. A great advantage of
insurance is that it spreads the risk of a few people over a large group of people exposed
to risk of similar type.
Definition:
Insurance is a contract between two parties whereby one party agrees to
undertake the risk of another in exchange for consideration known aspremium and promises to pay a fixed sum of money to the other party on
happening of an uncertain event (death) or after the expiry of a certain
period in case of life insurance or to indemnify the other party on
happening of an uncertain event in case of general insurance.
-Insurance Act 1938
The party bearing the risk is known as the 'insurer' or 'assurer' and the party
whose risk is covered is known as the 'insured' or 'assured'.
Concept of Insurance
The concept behind insurance is that a group of people exposed to similar risk
come together and make contributions towards formation of a pool of funds. In case a
person actually suffers a loss on account of such risk, he is compensated out of the same
pool of funds. Contribution to the pool is made by a group of people sharing common
risks and collected by the insurance companies in the form of premiums.
INTRODUCTION
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Lets take an example to understand how general insurance actually works:
SUPPOSE
Houses in a village = 1000
Value of 1 House = Rs. 40,000/-
Houses burning in a year = 5
Total annual loss due to fire = Rs. 2,00,000/-
Contribution of each house owner = Rs. 300/-
UNDERLYING ASSUMPTION
All 1000 house owners are exposed to a common risk, i.e. fire
PROCEDURE
All owners contribute Rs. 300/- each as premium to the pool of funds
Total value of the fund = Rs. 3,00,000 (i.e. 1000 houses * Rs. 300)
5 houses get burnt during the year
Insurance company pays Rs. 40,000/- out of the pool to all 5 house
owners whose house got burnt
EFFECT OF INSURANCE
Risk of 5 house owners is spread over 1000 house owners in the village, thus reducing
the burden on any one of the owners.
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UNITED INDIA INSURANCE COMPANY
Solutions that bring back smiles... real fast
United India Insurance Company Limited was incorporated as a Company on
18th February 1938. General Insurance Business in India was nationalized in 1972. 12
Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations
of 5 Foreign Insurers, besides General Insurance operations of southern region of LifeInsurance Corporation of India were merged with United India Insurance Company
Limited. After Nationalization United India has grown by leaps and bounds and has
18300 work force spread across 1340 offices providing insurance cover to more than 1
Crore policy holders. The Company has variety of insurance products to provide
insurance cover from bullock carts to satellites.
United India has been in the forefront of designing and implementing complex
covers to large customers, as in cases of ONGC Ltd, GMR- Hyderabad International
Airport Ltd, and Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc.
They have been also the pioneer in taking Insurance to rural masses with large level
implementation of Universal Health Insurance Programme of Government of India &
Vijaya Raji Janani Kalyan Yojana ( covering 45 lakhs women in the state of Madhya
Pradesh) , Tsunami Jan Bima Yojana (in 4 states covering 4.59 lakhs of families) ,
National Livestock Insurance and many such schemes.
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The control on general insurance business started with the insurance act 1938,
setting up the government control. In 1968 it was amended to add more provisions to
and also Add Tariff Advisory Committee. This Tariff Advisory Committee now fixes the
rates terms and conditions for many branches of general insurance like Fire,
Engineering, Marine, Hull and Workmen compensation insurance.
In 1972, the General Insurance (Business Nationalisation) Act was passed. It set
up GIC and its subsidiaries. 107 private companies were merged into GIC and its
subsidiaries and these companies included both Indian and foreign companies. GeneralInsurance Corporation was formed as company under the Companies Act unlike LIC,
which was setup as corporation. The GIC has only one office in Mumbai and is the
holding companies for all the subsidiaries. It formulates general policy guidelines for
general insurance industry and control the investment and reinsurance policy of the
companies.
GIC had four subsidiary companies, namely (with effect from Dec'2000, these
subsidiaries have been de-linked from the parent company and made as independent
insurance companies.
1. The Oriental Insurance Company Limited
2. The New India Assurance Company Limited
3. National Insurance Company Limited
4. United India Insurance Company Limited.
In April 1993, the govt setup a high power committee headed by R. N. Malhotra,
former Governor of Reserve Bank of India. The committee submitted its report to the
ministry on 7thJanuary 1994.
On 23rd January 1996, The Insurance Regulatory Authority was set up by a
Government order. N. Rangachari has taken over the function of the controller of the
Insurance also. In that capacity he has the controlling authority over the General
Insurance and Life Insurance business in India.
INDUSTRIAL PROFILE
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In the budget speech of July 1996, the govt formally announced its plans to open
the Insurance Industry and also the intention of bringing an Insurance Regulatory
Authority Bill 1996
Insurance Regulatory and Development Authority Act 1999
An Act to provide for the establishment of an Authority to protect the interest of the
policy holders of insurance policies, to regulate, promote and ensure orderly growth of
the insurance industry and for matters concerned there with or incidental thereto and
further to amend Insurance Act 1938, and General Insurance Business (Nationalisation)
Act 1972.
On 26thAugust 1998 the Reddressal of public Grievances Rules 1998 was issued
by the Insurance Division, Ministry of Finance by which the Govt of India setup the
Insurance ombudsman scheme for GIC and LIC. This will handle cases against Industry
from the public and would take over a large part of the consumer forums. The scope
limited to personnel lineses of insurance i.e. Policies taken on individual capacity.
Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to
redress customer grievances in respect of insurance contracts on personal lines where
the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman
Scheme.
General Insurance Corporation of India
GIC and its subsidiaries have completed a Gross Premium of Rs. 8086 crores as
on 31-03-2009. The industry registered an underwriting loss of 384.20 crores, but it
because of its investment income of Rs. 2056 crores, it recorded a net profit after tax of
Rs. 1255 arores. The consolidated result of 2008-2009. The total asset as on 31-03-2009
stood at 21,563 crores.
Private General Insurance Company Includes-
S.No. Registration
Number
Date of
Registration
Name of the Company
1 102 23.10.2000 Royal Sundaram Alliance Insurance Company
Limited
2 103 23.10.2000 Reliance General Insurance Company Limited.
3 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd
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4 108 22.01.2001 TATA AIG General Insurance Company Ltd.
5 113 02.05.2001 Bajaj Allianz General Insurance Company
Limited.
6 115 03.08.2001 ICICI Lombard General Insurance CompanyLimited.
7 131 03-08-2007 Apollo DKV Insurance Company Limited
8 132 04-09-2007 Future Generali India Insurance Company
Limited
9 134 16-11-2007 Universal Sompo General Insurance Company
Ltd.
10 123 15.07.2002 Cholamandalam General Insurance Company
Ltd.
11 124 27.08.2002 Export Credit Guarantee Corporation Ltd.
12 125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.
13 139 27.06.2008 Bharti Axa General Insurance Company Ltd.
14 141 15.12.2008 Raheja QBE General Insurance Co. LtdSource: www.irdaindia.org.html
Insurance is a federal subject in India. The primary legislation that deals with insurance
business in India is:
Insurance Act 1938, and Insurance Regulatory & Development Authority Act 1999.
Three Phases of De-Tariffing
Indias general insurance industry has undergone de-tariffing in three phases:
1994 -- marine cargo, personal accident, health, banker liability and aviation
2005-06 -- marine hull segment
2007 -- fire, engineering and motor own damage (OD). However, the de-tariffing
did not immediately allow for free pricing. Instead, insurers were required to
follow the file and use method, whereby they were expected to file a charter of
proposed rates, which was then approved by IRDA.
The restrictions on price discounts during the initial periods were intended to
ensure orderly price adjustments. They were removed in January 2008.
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The only segment that remains under a tariff regime is the third party motor
business, although there has been a large upward revision in this areas premium rates
by regulators in recent times. Moreover, commercial third party motor business, which
has traditional
Chart 1: Premium Public vs Private by segment before removal of tariff
Source: www.moodys.com
Chart 2: Premium Public vs Private by segment after removal of tariff
Source: www.moodys.com
Charts 1 and 2 compare the premium income of the private and public sectors.
Before the removal of tariffs, fire, engineering and motor own damage (OD) contributed
a much greater proportion of business for private players than was the case for public
firms.
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Market Share Redistribution
Due to the effectiveness of private marketing strategies, the market share of public
insurers has consistently declined. Chart 3 depicts the trend over the last five years.
