CHAPTER – 1

INTRODUCTION

Insurance occupies an important place in the complex modern world since risk,
which can be insured, has increased enormously in every walk of life. This has led to growth in
the insurance business and evolution of various types of insurance covers. The insurance sector
acts as a mobilize of savings and a financial intermediary and is also a promoter of investment
activities. It can play a significant role in the economic development of a country, while
economic development itself can facilitate the growth of the insurance sector.

The insurance sector in India has come a full circle from being an open competitive market to
nationalization and back to a liberalized market again. Tracing the developments in the Indian
insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

The very fundamental principle of spreading of the risk is actually practiced by the insurance
companies by reinsuring the risks that they have insured. The opening up of the Insurance Sector
to Private Companies, has made available more products and world class service to Indian
Customer. This project has been made with an objective to give an insight into various facts of
General Insurance sector in India and Awareness of these products to the consumer. An attempt
has been made to explain the awareness of the General Insurance to the consumer about its
structure, products and subsidiaries.

1
 CHAPTER – 2

CONCEPT OF INSURANCE

Insurance is a form of risk management which is used primarily to hedge against

the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of
loss, from one entity to another, in exchange for payment. Insurance is essentially an arrangement
where the losses experienced by a few are extended among many who are exposed to similar
risks. It is a protection against financial loss that may occur due to an unexpected event. The
transaction involves the insured assuming a guaranteed and known, relatively small, loss in the
form of payment to the insurer in exchange for the insurer's promise to compensate or indemnify
the insured in the case of a large, possibly devastating, and loss. The insured receives a contract
called an insurance policy which details the conditions and circumstances under which the
insured will be compensated. Insurance can be classified broadly into:
 Life insurance
 General or non-life insurance.

Life insurance or life assurance is a contract between the policy owner and the
insurer, where the insurer agrees to pay the designated beneficiary a sum of money upon the
occurrence of the insured individual’s death or other event, such as terminal or critical illness. In
return, the policy owner agrees to pay a stipulated amount at regular intervals or in lump sums.
Life-based contracts tend to fall into two major categories:
 Protection policies: designed to provide a benefit in case of a specified event, typically
against lump sum payment. A common form of this policy is term insurance.
 Investment policies: the main objective is to facilitate the growth of capital by single or
regular premiums. The common forms in this category include whole life, universal life
and variable life policies.

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

homeowners’ policies, provide payments depending on the loss from a particular financial event.
General insurance typically comprises any insurance cover that is not deemed to be life insurance.
Some categories of general insurance policies are: vehicle, home, health, property, accident,

2
sickness and unemployment, casualty, liability, and credit. The terms of insurance generally
depend on the company providing the cover.

General Insurance helps us protect ourselves and the things we value, such as our homes, our cars
and our valuables, from the financial impact of risks, big and small – from fire, flood, storm and
earthquake, to theft, car accidents, and travel mishaps – and even from the costs of legal action
against us. And we can choose the types of risks we wish to cover by choosing the right kind of
policy with the features we need.

In general, insurance works by spreading the cost of unexpected risks among a large number of
people in the same region who share similar risks.

When you take out an insurance policy, you pay a monthly or annua premium. That money joins
the premiums of many thousands of other policyholders and goes into a big pool of funds. For
more information on how premiums work 

With any luck, you will never need to draw on that pool. But if you happen to be one of the
unlucky ones affected by an unexpected calamity, perhaps through severe weather or accident,
that pool of funds can be used to help you up to the limit you have selected in your policy.

If things go wrong, you insurer may either repair or replace the items that have been lost or
damaged, depending on the terms of your policy. You may also have the choice of receiving a
cash settlement for the amount of money agreed in your policy.

3
 CHAPTER – 3

RESEARCH OBJECTIVES

 To study the present General Insurance Scenario in India.

 To study Why Awareness is Important in General Insurance.

 To find out general insurance and which are the companies involved in it.

 To know what are the trends in General Insurance.

 To find out the developments in the General Insurance.

 To find out the Procedure of Claims.

4
 CHAPTER – 4

RESEARCH METHODOLOGY

 Sources of Data Collection

The relevant data was collected from both primary sources and secondary sources

 Sampling Procedure
Samples of 50 people who have General Insurance are having been considered.

 Secondary Data Collection

The starting point of my information gathering has been the secondary sources such as
internet, books and journals, previous research articles and so on. First, I made a study of
Awareness of General Insurance in India through secondary sources such as internet and
journals.

 Primary Data Collections

Data was collected through questionnaire method, consisting of close ended questions. The
questionnaire covered parameters like age group of people insure their assets, awareness of
terms and conditions about the insurance, companies they prefer to take insurance, ratings to
their insurance. This data was collected with the help of Google forms only.
.

5
 CHAPTER – 4.1

IMPORTANCE OF GENERAL INSURANCE

If you opt to live a life that is risk- free, applying for a general insurance can be
your practical option. Loss from any kind of financial event will not bother you if you are
insured. It is necessary to make all your properties secured so that you would not be left out with
nothing. This security can only be provided by getting insurance. General insurance includes
insurance policies for burglary, theft, and many more. It also covers personal insurances such as
accident and health insurance.

In addition, it also covers a special type of insurance such as professional

indemnity. Getting any of the general insurance will leave your mind at peace. Obviously, the
reasons has increased why getting general insurance is considered to be important is because it
almost covers everything. It covers even your car, home, and health. Below are numerous reasons
why you should get yourself a general insurance.

 It will give you peace of mind

The principal reason why an individual should get insurance is to have a peace of mind. It
is the only weapon that you could have opposed to any risk or misfortune.

 Loss of property will not give you a burden

In case of loss of personal property due to natural calamities or man- made, you will not
be worrying too much since general insurance almost covers everything. As long as you
had insured your properties, you will receive enough amount of money depending on the
agreement and policy that you had agreed upon.

 You will be ready for any type of mishap

If you are insured, it seems that you are just saving or depositing money through the
premium that you are paying. Each amount will be useful in times misfortunes or

6
 accidents. The insurance company will give it back to you with additional interest
depending on the insurance policy that you buy.

 Greater profits for businessman

Because insurance almost covers everything, your insurer will handle any future risk.
Goods as well as services transportation are all covered by general insurance that is why
any type of loss or misfortune will not anymore be a problem.

 Emergencies can be handled

You cannot foretell what might happen next, and getting yourself insured is the most
practical alternative you can have. If you had encountered an accident such as road
accident, your insurer will shoulder the hospital bill. Moreover, if you are diagnosed
having a serious type of disease, you will not hesitate to undergo any type of urgent
operation as long as you had yourself a health or medical insurance.

 Expenses for your car repair can be covered also

If you had your car insured, all expenses will be partially shouldered by the insurance
company in case of road accidents and you need a car repair.

 You can use it during any unexpected liability

Liability is taken care and the same amount will be paid by the parties for an insurance
policy between two to three.

General insurance is the best option you can have if you want to have risk- free
life. The premium that you will pay will be all worth it especially in times of mishap. Being
secured and guaranty with your life is probably the perfect way to enjoy life.

7
 CHAPTER – 4.2

GENERAL INSURANCE SCENARIO IN INDIA

The insurance industry of India consists of 55 insurance companies of which 24

are in life insurance business and 31 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the non-life insurers
there are six public sector insurers. In addition to these, there is sole national reinsurer, namely,
General Insurance Corporation of India. Other stakeholders in Indian Insurance market include
agents (individual and corporate), brokers, surveyors and third party administrators servicing
health insurance claims. Out of 31 non-life insurance companies, five private sector insurers are
registered to underwrite policies exclusively in health, personal accident and travel insurance
segments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health
Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance
Company Ltd and Cigna TTK Health Insurance Company Ltd.

There are two more specialized insurers belonging to public sector, namely,
Export Credit Guarantee Corporation of India for Credit Insurance and Agriculture Insurance
Company Ltd for crop insurance. India's life insurance sector is the biggest in the world with
about 36 crore policies which are expected to increase at a compound annual growth rate (CAGR)
of 12-15 per cent over the next five years. The insurance industry plans to hike penetration levels
to five per cent by 2020, and could top the US$ 1 trillion mark in the next seven years. The total
market size of India's insurance sector is projected to touch US$ 350-400 billion by 2020 from
US$ 66.4 billion in FY13.The general insurance business in India is currently at Rs. 77,000 crore
(US$ 12.41 billion) premium per annum industry and is growing at a healthy rate of 17 per cent.
The Rs 12,606 crore (US$ 2.03 billion) domestic health insurance business accounts for about a
quarter of the total non-life insurance business in the country. Investment corpus in India's
pension sector is anticipated to cross US$ 1 trillion by 2025, following the passage of the Pension
Fund Regulatory and Development Authority (PFRDA) Act 2013, according to a joint report by
CII-EY on Pensions Business in India. Indian insurance companies are expected to spend Rs 117

8
billion (US$ 1.88 billion) on IT products and services in 2014, an increase of five per cent from
2013, as per Gartner Inc. Also, insurance companies in the country could spend Rs 4.1 billion
(US$ 66.11 million) on mobile devices in 2014, a rise of 35 per cent from 2013.

