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    The Study Of Indian Insurance Sector

    OBJECTIVE

    There can be more than one aim of preparing this project. +ollowing are the objecti!es of

    this project,

    - To apprehend and predict the industry.

    - To e(press the need of Insurance in busy is"/0ontented life of people.

    - To "now the strength and wea"ness of !arious companies.

    Insurance is the Subject )atter Of Solicitation 1

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    HEAD START

    Insurance may be described as a social de!ice to reduce or eliminate ris" of loss to life

    and property. 2nder the plan of insurance a large number of people associate themsel!es

    by sharing ris"s attached to indi!iduals. The ris"s which can be insured against include

    fire the perils of sea death and accidents and burglary. Any ris" contingent upon these

    may be insured against at a premium commensurate with the ris" in!ol!ed. Thus

    collecti!e bearing of ris" is insurance.

    %eople generally regard insurance as a scheme when and where you ha!e to lose a lot to

    gain a little. 3e!ertheless insurance is still the most reliable tool an indi!idual can use to

    plan for his future.

    Throughout our li!ing e(istence we are faced by numerous ris"s / failing health

    financial losses accidents and e!en fatalities. Insurance addresses all these uncertainties

    on financial terms.

    The insurance industry in particular has been subjected to numerous changes in the last

    few decades since the need for insurance is more e!ident now than earlier. %eople4s

    spending patterns are changing and more 5 more resources are needed for immediate

    consumption. In fact it is recommended that you re!iew your needs and insurance

    portfolio from time to time say e!ery 1/6 years.

    Insurance is the Subject )atter Of Solicitation 6

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    What exactly is insuance!

    Insurance plays an important role in the business acti!ities as well as in the personal

    li!es. Insurance can be e(plained with the following e(amples as mentioned below,

    What will happen to a family7s finance if home will be destroyed by fire or earth8ua"e

    etc? What would be the financial situation of the family and dependence if there is a

    premature death of the main earner of the family? These e!ents occur somewhere

    e!eryday or in fact e!ery minute all o!er the world. %ro!iding protection against such

    ris"s is necessary and it is pro!ided by the insurance to indi!iduals families and

    businessmen.

    )odern life is full of ris"s and uncertainties. Human life is also subject to ris"s and

    uncertainties. The same is the case with the goods raw materials and other types of

    properties. is"s and uncertainties are more in the field of business therefore it is rightly

    said 9ris" thy the name of business:. To o!ercome or to minimi;e the ris" there is the

    insurance.

    The term

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    TH==TA0T/

    9I3S2A30= IS A +O) O+ A 0O3TA0T O A#==)=3T 23@=

    WHI0H O3= %AT A#==S TO %A I3 =T23 O+ 0O3SI@=ATIO3 A3

    A#==@ A)O23T O+ )O3= TO A3OTH= %AT TO )AB= #OO@ TH=

    'OSS @A)A#= O I3C2 @2= TO SO)= 230=TAI3 =D=3T I3 WHI0H

    TH= I3S2=@ Ethe person which is insuredF HAS I3T==ST:

    De"initi#ns$%

    #eneral @efinition

    In the words of Cohn )agee 9Insurance is a plan by which large number of people

    associate themsel!es and transfer to the shoulders of all ris"s that attach to indi!iduals.:

    +undamental @efinition

    In the words of @.S. Hansell 9Insurance may be defined as a social de!ice pro!iding

    financial compensation for the effects of misfortune the payment being made from the

    accumulated contributions of all parties participating in the scheme.:

    0ontractual @efinition

    In the words of justice Tindall 9Insurance is a contract in which a sum of money is paid

    to the assured as consideration of insurer7s incurring the ris" of paying a large sum upon

    a gi!en contingency.:

    Insurance is the Subject )atter Of Solicitation G

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    ,RI-CI,.ES O/ I-SURA-CE

    I3S2A30= AS A SO0IA' S=02IT TOO' has gathered much significance today

    along with safety and sa!ing which acts as the future pro!isions are the main aims of

    insurance. Howe!er insurance is the special type of contract. It in!ol!es the following

    principles,

    1. UTMOST GOOD FAITH: - 2tmost good faith is one basic and primary

    principle for insurance. It states that the insurance contract must be made in absolute

    good faith on the part of both the parties. It means both the parties &insurer and insuredmust ha!e the faith on each other. +or this both the parties to the contract must disclose

    all the facts relating to the subject matter of insurance. $ut it is more on the insured as he

    is in possession of the subject matter to be insured. It is necessary to disclose all the

    important material fact about the contract to each other in full and trustfully. This

    principle is more important in life insurance because the information disclosed will affect

    the judgment of an insurance company to accept or reject the proposal. This principle is

    also applicable to general insurance.

    2. INSURABLE INTEREST: - Insurable interest means the interest in the

    e(istence of the subject matter and not in the destruction. The insured must ha!e

    insurable interest in the life article and goods etcJ which are insured. It means the

    relationship of the person who insures and the life or article insured. A person can assure

    in his own life and e!ery part of it and can insure for any sum whatsoe!er as he li"es.

    Similarly a wife has an insurable interest in her husband and !ice/!ersa. Howe!er mere

    natural lo!e and affection is not sufficient to constitute an insurable interest. It must beshown that the person affecting an assurance on the life of another is so related to that

    other person as to ha!e a claim for support. +O =.#., An owner has insurable interest in

    his house and in his personal assets. A person has insurable interest in his own life 5

    wife nears 5 dears.

    Insurance is the Subject )atter Of Solicitation K

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    0EY TERMS USED I- I-SURA-CE

    1. INSURER OR ASSURER: -The person or the party who gi!es assurance

    to the other party for getting compensation of the loss is "nown as insurer or

    assurer.

    2. INSURED OR ASSURED: -The person or party who get the assurance

    from the insurer for the compensation of loss is "nown as insured or assured.

    3. PROPOSAL [Appli!"i#$ %#&'(:-A proposal is a re8uest by a proposed

    Nwho is interested in ta"ing policy against some loss or damage. The proposal

    can be made in writing in the form of letter. The Insurance 0ompany issues a

    printed proposal form to be filled in and signed by the proposed insured.

    4. POLICY: - It is a document containing the contract. The policy is not a

    contract but it is only an e!idence of the contract .The policy shows the terms and

    conditions of the insurance contract which are binding on both insurer and

    insured. The policy is a stamped and sealed document. It is a !aluable document

    and by gi!ing the security of the policy the loan can be obtained from the ban" or

    from the insurance company.

    5. PREMIUM: -%remium is the amount which policyholder has to pay regularly

    to insurance company according to the contract. If the premium is not paid

    regularly the contract will come to an end the compensation will not be paid the

    company is case of loss or damage. The amount of the premium depends up to

    !arious factors li"e age ris" in!ol!ed and time period. %remiums paid on life

    insurance are refundable whereas of general insurance are non/refundable.

    Insurance is the Subject )atter Of Solicitation P

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    6. CLAIM: -0laim is the demand made by the policy holder with the insurance

    company to pay the compensation for the loss or damage to the property or goods

    by specific reason. In case of life insurance claim can be made after the maturity

    of the life policy or at the time of death whiche!er is earlier. In general insurancethe claim can be made only in the e!ent of loss.

    7. DOUBLE INSURANCE: -@ouble insurance means ta"ing more than one

    policy to co!er the same ris". Any interested person can insure his goods with

    more than one company. $ut these are contracts if indemnity i.e. the insured will

    get the amount of actual loss or the amount of policy whiche!er is less. He cannot

    ma"e profits by ta"ing @ouble Insurance. In case of life Insurance @ouble

    Insurance becomes beneficial because Insurable interest is not limited to any

    specific amount as !al!e of human life cannot be measured. So a person can buy

    number of policies if he can pay the premium. He or his nominees will get amount

    of all the policies on maturity or death whiche!er is earlier.

    8. RE-INSURANCE: -=/insurance is an agreement by which an Insurance

    company agrees to accept a portion of the ris" already ta"en by another insurance

    company. The original company may insure the goods at higher rate of premium

    and may re/insure with some other company at a lower rate of premium.

    Therefore =/insurance is a contract between two insurance companies.

    Sometimes the insurance companies feel that it has underta"en a big ris" under

    the policy which is beyond its capacity. Then the company can transfer a part of

    ris" to another company by insuring the same subject matter. So when oneinsurance company insures with other insurance company the same subject matter

    than it is called re/insurance

    Insurance is the Subject )atter Of Solicitation *L

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    /U-CTIO-S O/ I-SURA-CE

    1. SPREADING OF RIS): -'ife and property of person are subject to a number

    of uncertain ris"s. Thus the loss that a few may suffer is spread o!er to a number of

    people who ha!e insured against the same ris". The premium paid by a large number of

    persons are used to compensate the loss that a few may suffer i.e. insurance company

    ne!er ta"es the ris"J it co!ers the ris" and immediately spreads the ris" among many

    insured7s. $ecause the premiums for insurance are paid by large number of insured7s

    whereas the loss is suffered by few insured7s. Thus from the premiums collected the

    compensation are paid to the sufferers.

    2. PROTECTION: -%rotection is the main function of insurance. 'ife insurance is a

    protection to the dependents of the insured in case of premature death and if the insured

    sur!i!es up to the maturity of the policy then the old age of the insured is protected.