Given a faster growth rate, the market share of the private sector is catching that of the
public sector and the two will likely converge over the medium term. In the past, private
insurers had aggressively targeted the more profitable (and tariffed) corporate fire and
engineering businesses by combining them with discounted offers on de-tariffed
products, for example, personal accident & health, marine cargo and hulls.
Chart 3: Premium & Volume, Public versus Private-
Source: www.moodys.com
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UNITED INDIA INSURANCE CO
United India Insurance co is formed as a subsidiary of General Insurance
Corporation of India. Their quarters is in Chennai. Now they are the second largest
insurer in India and the largest in Rural insurance and Insurance of major power plants.
They have carved a niche for themselves in this segment because of their deep rooted
commitment combined with experience and expertise over 7 decades. Investment
Information and Credit Rating Agency of India Limited(ICRA) has awarded them with
iAAA rating indicating sound financial position and highest claims paying capacity.
The solvency margin is pegged at 3.32 and the net profit of the company for
2008-09 showed a healthy Rs. 745.485 crores. With over 1350 offices spanning the
length and breadth of the country they have been at advantage to serve customers
better. Besides this their core strength lies in their human resources. Having a work
force of 17000+ people and an army of 2000 officers committed to the service of their
customers, they are in a position to make light of the fact that they issue more than 1
crore policies in a year and settle more than 8 lac claims annually.
They have 25 Regional Offices, 1 Regional Cell, 2 Large Corporate Brokers Unit,
362 Divisional Offices, 684 Branch Offices and 288 Micro Offices spread around the
country. They have 17488 personnel working with them. There are 4451 officers (Class
I) 2013 Development Officers (Class II) 8508 Staff Senior Assistant and Assistant (Class
III),2516 Sub staff, Drivers, Peons and thousands of agents.
UNITED INDIA IN KERALA
United Indias Kerala Region was formed in the year 1984 and at the time the
Premium was only around 12 crores. In 2008-09, this region completed a figure of 97
crores. There are 204 officers, 801 staff, 128 development officers and many agents
working with them. They have a wide spread of officers in 16 divisional offices and 49
branch offices.
COMPANY PROFILE
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United India in Kerala has the largest number of Corporate clients with them.
FACT Ltd. Hindustan Newsprint Ltd. Cochin Shipyard Ltd. Appollo Tyres Ltd. BPL, ITI,
Instrumentation Ltd. Etc are all their clients
They are the largest insurers of various Kerala Govt Schemes. Last year they
launched the Kambhenu programme which is probably the largest mass insurance
scheme launched the Rural Insurance.
At present they are launching a large core insurance plan to equip our offices to
meet the requirements. The Regional Office has setup a risk management cell, A
grievance cell and a Customer Service Cell for responding to the demand of the
customers. The Customer Service Cell is set up in all the Divisional offices.
One of their most successful policy which launched in Kerala is Rashtriya
Swasthya Bhima Yogana they insured from 2008 to 2010 more than ten lakhs people
who are in below poverty line and above poverty line.
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Name : UNITED INDIA INSURANCE COMPANY
LIMITED
Address : Br Office P.B. No. 97, Ashiqua Towers,
Narangapuram, Thalassery 670101
Kannur Dt. Kerala.
Activity : General Insurance
Sr. Branch Manager : P. K. Anil Kumar
Administrative Officer : Harish Kumar
Regd. & Head Office : 24, Whites Road, Chennai 600014
Net income : 520 Crore INR
Total employees : 21000
Web site : www.uiic.in
Chairman-cum-Managing Director : G. Srinivasan
Director & General Manager : Milind Kharat
General Manager : V. Harshavardhan
General Manager : P C James
General Manager & Financial Advisor : S K Gosh
General Manager : K Sanath Kumar
General Manager : P J Joseph
Chief Vigilance Officer : S P Sinha
BASIC FACTS OF THE COMPANY
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Board of Directors
1. Shri G.Srinivasan , Chairman Cum Managing Director
2. Smt. Sukriti Likhi, Director, Govt of India
3. Shri M. S. Sundara Rajan,Chairman & Managing Director, Indian Bank
4. Shri. Milind. A. Kharat , Director & General Manager , UIIC
5. Shri.V.Harshavardhan , Director & General Manager , UIIC
6. Shri A V Ratnam ,Director
7. Shri Abhijit Bandyopadhyay ,Director
BRANCH OFFICE MICRO OFFICE
REGIONAL OFFICE
DIVISIONAL OFFICE
LEARNING OFFICE
HEAD OFFICE
ORGANISATIONL STRUCTURE
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Table 2. Premium Analysis (Rs. in crores)
Year Gross Net
2002-03 2969.63 2092.43
2003-04 3063.47 2151.36
2004-05 2944.46 2172.66
2005-06 3154.78 2225.85
2006-07 3498.77 2529.53
2007-08 3739.56 2880.652008-09 4277.77 3510.41
*Source- Annual Reports
By analysing the premium from 2002 to 2009 it is clear how much it stable UIIC as well
as insurance industry
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
Rsinc
rores
Chart 4
PREMIUM ANALYSIS
Gross
Net
FINANCIAL STRENGTH
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Table 3. Profit Analysis (Rs. in crores)
Year Before Tax After Tax
2002-03 214.16 170.99
2003-04 393.39 380.44
2004-05 318.30 307.71
2005-06 452.74 425.23
2006-07 520.34 528.86
2007-08 658.13 631.62
2008-09 502.91 476.05
*Source- Annual Reports
Profit analysis showing a satisfactory positive growth from 2002 to 2009
0
100
200
300
400
500
600
700
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
Rsinc
rores
Chart 5
PROFIT ANALYSIS
Before Tax
After Tax
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CORPORATE MISSION
To provide insurance protection to all.
To ensure customer satisfaction.
To function on sound business principles.
To help minimise national waste and to help develop the Indian economy.
CORPORATE VISION
The most preferred insurer in India, with global footprint & recognition
Trusted brand admired by all stakeholders
The best-in-class customer service provider leveraging technology & multiple
channels
The provider of a broad range of innovative products to meet the needs of all
customer segments
Great place to work with highly motivated and empowered employees
Recognized for its contribution to the society
Their Bancassurance tie-ups
Andhra Bank
State Bank of Hyderabad
Indian Bank Canara Bank
Syndicate Bank
State Bank of Travancore
State Bank of Indore
State Bank of Patiala
Bank of Maharashtra
Bank of Rajasthan Federal bank
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Their Corporate Clients
Oil and Petro-Chemical Majors
Oil and Natural Gas Corporation Ltd.
Indian Oil Corporation
Hindustan Petroleum Corporation Ltd.
Haldia Petrochemicals Ltd
Gujarat State Fertilizer Corporation
Gujarat Narmada Valley Fertilizer Corporation.
Power and Energy Sector
Nuclear Power Corporation Kaiga, Kudankulam
Karnataka State Electricity Board, Bellary
Punjab State Electricity Board
Tiesta Uraj Ltd
Chattisgarh State Electricity Board
National Hydro Power Corporation
National Thermal Power Corporation
BHEL Power Projects: Chandrapura, Bakreshwar, Jaindal Super Power Plant
Raigarh, Sudan, Dadri
GVK Industries
Tata Power
Neyveli Lignite Corporation
Damodar Valley Corporation
Tanir Bavi Power Company Pvt. Ltd
Tehri Hydro Development Corporation
Subansiri Lower Hydro Electric Project
Torrent Power
SEPCO
IOC Panipat Naphtha Cracker Project
IOC Haldia Hydro Cracker Project
Tata Projects Ltd
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Aviation
National carriers: NACIL (Air India)
Private carrier: King Fisher / Air Deccan
Indian Space Satellites Programme
Infrastructure Sector
Larsen and Toubro
GMR Group
Maytas Infrastructure
Pharma Major
Dr. Reddys Laboratories
Hotels
Oberoi
Hyatt Regency
Park Sheraton
Manufacturing
Ballarpur Industries
MICO
ITC
FACT
Nirma
Asian Paints Oswal Group
Balco Industries
Hindalco Industries
India Cements
Vedanta Group
Tata Motors
TVS Group
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RESEARCH PROBLEM
To study the product portfolio of UNITED INDIA INSURANCE COMPANY
LIMITED.