The coming year will assume a significant position in the history of Indian insurance industry.
It denotes completion of a decade of open-market; ending of oligopoly and entry of private
sector insurance companies; and the regime of a new development oriented regulatory
authority—the IRDA (Insurance Regulatory and Development Authority). The market
continues to attract new capital; barring a handful of mega-risks, there is more than adequate
capacity to cover all the risks within the market. Post de-tariffing, competition for the existing
pie intensified and premium-rates in all classes took a dip. However, insurers are chasing
premium and booking losses and working up unviable combined ratios. It is felt that the
bottom has been reached and an upswing in the rates is inevitable.

At present, the general insurance market has 20+ players already and some more large
international ones are expected to enter shortly. Companies today are coming up with new
ideas to stand out and they are offering the existing and prospective customers, new
technology platforms that would streamline the business and would also be beneficial to them.
The industry is going through a challenging phase now because of the general economic
slowdown and this phase is expected to continue for some time. According to industry experts,
the market will grow by 18% a year and is expected to reach Rs. 900 billion by 2015. Despite
there being over 30 players (in both general and life), the market is still under penetrated. In
the general insurance sector, the penetration level is just about 0.65%. In India, the urban
market is the major contributor for general insurance. Though the rural market does not have
any significant contribution to this sector, it is growing rapidly over the past few years and is
slowly becoming a huge potential market for general insurance in India. To capture the rural
market, companies are adopting strategies to increase awareness levels among the people.
This, they are achieving through increasing the distribution levels and access points. Business
generation through multiple distribution channels is the main agenda for these companies.
Some of them are even adopting the cutting-edge technologies like e-marketing and
institutional marketing for deeper penetration in the rural market. On the property and liability
insurance segments—niche marketing and competition for small and medium size companies
would be the challenge for the next two years. Project-insurance sector will continue to be the
major work-horse; with continued economic development spurring investment in power sector,
9
manufacturing and other industries, roads and buildings. Insurers with right technical support
and adequate capacity would be able to benefit from this segment. Brokers and agents—who
upgrade their technical competence—are expected to play an increased role.   Hence, it would
be wise for insurance companies to support competent brokers and agents. These much needed
intermediaries with help from insurers and re-insurers would have to take up a major challenge
of educating the under informed customers in risk-management and risk improvement; accept
more reasonable policy deductibles and seek better policy coverage. 

Newer pricing methods need to be developed for commercial lines. Underwriters should give
up the old tariff-based (T-x%) approach and develop experience-based and actuarial-supported
models for pricing. Most of the large risks have already well developed risk-management
departments and deploy ERM (enterprise risk management) techniques; with the right pricing,
and capacity, this segment still offers good pickings. The SME (small and medium enterprise)
sector (property) needs careful cherry-picking and the right marketing approach would yield
dividends. Catastrophe risk management system has to become robust as the insurance spreads
in the semi-urban and rural areas. With increased penetration, rapid economic development in
rural areas, insurance companies will face losses from events like floods and catastrophes in
the interiors which hitherto have not produced significant insurance losses. It is vital for
insurers to monitor their aggregate exposures closely and buy adequate catastrophe protection.
Choices of India-specific cat-modeling software tools are now available and most of the
insurers are using these tools.  With increased awareness in this area, insurers are buying more
and more catastrophic cover; notably the cover being purchased has increased from 100 years
to 250 years return period cover.

Health insurance is a lucrative segment; it is poised to record a massive growth in India in the
coming years. Half of the country’s population is expected to come under the health insurance
umbrella in the next seven years, according to an Ernst & Young study. A mere 12% of the
population is currently covered by healthcare. According to an Economic Times report, the
government’s proposal to scale up the foreign direct investment (FDI) in the insurance sector
from 26% to 49% will boost the healthcare business. In the coming years India might witness
more standalone healthcare companies too as they will have an edge in the future market
scenario, says an industry expert. The recent development in the general insurance sector is the
activities by the insurance regulator. The IRDA has been very stringent and has been keeping a

10
close-watch on the functioning of all the insurance companies. The latest regulation from
IRDA is on health insurance portability. In the future, general insurance industry will be very
much in the limelight than any other industry facing recession now. Online selling of
insurance policies to discerning customers, who access the Internet will gain
momentum. Typically motor, travel and health policies will be sold more online. Many
insurers have already realized this and are creating separate verticals to exploit this segment.
The interplay of technology & telecom solutions will be a major factor determining the growth
of the industry in the future.

Till recently, micro-insurance on the lines of micro-finance, is thought to be a magic word and
insurers planned to bring retail products to suit this segment. Another area of opportunity is
the government initiatives in health and PA covers for the populace.

Rashtriya Swasthya Bima Yojana (RSBY) schemes and group PA covers sponsored by state
and central governments are providing huge opportunities to insurers. While these schemes
provide volumes, pricing and claims management is critical for success. The Indian customers
are demanding and expect best in class service levels so the entire insurance industry will have
to work towards becoming more customer-centric in the areas of product development, policy
issuance as well as claims settlement.

They would need to constantly do market research to update their products, services &
processes to keep up with the changing needs of their customers. Completion of 10 years
under new regime opens up new opportunities to those private sector insurance companies
which started in 2001. According to law, they will become eligible to raise capital from public
and make IPOs (initial public offerings). Obviously, the promoters would want to skim the
cream; but timing of an IPO is crucial and more importantly, to present the right financials and
a strong-balance sheet is imperative.

The public sector companies will definitely face an extremely competitive situation from the
private sectors and the private sectors will in turn have to prove their competency to gain an
edge over the public sectors and to grab a major piece of the market pie. Another major
development in the future would be the number of private insurers in the space. This is
expected to grow as various foreign companies have announced intentions to establish joint

11
ventures. Given the low level of penetration in some segments, this trend towards foreign
participation is likely to continue for some time. So, India will witness a major competition in
the general insurance market and this definitely indicates a tough but exciting road ahead for
the existing and upcoming players.

One major problem affecting the industry, like in all developing economies is the shortage of
trained insurance professionals and technicians at all levels. So companies that are able to
recruit and grow talent that continue to provide innovative insurance solutions for the
underserved Indian market will be the ones that will rise and shine in the general insurance
industry. The market is large and set for rapid growth but the ones that take the required
calculated risks, have the right technical expertise, do not blindly go after market share and are
customer-centric in their approach to the market will be the ones to benefit from this growth
and become one of the biggest and best run insurance companies in the world.

12
 CHAPTER – 4.3

PRODUCTS OF GENERAL INSURANCE

General insurance covers insurance of property against fire, burglary, theft; personal insurance
covering health, travel and accidents; and liability insurance covering legal liabilities. This
category of insurance virtually covers all forms of insurance except life. Other covers may
include insurance against errors and omissions for professionals, credit insurance etc. Common
forms of general insurance are motor, fire, home, marine, health, travel, accident and other
miscellaneous forms of non-life insurance. Motor insurance covers all damages and liability to a
vehicle against various on-road and off-road emergencies. A comprehensive policy even secures
against damage caused by natural and man-made calamities, including acts of terrorism.

Motor insurance:

Motor insurance (also known as car insurance, vehicle insurance or auto insurance)

is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide
financial protection against physical damage or bodily injury resulting from traffic collisions and
against liability that could also arise there from. Vehicle insurance may additionally offer
financial protection against as theft of the vehicle, and against damage to the vehicle sustained
from events other than traffic collisions, such as keying and damage sustained by colliding with
stationary objects. The specific terms of vehicle insurance vary with legal regulations in each
region.

Travel insurance:

It is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight

accident and other losses incurred while traveling, Travel insurance can usually be arranged at the
time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can
cover an unlimited number of trips within a set time frame. Some policies offer lower and higher
13
medical-expense options; the higher ones are chiefly for countries that have high medical costs,
such as the United States.

