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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