OBJECTIVES OF THE STUDY
1. To analyse the product portfolio in detail.
2. Put forth some suitable suggestions to improve performance of the Company on
the basis of findings of the study.
3.
To analyze the attitude of the customers towards companies products.
4. To make suggestions and recommendations to the management.
RESEARCH METHODOLOGY
1. Methodology of data collection:-
To conduct the studies different methodologies have been adopted. Both
primary and secondary data are used. Primary data were collected by conducting
personal interviews with the departmental heads, casual talks with workers and
secondary data were collected from the organization manuals.
Primary sources
Direct interview with the departmental heads , detailed interview with the
divisional heads and by interaction with workers and customers of the company .
The data is also collected by observing the functions of the organization.
Secondary sources
The secondary sources of data are:
1. Organization documents.
2. Departmental manuals.
3. Annual reports
4. Periodicals, books etc. published by the company.
5.
Proposals Forums.
OBJECTIVES AND METHODOLOGY
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2. Methodology of data analysis:-
The data collected were edited, coded and processed. The information is presented
through tables, graphs etc.
SCOPE OF THE STUDY
This study is restricted to the analysis Product portfolio of United India
Insurance Co Ltd. For the purpose of the study the data relating various products
benefits premium risk covered are used.
LIMITATION OF THE STUDY
1. In the given short time it is very difficult to cover all area aspect of the firm.
2. Only product portfolio is analyzed in the study. The firms overall performance
cannot be evaluated in the study.
3. Company keeping some data confidential due to competition.
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PRODUCTS
PERSONAL POLICIES COMMERCIAL POLICIES
U H I HOUSEHOLDER PERSONNEL ACCIDENT MEDICLAIM UNIMEDICLA
PERSONAL POLICIES
COMMERCIAL POLICIES
MARINE INDUSTRY MOTOR MISC LIABILITY FIRE
CARGO
HULL
I A R
B P P
C P M
M B
M P L P
L O P
SOCIAL
RURAL
TRAVAL
PACKAGE
PUBLIC
WORKMEN
PRODUCT
PROFESSION
S F S P
L O P
PRODUCT PORTFOLIO
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1. UNIVERSAL HEALTH INSURANCE SCHEME for BPL FAMILIES
The UNIVERSAL HEALTH INSURANCE policy will be available to both
Individuals as well as in Group.
Each Insured should cover all eligible members (insured persons) under one
group policy only. In other words different categories of eligible members shall not be
allowed to be covered under different group policies. It is not permissible to issue any
unnamed group policy.
The Individual Policy will be issued in the name of the earning head of family
with details of insured family members. The Group policy will be issued in the name of
the Group/Association/Institution (called insured) with a schedule of names of the
members including his/her eligible family members(called Insured persons) forming
part of the policy.
Coverage:
Section 1:Hospitalisation Expenses
Hospitalisation Benefits Limits
A Room, Boarding Expenses as provided by the
Hospital / nursing home.
If admitted in IC Unit
Up to 0.5% of Sum Insured per
day
Up to 1% of Sum Insured per
day
B Surgeon, Anaesthetist, Medical Practitioner,
Consultants, Specialists Fees, Nursing Expenses
Up to 15% of Sum Insured per
illness / Injury
C Anaesthesia, Blood, Oxygen, Operation Theatre
Charges, surgical appliances, Medicines & Drugs,
Diagnostic Materials and X-ray Dialysis,
Chemotherapy, Radiotherapy Cost of Pacemaker,
Artificial Limbs & Cost of organs and similar
expenses.
Up to 15% of Sum Insured per
illness / Injury
D Maternity Benefit ONE CHILD ONLY
(with 12 months waiting period)
Rs.2,500/- for normal delivery
and Rs.5,000/- for caesarean
delivery.
PERSONAL POLICIES
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Section 2:
A. PERSONAL ACCIDENT COVER TO EARNING HEAD
Death of Insured Person (earning head of the family) solely due
to accidentRs.25,000/-
B. DISABILITY COMPENSATION FOR EARNING HEAD AND / OR SPOUSE OF THE
FAMILY
SUM INSURED
Section I: Hospitalisation Benefit : Rs.30,000/- per family per policy period
(Rs.30,000/- is inclusive of Maternity benefit of Rs. 2500/- for normal and Rs.5000/- for
caesarean delivery)
(Total expenses incurred for any one illness is limited to Rs.15,000/- (other than
Maternity Benefit) )
Section II: (A)Accidental death of earning head of the family Rs.25,000/-
Section II: (B)Disability compensation payable due to hospitalisation of earning head
and or spouse at the rate of Rs.50/- per day upto maximum of period of 15days in a
policy tear with a time excess of 3 days . Maximum compensation is restricted to
Rs.750/- in one policy year.
This insurance is available to persons between the age of 5 to 70 years. Children
between the age of 3 months and 5 years of age can be covered provided one or both
parents are covered concurrently.
Payment of premium:
Coverage Premium Insureds share GOI Subsidy
Individual Rs.300/- Rs.100/- Rs.200/-
Family upto 5 Members Rs.450/- Rs.150/- Rs.300/-
Family upto 7 Members Rs.600/- Rs.200/- Rs.400/-
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2. HOUSE HOLDER POLICY
Cover any loss/damage to:
Building and its contents
Jewellery and valuables
Domestic appliances, TV, VCR, Audio Systems, PC etc.
Baggage while on travel
Accidental injury causing death/disability
Liability to third parties
Any householder exposed to any of the above contingencies. Benefits under four
(minimum) or more sections can be chosen. P.A Cover available for insured's spouse
and children (Age: 12 to 70) can insure.
Cover under ten sections with option to choose minimum 4 sections for availing
discount in premium. Cover against contents is compulsory.
Building and contents: Fire, lightning, Acts of God, Riot and Strike, impact,
explosion of gas in domestic appliances, overflow of water tanks.
Burglary, House breaking and Theft.
Jewellery and Valuables - Any accidental loss/damage Plate Glass Any
accidental loss/damage
Baggage - While on travel Any accidental loss/damage
Domestic Appliances any accidental loss/damage entirely due to
electrical/mechanical breakdown.
TV, VCR, Audio System
Fire and allied perils, burglary, housebreaking, theft, electrical or mechanical
breakdown
Pedal cycle Fire and related perils, riot, strike, malicious damage, acts of god,
housebreaking, burglary, theft, external accident and also legal liability to
"Public" with a limit of Rs.10, 000.
Personal Accident
Accidental injury causing death/disablement [total/partial]
Third Party Liability
Due to injury to third party or damage to third party property.
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Policy will pay:
Actual extent of loss/damage to property under respective sections
chosen;
Sum Insured is the limit of maximum liability under respective sections;
Limit of liability to third party for Personal injury/Property damage is
upto Rs.25,000 / Rs.10,000 / Rs.3000 under TV/Pedal Cycle/TV Antenna
sections respectively.
Exclusions:
War and war like perils
Wear and tear, depreciation, consequential loss
Nuclear group of perils
Gross and wilful negligence of Insured
Violation of policy conditions
Loss/damage/liability where Insured's family or Insured's employee are
involved as principal/accessory
Intentional act/self injury/ influence of drug/intoxicant.
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3. PERSONAL ACCIDENT POLICY
Cover-Physical loss to an individual due to an accidental injury (including fatal)
Any individual or group of individuals (through employer, association, and institution
etc) aged between 12 and 70. Subject to medical examination at 70, a person can be
covered up to 80 can be insured.
Insured against the risk of death or disablement from accidental bodily injury
(anywhere in the world).
When an accidental injury being the sole and direct cause results ( during the period of
insurance) in:
Death 100 % of Sum Insured
Permanent Total Disablement 100 % of Sum Insured
Loss of two limbs/ Two eyes or one limb
and one eye
100 % of Sum Insured
Loss of one limb or one eye 50 % of Sum Insured
Permanent Partial Disablement Varying % of Sum Insured as per policy
Temporary Total Disablement 1 % of Capital Sum Insured per week ,
Subject to a maximum of Rs 3000 per week,
for a maximum period of 100 weeks
Exclusions:
Compensation under more than one clause for same period of disability not
exceeding capital sum insured.
Any payment after admission of a claim for 50 % / 100 % of Capital Sum Insured.
Any claim in the same period of insurance exceeding the Capital Sum Insured.