This section covers any unused travel and or accommodation costs, pre-paid charges (including
any additional travel expenses incurred, provided they are deemed reasonable and necessary) if a
trip is canceled or cut short under a variety of circumstances, which may include any of the
following, depending on the policy:

 death, bodily injury, illness, disease, or pregnancy complications

 compulsory quarantine
 jury service
 being called as a witness
 termination of employment (provided you did not know about it before you booked the
holiday)
 being called up if you are a member of the armed forces or other public defense or safety
organization
 prohibition of travel by the government to the intended destination
 officially recommended evacuation from the intended destination
 official advisory against going to or remaining at the intended destination
 Death or serious illness of a family member (subject to age restrictions).

Home insurance:

It also commonly called homeowner's insurance (often abbreviated in the US real estate industry

as HOI), is a type of property insurance that covers a private residence. It is an insurance policy
that combines various personal insurance protections, which can include losses occurring to one's
home, its contents, loss of use (additional living expenses), or loss of other personal possessions
of the homeowner, as well as liability insurance for accidents that may happen at the home or at
the hands of the homeowner within the policy territory.

Special-form excluded perils:

 Ordinance of law
 Earthquake
14
 Flood
 Power failure
 Neglect
 War
 Nuclear hazard
 Intentional acts

Crop insurance: 
It is purchased by agricultural producers, including farmers, ranchers, and others to protect
themselves against either the loss of their crops due to natural disasters, such as hail, drought, and
floods, or the loss of revenue due to declines in the prices of agricultural commodities. The two
general categories of crop insurance are called crop-yield insurance and crop-revenue insurance.
A farmer or grower may desire to grow a crop associated with a particular defined attribute that
potentially qualifies for a premium over similar commodity crops, agricultural products, or
derivatives thereof. The particular attribute may be associated with the genetic composition of the
crop, certain management practices of the grower, or both. However, many standard crop
insurance policies do not differentiate between commodity crops and crops associated with
particular attributes. Accordingly, farmers have a need for crop insurance to cover the risk of
growing crops associated with particular attributes. Agriculture in India is highly susceptible to
risks like droughts and floods. It is necessary to protect the farmers from natural calamities and
ensure their credit eligibility for the next season. For this purpose, the India introduced many
agricultural schemes throughout the country.

Pradhan Mantri Fasal Bima Yojana

The Pradhan Mantri Fasal Bima Yojana (Prime Minister's Crop Insurance Scheme) was
launched by Prime Minister of India Narendra Modi on 18 February 2016. It envisages a uniform
premium of only 2 per cent to be paid by farmers for Kharif crops, and 1.5 per cent for Rabi
crops. The premium for annual commercial and horticultural crops will be 5 per cent.

15
Farm Income Insurance Scheme

The Central Government formulated the Farm Income Insurance Scheme (FIIS) during 2003-04.
The two critical components of a farmer’s income are yield and price. FIIS targeted these two
components through a single insurance policy so that the insured farmer could get a guaranteed
income. The scheme provided income protection to the farmers by insuring production and
market risks. The insured farmers were ensured minimum guaranteed income (that is, average
yield multiplied by the minimum support price). If the actual income was less than the guaranteed
income, the insured would be compensated to the extent of the shortfall by the Agriculture
Insurance Company of India. Initially, the scheme would cover only wheat and rice and would be
compulsory for farmers availing crop loans. NAIS (explained in the section below) would be
withdrawn for the crops covered under FIIS, but would continue to be applicable for other crops.

The FIIS was withdrawn in 2004. The recent attempt by the Gujarat government to reintroduce
the Farm Income Insurance Scheme (FIIS) can reform agricultural insurance and prevent farm-
level distress.

National Agriculture Insurance Scheme (NAIS)

The Government of India experimented with a comprehensive crop insurance scheme which
failed. The Government then introduced in 1999-2000, a new scheme titled “National
Agricultural Insurance Scheme” (NAIS) or “Rashtriya Krishi Bima Yojana” (RKBY). NAIS
envisages coverage of all food crops (cereals and pulses), oilseeds, horticultural and commercial
crops. It covers all farmers, both loanees and non-loanees, under the scheme. The premium rates
vary from 1.5 percent to 3.5 percent of sum assured for food crops. In the case of horticultural
and commercial crops, actuarial rates are charged. Small and marginal farmers are entitled to a
subsidy of 50 percent of the premium charged- the subsidy is shared equally between the
Government of India and the States. The subsidy is to be phased out over a period of 5 years.

NAIS operates on the basis of

1. Area approach- defined areas for each notified crop for widespread calamities.
2. On individual basis- for localized calamities such as hailstorms, landslides, cyclones and
floods.

16
Under the scheme, each state is required to reach the level Gram Panchayat as the unit of
insurance in a maximum period of 3 years. Agriculture Insurance Corporation of India is
implementing the scheme.

Health insurance:

It is insurance that covers the whole or a part of the risk of a person incurring medical expenses,
spreading the risk over a large number of persons. According to the Health Insurance Association
of America, health insurance is defined as "coverage that provides for the payments of benefits as
a result of sickness or injury. It includes insurance for losses from accident, medical expense,
disability, or accidental death and dismemberment" 

A health insurance policy is:

1. A contract between an insurance provider (e.g. an insurance company or a government)

and an individual or his/her sponsor (e.g. an employer or a community organization). The
contract can be renewable (e.g. annually, monthly) or lifelong in the case of private
insurance, or be mandatory for all citizens in the case of national plans. The type and
amount of health care costs that will be covered by the health insurance provider are
specified in writing, in a member contract or "Evidence of Coverage" booklet for private
insurance, or in a national health policy for public insurance.
2. (US specific) Provided by an employer-sponsored self-funded ERISA plan. The company
generally advertises that they have one of the big insurance companies. However, in an
ERISA case, that insurance company "doesn't engage in the act of insurance", they just
administer it. Therefore, ERISA plans are not subject to state laws. ERISA plans are
governed by federal law under the jurisdiction of the US Department of Labor (USDOL).
The specific benefits or coverage details are found in the Summary Plan Description
(SPD). An appeal must go through the insurance company, then to the Employer's Plan
Fiduciary. If still required, the Fiduciary's decision can be brought to the USDOL to
review for ERISA compliance, and then file a lawsuit in federal court.

17
Property insurance:
It provides protection against most risks to property, such as fire, theft and some weather damage.
This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake
insurance, home insurance, or boiler insurance. Property is insured in two main ways open perils
and named perils. Open perils cover all the causes of loss not specifically excluded in the policy.
Common exclusions on open peril policies include damage resulting
from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the
actual cause of loss to be listed in the policy for insurance to be provided. The more common
named perils include such damage-causing events as fire, lightning, explosion, and theft. There
are three types of insurance coverage. Replacement cost coverage pays the cost of repairing or
replacing your property with like kind & quality regardless of depreciation or appreciation.
Premiums for this type of coverage are based on replacement cost values, and not based on actual
cash value. [5] Actual cash value coverage provides for replacement cost minus depreciation.
Extended replacement cost will pay over the coverage limit if the costs for construction have
increased. This generally will not exceed 25% of the limit. When you obtain an insurance policy,
the limit is the maximum amount of benefit the insurance company will pay for a given situation
or occurrence. Limits also include the ages below or above what an insurance company will not
issue a new policy or continue a policy.

Fire insurance:

It is property insurance covering damage and losses caused by fire. The purchase of fire insurance
in addition to homeowner’s or property insurance helps to cover the cost of replacement, repair,
or reconstruction of property, above the limit set by the property insurance policy. Fire insurance
policies typically contain general exclusions, such as war, nuclear risks, and similar perils.  Most
policies provide coverage regardless of if the fire originates from inside the home. The limit of
coverage depends on the cause of the fire. The policy will reimburse the policyholder on either
a replacement-cost basis or an actual cash value (ACV) basis for damages. If the home is
considered a total loss, the insurance company may reimburse the owner for the current market
value. Typically the insurance will offer a market value compensation for lost possessions, with
the total payout capped based on the home's overall value. For example, if a policy insures a
house for $350,000, the contents are usually covered for at least 50-70% of the policy value, or

18
$175,000 to $245,000. Many policies limit how much reimbursement is for luxury items such as
paintings, jewelry, gold, and fur coats.

Rural Insurance:

Insurance solutions to meet the needs of agriculture and rural businesses form part of rural
insurance. IRDA has stipulated annual targets for insurers to provide insurance to the rural and
social sector.