    Therefore insurance creates a sense of security in the life of an indi!idual and protection

    against loss. The protection is always in terms of money i.e. financial protection.

    3. INCREASES SA*INGS: -This function is performed only by life insurance. It

    is creating the habit of sa!ing among the people because in life insurance it is compulsory

    to pay the premiums regularly otherwise the contract becomes in!alid. Thus the sa!ings

    goes on increasing year after year and insured gets the large amount on the maturity of

    the policy by which he can e(ecute his future plans.

    4. IT CREATES FUNDS FOR IN*ESTMENT: -Insurance companies collect

    money by way of premium from large number of insured which becomes large sum and

    this fund is made a!ailable for long term in!estment in industries companies and

    go!ernment departments with the intention of de!elopment of the country. Insurance

    companies also use the premiums collected for underwriting the shares and debentures of

    joint stoc" companies. Thus insurance plays an important role in economic de!elopment

    of the country.

    Insurance is the Subject )atter Of Solicitation **

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    -EED O/ I-SURA-CE

    AQ Assets are insured because they are li"ely to be destroyed or made non/functional

    through an accidental occurrence. Such possible occurrences are called perils. +ire

    floods brea"downs lightning earth8ua"es etc are perils. The damage that these perils

    may cause the asset is the ris" that the asset is e(posed to.

    $Q The ris" only means that there is a possibility of loss or damage. It may or may not

    happen. There has to be an uncertainty about the ris" .Insurance is done against the

    contingency that it may happen. Insurance is rele!ant only if there are uncertainties. If

    there is no uncertainty about the occurrence of an e!ent it cannot be insured against.

    0Q conceptually the mechanism of insurance is !ery simple. %eople who are e(posed to

    the same ris"s come together and agree that if any one of the

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    that the income will normally cease the person concerned could ha!e made some other

    arrangement to meet the continuing needs. $ut if it happens much earlier when the

    alternate arrangements are not in place insurance is necessary to help those dependent on

    the income.

    =Q In the case of a human being he may ha!e made arrangements for his needs after his

    retirement. These would ha!e been made on the basis of some e(pectations li"e he may

    li!e for another *G years or that his children will loo" after him. If any of these

    e(pectations do not become inade8uate and there could be difficulties. 'i!ing too long

    can be as much a problem as dying too young. These are ris"s which need to be

    safeguarded against. Insurance ta"es care.

    +Q Insurance does not protect the asset. It does not pre!ent its loss due to the peril. The

    peril cannot be a!oided through insurance. The peril can sometimes be a!oided through

    better safety and damage control management. Insurance only tries to reduce the impact

    of the ris" on the owner of the asset and those who depend on that asset. It compensates

    may not be fully the losses. Only economic or financial losses can be compensated.

    #Q The concept of insurance has been e(tended beyond the co!erage of tangible assets.

    =(porters run the ris" of the importers in the other country defaulting as well as losses

    due to sudden changes in currency e(change rates economic policies or political

    disturbances. These ris"s are now insured. @octors run the ris" of being charged with

    negligence and subse8uent liability for damages. The amounts in 8uestion can be fairly

    large beyond the capacity of indi!iduals to bear. In some countries the !oice of a singer

    or the legs of a dancer may be insured e!en though the ad!antage of spread may not be

    a!ailable in these cases.

    HQ Satisfaction of economic needs re8uires generation of income from some source. If

    the property which is the source of such income is lost fully or partially permanently or

    temporarily the income too would stop. The purpose of insurance is to safeguard against

    Insurance is the Subject )atter Of Solicitation *6

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    such misfortunes by ma"ing good the losses of the unfortunate few through the help of

    the fortunate many who were e(posed to the same ris" but sa!ed from the misfortune.

    Thus the essence of insurance is to share losses and substitute certainty by uncertainty.

    Insurance is the Subject )atter Of Solicitation *>

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    Insuance in In1ia

    Insurance is a s.>LL billion business in India and yet its spread in the country is

    relati!ely thin. Insurance as a concept has not been able to ma"e headway in India. Till

    !ery recent past 'I0 enjoyed a monopoly in life insurance business while #I0 followed

    suit in the general insurance business. There ha!e been !ery little options before the

    consumer to decide the insurer.

    Successful passages of the IA $ill ha!e cleared the way for pri!ate sector operators in

    collaboration with their o!erseas partner. It is li"ely to bring in a more professional and

    focused approach. )oreo!er the foreign players would bring sophisticated actuarial

    techni8ues with them which would facilitate the insurer to effecti!ely price the product.

    It is !ery important that trained mar"eting professionals who are able to communicate

    specific features of the policy should sell the policy. In the ne(t millennium all these

    acti!ities would play a crucial role in the o!erall de!elopment and maturity of the

    insurance industry.

    Insurance is the Subject )atter Of Solicitation *G

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    SCO,E OR 0I-DS O/ I-SURA-CE

    $roadly insurance may be classified into the following categories,

    * 0lassification from business point of !iew

    1 0lassification from ris" point of !iew

    1. Cl!++i%i!"i#$ %' ,+i$++ p#i$" #% /i0

    +rom the business point of !iew insurance may be the following types,

    *. 'ife insurance.

    1. #eneral insurance.

    Insurance is the Subject )atter Of Solicitation

    GENERAL LIFE

    FIRE MARINE MISCELLANEOUS

    *

    INSURANCE

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    2. Cl!++i%i!"i#$ %' &i+ p#i$" #% /i0

    +rom ris" point of !iew insurance can be classified into four categories,

    *. %ersonal insurance1. %roperty insurance

    6. 'iability insurance

    >. +idelity guarantee insurance

    1. P&+#$!l i$+&!$

    %ersonal insurance refers the loss to life by accident or sic"ness to indi!idual which is

    co!ered by the policy. The insurer underta"es to pay the sum insured on the happening of

    certain e!ent or on maturity of the period of insurance. The insurable sum is determined

    at the time of affecting the policy and include life insurance accident insurance and

    sic"ness insurance. 'ife insurance contains the element of in!estment and protection

    while the accidental sic"ness or health insurance contains the element of indemnity

    only.

    2. Pp&" i$+&!$

    0ontract of property insurance is a contract of indemnity. %roof by the assured of loss is

    an essential element of property insurance. The policies of insurance against burglary

    home brea"ing or theft etc. fall under this category. The assured is re8uired to protect the

    insured property. After the loss has ta"en place the assured usually re8uired notifying the

    police as to losses.

    3. Li!,ili" i$+&!$

    'iability insurance is the major field of #eneral insurance whereby the insurer promises

    to pay the damage of property or to compensate the losses to a third party. The amount of

    compensation is paid directly to third party. The fields of liability insurance include,

    wor"men compensation insurance third party motor insurance professional indemnity

    insurance. There may be !arious reasons for the arising of liability !i;. accident of a

    Insurance is the Subject )atter Of Solicitation *K

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    wor"er at the wor"place defecti!e goods e(plosion in the factory during the process of

    production and formation of poisonous gas within the factory due to the uses of

    chemicals and other such substances in the manufacturing process.

    4. Fili" !&!$" i$+&!$

    In this type of insurance the insurer underta"es to indemnify the assured Nemployer in

    consideration of certain premium for losses arising out of fraud or embe;;lement on the

    part of the employees. This "ind of insurance is fre8uently adopted as a precautionary

    measure in cases where new and untrained employees are gi!en position of trust and

    confidence.

    Insurance is the Subject )atter Of Solicitation *M

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    2E-ERA. I-SURA-CE

    #eneral insurance business refers to fire marine and miscellaneous insurance business

    whether carried on singly or in combination with one or more of them but does not

    include capital redemption business and annuity certain business.

    In India #eneral Insurance business started )arine Insurance started on the later part of

    the *Kth century. $efore nationali;ation in *P>K we ha!e *>K insurance companies

    foreign and Indian both. $ut during nationali;ation in *PK6 we ha!e *LK companies that

    merge into four companies i.e. ta"en o!er by #o!ernment.

    #eneral Insurance 0orporation of India N#I0 was set up in *PK6 as a holding company

    with four subsidiary operating companies / 3ational Insurance co. 'td. 3ew India

    Assurance 0o. 'td. 3ew India Assurance 0o. 'td. oriental Insurance co. 'td. and

    2nited India Insurance 0o. 'td. with a clear cut mission as set out in the Act.

    1. Fire insurance:-

    +ire insurance is a form of general insurance pro!iding protection against ris" of loss due

    to fire. It is a contract of indemnity. The insurance company underta"es to ma"e good the

    loss arising due to fire. The claim should satisfy two conditions .+irstly there must be a

    loss due to actual fire and secondly the fire should be accidental. i.e. it should not be

    intentional. It is a contract of indemnity not against accident but against loss caused by

    accident.

    It is becoming !ery common in fire insurance policies to insert a condition called the

    a!erage clause. This calls upon the insured to bear a portion of the loss himself. The main

    object of this clause is to chec" under/insurance and to encourage full insurance. It

    Insurance is the Subject )atter Of Solicitation *P

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    stresses upon the property/owner for the need of ha!ing his property accurately !alued

    before insurance.

    The rate of premium !aries to the degree of ha;ard or ris" in!ol!ed.