Suicide, attempt there at, criminal breach of law, accidental death/injury under
influence of liquor/drugs.
Pregnancy related claim.
War and nuclear perils.
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4. MEDICLAIM POLICY
Cover-Expenses incurred by the insured for hospitalisation for illness / diseases or
injury sustained (domiciliary hospitalisation also payable as per policy). These include
Hospital charges ( Room, Boarding & Operation theatre) fees for surgeon, Anaesthetist
Nursing, specialist etc., diagnostic tests, cost of medicines, blood, oxygen etc., cost of
appliances like pacemaker, artificial limbs etc.,
The following can be insured
Any person in the age group of 5 to 75 years Children between 3 months and 5
years can be covered only along with parent/s. Institutions ( Government or Private ) for their employees
Clubs / association for their members in the said age group.
Group schemes for homogenous groups of more than 50 persons.
This policy covers risk of Illness / disease, accidental injury
Other benefits includes
Domiciliary hospitalisation benefits can be excluded under group mediclaim
policy and a premium discount can be availed
Exemption under income tax (80D of Income Tax Act) for Premium paid by
cheque
A discount of 10% of total premium for coverage of family under a single policy
The policy will pay
Actual hospitalisation expenses of various types listed above subject to a
maximum of Rs. 15,000/- to Rs. 5,00,000/- depending upon the sum insured
chosen at the inception of the policy ( sum insured is maximum liability under
the policy.)
Actual domiciliary hospitalisation expenses limited to Rs. 3,000/- to Rs. 50,000/-
depending on the sum insured chosen at inception.
Cost of health check up reimbursable at the end of 4 continuously claim free
underwriting years limited to 1% of Average sum insured of 4 claim free years
The sum insured will be increased by 5 % cumulative bonus for every claim free
year. If there is a claim in a policy with cumulative bonus 10% of the sum insured
will be reduced from the earned bonus
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Exclusions:
Broadly there would be no claim under policy under following circumstances
DOMICILLARY HOSPITALISATION: Pre and post hospitalisation treatment,
treatment of Asthma, Chronic Nephritis and Nephritis Syndrome, Gastro-
enteritis, diabetes mellitus and insipidus, epilepsy, hypertension, influenza,
cough and cold, all psychiatric or psychosomatic disorder, pyrexia of unknown
origin for less than 10 days, tonsilitis and URTI, arthritis, rheumatism ( the list is
not exhaustive) Any treatment relating to any illness / disease already in
existence at the time of proposal
Any disease / injury during first 30 days of commencement of policy. ( accidental
injury is not an exclusion )
During first year of cover of cataract, Benign prostatic Hypertrophy,
Hysterectomy for menorrhagia on fibromyoma, Hernia, Hydrocele, Congenital
internal disease, Fistula in anus, sinusitis and related disorder.
Any pre-existing disease / illness is not covered during renewal also.
Vaccination, inoculation circumcision or change of life or cosmetic or aesthetic
treatment, plastic surgery, unless dental treatment unless requiring
hospitalisation necessitated due to accident or as a part of any illness.
Cost of spectacles, contact lenses, hearing aids.
Convalescence, general debility, "run-down" conditions sterility, venereal
disease, intentional self-injury use of intoxicants
Any variation of deficiency syndrome or AIDS.
Hospital / nursing home charges not consistent with or incidental to the
diagnosis and treatment : Vitamins, tonics not forming part of any treatment.
Any treatment related to pregnancy, child birth and voluntary medical
termination of pregnancy during the first 12 weeks of pregnancy
Nuclear perils and war group of perils
Naturo pathy treatment.
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5. UNI-MEDICARE INSURANCE
Cover-Reimbursement of Hospitalisation expenses of illness/diseases or injury
sustained.
The insurance scheme also provides for
Family discount in premium
Cumulative Bonus
Cost of Health Check-up
Hospitalisation Benefits Limits
A
i) Room, Boarding Expenses as provided by the
Hospital / nursing home.
ii) If admitted in IC Unit
i) Up to 0.5% of Sum Insured per
day
ii) Insured per da
B
Surgeon, Anasthetist, Medical Practitioner,
Consultants, Specialists Fees, Nursing Expenses
Upto 15% of Sum Insured per
illness / injury
C
Anaesthesia, Blood, Oxygen, Operation Theatre
Charges, Surgical appliances, Medicines &
Drugs, Diagnostic Materials and X-ray Dialysis,
Chemotherapy, Radiotherapy, Cost of
Peacemaker, Artificial Limbs & Cost of organs
and similar expenses.
Upto 15% of Sum Insured per
illness / Injury
Exclusions:
All diseases/injuries which are pre-existing when the cover incepts for the first
time.
Treatment arising from or traceable to pregnancy ( including voluntary
termination of pregnancy) and childbirth, (including caesarean section)
Naturopathy treatment
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1. MARINE INSURANCE
a)
Marine Cargo Insurance
Cover- Any loss or damage to goods in transit by rail, sea, road, air or post.
Owners or bankers of goods in transit/shipment can be insure. And the following can be
insured:
export and import shipments
goods in transit by rail, sea, road, air or post
goods carried by coastal vessels plying between the various ports within the
country
cargo transported by small vessels or country craft over inland waters
goods moved from place to place by river transport
The policy covers loss/damage to the property insured due to:
Fire or explosion; stranding, sinking etc.
Overturning, derailment ( of land conveyance)
Collision
Discharge of cargo at port of distress
Jettison
General average sacrifice, salvage charges
Earthquake, lightning
Washing overboard
Sea, lake, river water
Total loss of package lost overboard or dropped in loading or unloading
War and SRCC is specifically covered
Premium Rating
The normal basis of valuation for ocean/air consignment will be CIF + incidentals
up to a percentage which is agreed upon at the inception of the policy (normally this is
10 %)
COMMERCIAL POLICIES
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Open Cover
Open cover is usually issued for import/export. The open cover is a contract
effected for a period of 12 months, whereby the insurance company agrees to provide
insurance cover to all shipments coming within the scope of the open cover. Open cover
is not a policy. It is an unstamped agreement. As and when shipments are declared,
specific policies are issued as evidence of the contract and on collection of premium.
Open Policy
This policy is issued for transit of goods within India. Policy is valid for one year
and all transits during the policy period and declared are automatically covered by the
insurance company subject to the availability of the overall sum insured.
It is a stamped document. In this case specific policies are not issued for each
consignment. Premium can be collected in advance for the entire estimated value during
the policy period. Stamp duty is collected in advance along with premium for
despatches to be declared periodically.
Specific Voyage Policy
This policy is valid for a single voyage or transit. The policy will be issued before
the voyage starts. The coverage will cease immediately on completion of the voyage.
The specific voyage policy must show complete details of the risk...It should
contain particulars of conveyance/Vessel name/ Bill of Lading or Way bill and date, sum
insured, terms and conditions of cover, voyage, cargo description etc like all other
marine policies
Annual Policy
This policy may be issued to cover goods in transit by road or rail or sea from
specified depots or processing units owned or hired by the insured. The goods covered
must belong to or held in trust by the insured. These policies cannot be issued to
transport operators, clearing , forwarding and commission agents or freight forwarders
or in joint names.. They cannot be assigned or transferred. For such policies the sum
insured should not be less than Rs 5000/-.
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b) Marine Hull Insurance
Cover-Any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing boats
and sailing vessels.
Owners or bankers of ships or vessels can be insured.
The various vessels that are covered under this policy are:
Fishing Vessels
Ocean Going Vessels
Sailing Vessels
Other Vessels
Cover the following risks:
Fire or explosion; stranding, sinking etc.
Overturning, derailment ( of land conveyance)
Collision
General average sacrifice, salvage charges
Exclusions:
Deliberate damage/destruction of the vessel by wrongful act of any person
Use of any weapon of war employing atomic / nuclear fission and or fusion
Insolvency or financial default of the vessel owner / operators / charterers
War / civil war Strike, Riot or Civil Commotion
Any terrorist or person/s acting with political motive
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2. INDUSTRIAL INSURANCE
a) Industrial All Risk Policy
Cover-All the risks other than petro chemical risks having a minimum sum insured of
100 crores are covered here.