As per these regulations, insurers are required to meet year-wise targets:

 In percentage terms of policies underwritten and percentage of total gross premium

income by general insurers under rural obligation
 In terms of the number of lives under social obligation

Commercial insurance:

It encompasses solutions for all sectors of the industry arising out of business operations.
Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages,
manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport and
logistics sectors. It covers small and medium scale enterprises, large corporations as well as
multinational companies.

Common types of commercial insurance:

 Property insurance
 Marine insurance
 Liability insurance
 Energy insurance
 Employee benefit insurance
 International insurance solutions
 Financial lines insurance
 Engineering insurance

19
Other types of General Insurance:

 Property insurance
 Personal accident
 Householder
 Shopkeeper
 Corporate insurance
 Commercial insurance
 Fire insurance
 Crop insurance

20
  CHAPTER – 4.4

Public Sector Subsidiaries and Private Players

 Public Sector Subsidiaries

I. Oriental Insurance Company.

The Oriental Insurance Company Ltd. (OICL) is one of the leading General Insurance companies
in India and is a subsidiary of the General Insurance Corporation (GIC) of India. It is one of the
oldest Insurance. If companies and was established in the year 1947.The Company transacts all
kinds of non-life insurance business ranging from insurance covers for very big projects to small
rural insurance covers. OICL, is the –
 First to have underwritten the biggest Grass Root Refinery Project, Reliance Jamnagar
Refinery.
 First to have issued a Package Policy under mega risk to PSU Oil giants. .
 First to have issued Advance Loss of Profits policy in India.
 First to have issued directors & Officers liability policy in India.
 First to introduce Kidnap & Ransom cover in India.
 First to have issued Stock Brokers and Stock Exchange custodial services policy in India.
 First to have issued tailor-made cover for Cellular Communication systems.
 First to have front office computerization drive in India.
 First to have a system of in-house loss assessment upto statutory limits.
 First to have started motor third party conciliatory proceedings.

THE PROFILE
The Oriental Insurance Company' Ltd. (OICL) is one of the leading General Insurance companies
in India and is a subsidiary of the General Insurance Corporation(GIC) of India. It is one of the
oldest Insurance companies and was established in the year 1947. The Company transacts all
kinds of non-life insurance business ranging from insurance covers for very big projects to small
rural insurance covers. OICL has its Head office in New Delhi, the capital of India. The Company
has 21Regional Offices, 311 Divisional Offices and 635 Branch offices in various cities of the
21
country. Reinsurance connections are spread all over the world. The Company has a very high
reputation in the Reinsurance market. OICL specializes in devising special covers for large
projects like Power Plants, Petro-chemical, Steel Plants and chemical plants. It has a highly
technically qualified and competent team of professionals, to render the best customer service.
The Company has a dedicated project cell at the Head Office as well as major cities of India. A
special R & D team has been dedicated to bring out special innovative covers like Stock-Brokers'
Policies, Special Package Policies etc. MISSION
 To develop general insurance business in the best interest of the community.
 To provide financial security to individuals, trade and commerce by offering insurance
products and service of high quality at affordable cost.

VALUES
 Highest priority to customer needs.
 High standards of public conduct.
 Transparency in operations. COMMITMENTS TO THE CITIZENS
 In areas coming within competence of GIC respond to all commercially viable general
insurance requirements of the citizens, not hitherto available within three months from the
date on which such a demand is received.
 In areas covered by tariff, appropriate proposals will be submitted to the Tariff Advisory
Committee with appropriate comments within two months.
 Continue to provide customized insurance products for weaker sections of the society at
affordable price within six months of receipt of a request for a specific type of cover.
 Prepare booklets on standard policy covers setting out essential information and make
such booklets readily available for purchase at suitable places.
 Promote customer education in general insurance service by holding workshops in
important regional centers.
 Make available to a customer, on request to the policy issuing office, the status of his
claim and/or claim settlement details within 7 working days.
 Endeavor to set up a system of Ombudsman at four metropolitan cities to conciliate
disputes on personal line insurance claims

CORPORATE OBJECTIVES:

22
 To serve better the insurance needs of the entire community, keeping CUSTOMER as the
focus.
 To serve better the insurance needs of the entire community, keeping CUSTOMER as the
focus.
 To manage Business profitably, Manage funds judiciously and deploy investible funds for
optimum Yield.
 To manage Business profitably, Manage funds judiciously and deploy investible funds for
optimum Yield.
 To work towards minimization of losses and develop Risk Management Technologies.
 To function as a strong and dynamic non-life insurer.

PRODUCTS:
The various products can be grouped under the following categories:
 Individuals/Family
 Marine
 Professionals
 Business/Office/Traders
 Engineering/Industry
 Agriculture/Sericulture/Poultry
 Animals/Birds
 Aviation
 Motor Vehicle – Private/Commercial
 Health-Mediclaim/Overseas Mediclaim/Personal Accident

Documents requirement for various types of Claims Different documents are required for settling
different types of claims. The most commonly required ones are mentioned under each claims
type listed below. Your full cooperation to surveyor/Investigator appointed by the Company
would enable prompt settlement of claims.
 Claim due to Fire and/or Explosion.
 Claim due to Flood, Storm, Cyclone, Earthquake, and Subsidence/Landslide.
 Claim due to Riot, Strike, Malicious Damage and Terrorism (RSMDT).
 Marine Inland Transit Loss of cargo/machinery.
23
 Marine Loss of cargo/machinery for export'
 Marine Loss of cargo/machinery during Import
 Claim due to Electrical/Mechanical/Electronic Breakdown/mishandling/ 
 Impact damage to machine.
 Claim due to Burglary/Theft of Vehicle
 Accidental Death Claim
 Permanent Disability/Injury claim due to accident
 Temporary Total Disability (TTD) (Weekly compensation) claim due to accident
 Mediclaim claim due to hospitalization (disease/accident)
 Claim due to Death of Cattle (Non-IRDP)/Permanent Total Disablement. Damage claim
to private Vehicle (Car/2Wheeler) due. to accident
 Claim of Damage to Commercial Vehicle (Taxi/Bus/Lorry) due to accident. Third Party
(T.P.) Claim due to accident

II. The New India Assurance Company.

 Established by Sir Dorab Tata in 1919, New India’ was the first fully Indian owned insurance
company in India. There were nearly 150 insurance firms in India – include intones from France,
the UK and America. These were operated through managing agencies in India largely held by
Indian business houses. New India is a leading global insurance group, with offices and branches
throughout India and various countries abroad. The company services the Indian subcontinent
with a network of 1,130 offices, comprising26 Regional offices, 366 Divisional offices and 738
Branches. With approximately25,000 employees, New India has the largest number of specialist
and technically qualified personnel at all levels of management, who are empowered to
underwrite and settle claims of high magnitude New India has historically been a frontrunner in
several diverse fields of business and industrial activity. New India are lead underwriters of
India's Space programn1e having insured several INSAT and other, satellites. New India are
pioneers in Engineering insurance, Financial risks insurance and are now offering customized
Risk Management solutions to our: corporate clients in the Private and public Sectors in Power,
Telecom, Petrochemicals, Steel and Automobile industries New India's foreign operations started
with the establishment of an office in London in1920. An international presence was built up by
New India as a direct writing Company in 23 countries spanning 5 continents. It increased its

24
reach and capacity, for reinsurance facilities for all classes of business. Starting way back in the
1920s, New India's UK operations have now taken deep root. New India is party to one of the
oldest reinsurance treaties in the UK market. Through participation in Aviation and Marine Hull
underwriting, New India has, over a period of time, strengthened its market presence. In 1980's
with the establishment of a full-fledged branch to underwrite UK Business, it has extended its UK
operations, authorized by the Department of Trade and industry The New India commenced its
Japan operations in 1950, and now: operates through 8branches. The Japanese operation covers
35% of the Company’s overseas premium income.