    History of Fire Insurance

    +ire insurance has its origin in #ermany where it was introduced in municipalities for

    pro!iding compensation to owners of the property in return for an annual contribution

    based on the rent of those premises. The fire insurance in its present form started after the

    most disastrous fire in human history "nown as the 4#reat +ire4 in 'ondon which had

    destroyed se!eral buildings. It drew the attention of the public and the first fire insurance

    commercially transacted in *K. The Industrial e!olution N*K1L/*MGL ga!e much

    impetus to fire insurance. The 3ineteenth century mar"ed the de!elopment of fire

    insurance.

    2. Marine Insurance

    )arine insurance is the oldest form of insurance. )arine insurance is a contract under

    which the insurance company agrees to pay the compensation against the loss if it arises

    due to marine perils of. )arine perils also "nown as perils of the seas means the perils

    conse8uent on or incidental to the na!igation of the sea or the perils of the seas such as

    fire war perils pirates ro!ers thie!es captures Cettisons barratry and any other perils

    which are either of the li"e "ind or may be designed by the policy It is a type of general

    insurance which co!ers the ris" generally up to one year on which the premium is paid

    once that also in ad!ance.

    )arine insurance is di!ided into three types namelyJ cargo insurance hull insurance and

    freight insurance.

    Insurance is the Subject )atter Of Solicitation 1L

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    There are different types of marine policies "nown by different names according to the

    manner of their e(ecution or the ris" they co!er. They are, Doyage policy time policy

    mi(ed policy !alued policy un!alued policy floating policy.

    History of Marine Insurance

    The oldest and the earliest records of marine policy relates to a )editerranean !oyage in

    *6>K. In the year *>LL a boo" written by a merchant of +lorence indicates premium

    rates charged for the shipments by sea from 'ondon to %isa. )arine Insurance spread

    from Italy to trading routes in other countries of =urope. 'ater on in the year *GG

    %hilip II made marine insurance regulations for Spain and in *G6 for Antwerp NAmerica

    insured three ships on a !oyage from Hawaii to 0entral America.

    In *GKG during the reign of Rueen =li;abeth * open the 0hamber of Assurance in theoyal =(change for the registration of marine parcels. +ollowing this an proceed of

    parliament was passed in *L* to deal with disputes relating to marine insurance. @uring

    the period *K1L/*M1> the two 0harted companies !i;. 'ondon Assurance and oyal

    =(change Assurance enjoyed dominant position in the field of marine insurance. With

    the introduction of steamship and growth of international trade speciali;ed marine

    ser!ices were introduced. +ollowing this the 'loyd7s Association founded in *P1 and

    originated from coffeehouse run by =dward 'loyd became the major center of marine

    insurance.

    Insurance is the Subject )atter Of Solicitation 1*

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    3. Miscellaneous insurance

    The process of fast de!elopment in the society ga!e rise to a number of ris"s or ha;ards.

    To pro!ide security against such ha;ards many other types of insurance also ha!e been

    de!eloped. The important among them are,

    Ni Dehicle insurance on buses truc"s motorcycles etc.

    Nii %ersonal accident insurance Nby paying an annual premium of s. *1/ %olicy worth

    s. *1LLL/ can be insured.

    Niii $urglary insurance / Nagainst theft dacoity etc.

    Ni! 'egal liability insurance Ninsurance whereby the assured is liable to pay the damages

    to property or to compensate the loss of personal injury or death. This is in the form of

    fidelity guarantee insurance auto mobile insurance and machines etc.

    N! 0rop insurance Ncrops are insured against losses due to hea!y rain and floods

    cyclone draughts crop diseases etc.

    N!i 0attle insurance / Ninsurance for indemnity against the loss of castles from !arious

    "inds of diseases In addition to the abo!e insurance policies are a!ailable against crime

    medical insurance bulloc" cart insurance jewelry insurance cycle ric"shaw insurance

    radio/T.D. insurance etc.

    Insurance is the Subject )atter Of Solicitation 11

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    The #)eall scenai# in the

    insuance +a3et in In1ia a"tenati#nali4ati#n

    #I0 and its subsidiaries function through a !ast country / wide networ" of around >*LL

    offices spread across the length and breadth of the country #I0 has ta"en the benefit of

    insurance to almost e!ery district across hilly terrain and often inaccessible areas of the

    country. The customer/ interface is made easy through a networ" of agents de!elopment

    officers and employees at $ranch @i!isional and egional offices as well as at the

    corporate le!el.

    The #I0 and its subsidiaries ha!e a wor"force of appro(imately MLLL in *PK6 tainted at

    !arious le!els through in house training institutions. 3ow the total number of employeeswent up. The industry has also promoted the 3ational Insurance Academy N3IA which

    is the premier training institute in insurance catering not only to Indian nationals but also

    to select foreign nationals. The industry issues around 16 million documents and settles 1

    million claims e!ery year. 0ountrywide computeri;ation in the recently past has made the

    tas" of policy / holder4s ser!icing easier and rapid. At the same time profitable lines and

    premium components increases and we became a in!estment company.

    Insurance is the Subject )atter Of Solicitation 16

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    Whee 1#es In1ian Insuance

    sect# stan1 c#+*ae1 t#

    Intenati#nal Insuance Sect#!

    Technologically Indian insurance sector is 8uite comparable with the international

    sector. The !ast resources of s"illed and technical manpower huge mar"et potentialityand technical "now/how / all are comparable with the international mar"et. $ut lac"ing

    in the process of computeri;ation and in pricing Npremium rate are also seen. In product

    India has demand in less because lac" of awareness for ade8uate insurance co!er with

    insuring public. India7s mar"eting strategies are not !ery modern. $ut India is trying to

    rectify both these NTechnology and )ar"eting areas.

    What are the problems faced by Indian

    Insurance Sector today

    The main problems are/

    'ac" of awareness for insurance needs.

    'ac" of penetration due to inade8uate mar"etingdeli!ery system.

    Total computeri;ation still in the process of implementation.

    Insurance is the Subject )atter Of Solicitation 1>

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    Sophisticated co!ers do not ha!e ade8uate demands because of general attitude to

    insurance in India.

    Insurance is the Subject )atter Of Solicitation 1G

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    R#le #" 2eneal Insuance

    In1usty in the 2#5th #"

    Ec#n#+y #" the C#unty

    The #eneral Insurance Industry has an en!iable trac" record among public sector units. It

    has a consistent profit and di!idend paying record accompanied by a steady growth in its

    financial resources. Through in!estments in the #o!ernment sector and socially/ oriented

    sectors the Industry has contributed immensely to the nation4s de!elopment. The industry

    is recogni;ed as one of the largest financial Institutions in the country. The !entures

    initiated by the industry in the areas of )utual +und Housing +inance ha!e done

    e(ceedingly well in recent years.

    To protect the country4s foreign e(change reser!es the reinsurance arrangement are so

    organi;ed that ma(imum retention is made possible within the country while at the same

    time protecting interests of the policy holders. The #I07S inwards reinsurance wing

    called the SWI+T ma(imi;es the foreign e(change balance by acting as an international

    insurer accepting ris"s from all o!er the globe.

    Insurance is the Subject )atter Of Solicitation 1

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    2IC6S Intenati#nal #*eati#n

    #I04S international operations span o!er 6* countries around the globe. The reinsurance

    e(pertise built o!er a long period has made the Indian Insurance Industry a globally

    ac"nowledged reinsurer of repute #I04S ris" management s"ill has been bac"ed by

    specialists with a !ast insurance e(perience. Thus the technical and underwriting s"ills

    ha!e been ac"nowledged in the international mar"et. The corporation operates in *K

    countries through branches and agencies whereas in another *> countries it has

    subsidiaries and associate companies. The #I0 has a subsidiary company "nown as

    India International %!t. 'td.4 operating in Singapore and a joint/!enture company

    Benindia Insurance co. 'td. in Benya.

    Insurance is the Subject )atter Of Solicitation 1K

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    2E-ERA. I-SURA-CE

    COR,ORATIO-

    !he "e# India $ssurance %ompany &td.

    The 3ew India can claim to be the largest non/life insurer not only in India but also in the

    whole Afro/Asia region e(cluding Capan. The 3ew India was incorporated on 16rd

    October *P*P. There was hardly any Indian insurance company of significance till that

    time. Sir @orab Tata is the +ounder 0hairman of the company.

    The go!ernment of India too" o!er the management of the company along with that of all

    other non/life insurers in the country. 3ew India was subse8uently reconstituted ta"ing

    o!er 16 companies under the Scheme of )erger following the nationali;ation of #eneral

    Insurance $usiness in *PK6.

    "ational Insurance %ompany &td.

    Since incorporation in the year *PL 3ational Insurance 0ompany has been carrying out

    general insurance business under pri!ate management until *PK1 the year of its

    nationalisation. In the same year 11 foreign and ** Indian Insurance 0ompanies were

    amalgamated with 3ational Insurance 0ompany 'imited as a subsidiary company of

    #eneral Insurance 0orporation of India.

    Insurance is the Subject )atter Of Solicitation 1M

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    Head8uartered in 0alcutta it has an organisational networ" of o!er P> offices with

    around 1LLKK trained wor"forces. The company also has operations in Hong Bong and

    3epal and ran"s among the top global business insurers.