Perils Covered-
Section I
Fire & all covers
burglary and theft
Machinery breakdown / Boiler explosion / Electronic Equipment Insurance
Section II
Consequential Loss following Fire ( FLOP )
Machinery Loss of Profit
Excluded causes
Faulty design, materials , workmanship and construction
Interruption loss due to failure of gas , electricity and water supply
Collapse or cracking of buildings
larceny, fraud or dishonesty
wilfull negligence on the part of insured
war group of perils
nuclear group of perils
destruction of property by public order
Excluded Property
Money , cheques , securities of any description , jewellery , works of art , goods
held in trust or on commision , computer system records
Vehicles licensed for road use
Property in transit outside premises
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Properties or structures in course of erection or demolition unless specifically
covered.
Land , pavements , railway and road lines untill specifically covered
Property damaged as a result of its undergoing some process Livestock , growing crops or trees
Property removed to other locations exceeding 60 days
Loss payable to the property covered under marine / other policies
Section II
Insured's lack of sufficient capital
Any restrictions imposed by any public authorities
Loss of business due to cancellation of order / Lease
Damage to boilers , machinery , economizers and data equipment
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b) Boiler & Pressure Plant Insurance
Cover- Boilers like fire tube boilers/recovery boilers and unfired pressure
vessels/steam pipes can be covered.
The owners of the boiler/ pressure plant can take insurance can be insured.
This policy affords protection against
Damage to the boilers and/or pressure vessels
Damage to the surrounding property of the insured
Liability of the insured by law to any third party on account of
o
death or bodily injury
o Damage to property (not held in trust or in commission) caused by and
solely due to explosion or collapse occuring in the course of ordinary
working.
Partial loss
In cases where damage to an item can be repaired, the policy shall pay expenses
necessarily incurred plus the cost of dismantling and re-erection. No deduction for
depreciation but salvage value is deductible.
Total loss
Where an insured item is destroyed, the company pays the actual market value of the
item immediately before the occurrence of loss including freight and erection cost. The
salvage shall be taken into account and condition of average will apply (i.e. if sum
insured is not adequate, claim will be paid only proportionately).
Exclusions:
Fire related losses including extinguishment
Act of God perils
Gradually developing flaws
Wearing away or wasting of the materials of a boiler like blockage, corrosion,fracturing, blisters, and lamination.
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Failure of individual tubes
War group and nuclear group of perils
Experiments/tests requiring abnormal conditions
Defects, fracture, failure, deformation/bulging not resulting in explosion
Consequential loss, loss arising out of existing defects known to insured
Loss/damage for which manufacturer/ repairer is responsible
Wilful act/neglect or gross negligence of insured.
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c) Contractors Plant & Machinery Policy
Cover- Various types of mobile equipments like earthmovers, excavators, cranes in
particular location are covered. The policy is restricted to a particular location.
The owners of the plant and machinery can be insured.
CPM Policy can be issued by covering equipment on Anywhere in India basis with the
following provisions:
a. Full description with identification no. of each and every equipment with
valuation should be declared.
b.
Transit risks from site to site will be excluded.
c. Loading of 10% on the basic CPM rate shall be charged to cover floater
risks.
This policy shall cover any unforeseen and sudden physical damage to the property by
any cause not specially excluded. This policy shall apply to the insured item whether:
They are at work
or at rest
or being dismantled for the purpose of cleaning or overhauling
or when being shifted within the premises
or subsequent re-erection.
Partial loss
Full cost of replacement of parts plus repair charges, cost of dismantling and re-erection. Depreciation is applied only for the parts with limited life. If the repair works
are undertaken by the insured, actual material and labour costs plus a reasonable
quantum of overheads is payable. Salvage is deducted. If the sum insured is not
adequate, policy pays only proportionately.
Total loss
The actual market value of item immediately before the occurrence of loss, less salvage
and depreciation subject to adequacy of sum insured
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In both cases freight and customs duty are also paid if they are included in sum insured.
Policy excess is deducted from the claim.
Exclusions:
1. Electrical or mechanical breakdown or boiler explosion .
2. Replaceable parts like bits, knives, ropes & bolts, chains etc., wear and tear,
corrosion, damage whilst in transit, war and nuclear perils.
3. When undergoing test or while used for a purpose different from what was
originally intended .
4. Damage due to accidents to carrying vehicle /train/vessel/and craft.
5.
Damage to plant&machinery working underground .
6. Contractual liability, consequential loss, existing defect, inventory loss.
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d) Machinery Breakdown Policy
Cover-Various types of machinery, plant and equipment (mechanical/electrical) can be
insured. Any type of installed machinery with an option to insure/to cover only selected
equipments.
The following persons can be insured-
The owner of the machinery.
In case of any financiers interest eg. Bank, IDBI etc. machinery can be insured in
the joint names.
The sum insured should represent:
Present day replacement value which includes
- Basic cost + customs duty
- Incidental cost
Covers the following risks
Policy covers the insured machinery, plant and equipments while at work/idle,
being dismantled or removed or re-erected, if performed in the same premises, damage
to electrical machinery due to fire originating within itself.
It covers loss or damage due to faulty operation, adjustment, casting, vibration,
entry of foreign objects, loosening of parts, self heating, centrifugal force, short circuit.
Basis of Indemnity
The sum insured representing the present replacement cost of the machinery.
Partial Loss
Full cost of parts plus the labour charges, to and fro freight, customs duty and charges
for dismantling and re-erection. Excess applicable to the affected item is deducted fromclaim. Depreciation is applied for items with limited life.
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Total Loss
Actual value of items immediately before the occurrence less appropriate depreciation.
If under insured, claim is paid only on proportionate basis.
Exclusions:
Fire and allied perils
War and War like operations, Nuclear perils
Wilful act or gross negligence, existing defects, normal wear and tear and
consequential loss
Loss or damage falling under manufacturers warranty
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e) Deterioration of Stock
Usually this policy is issued to cold storages.
There should be Machinery Breakdown Insurance for the machineries of concerned cold
storage units.
This policy covers the risk of loss or damage to the perishable stock by deterioration or
putrefaction due to
Rise or fall in temperature resulting from breakdown of refrigeration plant
and equipment at the premises.
Damage to the said plant and equipment by an incidental extraneous cause
subject to the perils excluded.
Failure of electric supply
Basis of Indemnity
The insured is indemnified for damage caused to the stocks by deterioration,
contamination or rotting due to an accidental damage to the plant resulting in a rise in
temperature.
The total liability of the company under this policy shall be limited to the insured value
or market value whichever is less.
Provided always that
The insured should possess an unqualified permission in writing of the
competent Licensing Authority to the Cold Storage during the entire period of
insurance.
The damaged stock should be stored at the refrigeration chambers specified in
the policy
The Plant and Machinery used should be covered by Machinery Insurance.
The insured has to maintain daily stock book, Log books as per the format
prescribed by company
Stock book & log book should be made available for the inspection of company
representative
Appropriate deductions-Shrinkage and rottage
- Value of damaged stock by sale or survey
- Under insurance, if any
- Excess- Recovery of rent, if any
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f) Electronic Equipment Insurance
Cover-
Electronic equipments such as Computers, Medical, Bio-Medical, Micro Processors,Audio-visual equipments etc.
The owner of the equipment. Interest of any financier may be protected by issuing a
policy in the joint names can be insured.
Policy Cover-
Section 1. Material damage.
Section 2. External data Media.
Section 3. Increased cost of working.
Risk covered-
Unforeseen and sudden physical loss or damage from fire and allied perils breakdown,
short circuiting etc.
Basis of Indemnity
Section 1:
Partial loss:
Actual expenses incurred to restore it to its former state plus cost of dismantling, re-
erection, ordinary freight, Duty (Depreciation only on parts with limited life).
Total loss:
Actual market value immediately before the loss plus ordinary freight, erection charges,
Duty Excess, Salvage are deducted.
Section 2:
Expenses incurred within 12 months and strictly necessary for restoring the data media
to its pre-accident condition would alone be payable.
Section 3:
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1. Rental expenses incurred for substitute equipments on hourly basis.
2. Personal expenses.
3. Transportation charges.
Exclusions:
Section 1:
Excess specified in policy, wear and tear, existing faults, loss/damage to exchangeable
parts and consumables.
Section 2:
Excess specified, intrinsic value, consequential loss, Programming error - data media
Section 3:
Expenses due to: restrictions imposed by public authorities, non-availability of funds.