III. The National Insurance Company

Since incorporation in the year 1906, National Insurance Company has been carrying out general
insurance business under private management until 1972, the year of its nationalization. In the
same year 22 foreign and 11 Indian Insurance Companies were amalgamated with National
Insurance Company Limited, as a subsidiary company of General Insurance Corporation of India
Headquartered in Calcutta it has an organizational network of over 964 offices with around
20,077 trained workforces. The company also has operations in Hong Kong and Nepal and ranks
among the top global business insurers. Later on in 2002, with the passage of Insurance
amendment Bill (2002), National Insurance Company has been delinked from GlC and. has been
functioning as an independent company Its product range includes motor vehicle insurance; fire
insurance on building sand other assets; various crime covers like burglary and theft of cash;
machinery breakdown cover for industrial equipment; transit damage cover for imported or
exported goods; as well as legal liability cover. Professional indemnity and directors and officer’s
liability covers are some of the new covers. NICO General Insurance seeks to attract clients and
intermediaries and flexibility in claims settlements, and at the same time ensuring that we do not
erode shareholder value. The objective is to add value to the shareholders' funds whilst ensuring
customer satisfaction? The strength of NGI is in its balance sheet. NICO General Insurance views
the future and its prospects as extremely bright, exciting and rewarding for staff, clientele
and shareholders alike.
IV. United India Insurance Company

United India Insurance is one of the four subsidiaries of the General Insurance Company carrying
on general insurance business with its head office at Chennai. Later on in 2002, with the passage
25
of Insurance amendment Bill (2002), United India Insurance has been Del inked from GIC and
has been functioning as an independent company. UI spans the country with a network of 1123
offices and manpower of Over 21,000 employees. The organizational structure comprises 22
regional offices, 327divisional offices.., and 777 branch offices, supported by 21,505 employees.
ICRA has maintained the AAA rating, indicating the claims paying ability of United India
Insurance (UII) to be of the highest order. The rating takes into consideration the favorable
prospects for the domestic general insurance industry following the deregulation of the sector.
UII continues to be a dominant player in the Indian insurance industry, with an overall market
share of 25% and a leadership position in the southern markets. UII is a Pioneer of Personal
Insurance Products in India who specializes in non-life insurance products including Medical and
Accident Insurance. It enjoys a market share of over 25percent of the non-life insurance sector
in India.

 PRIVATE COMPANIES

1. Bajaj Allianz General Insurance Company: 

26
Allianz AG:
Allianz group was founded in 1890 and is one of the world's leading insurance companies with
over 100 years’ experience in insurance and related services. It is also the largest insurer in
Europe. Allianz group has multi-local structure and presence in over 70countries. The key
business areas of Allianz group include General Insurance (property, engineering, marine, motor,
casualty and miscellaneous), Reinsurance, Risk Management, Life & health insurance, Asset
Management and Pension Funds Management.

 Bajaj Auto Ltd.

Bajaj Auto Ltd the flagship company of Bajaj Group was incorporated in 1945 as Bachraj
Trading Corporation. Initially it started by assembling two and three wheelers in collaboration
with Piaggio of Italy. After the expiry of the Agreement in 1971 the two and three wheelers
acquired the brand name of Bajaj. The strength of the company lies in its strong brand image and
ability to offer value for money products leveraging on its large-scale operations.

The Joint Venture

Bajaj Allianz General Insurance a joint venture non-life company promoted jointly by Bajaj Auto
and German insurer- Allianz. Indian auto major holds 74% while Allianz holds 26% in the Joint
Venture, and has an authorized and paid up capital of Rs.ll0 crores. Mr. Graham Norris is the
CEO of the company. Bajaj Allianz General Insurance will leverage the customer base and
expertise of Bajaj Auto Ltd and Allianz.

2. Royal Sundaram General Insurance Company Limited:

 
Sundaram Finance
 Sundaram Finance Limited (SF) was established In 1954 with a paid-up capital of Rs. 0.02
million, primarily to assist the development of Road Transport Industry. SF has been providing
financial assistance to road transport operators for acquiring commercial vehicles under hire
purchase system. Emerging as the leader in the industry, SF has been staying at that position for
over four decades. SF diversified into equipment leasing in 1981.
 
Royal & Sun Alliance

27
Royal & Sun Alliance is one of the world's leading international Insurance companies. The Sun
was established in 1710 and is the oldest. Insurance company in existence still trading under its
original name. The Alliance was founded in 1824 and the Royal in 1845.The Group's
international presence began to emerge in the 18th century with business ventures in mainland
Europe. Forays into the US and Canadian markets followed in the 19th century, and in 1998,
Royal & Sun Alliance became the first UK insurance company to be granted a license to operate
in China.

The Joint Venture

The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance
Limited started its operations from March 2001. The company is Head Quartered at Chennai, and
has two Regional Offices, one at Mumbai and another one at Delhi. The venture is aiming at Rs.
120 Crores in revenue during first year of its operations and is confident of breaking even by fifth
year.

3. ICICI Lombard General Insurance Company:

ICICI
ICICI Ltd. was established in 1955 by the World Bank, the Government of India and the Indian
Industry, to promote industrial development of India by .Providing project and corporate finance
to Indian industry. Since inception, ICICI has grown from a development bank to a financial
conglomerate and has become one of the largest public financial institutions in India. ICICI has
thus far financed all the major sectors of the economy, covering 6,848companies and 16,851
projects.

 Lombard 
Lombard Canada Ltd., is a leading insurance management company responsible for providing
insurance management services for all of the Lombard group's commercial, personal, and
specialized insurance companies. Canadian owned and operated, Lombard Canada Ltd. has its
head office in Toronto and has annual sales in excess of$500 million and is a wholly owned
subsidiary of Fairfax Financial Holdings Limited (FFH on the TSF Lombard Canada Ltd. has

28
achieved a reputation for providing solid underwriting performance, diversified books of business
and strong capital positions.

The Joint Venture

ICICI Lombard General Insurance Co will be headed by Mr. Sanjiv Kerkar. ICICI would hold
about 74 percent stake, while Canadian insurer Lombard would hold the maximum permissible
26 percent and commence business with a start-up capitalofRs.100 crore. ICICl Lombard has
plans to sell covers to the corporate clients of ICICl. St the same time it will sell property
insurance for ICICI home loan seekers and auto insurance for those availing of car finance.

4. Tata AIG General Insurance Company Limited:

TATA Group
Tata Enterprises with 82 companies, spread over seven sectors and with an annual turnover
exceeding US $ 8.8 billion, employs more than 262,000 people. Tata Group has shown over years
that it is a value driven company and has" pioneering contributions in various fields including
insurance, activation, iron and steel. Tata companies have forged number of global alliances with
eminent international partners in several fields. In terms of capital market performance as many
as 40 listed Tata companies account for nearly5% 6fthe total market capitalization of all listed
companies.

TATA Group in Insurance

The Late Sir Dorab Tata was the founder Chairman of New India Assurance Co. Ltd., a group
company incorporated way back in 1919.Government of India took over the management of this
company as a part of Nationalization of general insurance companies in 1972. Not deterred by the
move, Tata group have ventured into" risk management services having tied up with AIG group,
back in 1977, with the incorporation of Tata AIG Risk Management Services Pvt. Ltd.

AIG

29
“American Insurance Group is the leading U.S. based international insurance and financial
services organization and the largest underwriter of commercial and industrial insurance in the
United States. Its member companies write a wide range of commercial and personal insurance
products through a variety of distribution channels in over 130countries and jurisdictions
throughout the world. AIG's global businesses also include financial services and asset
management, including aircraft leasing, financial products, trading and market making, consumer
finance, institutional, retail and direct investment fund asset management, real estate investment
management, and retirement savings products.

The Joint Venture

Tata AIG General Insurance Co. Ltd. has a start-up capital of Rs. 125 crores of which 74 percent
has been brought in by Tata Sons and American partner brings in the balance 26 percent. Tata
-AIG plans to be the first Indian insurance company to offer a comprehensive policy to cover
various risks in the IT sector, risk arising out of virus, cybercrime, negligent acts, errors and
omissions and third party liability from a security failure. Other products on offer are property,
casualty, marine, directors and officer’s liability, accident and health, homeowners and
automobile insurance.
 
Bajaj Allianz General Insurance Products
 Personal Accident
 Hospital Cash Daily Allowance Policy
 Health Guard
 Critical Illness
 Burglary Insurance
 Householders Insurance
 Travel Companion
 Fidelity Guarantee Policy
 Office package
 Money Insurance
 Public Liability
 Plate Glass Insurance
 Consequential Loss (Fire) Insurance Policy

30
 
Tata AIG General Insurance Company Products
 Executive Guard
 Family Guard
 Travel Guard
 Home Secure
 Business Guard Sanjeevani
 Business Guard Jyothi

5. Reliance General Insurance Company Limited:

 Reliance Group' 
Reliance 'Group is India's largest business house has annual sales turnover of Rs. 41,280crore
(US$ 9,003 million) and has posted a net profit of Rs. 2,940 crore (US $ 641million) for the 12-
month period ending June 30, 2000. The Group has total assets of Rs.52,100 crore and net worth
of Rs. 22,415 crore. It has a large investor base of over 5million, as well as a large customer base
in retail (textiles, LPG, Cellular phones, etc.) and commercial segments. Reliance Industries
Limited, India's largest private sector enterprise, is a, major player in the Indian petrochemicals
sector. Relianc6~s operations capture value addition at every stage from producing crude oil and
gas to polyester and polymer products and are vertically integrated to the production of textiles.
Reliance has one of the largest marketing networks in the Indian Industry. All its brands are
market leaders.