    !he 'riental Insurance %ompany &td.

    The Oriental Insurance 0ompany 'td. NOI0' is one of the four general Insurance

    companies in India under the aegis of the #eneral Insurance 0orporation N#I0 of India.

    It is one of the oldest Insurance companies and was established in the year *P>K. The0ompany head8uartered in 3ew @elhi transacts all "inds of general insurance business

    ranging from !ery big projects to small rural insurance co!ers.

    The 0ompany has 1* egional Offices 6** @i!isional Offices and 6G $ranch offices. It

    speciali;es in de!ising special co!ers for large projects li"e %ower %lants %etro/

    chemical Steel %lants and chemical plants.

    The %remium Income of the 0ompany has gone up to s. 1*.GG 0rores in *PPP/1LLL

    from s. *PP.MM 0rores for the pre!ious year registering a reasonable growth of around

    *L. 'i"ewise In!estment Income has increased to s. 6K.G6 0rores from s. 6>*.11

    0rores. On the other hand 0apital and eser!e +unds of the 0ompany showed an

    increase of *L.1 i.e. s. *.>6 0rores bringing the total to s. *K66.M 0rores.

    Insurance is the Subject )atter Of Solicitation 1P

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    (nited India Insurance %ompany &td.

    2nited India / one of the four subsidiaries of #eneral Insurance 0orporation with its

    head8uarters at 0hennai is the second largest Insurer by si;e of premium and mar"et

    share of the entire #eneral Insurance business transacted throughout India under the

    stewardship of )r. B 3 $handari.

    The company7s major thrust areas are +ire )arine )otor and miscellaneous. To reali;e

    the corporate objecti!e of carrying the message of insurance to the masses 2nited India

    has countrywide presence through **16 offices.

    This !ast networ" includes 1* regional offices 6*6 di!isional offices and KMP branch

    offices. Ser!ice to its large clientele is done through 6M1L officers 61KG de!elopment

    officers **KKK super!isory and clerical staff and 1P6 subordinate staff.

    Insurance is the Subject )atter Of Solicitation 6L

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    -EW E-TRA-TS I- THE BUSI-ESS

    Tata AI# #eneral Insurance 0ompany 'td and Tata AI# 'ife Insurance 0ompany 'td.

    Ncollecti!ely UTata AI#U are joint !enture companies between the Tata group India4s

    most trusted industrial house and American International #roup Inc. NAI# the leading

    2. S. based international insurance and financial ser!ices organi;ation.

    $oth promoters ha!e a deep and abiding interest in India4s insurance sector. %rior to

    nationali;ation the Tatas pioneered pri!ate insurance in India when Sir @orab Tata set up

    3ew India Assurance in *P*P. $y *PK6 when #eneral Insurance was nationali;ed the

    Tata company had a global presence with G o!erseas offices. AI# too has always

    considered the Indian insurance sector to be of significance. The AI# companies entered

    India in *P>G and had offices in se!eral Indian cities prior to nationali;ation.

    Insurance is the Subject )atter Of Solicitation 6*

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    AI# is the leading 2.S. / based international insurance and financial ser!ices

    organi;ation and the largest underwriter of commercial and industrial insurance in the

    2nited States. Its member companies write a wide range of commercial personal and life

    insurance products through a !ariety of distribution channels in appro(imately *6L

    countries and jurisdictions throughout the world. AI#4s global businesses also include

    financial ser!ices and asset management including aircraft leasing financial products

    trading and mar"et ma"ing consumer finance institutional retail and direct in!estment

    fund asset management real estate in!estment management and retirement sa!ings

    products. American International #roup Inc.4s common stoc" is listed on the 3ew or"

    Stoc" =(change as well as the stoc" e(changes in 'ondon %aris Swit;erland and

    To"yo.

    Today AI#4s operations e(tend across *6L countries and jurisdictions throughout the

    world. AI# is ran"ed VM in +orbes 1LLL Usuper *LLU ran"ing of all 2S corporations. AI#

    is ran"ed VM in +ortune GLL ran"ing of top 2S corporations and ran"ed V* in the

    property and casualty business.

    The Tata #roup is the most respected industrial conglomerate in India with re!enues of

    more than 2S M billion. The #roup has long been a mar"et leader in steel commercial

    !ehicles electric power generation in the pri!ate sector and computer software. In recent

    times it has promoted se!eral new !entures in high growth areas of the economy such as

    financial ser!ices telecommunications information technology auto components oil

    field ser!ices and process management systems. The #roup has had a long association

    with India4s insurance sector ha!ing been the largest insurance company in India prior to

    the nationali;ation of insurance.

    Insurance is the Subject )atter Of Solicitation 61

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    $ajaj Allian; #eneral Insurance 0ompany 'imited is a joint !enture between $ajaj Auto

    'imited and Allian; A# of #ermany. $oth enjoy a reputation of e(pertise stability and

    strength. Incorporated on *Pth September 1LLL $ajaj Allian; #eneral Insurance

    0ompany recei!ed the Insurance egulatory and @e!elopment Authority NI@A

    certificate of egistration N6 on )ay 1nd 1LL* to conduct #eneral Insurance business

    Nincluding Health Insurance business in India. The 0ompany has an authori;ed and paid

    up capital of s **L crores

    Allianz

    O!er the past century Allian; has become one of the world4s leading insurance

    companies. The #roup4s multilocal structure guarantees its worldwide presence while

    pro!iding the highest possible le!el of ser!ice appropriate to the mar"et in each country.

    $ajaj Allian; intends to offer the majority of products a!ailable in India and

    internationally.

    The 0ompany currently offers the following products,

    Tariff %roducts

    +ire Insurance

    Insurance is the Subject )atter Of Solicitation 66

    http://www.bajajallianz.co.in/firestd.htmhttp://www.bajajallianz.co.in/firestd.htm
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    0onse8uential 'oss N+ire Insurance

    Industrial All is"

    )otor Nincludes pri!ate cars two wheelers and commercial !ehicles

    Wor"men7s 0ompensation

    =ngineering Nincludes 0ontractors %lant and )achinery =lectronic e8uipment

    )achinery 'oss of %rofits )achinery $oiler =(plosion )achinery $rea"down

    @eterioration of stoc"

    3on/Tariff products

    %ersonal Accident

    $urglary

    )oney

    %late #lass

    %ublic 'iability

    House Holders

    Shop"eepers Ncoming shortly

    O!erseas Tra!el Ncoming shortly

    is" )anagement Ser!ices

    They also offer a gamut of ris" management ser!ices that include,

    is" Analysis

    is" #rading 5 is" 0ontrol

    Ha;ard and Operability Studies

    Safety Audit

    Insurance is the Subject )atter Of Solicitation 6>

    http://www.bajajallianz.co.in/fire_consq.htmhttp://www.bajajallianz.co.in/fire_consq.htmhttp://www.bajajallianz.co.in/industrial_allrisk.htmhttp://www.bajajallianz.co.in/motor.htmhttp://www.bajajallianz.co.in/workmen's_comp.htmhttp://www.bajajallianz.co.in/engineering.htmhttp://www.bajajallianz.co.in/engineering.htmhttp://www.bajajallianz.co.in/engineering.htmhttp://www.bajajallianz.co.in/engineering.htmhttp://www.bajajallianz.co.in/personal_accident.htmhttp://www.bajajallianz.co.in/burglary.htmhttp://www.bajajallianz.co.in/money.htmhttp://www.bajajallianz.co.in/plate_glass.htmhttp://www.bajajallianz.co.in/public_liability.htmhttp://www.bajajallianz.co.in/house.htmhttp://www.bajajallianz.co.in/fire_consq.htmhttp://www.bajajallianz.co.in/industrial_allrisk.htmhttp://www.bajajallianz.co.in/motor.htmhttp://www.bajajallianz.co.in/workmen's_comp.htmhttp://www.bajajallianz.co.in/engineering.htmhttp://www.bajajallianz.co.in/engineering.htmhttp://www.bajajallianz.co.in/engineering.htmhttp://www.bajajallianz.co.in/personal_accident.htmhttp://www.bajajallianz.co.in/burglary.htmhttp://www.bajajallianz.co.in/money.htmhttp://www.bajajallianz.co.in/plate_glass.htmhttp://www.bajajallianz.co.in/public_liability.htmhttp://www.bajajallianz.co.in/house.htm
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    @isaster )anagement %lanning

    is" )anagement Training

    @e!elopment and )onitoring of is" )anagement programmes

    Accident In!estigations

    Insurance portfolio analysis

    .I/E I-SURA-CE

    'ife insurance may be defined as a contract in which the insurer in consideration of a

    certain premium either in a lump sum or by other periodical payments agrees to pay to

    the assured or to the person for whose benefit the policy is ta"en the assured sum of

    money on the happening of a specified e!ent contingent on the human life.

    A contract of life insurance as in other forms of insurance re8uires that the assured must

    ha!e at the time of the contract an insurable interest in his life upon which the insurance

    is effected. In a contract of life insurance unli"e other insurance interest has only to be

    pro!ed at the date of the contract and not necessarily present at the time when the policy

    falls due.