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3. MOTOR INSURANCE
Motor Package and Liability only Policies
Cover-Motor vehicle which includes private cars, Motorised Two wheelers andCommercial vehicles excluding vehicles running on rails.
Owners of the vehicle, Financiers or Lessee, who have insurable interest in a motor
vehicle can be insure.
Insured's Declared Value
(a) In case of vehicle not exceeding 5 years of age, the IDV has to be arrived at byapplying the percentage of depreciation specified in the tariff on the showroom price of
the particular make and model of the vehicle.
(b) In case of vehicles exceeding 5 years of age and Obsolete models (manufacture of
those vehicles which have been stopped by the manufacturers), they have to be insured
for the prevailing market value of the same as agreed to between the insurer and the
insured.
(a) Package Policy - Section I
Section I (Own Damage - OD) of Package Policy :
Section I of package policy covers loss or damage to the vehicle and / or accessories due
to
Accidental external means
Fire, Self ignition, lightning
Burglary, house breaking or theft
Terrorist activity
Riot, Strike and Malicious Damage
Earthquake
Flood, cyclone and Inundation etc
While in transit by rail, road, air, elevator, lift or inland waterways
Landslide or workslide
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None of the above perils can be excluded from the scope of a policy.
Loss or damage to accessories by burglary/house breaking/theft
1.
For private car it is covered
2. In case of Motorised Two Wheelers this can be covered on payment of an
additional premium at 3% of the IDV of such accessories
3. Loss or damage to Lamp, Tyres, mudguard and / or bonner side parts, bumpers
etc., can be covered on payment of additional premium. This is applicatble only
to Commercial Vehicles.
If the vehicle is disabled in an accident, cover is provided for the reasonable cost of the
following:
Its removal to nearest repairers
The cost of reasonable repairs immediately necessary
subject to the limit provided for.
(a) Package Policy - Section II
Section II (Liability) of Package Policy :
1. Liability to third parties bodily injury and or death and property damage
2. Personal accident cover for the owner driver for a specified sum insured
The following are payable under Section II of the Package Policy subject to the limit of
liability laid down in the Motor Vehicles Act :
The insured's legal liability for death / disability of third party
Loss or damage to third party property
Claimant's cost as decided by the court
All costs and expenses incurred with company's written consent
In case of death of an Insured person, entitled to indemnity for a liability incurred under
this policy, his legal representative will be indemnified in place of insured, if heobserved all conditions as the insured himself.
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Additional premium is payable to extend the cover under the Package and Liability Only
policies in case of the following :
The Geographical area may be extended to include
a) Bangladesh b) Bhutan c) Nepal d) Pakistan e) Sri Lanka f) Maldives by charging
additional premium of Rs. 500/- per vehicle in case of package policy and Rs.100/- per
vehicle in case of Liability only Policy.
Personal Accident covers are available to names and unnamed persons travelling
in the Motor Vehicles including employees.
In case of vehicles belonging to Embassies / Consulates etc., where the "import
duty" element is not included in the IDV the premium for Own Damage shall be
loaded by 30%.
Electrical / Electronic Fittings :
Electrical / Electronic Fittings which do not form part of the vehicle manufactured and
imported have to be specifically covered separately by paying additional premium of
4% on the value of such fittings.
CNG / LPG-Bi-fuel Kits :
Vehicles fitted with CNG/LPG Bi-fuel kits have to be separately declared and premium is
chargeable at 4% on the value of such kit.
Fibre Glass Fuel Tanks :
An additional premium of Rs.50/- for OD cover for all vehicles except Miscellaneous
Type of Commercial Vehicles : for Miscellaneous Type of Commercial Vehicle it is Rs.
100/-.
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Other Information
(I) Transfers :
In case of change of ownership, please ensure to effect the transfer of Insurance policy
within 14 days from the date of transfers of ownership.
(II) Change of Vehicles :
A vehicle can be substituted by another vehicle for the same class, for the balance
period of a policy subject to adjustment of premium, if any, on prorata basis from the
date of substitution.
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4. MISCELLANEOUS INSURANCE
a) SOCIAL INSURANCE
i) Janata Personal Accident
Cover-Any Individual aged between 10 -70.
Accident resulting in,
Death
Permanent total disablement
Total and irrecoverable loss of use of limb
Loss of eye sight
Policy can be availed for an amount of Rs. 25,000/- to Rs. 1,00,000/- sum insured.
In the event of accidental injury, it provides compensation as follows
Death or permanent total disablement - 100% of sum insured.
Loss of two limbs or two eyes or one limb and one eye - 100% of sum insured.
Loss of one limb or one eye - 50% of sum insured.
Exclusions:
No compensation is payable for any disablement that exists at the time of taking
the policy. No payment will be made in excess of the sum insured for each
individual.
Intentional self-injury
Suicide or attempted suicide
Whilst under the influence of intoxicating liquor or drug
Whilst racing on wheels
Hunting
Big game shooting
Mountaineering or whilst engaged in winter sports or resulting from the insured
committing any breach of law with criminal intent.
War and nuclear perils.
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ii) Bhagyashree Child Welfare Policy
Cover-Cover is applicable to girl child in the age group of 0 to 18 years whose neither
parents' age should be greater than 60 years.
Cover is to provide relief to insured girl in the case of death of either/both of the
parents arising out of accident.
In the event of death of the parent(s), Rs.25,000/- will be deposited in the name of the
child in any of the nationalised banks and the benefits will be provided as under.
Benefits Provided
Age of the child Amount of relief Payable to
1-5 years
Rs.1,200/-per annum
Surviving parent or
guardian
Surviving parent or guardian,
provided the expenditure is incurred
for the child's education
6-11 years Rs.1,200/- per annum
Surviving parent or guardian,
provided the expenditure is incurred
for the child's education
12-17 years Rs.2,400/- per annum
Surviving parent or guardian
provided the expenditure is incurred
for the child's education
18 yearsBalance amount to the
child's credit
To the girl on attaining the age of 18
completed years
In the event of the death of the girl before attaining 18 years, the balance amount
standing to the credit of the girl child will be paid to the surviving parent/guardian.
Unique Features
Relief to the girl child in the event of death of any of the parents
Relief to orphaned girl for maintenance and education
Lumpsum payment on attaining the age of 18 completed years
Premium- Rs.15/- per child per annum.
Discounts- Varies from 5 to 30% depending upon the group size.
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iii)RajaRajeshwari Mahila Kalyan Yojna Policy
This scheme provides economic security to women. All sections of women in the
age group of 10 - 75 years irrespective of their income, vocation or occupation can be
covered in this policy.
Basic cover
For Disablement of Insured women
Permanent total disablement Rs.25,000/-
Loss of two limb/both eyes/one limb and one eye Rs.25,000/-
Loss of one limb/one eye - Rs.12,500/
For Death
For married women - Policy provides compensation of Rs.25, 000/- in the event
of death of husband due to accident.
For unmarried women - Policy provides compensation of Rs. 25,000/-in the
event of death of the insured to the nominee/legal heir.
Additional Cover
Temporary Total DisablementRs.500/- per month subject to a
maximum of Rs.1,500/
Expenses incurred for legal Divorce proceeding Actual not exceeding Rs.2,000/-
Loss/damage to HouseholdFire, flood, riot,
terrorismUp to a limit of Rs.2,000/-
Death/Disablement would mean not only Death/Disablement arising out of
accident, but also include death during child birth at hospital and surgical operation
such as sterilisation, caesarean, hysterectomy and removal of breast due to cancer
provided that it occurs within 7 days from the date of operation.
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Unique Features
Policy provides cover not only for the disablement of women but also for the
death of her husband.
Additional cover provides for Temporary Total Disablement and also for loss/
damage to household goods.
Premium:
Rs.15/- per woman per annum for the basic cover and Rs.23/- per woman per annum
for both basic and additional cover.
Discounts:
Group discount varies from 5% to 30% based on the group size. Long Term Discount
ranges from 5% to 20% depending upon the period of insurance.
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iv)Mother Teresa Women & Children Policy
All sections of women in the age group 10 to 75 years irrespective of their income,
occupation or vocation can be covered under the policy.