 Reliance General Insurance Company Limited 

Reliance group has announced its plans to enter the Indian insurance sector- both in the life and
general insurance businesses'. Reliance Industries plans to bring in around Rs. 300 Crores into its
insurance venture through its financial arm Reliance Capital Ltd. Reliance group will be the lead
investor for this initiative. The two companies will have an initial authorized capital of Rs.200
crores (US $ 43.62 million) each. This is the first application from an Indian company without a
foreign insurance tie-up. However, Reliance will associate with international insurance
consultants to bring the best practices in the business to India.37

31
6. Iffco Tokio General Insurance Company ltd

Iffco Indian farmer’s fertilizers cooperative limited was created on Nov 3, 1967 as a multiunit
cooperative society engaged in production and distribution of fertilizers the byelaws of the
society provide a broad framework for the activities of IIFCO as a cooperative society the main
emphasis is on production and distribution of fertilizers The Tokio marine and fire insurance The
Tokio marine and fire insurance (Tokio marine) company holds a leading position in Japan’s
property and casualty insurance industry. It is the second largest in P & C insurance market in the
world. With superior capitalization, stable profitability and conservative management tem the
company provides a large rage of property and casualty insurance products n services including,
automobile fire and personal accident to retail corporate clients38

The Joint Venture

IFFCO TOKIO General Insurance Company is a joint venture promoted by India Farmers
Fertilizers Co-Operative, Tokio Marine and fire Insurance Company, Japan, the fifth largest
insurance company in the world, Krishak bharathi Cooperative ltd. (KRIBHCO), and Indian
potash. Their contribution to the Rs.100 crore equity capitals is 49 percent, 20percent and 5
percent respectively. The head Office is in Delhi and operating Office are in about 20 cities.

IFFCO Tokio Insurance Products

 Home & Family Protector
 Standard Fire & Special Perils
 Burglary and House Breaking
 Personal accident 
 Trade Protector
 Travel Protector

CHAPTER – 4.5

32
 Important Development in the history of the Indian Insurance
Industry

The insurance industry in India consisted of only two state insurers, namely Life
Insurance Corporation of India (LIC) for life insurance, and General Insurance Corporation of
India (GIC) with its four subsidiaries for general insurance. According to the Insurance
Regulatory and Development Authority (IRDA), the insurance industry in India at present
consists of 24 general Insurance companies including specialized insurers such as Export Credit
Guarantee Corporation of India and the Agricultural Insurance Corporation of India, and 23 life
insurance companies. Of the 22 insurers who set up operations in life insurance after the industry
was opened up for the private sector, 20 are joint ventures with foreign companies. Similarly, of
the 17 nonlife insurers, including health insurers operating in the private sector, 16 are in
collaboration with foreign partners. Thus, 36 insurance companies in the private sector are
operating in collaboration with well-established foreign companies.

Prior to the opening up of insurance for the private sector, non-life products were
limited and were classified on the basis of their being regulated by tariffs or otherwise. Those
such as fire insurance, motor vehicle insurance, engineering insurance and workers compensation
came under tariff regulation while others such as burglary insurance, mediclaim, and personal
accident insurance did not. In addition, most specialized insurance products, such as race horse
insurance, did not fall under tariff regulation. After the opening up of the sector to private players,
new products were introduced and these included products’ liability, corporate cover,
professional indemnity policies, weather insurance, credit insurance and travel insurance.

Year Description of New Developments and Important Events

The Life Insurance Companies Act was passed, making it mandatory for companies to
1912
get their premium rate tables Certified by an actuary.

33
 The Insurance Act of 1938 became the first legislation governing all forms of
1938
insurance to provide strict state control over insurance business
Life insurance in India was completely nationalized on January 19 by means of the
1956 Life Insurance Corporation Act. All 245 existing companies operating in the country
were merged into one entity, namely the Life Insurance Corporation of India (LIC)
The General Insurance Council, a wing of the Insurance Association of India, was
1957 formed and framed a code of conduct for ensuring fair conduct and sound business
practices
The Insurance Act of 1938 was amended to regulate investments and set minimum
1968
solvency margins. The Tariff Advisory Committee was also set up.
The General Insurance Business (Nationalization) Act was passed. With effect from
January 1, 1973 107 companies were amalgamated and grouped into four companies,
1972
namely National Insurance Company Ltd., Oriental Insurance Company Ltd., New
India Assurance Company Ltd and United India Insurance Company Ltd
The Government of India set up a committee under the chairmanship of RN Malhotra,
1993 then Governor of the Reserve Bank of India, to propose recommendations for reforms
in the insurance sector that would complement the reforms in the financial sector.
The Amphora Committee submitted its report, recommending that entry of the private
1994 sector be permitted in the insurance sector and that foreign companies be allowed entry
by floating Indian companies, preferably as joint ventures with Indian partners.
Following the recommendation of the Malhotra Committee, an interim Insurance
1996
Regulatory Authority was set up
The Insurance Regulatory and Development Authority (IRDA) was constituted as an
autonomous body to regulate and develop the insurance industry. The IRDA was
incorporated as a statutory body in April, 2000. The key objective of IRDA Includes
promotion of competition in order to improve customer satisfaction through increased
1999
customer choice and lower premiums, while ensuring the financial security of the
insurance market. The IRDA deregulated the insurance sector and permitted the entry
of private companies. Foreign investment was also allowed and capped at 26 per cent
holding in the Indian insurance companies.
The Actuaries Act was passed to give the profession statutory status on par with
2006 chartered accountants, notaries, cost and works accountants, advocates, architects and
company secretaries

34
 CHAPTER – 4.6

CONSUMER PROTECTION AND AWARENESS

General Principles:

Principle 1: Fair and Equal Dealing Companies should deal fairly and honestly with all
customers and beneficiaries at all stages of their relationship and fulfil their obligations under the
rules and regulations and the instructions of the institution. Employees should follow
international practices to meet the obligations of the customer, making this an integral part of its
culture. Companies should provide good care to customers and beneficiaries in general,
especially old people, those with a limited education, and those with special needs – of both
genders.
35
Principle 2: Disclosure and Transparency Companies should clarify the rights, responsibilities
and duties of all parties in the policy relationship, instalment details, commissions, types of risks
and the procedure for ending the insurance relationship or cancelling the policy and the
consequent effects on the insured person. Companies should also take into consideration that the
policy terms and conditions should be clear, brief, easy to understand, accurate and not
misleading, so as to be understood by customers without misunderstanding. Companies and their
employees should answer all customer inquiries that are related to the insurance products that is
offered by the company or related to the issued policies. In addition, companies should update all
information related to services and insurance products on a regular basis and provide all the
necessary and updated information about the services and insurance services, including through
the company’s website.

Principle 3: Financial Education and Awareness Companies should establish programs and
appropriate mechanisms to develop the knowledge and skills of current and potential customers,
to raise their awareness and help them understand basic risks of the insurance product and its
benefits, as well as to explain their rights and duties without misleading, and make effective
decisions and direct them to an appropriate source of any additional information they may
require.

Principle 4: Behaviour and Work Ethic Companies should work in a professional and
responsible way and to provide their services and meet their obligations, since the company bears
primary responsibility for protecting the customer’s financial interests.

Principle 5: Non-Discrimination Policy The Company and its employees should not
discriminate in their dealings with the current or potential customers on the basis of race, gender
or religion.

Principle 6: Protection Against Fraud Companies should apply the strictest possible security
measures and supervision of procedures to reduce fraud and illegal actions.

Principle 7: Information Privacy Protection Companies should protect the customer’s

financial, insurance and personal information and use them solely for purposes for which the
36
client has granted approval, and not disclose details to any third party without a prior permission
from the Company, with the exception of the corporate accounts and … (not clear)

Principle 8: Complaint Handling Companies should provide an appropriate procedure for

customers to handle their complaints, with a procedure that is fair, clear and effective, and which
provides for the follow-up and resolution of complaints without delay, in accordance with the
rules, regulations and instructions issued by the institutions and relevant authorities.