    History of life insurance

    The early de!elopments of life insurance were closely lin"ed with that of marine

    insurance. The first insurers of life were the marine insurance underwriters who started

    issuing life insurance policies on the life of master and crew of the ship and the

    merchants. The early insurance contracts too" the nature of policies for a short period

    Insurance is the Subject )atter Of Solicitation 6G

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    only. The underwriters issued annuities and pension for a fi(ed period or for life to

    pro!ide relief to widows on the death of their husbands. The first life insurance policy

    was issued on *MthCune *GM6 on the life of William #ibbons for a period of *1 months.

    It was in the eighteenth century societies began to be formed for issuing life insurance

    policies. Among such societies the Amicable Society N*KLG The =8uitable 'ife

    Assurance Society N*K1 the West )inister Society N*KP1 were the important societies.

    The premium rates were !aried in !iew of reputation and the health condition of the

    insured. @uring the early years of nineteenth century a large number of life insurance

    companies were formed in India. Some of these companies preferred to amalgamate their

    business with other companies and a good number failed to function effecti!ely. In order

    to stabili;e and strengthen the insurance business 'ife insurance 0ompanies ActJ *P16

    was passed and later amended it in *P> *PGM and *PK.

    Insurance is the Subject )atter Of Solicitation 6

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    O)e)ie5

    With largest number of life insurance policies in force in the world Insurance happens to

    be a mega opportunity in India. It7s a business growing at the rate of *G/1L per cent

    annually and presently is of the order of s >GL billion. Together with ban"ing ser!ices

    it adds about K per cent to the country7s #@%. #ross premium collection is nearly 1 per

    cent of #@% and funds a!ailable with 'I0 for in!estments are M per cent of #@%.

    et nearly ML per cent of Indian population is without life insurance co!er health

    insurance and non/life insurance continue to be below international standards. And this

    part of the population is also subject to wea" social security and pension systems with

    hardly any old age income security. This is an indicator that growth potential for the

    insurance sector is immense.

    A well/de!eloped and e!ol!ed insurance sector is needed for economic de!elopment as it

    pro!ides long term funds for infrastructure de!elopment and at the same time strengthens

    the ris" ta"ing ability. It is estimated that o!er the ne(t ten years India would re8uire

    in!estments of the order of one trillion 2S dollar. The Insurance sector to some e(tent

    can enable in!estments in infrastructure de!elopment to sustain economic growth of the

    country.

    Insurance is the Subject )atter Of Solicitation 6K

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    With a large capital outlay and long gestation periods infrastructure projects are fraught

    with a multitude of ris"s throughout the de!elopment construction and operation stages.

    These include ris"s associated with project implementation including geological ris"s

    maintenance commercial and political ris"s. Without co!ering these ris"s the financial

    institutions are not willing to commit funds to the sector especially because the financing

    of most pri!ate projects is on a limited or non/ recourse basis.

    Insurance companies not only pro!ide ris" co!er to infrastructure projects they also

    contribute long/term funds. In fact insurance companies are an ideal source of long term

    debt and e8uity for infrastructure projects. With long term liability they get a good asset/

    liability match by in!esting their funds in such projects.

    I@A regulations re8uire insurance companies to in!est not less than *G percent of their

    funds in infrastructure and social sectors. International Insurance companies also in!est

    their funds in such projects.

    Insurance is a federal subject in India. There are two legislations that go!ern the sector/

    The Insurance Act/ *P6M and the I@A Act/ *PPP.

    Insurance is the Subject )atter Of Solicitation 6M

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    .I/E I-SURA-CE I- I-DIA

    The $ritish companies started life insurance business in India by issuing policies

    e(clusi!ely on the li!es of =uropean soldiers and ci!ilians. They sometimes issued

    policies on the li!es of Indian7s by charging e(tra. @ifferent insurance companies li"e

    $ombay Insurance 0ompany 'T@. N*KP6 and Oriental 'ife Assurance 0ompany N*M*M

    was formed to issue life assurance policies in India. #radually the first Indian 0ompany

    named as $ombay )utual 'ife Insurance Society 'td. was formed in @ec. *MKL. $y

    *PK* the total numbers of companies wor"ing in India were *G out of which K were

    Indian and the remaining were $ritish companies.

    @uring the period from *MKL to *PLL a large number of Indian companies were formed

    under the Indian 0ompanies Act *M. The business was confined to few communities

    and occupations only. @uring the period from *PLL to *P*1 the insurance business

    attracted attention among middle class people. As a result #o!ernment of India passed

    the Insurance Act on the model of $ritish Assurance Act. @uring the period from *P*1/

    *P6L the insurance business witnessed a set bac".

    After se!eral changes ha!e been made for the period from *P6L to *P6M the #o!ernment

    of India passed Insurance Act *P6M. The act still applies to all "inds of insurance

    business by instituting necessary amendments from time to time.

    Insurance is the Subject )atter Of Solicitation 6P

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    ,esent Scenai#

    The #o!ernment of India liberali;ed the insurance sector in )arch 1LLL with the passage

    of the Insurance egulatory and @e!elopment Authority NI@A $ill lifting all entry

    restrictions for pri!ate players and allowing foreign players to enter the mar"et with some

    limits on direct foreign ownership. 2nder the current guidelines there is a 1 percent

    e8uity cap for foreign partners in an insurance company. There is a proposal to increase

    this limit to >P percent. %remium rates of most general insurance policies come under the

    pur!iew of the go!ernment appointed Tariff Ad!isory 0ommittee.

    Insurance is the Subject )atter Of Solicitation >L

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    .i"e Insuance Vs Othe ty*es #"

    In)est+ents

    )ost in!estment options ma"e your money wor" harder but there are no substitutes to

    life insurance. $ecause only a life insurance policy gi!es you both / ris" co!er against

    your life as well as returns on your money in!ested.

    'ife insurance allows long tem sa!ings to be made in a relati!ely painless manner

    because of the low and con!enient in!estments made through premiums. )oreo!er it

    encourages 4forced thrift4 which means the insured is made to pay premiums and sa!e

    money which heshe may not do in the regular course of life.

    Should you re8uire loans say for building a house it can be easily obtained against a life

    insurance policy. Amongst the most "nown benefits of 'ife Insurance is the sa!ings on

    your income ta(es.

    'ife insurance cannot be compared with any other form of in!estment as life insurance

    gi!es you a life long benefit and returns on your money when it is most re8uired.

    Insurance is the Subject )atter Of Solicitation >*

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    Insurance premiums are lin"ed to age of the life insured and the earlier you buy the

    lower are the premium re8uirements. $esides the money stays in!ested for a longer time

    and thereby ma(imi;ing your returns through the power of rupee compounding.

    So a life insurance policy is an ideal tool to gain security and ensure sa!ings. )ost

    importantly it pro!ides you with that uni8ue sense of security and peace of mind that no

    other form of in!estment pro!ides.

    The 'ife Insurance 0orporation N'I0 was established about >> years ago with a !iew to

    pro!ide an insurance co!er against !arious ris"s in life. A monolith then the corporation

    enjoyed a monopoly status and became synonymous with life insurance.

    Its main asset is its staff strength of *.1> la"h employees and 1L>M branches and o!er

    si(/la"h agency force.

    'I0 has hundred di!isional offices and has established e(tensi!e training facilities at all

    le!els. At the ape( is the )anagement @e!elopment Institute se!en Xonal Training

    0entres and 6G Sales Training 0entres.

    At the industry le!el along with the #o!ernment and the #I0 it has helped establish the

    3ational Insurance Academy. It presently transacts indi!idual life insurance businesses

    group insurance businesses social security schemes and pensions grants housing loans

    through its subsidiaryJ and mar"ets sa!ings and in!estment products through its mutual

    fund. It pays off about s LLL crores annually to G. million policyholders.

    Insurance is the Subject )atter Of Solicitation >1

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    'b)ecti*es of &I%

    Spread 'ife Insurance much more widely and in particular to the rural areas and

    to the socially and economically bac"ward classes with a !iew to reaching all

    insurable persons in the country and pro!iding them ade8uate financial co!er against

    death at a reasonable cost.

    )a(imi;e mobili;ation of people4s sa!ings by ma"ing insurance/lin"ed sa!ings

    ade8uately attracti!e.

    $ear in mind in the in!estment of funds the primary obligation to its

    policyholders whose money it holds in trust without losing sight of the interest of the

    community as a wholeJ the funds to be deployed to the best ad!antage of the in!estors as

    well as the community as a whole "eeping in !iew national priorities and obligations of

    attracti!e return.

    0onduct business with utmost economy and with the full reali;ation that the

    moneys belong to the policyholders.

    Act as trustees of the insured public in their indi!idual and collecti!e capacities.

    )eet the !arious life insurance needs of the community that would arise in the

    changing social and economic en!ironment.

    Insurance is the Subject )atter Of Solicitation >6

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    In!ol!e all people wor"ing in the 0orporation to the best of their capability in

    furthering the interests of the insured public by pro!iding efficient ser!ice with

    courtesy.

    %romote amongst all agents and employees of the 0orporation a sense of

    participation pride and job satisfaction through discharge of their duties with

    dedication towards achie!ement of 0orporate Objecti!e.