Section i : economic security scheme to women
Basic Cover-For Disablement of Insured women
Permanent total disablement Rs.25,000/-
Loss of two limb/both eyes/one limb and one eye Rs.25,000/-
Loss of one limb/one eye Rs.12,500/-
For Death
For married women Policy provides compensation of Rs.25,000/- in the event
of death of husband due to accident.
For unmarried women Policy provides compensation of Rs. 25,000/-in the
event of death of the insured to the nominee/legal heir.
Additional Cover For Women
Temporary Total Disablement Rs.500/- per month subject to a maximum of
Rs.1,500/
Expenses incurred for legal Divorce
proceeding
Actual not exceeding Rs.2,000/-
Loss/damage to Household Fire, flood, riot,
terrorism
Up to a limit of Rs.2,000/-
Death/Disablement would mean not only Death/Disablement arising out of accident,
but also include death during child birth at hospital, and surgical operation such as
sterilisation, caesarean, hysterectomy and removal of breast due to cancer provided
that it occurs within 7 days from the date of operation.
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Premium
Rs.15/- per woman per annum for the basic cover and Rs.23/- per woman per annum
for both basic and additional cover.
Additional Accident Cover for Wife
As a special case we can consider in the event death due to accident of married women,
husband gets the compensation of Rs.25,000/- with an additional premium of Rs.9/-.
This cover is only death due to accident and disablement is not considered under the
policy.
Discounts
Group discount varies from 5% to 30% based on the group size. Long Term Discount
ranges from 5% to 20% depending upon the period of insurance
Unique Features
Policy provides cover not only for the disablement of women but also for thedeath of her husband.
Additional cover provides for Temporary Total Disablement and also for
loss/ damage to household goods.
Section ii - insurance cover applicable to children
Basic Cover
Cover is applicable to two children in the age group of 0 to 18 years whose
parents age does not exceed 60 years.
Cover is to provide relief to insured children in the case of death of
either/both of the parents arising out of accident.
In the event of death of the parent(s), Rs.25,000/- will be deposited in the
name of the child with the GIC Asset Management Co. Ltd. and the benefits
will be provided as under
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Benefits provided
Age of the
children
Amount of Relief Payable to
1-5 years Rs.1,200/-per annum Surviving parent or guardian
6-11 years Rs.1,200/- per annum Surviving parent or guardian, provided the
expenditure is incurred for the childrenseducation
12-17 years Rs.2,400/- per annum Surviving parent or guardian provided the
expenditure is incurred for the childrens
education
18 years Balance amount to thechilds credit
To the children on attaining the age of 18completed years
In the event of the death of the children before attaining 18 years, the balance amount
standing to the credit of the children will be paid to the surviving parent/guardian.
Premium
Rs.15/- per child per annum.(coverage limited to two children only and the
premium would be Rs.30/- per annum.)
Discount
Varies from 5 to 30% depending upon the group size.
Unique Features
Relief to the children in the event of death of any of the parents
Relief to orphaned children for maintenance and education
Lump-sum payment on attaining the age of 18 completed years
Hence the total premium for a comprehensive policy would as follows:
i. Rs.32/- for comprehensive cover to the women inclusive of husband
ii. Rs.30/- for two children
Totaling Rs.62/- only for the entire family cover.
The insured can either opt A full family cover for Rs.62/- or Section I - only for Rs.32 or
Section II - only for Rs.30/- as per their need.
In case the premium is routed through a single source, the applicable discount would be
the highest and the premium at the lowest.
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v) Jan Arogya Bima Policy
Any Individual aged between 5 -70. Children between 3 months and 5 years can be
covered provided one or both parents are covered concurrently.
Hospitalisation/Domiciliary hospitalisation expenses incurred for medical or surgical
treatment for illness/disease (contracted after 30 days from commencement of risk)
and injury.
Reimbursement of hospitalisation/domiciliary hospitalisation expenses incurred by an
insured person for treatment of illness/disease/injury as an inpatient in a Nursing
Home. The limit of liability under the policy per year per person is Rs.5,000/-.
Risk Covered-Any sudden illness like heart attack, jaundice, pneumonia, appendicitis,
paralytic, food poisoning or accidents and the same require hospitalisation/domiciliary
hospitalisation
Exclusions-
Any disease contracted within 30 days from commencement of risk.
Injury/disease caused by war perils/nuclear perils
Circumcision
Routine eye examination
Dental treatments/surgery of any kind unless requires hospitalisation.
Convalescence/general disability/run down condition or rest cure etc.
Expenses on vitamins and tonics
Treatments arising from or traceable to pregnancy/child birth inclusion of
caesarian section.
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b) RURAL INSURANCE
i) Cattle & Livestock Insurance
All indigenous/cross breed/exotic animals in the prescribed age groups duly fixing the
value and certifying the health of the proposed animal by a qualified Veterinary Doctor.
Animal owners / private dairies / cooperative dairies / NDDB owned dairies can be
insured.
Risk covered-
a. Death due to accidents including fire, lightning, flood and cyclone or disease
contracted or occurred during the currency of the policy period.
b. Permanent Total Disability due to total incapacity to conceive or yield milk by
paying extra premium.
Sum insured or market value prior to illness subject to production of following
documents.
a) Duly completed claim form.
b) Death certificate from a qualified veterinary surgeon.
c) Policy / Certificate.
d) Ear tag.
Exclusions-
Malicious or wilful misconduct or neglect, over loading, unskilled treatment or
use of the animal for the purpose other than stated in the policy without the
consent of the company in writing.
Accidents occurred or diseases contracted prior to commencement of risk.
Intentional slaughter.
Transport by air / sea and road beyond 80 kms.
Theft / clandestine sale, missing of insured animal.
Partial disablement of any type.
War perils.
Nuclear perils
Consequential loss
Death of animals due to disease within 15 days from the inception of policy.
Pleuro pnemonia --- Lakhimpur ----- districts of Assam.
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iii)Poultry Insurance
A Layer birds and hatchery birds in a poultry farm in the age group of 1 day old
to 72 weeks and broilers in the age group of 1 day to 8 weeks.
Ducks and Quails are also insured under the policy.
Own Poultry farmers / financing bank can insure the birds. All the birds in the
farm should be insured without selection.
Risk covered-
Policy provides indemnity against death of birds due to accidents including
fire, lightning, flood, cyclone, strike, riot, civil commotion, terrorism,
earthquake and disease contracted or occurred during the policy period (a fewer
specified diseases are however excluded and can be covered subject to
vaccination.
Policy pay-
80% of the value of the bird at the time of loss as per stage wise valuation
table attached to the policy subject to deduction of a specified policy excess.
Exclusions-
Malicious / wilful misconduct / negligence.
Transit by any mode of transfer.
Improper management.
Theft and clandestine sale of birds. Intentional slaughter of birds.
Consequential loss
War and nuclear perils.
Mareks, Ranikhet, Foul Pox and infectious bronchitis unless birds are
successfully protected against them.
Loss of production, mall nutrition, under growth, cannibalism, loss due to
huddling and piling of birds.
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iv)Gramin Accident Policy
Any Individual aged between 10 -70.
Policy can be availed for an amount of Rs.5,000/- sum insured.
Death
Permanent total disablement
Total and irrecoverable loss of use of limb
Loss of eye sight due to accidental injury.
In the event of accidental injury, it provides compensation as follows-
Death or permanent total disablement - 100% of sum insured.
Loss of two limbs or two eyes or one limb and one eye - 100% of sum insured.
Loss of one limb or one eye - 50% of sum insured.
Exclusions-
No compensation is payable for any disablement that exists at the time of taking
the policy. No payment will be made in excess of the sum insured for each
individual.
Intentional self-injury
Suicide or attempted suicide
Whilst under the influence of intoxicating liquor or drug
Whilst racing on wheels
Hunting
Big game shooting
Mountaineering or whilst engaged in winter sports or resulting from the insured
committing any breach of law with criminal intent.
War and nuclear perils
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v) Plantation Insurance
Trees/plants/shoot/vegetative part only for crop duration or 12 months whichever is
shorter.
Farm owners/lessees cultivating the plantations /horticulture.
Coverage and indemnity to insured to the extent of loss or damage to the crop by
operation of any one of the following perils
a) Fire including forest fire and bush fire.
b)
Lightningc) Riot, strike, acts of terrorism
d) Storm, hailstorm, cyclone, hurricane, flood and inundation.