Principle 9: Competition Companies should compete in providing the best products, services
and prices to meet the customer’s needs, without breaking the rules, regulations and instructions
related to the method and procedure of pricing insurance products.

Principle 10: Third Parties Companies should ensure that external sources shall comply with
all these principles and that they work in the interests of their customers, for whose protection
they are responsible. Providers of financial services are responsible of the procedures that are
taken on the behalf of companies or customers, according to the regulations issued by the
institution. This does not imply that the company is not responsible for following up and auditing
the procedures and businesses operated by the providers.
Principle 11: Conflict of Interest Companies should have a written policy on conflict of
interest, and establish the necessary procedures to guarantee fairness in dealing with customers.
The company should ensure the existence and application of policies that detect conflicts of
interest.

Principle 12: Adequate Resources Companies must take steps to provide sufficient
administrative, financial, operative and human resources to operate its businesses and provide
services across all branches in the Kingdom.

37
 CHAPTER – 4.7

WHY AWARENESS IS IMPORTANT

The growing need for financial education for the families to take better financial
decision and to increase their economic security has been widely recognized. It is felt that well
informed and well educated customers can create economic ripples. They make better financial
decisions for themselves and their families, increasing their economic security and wellbeing.
Secured families are more involved in their communities as home owners and voters. They are
more involved as parents with their children’s schools and teachers, enabling better educational
and economic outcomes for their children. They contribute to vital, thriving communities, further
fostering community economic development. Thus, being financially literate is not only
important to the individual household and family, it is also important to communities and
societies. Insurance companies can address the problem of financial illiteracy of consumers by
educating them. This point was corroborated by the Max New York–NCAER survey (NCAER,

38
2008) which showed that even though a majority of Indian households are good savers, they do
not undertake financial planning and are financially at risk. Households need to understand the
risk of both ‘living too long’ and ‘dying too young’. Further, in urban India and amongst the
salaried class, insurance is largely used as a tax saving tool, rather than for protection against risk.
There is need to reorient the consumer about the benefits of life insurance for both financial
protection as well as for long-term wealth creation. The importance of insurance is
unquestionable in modern economies as it serves a broad public interest and is vital to
individuals’ security. Advocacy of insurance and risk issues is an important tool that
complements the insurance regulatory and supervisory framework. This is particularly so given:

1) Households’ growing risk exposures and responsibility for covering them;

2) Increasing diversity and complexity of insurance products; and
3) Heterogeneity of insurance providers and distribution channels.

Advocacy can typically:

1) Heighten individuals’ awareness and responsibility towards potential risks;

2) Enhance understanding of insurance mechanisms that can cover these risks; and
3) Enable the development of consumers’ knowledge and capacity in order to make informed
decisions as regards insurance matters (OECD, 2006). Private insurers have introduced many
innovative products and offer incentives on policies in order to woo consumers. The market
share of private insurers has increased steadily on the basis of total premium from 14.25 per
cent in 2005–06 to 29.90 per cent in 2009–10. In today’s context, though the customer has a
variety of products to choose from, wise choices are possible only with requisite awareness.
Besides, it is not enough for the customer to have knowledge only of the various policies
available. It is possible that a customer has problems with a particular policy and should
ideally be aware of organizations that look into grievances and make prompt payment of
claims. The customer must also be informed about the lapse of policies, revival of policies,
and the value of a policy in case of surrender. Hence, the customer must not only choose a
product which is suitable, but also engage with a company in which the agents provide correct

39
 information. The results of the Max New York Life– NCAER Survey on India Financial
Protection (NCAER, 2008) indicates that awareness of life insurance stands at a high of 78
per cent on an all-India level with more urban households (90%) aware of it than rural
households (73%). The level of awareness has increased with education, age and income
levels. However, ownership of insurance products was low at only 24 per cent. Further, it was
the salaried class that tended to buy insurance the most, followed by businessmen. Also, as
compared to others married people are more likely to buy insurance.

CHAPTER – 4.8

PROCEDURE OF CLAIMS

1. An insured or the claimant shall give notice to the insurer of any loss arising under contract of
insurance at the earliest or within such extended time as may be allowed by the insurer. On
receipt of such a communication, a general insurer shall respond immediately and give clear
indication to the insured on the procedures that he should follow. In cases where a surveyor
has to be appointed for assessing a loss/ claim, it shall be so done within 72 hours of the
receipt of intimation from the insured.
2. Where the insured is unable to furnish all the particulars required by the surveyor or where
the surveyor does not receive the full cooperation of the insured, the insurer or the surveyor as
the case may be, shall inform in writing the insured about the delay that may result in the
assessment of the claim. The surveyor shall be subjected to the code of conduct laid down by

40
 the Authority while assessing the loss, and shall communicate his findings to the insurer
within 30 days of his appointment with a copy of the report being furnished to the insured, if
he so desires. Where, in special circumstances of the case, either due to its special and
complicated nature, the surveyor shall under intimation to the insured, seek an extension from
the insurer for submission of his report. In no case shall a surveyor take more than six months
from the date of his appointment to furnish his report.
3. If an insurer, on the receipt of a survey report, finds that it is incomplete in any respect, he
shall require the surveyor under intimation to the insured, to furnish an additional report on
certain specific issues as may be required by the insurer. Such a request may be made by the
insurer within 15 days of the receipt of the original survey report. Provided that the facility of
calling for an additional report by the insurer shall not be resorted to more than once in the
case of a claim. 
4. The surveyor on receipt of this communication shall furnish an additional report within three
weeks of the date of receipt of communication from the insurer.
5. On receipt of the survey report or the additional survey report, as the case may be, an insurer
shall within a period of 30 days offer a settlement of the claim to the insured. If the insurer,
for any reasons to be recorded in writing and communicated to the insured, decides to reject a
claim under the policy, it shall do so within a period of 30 days from the receipt of the survey
report or the additional survey report, as the case may be.
6. Upon acceptance of an offer of settlement as stated in sub-regulation (5) by the insured, the
payment of the amount due shall be made within 7 days from the date of acceptance of the
offer by the insured. In the cases of delay in the payment, the insurer shall be liable to pay
interest at a rate which is 2% above the bank rate prevalent at the beginning of the financial
year in which the claim is reviewed by it.

41
 CHAPTER – 4.9

KEY SUCCESS FACTORS

Factors for Future Growth and Success From the extensive literature review the study identify
many influential factors which General Insurance Industry of India should take in to
consideration for future growth and to become success in future. These are like Easy settlement
of disputes, Quick payment of damage cost ,creating public relation through creating public
awareness, Smart marketing, Effective underwriting, and Effective claim Management system,
Clarity in explaining financial implication, Timely informing about new schemes, Facilities of
after sales service, training to agent, giving incentives to agents and policy holders and offering
cross selling, Swot Analysis of competitor, tie-up with foreign partners, environment location and
political condition of a particular country, management vision and capabilities and also the role of
information technology. After going through literature review some of the most important
influencing factors have been identified and administered to the respondent through questionnaire
to rank them and the results are given below. To get a clear picture regarding the factors for the
future growth of the industry insured views were asked and the result is as follows. Table 4:

42
Influencing Factors and Future Growth Factors First Importance w-3 Second Importance w-2
Third Importance w-1 Level score of Importance and Rank More advertisement 10% 20% 25%
15.83% Highly satisfied Service 32% 25% 24% 28.33%

 General awareness program. 28% 22% 22% 25%

 Redressal of consumer complaints 26% 22% 20% 23.66%
 ISSN : 2230-9519 | ISSN : 2231-2463 IJMBS Vol. 4, Issue 4, Spl - 1 Oct - Dec 2014
International Journal of Management & Business Studies 19 Introducing innovative
schemes. 4% 11% 9% 7.16% Total 100 100 100 Source: Primary data. W stands for
weights to calculate level. (W1- W3) (W1 least important, W3–most important) The
above table indicates the important reasons that act as the influencing factors for the
future growth on the industry. It is being observed from the respondent’s view that (35%)
of the total insured takes Highly satisfied Service as their first choice, which is followed
by reasons like Conducting general awareness program (28%) as 2nd choice and
Redressal of consumer complaints (26%) as 3rd influencing factor for future growth of the
general insurance industry. It is observed that level score also ranks the same factors like
highly satisfied service as1st, General awareness program as 2nd, Redressal of consumer
complaints as 3rd important factors that influence the future growth of the General
insurance industry.