    Insurance is the Subject )atter Of Solicitation >>

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    I0I0I %rudential 'ife Insurance is a joint !enture between the I0I0I #roup and

    %rudential plc of the 2B. I0I0I started off its operations in *PGG with pro!iding finance

    for industrial de!elopment and since then it has di!ersified into housing finance

    consumer finance mutual funds to being a Dirtual 2ni!ersal $an" and its latest !enture

    'ife Insurance.

    I0I0I %rudential 'ife Insurance 0ompany 'imited was incorporated on Culy 1L 1LLL.

    The authori;ed and paid up capital of the 0ompany is s. *GLL )illion. The 0ompany is

    a joint !enture of I0I0I NK> and prudential plc 2B N1.

    The 0ompany was granted 0ertificate of egistration for carrying out 'ife Insurance

    business by the Insurance egulatory and @e!elopment Authority on 3o!ember 1>

    1LLL. It commenced commercial operations on @ecember *P 1LLL becoming one of the

    first few pri!ate sector players to enter the liberali;ed arena.

    The 0ompany is now operational in )umbai 3ew @elhi %une 0hennai Bol"ata

    $angalore and 0handigarh.

    @uring this short period till )arch 6* 1LL* the 0ompany has issued 6MK polices

    translating into a %remium Income s. GP.K )illion and a sum assured of o!er s.*LLL

    )illion.

    The company recogni;es that the dri!ing force for gaining sustainable competiti!e

    ad!antage in this business is superior customer e(perience and in!estment behind the

    brand. The 0ompany aims to achie!e this by stri!ing to pro!ide world/class ser!ice

    Insurance is the Subject )atter Of Solicitation >G

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    le!els through constant inno!ation in products distribution channels and technology

    based deli!ery. The 0ompany has already ta"en significant steps to achie!e this goal.

    Sponsors

    I0I0I 'td was established in *PGG by the World $an" the #o!ernment of India and the

    Indian Industry to promote industrial de!elopment of India by pro!iding project and

    corporate finance to Indian industry.

    Since inception I0I0I has grown from a de!elopment ban" to a financial conglomerate

    and has become one of the largest public financial institutions in India. I0I0I has

    financed all major sectors of the economy co!ering M>M companies and *MG*

    projects. In the fiscal year 1LLL/1LL* I0I0I had disbursed a total of s 6*P.G billion.

    I0I0I has now de!eloped a whole range of acti!ities to become a 2ni!ersal $an".

    I0I0I is listed on the Indian Stoc" =(changes and on the 3ew or" Stoc" =(change

    N3S=. On September 11 *PPP it became the first Indian company to be listed on the

    3S= Nsymbol, I0 and I0.@. This has been followed by the listing of I0I0I $an" on

    3S= Nsymbol, I$3 on )arch 1M 1LLL.

    +rudential plc

    %rudential plc was founded in *M>M. Since then it has grown to become one of the largest

    pro!iders of a wide range of sa!ings products for the indi!idual including life insurance

    pensions annuities unit trusts and personal ban"ing. It has a presence in o!er *G

    countries and caters to the financial needs of o!er *L million customers. It manages

    assets of o!er 2S 1GP billion Nupees ** 6PLL crores appro(. as of @ecember 6*

    *PPP. %rudential plc. has had its presence in Asia for the past KG years catering to o!er *

    Insurance is the Subject )atter Of Solicitation >

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    million customers across ** Asian countries.

    %rudential is the largest life insurance company in the 2nited Bingdom NSource, S5%4s

    2B 'ife +inancial @igest *PPM. Asia has always been an important region for

    %rudential and it has had a presence in Asia for o!er KG years. In fact %rudential4s first

    o!erseas operation was in India way bac" in *P16 to establish 'ife and #eneral $ranch

    agencies.

    In the 2S %rudential owns Cac"son 3ational 'ife one of the leading life insurance

    companies. %rudential controls appro(imately > of all the listed shares on the second

    largest stoc" e(change in the world the 'ondon Stoc" =(change ma"ing it one of the

    largest institutional in!estors in the 2B. %rudential is focused on the internet generation

    and is one of the first financial ser!ice organisations to use the internet on a fully

    integrated basis.

    In October *PPM %rudential launched a UbranchlessU ban" based on the Internet.

    2nusually titled as 9egg,: The ban" has in a short span of its e(istence become a leading

    ban"ing ser!ice pro!ider in the 2B. Infect in the first si( months of its e(istence it

    garnered o!er Y G billion N2S M billion in deposits from o!er GLLLLL customers.

    @e!elopment of superior products and ser!ices that offer !alue for money and security

    while producing superior financial returns enables %rudential to ma(imi;e the !alue of its

    shareholder4s in!estment and to establish lasting relationships with customers and policy

    holders.

    I0I0I and %rudential came together in *PP6 to pro!ide mutual fund products in India and

    today are the largest pri!ate sector mutual fund company in India. The two companies

    bring together two of the strongest financial ser!ice brands in Asia "nown for their

    professionalism e(cellent 8uality of ser!ice and long term commitment to the public.

    Insurance is the Subject )atter Of Solicitation >K

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    )a( 3ew or" 'ife Insurance 0ompany 'imited is a joint !enture that has been formed

    by the coming together of two large forces / )a( India 'imited a multi/business

    corporate together with 3ew or" 'ife International Inc. a global leader who is long

    e(perienced in that uni8ue business called life insurance.

    Speciali;ing solely in the business of life insurance )a( 3ew or" 'ife is a company

    that is transparent and financially responsible to its customers. Our gamut of

    fle(ible products are dri!en by a set of professionally/trained agents who don4t

    just sell insurance but rather listen and offer you solutions to meet your

    specific need. This is because we are highly customer/sensiti;ed a fact that is

    all the more reflected through our focused fle(ible!alue/added ser!ices.

    SPONSORS

    Ma, India

    )a( India 'imited is a multi/business corporation that has business interests in telecom

    ser!ices bul" pharmaceuticals electronic components and specialty products. it is also

    the ser!ice/oriented businesses of healthcare life insurance and information technology.

    Insurance is the Subject )atter Of Solicitation >M

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    "e# or &ife

    3ew or" 'ife has grown to be a +ortune *LL company and an e(pert in life insurance. It

    was the first insurance company to offer cash di!idends to policy owners. In *MP> 3ew

    or" 'ife pioneered the then unheard/of concept of insuring women at the same rate as

    men. Thereafter it continued to introduce a series of firsts / a disability benefit clause in

    *P1L unemployment insurance in *PP1 and complete customer care on the Web in *PPM.

    Today 3ew or" 'ife has o!er 2S billion in assets under management and o!er 6LLLL

    agents and employees worldwide. The October 1LLL +ortune Sur!ey named 3ew or"

    'ife amongst the top three most admired life and health insurance companies worldwide.With o!er 6 million policyholders 3ew or" 'ife is a leading pro!ider of insurance in a

    host of countries worldwide.

    Insurance is the Subject )atter Of Solicitation >P

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    H@+0 Standard 'ife Insurance H@+0 Standard 'ife Insurance 0ompany is a joint

    !enture between India4s largest housing finance pro!ider H@+0 and =urope4s largest

    mutual life assurance company / The Standard 'ife Assurance 0ompany N2. B.

    H@+0 Standard 'ife Insurance 0ompany 'imited is the +irst %ri!ate Sector 'ife

    Insurance 0ompany to be granted a license.

    !he +artnership

    H@+0 and Standard 'ife first came together for a possible joint !enture to enter the 'ife

    Insurance mar"et in Canuary *PPG. It was clear from the outset that both companies

    shared similar !alues and beliefs and a strong relationship 8uic"ly formed. In October

    *PPG the companies signed a 6/year joint !enture agreement.

    Around this time Standard 'ife purchased a G sta"e in H@+0 further strengthening the

    relationship.

    The ne(t three years were filled with uncertainty due to changes in go!ernment and

    ongoing delays in getting the I@A NInsurance egulatory and @e!elopment authority

    Act passed in parliament. @espite this both companies remained firmly committed to the

    !enture.

    In October *PPM the joint !enture agreement was renewed and additional resource made

    a!ailable. Around this time Standard 'ife purchased 1 of Infrastructure @e!elopment

    Insurance is the Subject )atter Of Solicitation GL

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    +inance 0ompany 'td. NI@+0. Standard 'ife also started to use the ser!ices of the

    H@+0 Treasury department to ad!ise them upon their in!estments in India.

    Towards the end of *PPP the opening of the mar"et loo"ed !ery promising and both

    companies agreed the time was right to mo!e the operation to the ne(t le!el. Therefore

    in Canuary 1LLL an e(pert team from the 2B joined a hand pic"ed team from H@+0 to

    form the core project team based in )umbai.

    Around this time Standard 'ife purchased a further G sta"e in H@+0 and a G sta"e in

    H@+0 $an".

    In a further de!elopment Standard 'ife agreed to participate in the Asset )anagement

    0ompany promoted by H@+0 to enter the mutual fund mar"et. The )utual +und was

    launched on 1Lth Culy 1LLL.

    Incorporation of H@+0 Standard 'ife Insurance 0ompany 'imited

    The company was incorporated on *>th August 1LLL under the name of H@+0 Standard

    'ife Insurance 0ompany 'imited.

    The company7s ambition from as far bac" as October *PPG was to be the first pri!ate

    company to re/enter the life insurance mar"et in India. On the 16rd of October 1LLL this

    ambition was reali;ed when H@+0 Standard 'ife was the only life company to be

    granted a certificate of registration.