The input costs or recurring expenses incurred for raising the crop (establishment and
maintenance) upto the date of the loss. Limits of indemnity on input cost basis are fixed
at each stage of the crop. Claims are subject to Franchise and Excess deductibles.
Exclusions-
The policy excludes to pay for loss or damage to crop arising due to theft, malicious
damage, negligence, natural mortality, war perils, nuclear perils, insects, pests and
diseases, drought, earthquake, climatic variations, water logging, inconsequential losses,
damage to structures capital items, irrigation systems, agricultural implements,
harvested produce.
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c) TRAVAL INSURANCE
i) Baggage Policy
Baggage Insurance Policy covers all accompanied baggage during a journey like
suitcases, trunks etc., containing the baggage and additions during the journey.
It covers accompanied baggage(not dealers', stock or travellers samples) during
a specified journey (including air travel).Suitcases, trunks etc., containing the
baggage and additions can also be insured provided they are declared
specifically before the commencement of the journey.
The policy provides cover against loss or damage to accompanied personal
baggage due to fire, riot and strike, terrorist activity or theft or accident during
the course of journey including stoppages en route anywhere in India.
Insured and insureds family members in respect of their baggage as specified
above.
The policy pays for the contents of the baggage damaged/lost due to any of the perils
stated above on a strict basis of indemnity.
Exclusions-
To articles of consumable nature, cash, securities, jewellery, precious stones,
furs, watches etc.
To any property conveyed/transported by a carrier under receipt
Due to depreciation, wear and tear, consequential loss, legal liability, theft from
unsecured car
Due to war perils, nuclear perils, moth, vermin or while cleaning, repairing.
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iii)Suhana Safar Policy
The policy covers the risks of Personal Accident and loss of Baggage of the
insured, spouse and dependent children covered during the period of outstation
travel with in India from the declared place of departure(includes places of
sojourn).
Coverage available for a single round of travel to the places declared up to the
scheduled date of return . Cover available for journeys less than 60 days.
Policy Covers
Section I
PERSONAL ACCIDENT
Risk Up to Rs.1 lakh per head with reimbursement of reasonable actual emergency
incidental expenses up to Rs.1000/- per head both as defined in the policy.
Bodily injury sustained by the insured arising out of an accident resulting in death or
disablement within 12 calendar months of the accident will be indemnified.
Section II
BAGGAGE
Loss or damage to the personal effects carried as accompanied baggage due to fire,
riots, strike, terrorism, malicious damage , theft , burglary for the actual value of the
articles but not exceeding Rs.500/- per article unless specifically declared.
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d) PACKAGE INSURANCE
i) House Holders Policy
Any loss/damage to
Building and its contents
Jewellery and valuables
Domestic appliances, TV, VCR, Audio Systems, PC etc.
Baggage while on travel
Accidental injury causing death/disability
Liability to third parties
Cover under ten sections with option to choose minimum 4 sections for
availing discount in premium. Cover against contents is compulsory.
Building and contents :Fire, lightning, Acts of God, Riot and Strike, impact,
explosion of gas in domestic appliances, overflow of water tanks.
Burglary, House breaking and Theft.
Jewellery and Valuables - Any accidental loss/damage Plate Glass Any accidental
loss/damage
Baggage - While on travel Any accidental loss/damage
Domestic Appliances Any accidental loss/damage entirely due to
electrical/mechanical breakdown.
TV, VCR, Audio System
Fire and allied perils, burglary, housebreaking, theft, electrical or mechanical
breakdown
Pedal cycle Fire and related perils, riot,strike, malicious damage, acts of god,
housebreaking, burglary, theft, external accident and also legal liability to
"Public" with a limit of Rs.10,000.
Any householder exposed to any of the above contingencies. Benefits under
four (minimum) or more sections can be chosen. P.A Cover available for
insured's spouse and children (Age: 12 to 70)
Personal Accident
Accidental injury causing death/disablement [total/partial]
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Third Party Liability
Due to injury to third party or damage to third party property.
Policy pay
Actual extent of loss/damage to property under respective sections
chosen;
Sum Insured is the limit of maximum liability under respective sections;
Limit of liability to third party for Personal injury/Property damage is
upto Rs.25,000 / Rs.10,000 / Rs.3000 under TV/Pedal Cycle/TV Antenna
sections respectively.
Personal Accident Section
If injury directly/solely causes within 12 months of its occurrence:
Death / loss of two limbs / eyes / Total permanent disablement : Full
Sum Insured
Loss of a hand / foot / eye / use of hand / foot : 50% Sum Insured
Specified Percentage (%) of Sum Insured in other cases of permanent
disablement [partial]
Weekly benefits (Rs.3000/- max.) upto 100 weeks payable for Temporary Total
Disability.
Exclusions-
War and war like perils
Wear and tear, depreciation, consequential loss
Nuclear group of perils
Gross and wilful negligence of Insured
Violation of policy conditions
Loss/damage/liability where Insured's family or Insured's employee are
involved as principal/accessory
Intentional act/self injury/ influence of drug/intoxicant.
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ii) Compact Policy
The policy covers offices and Establishments (non manufacturing). Generally this policy
does not cover shops, godowns, ware houses etc. There are different sections of the
policy.
Section I - Fire & Allied Perils
Sub Section 1A (Building)
Covers building above plinth and foundation with connected utilities, sanitory fittings
etc.External walls of the building should be made of stone/bricks/RCC etc
Sub Section I B (Contents including incidental stock)
Contents of insured premises described in the schedule of policy, belonging to
insured
Contents belonging to insured when temporarily removed to some place with in
India from insured premises for a period not exceeding 60 days only for an
amount not exceeding 5 % of the total sum inured for contents subject to
maximum of Rs.20,000/-
Stock incidental to the trade for an amount not exceeding 10% of total sum
insured under this section
Cost of removal of debris of insured property affected subject to maximum 10%
of sum insured for this sub section if it is specifically declared for insurance and
additional premium paid
Sub Section IC (Tenants Legal Liability)
This is applicable only if insured is a tenant of the building
Insureds legal liability as tenants of the insured premises for damage to the
building of the offices and land lords fixture and fittings
Perils Covered
Fire, Lightning, Explosion/implosion
Bursting & overflowing of water tanks
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Riot, Strike, malicious damage
Earth quake, Fire and /or Shock, subsidence and land slide
Flood, inundation, cyclone etc
Impact damage by rail/road vehicle or animal by direct contact Aircraft or articles dropped from them
Section II (Contents - Burglary & Housebreaking)
Deals with the loss or damage of the contents of the insured premises as a result of
burglary and house breaking.
Section III(Mechanical & Electrical Appliances)
All electrical & mechanical appliances other than Diesel Generator sets pertaining to
insureds business/trade
Perils covered loss or damage due to unforeseen and sudden accidental physical
damage caused by and /or solely due to the mechanical and / or electrical break down.
Section IV (Electronic Appliances)
Deals with loss or damage of electronic appliances, portable computers , cellular
phones, data carrying materials etc due to any cause other than the exclusions specified
in the policy.
Section V (Money Insurance)
Money relating to profession or business while in
Transit from and to the insured premises described in the schedule
Safe installed at the insured premises
Till at the insured premises
Cost of replacement or repair of the insureds safe in the insured premises in the
event of it being damaged by thieves/burglars.
Perils Covered Loss due to accident or misfortune
Section VI (Personal Accident)
Provides accident cover to the insured or any Director or employee of the insured aged
between 18 years and 70 years . The person should be a permanent employee of the
insured at the office as stated in the Schedule.
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Section VII (Legal Liability)
Deals with legal liability towards
Third Parties
Employees
Section VIII (Fixed Glass / Sanitary Fittings)
This section covers loss or damage due to accidental breakage of
Fixed Plate Glasses and Sanitary fittings
Frames of frame work
Lettering consequent upon the breakage of glasses.
Section IX (Neon Sign / Glow Sign / Hoarding)
Section covers Neon sign and/glow sign and/ hoarding belonging to the insured.
Perils Covered - Loss or damage due to
Accidental external means
Fire, Lightning, explosion
Theft
Riot , Strike. Malicious damage
Storm, Flood and Inundation etc.
Discount Available
More sections selected, allows more discount.
Loyality discount for c
Recommended