    H@+0 are the main shareholders in H@+0 Standard 'ife with M*.> while Standard

    'ife owns *M.. #i!en Standard 'ife4s e(isting in!estment in the H@+0 #roup this is

    the ma(imum in!estment allowed under current regulations.

    H@+0 and Standard 'ife ha!e a long and close relationship built upon shared !alues and

    trust. The ambition of H@+0 Standard 'ife is to mirror the success of the parent

    Insurance is the Subject )atter Of Solicitation G*

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    companies and be the yardstic" by which all other insurance companies in India are

    measured.

    Forei/n +artner: Standard &ife0 (

    Standard 'ife 2B founded in *M1G has been at the forefront of the 2B insurance

    industry for *KG years by combining sound financial judgment with integrity and

    reliability. It is the 'argest )utual 'ife company in =urope and has total assets of s. G

    GLLLL crore.

    It is one of the !ery few insurance companies in the world to ha!e recei!ed 4AAA4 rating

    from two of the leading international credit rating agencies )oody4s and Standard 5

    %oor4s. Standard 'ife was recently !oted 40ompany of the @ecade4 in 2.B. by the

    Independent $ro"ers called I+As.

    Insurance is the Subject )atter Of Solicitation G1

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    $irla Sun 'ife Insurance is the coming together of the Aditya $irla group and Sun 'ife

    +inancial of 0anada to enter the Indian insurance sector. The Aditya $irla #roup a

    multinational conglomerate has o!er KG business units in India and o!erseas with

    operations in 0anada 2SA 2B Thailand Indonesia %hilippines )alaysia and =gypt to

    name a few.

    Is has its presence in o!er *6L countries and jurisdictions around the world.

    Insurance is not about something going wrong. It4s often about things going right. One of

    the wonders of human nature is that we ne!er belie!e anything can actually go wrong.

    Surely life has its share of ifs. At $irla Sun 'ife howe!er we belie!e it has its e8ually

    pleasant share of buts as well.

    $irla Sun 'ife stands committed to helping you reali;e those happy moments which

    ma"e a life. $e it li!ing the same lifestyle in your post retirement days or pro!iding a

    secure future for your lo!ed ones in case something happens to you.

    Here the Aditya $irla #roup contributes its "nowledge of the Indian mar"et and Sun 'ife

    +inancial contributes global e(pertise in the areas of protection and wealth management.

    The cornerstones of the partnership are respect for each other integrity and customer

    focus. The joint !enture companies are engaged in the acti!ities of life insurance asset

    management retail distribution and stoc" bro"ing.

    Insurance is the Subject )atter Of Solicitation G6

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    Financial Marets

    As far as the +inancial )ar"ets are concerned no matter where the news happens how it

    happens and why it happens you will hear it first. $ecause $irla Sun 'ife belie!es that

    you ha!e a right to "now. And uphold your right to "nowledge. $ecause ci!ili;ations

    thri!e and prosper on "nowledge and the world re!ol!es on information. So ne(t time

    you want to hear the What How When Where and Why just come to the +inancial

    )ar"et. And all you ha!e to do is clic".

    Forei/n +artner

    Sun 'ife Assurance Sun 'ife +inancials primary insurance business has e(cellent

    ratings with the world4s top rating agencies. With assets under management as on

    September 6L 1LLL totaling more than 0@3 billion it ran"s amongst the largest

    international financial ser!ices organi;ations in the world.

    Today the Sun 'ife +inancial #roup of companies and partners are represented globally

    in 0anada the 2nited States the %hilippines Capan Indonesia India and $ermuda.

    Insurance is the Subject )atter Of Solicitation G>

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    S$I 'ife Insurance 0o. 'td. is a joint !enture between State $an" of Indiaand 0ardiff

    S.A. of +rance. We are a registered life insurance company.

    S$I is a household name and it stands as the last word for financial strength and security

    in the country.

    S$I4s illustrious bac"ground dates bac" to the year *ML when it started business as a

    presidency ban" "nown as $an" of $engal. O!er the long journey it has learnt to

    combine the best of ban"ing practices handed down from the imperial management with

    the more dynamic ways of doing ban"ing in the modern India.

    It has grown as a responsible giant in the ban"ing field o!er the years. Today it has a

    branch networ" of o!er PLLL branches an aggregate deposit base of nearly s*PM1*

    crore N2S>G*1*mm and a total balance sheet si;e of s.1*GL> crore N2SGPPGL mm.

    Together with its K Associate $an"s S$I commands about 6L of the mar"et share in

    ban"ing.

    S$I is the strongest and most profitable ban" in the country. It has a tangible net worth of

    s.*1*> crore N2S1KM>mm as at )arch 1LLL and it earned a pre/ta( profit of

    s.1LG* crore N2S>KL mm for the fiscal ending that date.

    0ardiff is a wholly owned subsidiary of $3% %aribas which is one of the top *L ban"s in

    the world and the third largest in =urope. $3% is one of the oldest foreign ban"s with a

    presence in India dating bac" to *ML. It has P branches in major metros in the country.

    0ardiff came into being in *PK6. It has grown o!er the years into a !ibrant insurance

    Insurance is the Subject )atter Of Solicitation GG

    http://www.statebankofindia.com/http://www.cardif.com/GB/Default.htmhttp://www.statebankofindia.com/http://www.cardif.com/GB/Default.htm
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    company speciali;ing in personal lines such as long/term sa!ings protection products

    and creditor insurance. 0ardiff had a premium income of o!er 2S > billion in *PPP and

    more than 2S 16 billion of funds under its management.

    0ardiff has been speciali;ing in the art of selling insurance products through commercial

    ban"s in +rance and 16 other countries.

    +rance is the mother of banc assurance in the world. O!er G of life insurance business

    is done through ban"s and financial institutions4 counters in +rance and the trend is

    rapidly catching up in other countries.

    It operates joint !entures in de!eloped as well as de!eloping countries such as $ra;il

    0hile and the 0;ech epublic.

    S$I 'ife Insurance 0ompany 'td is registered as a life insurance company with the

    Insurance egulator. The 0ompany4s authori;ed capital is s.1GL crore and the paid/up

    capital at present is s.*1G crore.

    S$I owns K> of the total e8uity and 0ardiff the balance 1.

    Insurance is the Subject )atter Of Solicitation G

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    =stablished in *PMG as Bota" 0apital )anagement +inance promoted by 2day Bota" the

    company has come a long way since its entry into corporate finance. It has dabbled in

    leasing auto finance hire purchase in!estment ban"ing consumer finance bro"ing etc.

    The company got its name Bota" )ahindra as industrialists Harish )ahindra and Anand

    )ahindra pic"ed a sta"e in the company. Bota" )ahindra is today one of India4s leading

    +inancial Institutions.

    'ld Mutual

    Old )utual plc is an international financial ser!ices group based in 'ondon with

    e(panding operations in life assurance asset management ban"ing and general

    insurance. Old )utual is listed on the 'ondon Stoc" =(change Nwhere it is included on

    the +TS= *LL Inde( and also on the South African 3amibian )alawi and Ximbabwe

    stoc" e(changes. It has *G years of e(perience in the life insurance business.

    Insurance is the Subject )atter Of Solicitation GK

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    At I3# Dysya 'ife the one thing that is hold in the highest esteem is human life itself.

    This simple philosophy endows it with a degree of sensiti!ity and dedication that it feel

    ma"es it that much more special to the customers. As a premier pro!ider of insurance

    products and ser!ices they belie!e that they ha!e a significant role to play in society.

    I3# DSA 'ife Insurance is a joint !enture between three pioneers in their own right &

    I3# #roup. The Dysya $an" and #) #roup.

    I" roup

    O!er the last *GL years I3# #roup has grown to become one of the largest life

    insurance organisations in the world . Today it touches the li!es of o!er GL million people

    across G countries. It offers a range of financial ser!ices including insurance. pensions

    ban"ing and asset management. In the year 1LLL total assets of the group stood at o!er

    I3 1M>1LLL crores .

    I3# #roup has wide and deep e(perience in setting up companies in new mar"ets which

    re8uire substantial in!estments underlining I3#7s long term commitment. In the last 1L

    years I3# #roup has established successful life insurance companies in *G countries

    contributing to the de!elopment of insurance ser!ices in these countries .

    Insurance is the Subject )atter Of Solicitation GM

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    !he ysya 4an

    It is one of India7s premier pri!ate sector ban"s with a heritage of o!er KL years. With *.G

    million customers >ML outlets and LLL employees it is "nown for its inno!ati!e ban"ing

    ser!ices and for pioneering se!eral products and ser!ices.

    The Dysya $an" has a long/standing relationship with its customers and deep

    understanding of the Indian mar"et.

    M5 roup

    It has a solid trac" record of o!er two decades of growth and has wide ranging interests in

    fields such as power generation infrastructure manufacturing software and ban"ing.

    #) group has an e(cellent reputation of being able to successfully de!elop !entures

    from scratch.

    Insurance is the Subject )atter Of Solicitation GP

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    Tata AI# 'ife Insurance 0ompany 'td and Tata AI# #eneral Insurance 0ompany 'td.

    Ncollecti!ely UTata AI#U are joint !enture companies between the Tata group India4s

    most trusted industrial house and American International #roup Inc. NAI# the leading

    2. S. based international insurance and financial ser!ices organi;ation.

    The Tata #roup is the most respected industrial conglomerate in India with re!enues of

    more than 2S M billion. The #roup has long been a mar"et leader in steel commercial

    !ehicles electric power generation in the pri!ate sector and computer software. In recent

    times it has promoted se!eral new !entures in high growth areas of the economy such as

    financial ser!ices telecommunications information technology auto components oil

    field ser!ices and process management systems. The #roup has had a long association

    with India4s insurance sector ha!ing been the largest insurance company in India prior to

    the nationali;ation of insurance.

    AI#4s 'ife Insurance operations comprise of the most e(tensi!e worldwide networ" of

    any life insurer. AI#4s global businesses include financial ser!ices and asset

    management including aircraft leasing financial products trading and mar"et ma"ing

    consumer finance institutional retail and direct in!estment fund asset management real

    estate in!estment management and retirement sa!ings products.

    Insurance is the Subject )atter Of Solicitation L

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    With o!er *6K years of e(perience the )et'ife companies ser!e millions of customers in

    the Americas and Asia with one goal in mind & to build financial freedom for e!eryone.

    The )et'ife companies are a leader in group benefits that ser!e MM of the top one

    hundred +OT23= GLLZ[ companies and pro!ide benefits to 6K million employees and

    family members through its plans sponsors in the 2.S. The )et'ife companies are also

    ran"ed V* in group life and V* in commercial dental in the 2.S. The )et'ife companies

    are the number one life insurer in the 2.S. with appro(imately 2S 1.M trillion of life

    insurance in force.

    In India )et'ife was incorporated in 1LL* and aims to differentiate itself through

    customi;ed need based selling simple and inno!ati!e products and technology/bac"ed

    ser!ice e(perience to tread its path to build financial freedom for e!eryone.

    all through leadership in pro!iding financial ad!ice and building long/term relationships

    through inno!ati!e protection accumulation and retirement products robust underwriting

    processes and creating world/class customer ser!ice e(perience for our customers.

    We want to pro!ide customers in India with world/class solutions for financial security

    and in the process add significant !alue to our shareholders associates and society.

    %orporate partners

    As the !ital channel for )et'ife7s products we ha!e chosen some e(emplary ban"s and

    financial institutions. These will ser!e as the interface between our customers and us to

    aid us understand the uni8ue needs and aspirations of e!ery Indian. And update our

    products with features that form the cornerstones of financial freedom.

    Insurance is the Subject )atter Of Solicitation *

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    56) B!$

    The C5B $an" 'td. incorporated on October *st *P6M commenced its business on Culy>th *P6P. The ban" now has a networ" of >>L branches spread o!er the length and

    breadth of the country. A significant contributing factor for this fast growth is the solid

    founding principles that are dedicated to the cause of transforming the $an" not only as a

    financial heart but also the social heart of the community.

    The C5B $an" is the first state owned ban" of the country and G6 of e8uity is held by

    the #o!t. of C5B. The ban" has a consistent trac" record of growth and profitability. It

    has a uni8ue distinction of being ban"er to the C5B State #o!t. and has also been

    appointed by $I as its agency in C5B responsible for carrying general ban"ing business

    of the 0entral #o!t. and collection of ta(es pertaining to the 0entral $oard of @irect

    Ta(es.

    D7!$!l!+7'i B!$

    The @hanala"shmi $an" 'imited N@'$ head8uartered at Thrissur in Berala was started

    se!en decades bac" at a time when ban"ing was less "nown to the people. In a high

    literate state of Berala the ban" grew in strength o!er the years. And today it has *G6

    branches spread o!er Berala Tamil 3adu Barnata"a Andhra )aharashtra #ujarat

    West $engal NBol"ata and 3ew @elhi.

    The ban" has ambitious plans for growth in branches total business and profits.

    All the *G6 branches are classified as 3I branches and are computeri;ed and in the

    process of implementing Wide Area 3etwor" AT)4s Any $ranch $an"ing and 0ash

    )anagement Ser!ices Teleban"ing and Internet $an"ing.

    Insurance is the Subject )atter Of Solicitation 1

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    )!&$!"!! B!$

    The Barnata"a $an" 'td. a premier pri!ate sector ban" of the country was incorporated

    on +ebruary *Mth *P1> at )angalore a coastal town in South Banara a district of

    Barnata"a state which has attained renown as the 0radle of Indian $an"ing.

    Today it is one of the leading pri!ate sector ban"s in the country "nown for its steady

    and disciplined growth and cordial customer ser!ice. The $an" has a strong national

    presence through a widespread networ" of 6GM branches. The ban" has 16L branches

    whollypartially computeri;ed as of now.

    %lans are underway to put in place additional products to enhance customer satisfaction

    and to increase income stream with the help of upgraded technology. The ban" has

    already put in place an elaborate ris" monitoring and asset liability management system.

    Insurance is the Subject )atter Of Solicitation 6

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    A Coint !enture combining A)%4s life Insurance e(pertise and Sanmar4s Indian $usiness

    =(pertise. A)% Sanmar offers a comprehensi!e range of 'ife Insurance %roducts that

    will enhance your sa!ings and pro!ide financial security to people who need your

    support. A)% is a leading international financial ser!ices group with o!er *GL years

    with core business in Insurance Asset )anagement and +inancial %lanning.

    Sanmar #roup

    The Sanmar #roup is a leading industrial group in South India and one of the top

    corporations in the country that helped pioneer industriali;ation in India for o!er si(

    decades. $oth A)% and Sanmar are deeply committed to this 'ife Insurance joint

    !enture and to create a long/term relationship with the customer.

    A)%

    A)% is a leading wealth management company. The company operates primarily

    in Australia and 3ew Xealand and is a wealth manager with more than AKP

    billion in assets under management.

    Its core businesses include:

    retirement sa!ings and income

    in!estments

    financial planning

    insurance

    ban"ing

    Insurance is the Subject )atter Of Solicitation >

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    A!i!a %lc is 2B7s largest and the world7s si(th largest insurance #roup. It is one of the

    leading pro!iders of life and pensions products to =urope and has substantial businesses

    elsewhere around the world. With a history dating bac" to *P A!i!a has a 6L million/

    customer base worldwide. It has more than \1K6 billion of assets under management.

    In India A!i!a has a long history dating bac" to *M6>. At the time of nationalisation it

    was the largest foreign insurer in India in terms of the compensation paid by the

    #o!ernment of India. A!i!a was also the first foreign insurance company in India to set

    up its representati!e office in *PPG.

    In India A!i!a has a joint !enture with @abur one of India4s oldest and largest #roup of

    companies. A professionally managed company @abur is the country4s leading producer

    of traditional healthcare products.

    In accordance with the go!ernment regulations A!i!a holds a 1 per cent sta"e in the

    joint !enture and the @abur group holds the balance K> per cent share.

    With a strong sales force of o!er GLLL +inancial %lanning Ad!isers N+%As A!i!a has

    initiated an inno!ati!e and differentiated sales approach to the business. Through the

    9+inancial Health 0hec": N+H0 A!i!a7s sales force has been able to establish its

    credibility in the mar"et. The +H0 is a free ser!ice administered by the +%As for a need/

    based analysis of the customer7s long/term sa!ings and insurance needs. @epending on

    the life stage and earnings of the customer the +H0 assesses and recommends the right

    insurance product for them.

    A!i!a pioneered the concept of $ancassurance in India and has le!eraged its global

    e(pertise in $ancassurance successfully in India. 0urrently A!i!a has $ancassurance tie/

    ups with A$3 Amro $an" American =(press $an" 0anara $an" The 'a"shmi Dilas

    $an" 'td. and %unjab 5 Sind $an".

    Insurance is the Subject )atter Of Solicitation G

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    %ostal 'ife Insurance is **K years young. It was started in *MM> as a welfare measure for

    the employees of %osts 5 Telegraphs @epartment under #o!ernment of India dispatch

    3o. 1PP dated *M/*L/*MM1 to the Secretary of State. @ue to popularity of its schemes

    !arious departments of 0entral and State #o!ernments were e(tended its benefits. 3ow

    %ostal 'ife Insurance is open for employees of all 0entral and State #o!ernment

    @epartments 3ationali;ed $an"s %ublic Sector 2nderta"ings +inancial Institutions

    'ocal $odies li"e )unicipalities and Xila %arisads =ducational Institutions aided by the

    #o!ernment etc

    5ural +ostal &ife InsuranceOn 1>th )arch *PPG the benefits of %ostal 'ife Insurance were e(tended to rural

    populace of the country under the banner of ural %ostal 'ife Insurance. In all the States

    or %ostal 0ircles there is an administrati!e and operational unit in the office of

    0hief %ostmaster #eneral. The %'I operation in the concerned state is loo"ed after by

    @i!isional )anager N%'I assisted by @eputy @i!isional )anager and Assistant

    @i!isional )anagers. Similarly in ural %ostal 'ife Insurance its operations are

    loo"ed after by %ostmaster #eneral assisted by Assistant @i!isional )anager. It has *M>

    @e!elopment Officers and 6G +ield Officer