In recent years India has become one of the fastest growing countries in the world. At present,
there is a high demand for health insurance in India; this is driven primarily by the growing
percentage of middle class citizens in the country and the types of illnesses or diseases associated
with their lifestyle. As India sees the wide scale emergence of illnesses predominantly associated
with developed nations, the costs associated with healthcare in the country have started to
increase. The disparity in Indian healthcare provision has also been highlighted by the
development of privately funded Start-up hospital chains catering specifically to upper-middle
class residents of the country. As India further develops over the next 5 years the growth of the
country's medical industry, in addition to the increased levels of lifestyle related illnesses will
further increase demand for quality healthcare services, and consequently health insurance, in the
urban areas of India. The growth of the Indian economy, together with the increase of lifestyle
associated illnesses has seen the cost associated with healthcare increase dramatically in the last
decade. As a consequence of this Indian health insurance premiums have grown by an estimated
40% in the last 10 years as insurance providers seek to cover their risk. The Indian Government,
43
together with non-governmental organisations and insurers, have recognised the need for quality
low-cost healthcare and are jointly launching several different schemes to offer lower cost health
insurance to all residents in India. Some of the insurers include . Although the health sector in
India continues to grow at a fast pace, it has not yet achieved its highest potential, as there are a
few internal factors limiting widespread implementation of quality medical services throughout
the country as a whole.

CHAPTER – 5

DATA ANALYSIS AND DATA INTERPRETATION

Q. 1) For which item below you have Insurance Cover?

5% Two Wheelers
7% Four Wheelers
1%
Home
30%
Office
Jewellery
Locker
Computer/Laptop
Health
5% Travel
45%
Marine
3% Mobile
2%
2% Any other thing

44
Data analysis:
Two Wheelers 30% Computer/Lapto 2%
p
Four Wheelers 5% Health 45%
Home 3% Travel 1%
Office 0% Marine 0%
Jewellery 0% Mobile 7%
Locker 2% Any other thing 5%

Data interpretation:
From this above given data we can interpret that Consumers mostly 30% of them take General
Insurance for Two Wheelers and only 5% of people take Insurance for Four Wheelers. 3% of
people take Home Insurance whereas for office, Jewellery, Marine there is not much awareness
among people. 2% of people take Travel and Computer Insurance. And mostly 45% of 50 sample
people take Health Insurance which indicated the awareness for this is highest from the others.
Q.2) One must take General Insurance policies for items stated in Q.1)

1%
3%

Agree

Disagree

43% 51% Strongly Agree

Strongly Disagree

Neither agree nor

disagree

2%

Data analysis:
Strongly agree 43%
Agree 51%
Strongly disagree 1%

45
Disagree 2%
Neither agree nor disagree 3%

Data interpretation:
From this above given data we can interpret that 51% of people from the 50 sample people agree
of taking insurance policies which was stated in Q.1) whereas only 2% of people disagree of
taking the General Insurance and 1% of people strongly disagree by taking Insurance as they do
not have trust on that. 43% of people strongly agree to take the Insurance to cover risk whereas
the remaining of 3% of people neither agree nor disagree for taking the insurance as the Lack of
Awareness.

Q.3) For how much is your policy insured?

5%

Less than 100,000

17%
Between 100,000 - 300,000

Between 300,000 - 500,000

53%
Between 500,000 -
10,00,000
25%
Above 10,00,000

Data analysis:
Less than 100,000 53%
Between 100,000 - 300,000 25%
Between 300,000 - 500,000 17%
Between 500,000 - 10,00,000 5%
Above 10,00,000 0%

46
Data interpretation:
From this above given data we can interpret that 53% of people from the 50 sample people have
policy less than 100,000 as the majority of them have two wheelers vehicle where the cost is low.
25% of people have insurance between 100,000 – 300,000 whereas 17% of people have insurance
between 300,000 – 500,000 and 5% of people have insurance between 500,000 – 10,00,000.
There is no more insurance cover of above 10,00,000 had taken by the people as it cost higher
like marine insurance.

Q.4) Do you go for General Insurance because it is compulsory?

5%

Yes

No

95%

Data analysis:
Yes 95%
No 5%

Data interpretation:
47
For this above given data we can intepret that 95% of people from the 50 sample people take
General Insurance policies because it is compulsory and only 5% of people do take policies for
risk exemption and not because it is compulsory.

Q.5) One must take General Insurance cover every year for the assets as long
as they last.

2% 3%

Strongly agree

36% Agree

Strongly disagree

Disagree

59%
Neither agree nor disagree

Data analysis:
Strongly agree 36%
Agree 58%
Strongly disagree 0%
Disagree 2%
Neither agree nor disagree 3%

Data interpretation:
48
For this above given data we can interpret that 58% of people from 50 sample people agree to
take General Insurance every year for the assests as long as they exist. 36% of people strongly
agree to take to cover risk of the assests. Only 2% of people disagree with the statement where
they believe of short time insurance policy. 3% of peoe neither agree nor disagree with the
statement.

Q.6) From which Company you have taken the General Insurance Policy?

49
 Reliance General Insurance
HDFC ERGO General Insurance
L & T General Insurance
New India Assurance
SBI General Insurance Ltd.
3% Tata AIG General Insurance
8%
1% National
9% Insurance Company Ltd.
Oriental Insurance Company
4%
Bharti AXA General
2%Insurance
Star Health and Allied Insurance

6% Bajaj Allianz General Insurance

Max Bupa General Insurance
8%
Liberty Videocon General Insurance
Shriram General Insurance Company
4% Ltd.
United India Insurance 1%
Magma HDI General Insurance
General Insurance Corporation of India
6%
Future Generali India Insurance
9%
ICICI Lombard
Kotak Mahindra General Insurance
Cigna TTK
IFFCO Tokio 7%

Cholamandalam MS General Insurance

8%
Apollo Munich Insurance
Agriculture6%
Insurance Company of
India
2%
4% 5% Raheja QBE General Insurance
1% Company Ltd.
6%
Universal Sompo General Insurance
Company
Export Credit Guarantee Corporation of
India
Royal Sundaram General Insurance
Company Ltd.
Other

Data analysis:
Reliance General Insurance 3%
50
HDFC ERGO General Insurance 9%
L & T General Insurance 2%
New India Assurance 8%
SBI General Insurance Ltd. 1%
Tata AIG General Insurance 6%
National Insurance Company Ltd. 7%
Oriental Insurance Company 6%
Bharti AXA General Insurance 5%
Star Health and Allied Insurance 6%
Bajaj Allianz General Insurance 4%
Max Bupa General Insurance 1%
Liberty Videocon General Insurance 0%
Shriram General Insurance Company Ltd. 0%
United India Insurance 2%
Magma HDI General Insurance 8%
General Insurance Corporation of India 9%
Future Generali India Insurance 4%
ICICI Lombard 6%
Kotak Mahindra General Insurance 4%
Cigna TTK 0%
IFFCO Tokio 0%
Cholamandalam MS General Insurance 0%
Apollo Munich Insurance 0%
Agriculture Insurance Company of India 0%
Raheja QBE General Insurance Company Ltd. 1%
Universal Sompo General Insurance Company 0%
Export Credit Guarantee Corporation of India 0%
Royal Sundaram General Insurance Company Ltd. 8%
Other 0%

Data interpretation:
For this above given data we can interpret that 9% of people out of the 50 sample of people's go
for HDFC ERGO General Insurance and Genral Insurance Corporation of India for taking the
General Insurance, 8% of people go for New India Assurance and Magma HDI General
Insurance, Royal Sundaram General Insurance Company Ltd. 7% of people go for National
Insurance Company Ltd. 6% of people go for Tata AIG General Insurance, Oriental Insurance
Company, Star health and allied Insurance and ICICI Lombard. 5% of people go foe Bharti AXA
General Insurance. 4% of people go for Bajaj Allianz General Insurance, Future Generali India

51
Insurance and Kotak Mahindra General Insurance. 3% of people go for Reliance General
Insurance. 2% of people go for L&T General Insurance United India Insurance. Only 1% of
people go for SBI General Insurance Ltd, Max Bupa General Insurance and Raheja QBE General
Insurance Company Ltd. No more person from 50 sample of people's go for Liberty Videocon
General Insurance, Shriram General Insurance Company Ltd, Cigna TTK, IFFCO Tokio, Appollo
Munich Insurance, Agriculture Insurance Company of India and Cholamandalam MS General
Insurance, Universal Sompo General Insurance Company, Export Credit Guarantee Corporation
of India and Other General Insurance Companies.

Q.7) Do you go for General Insurance to cover risk?

52
 3%

Yes

No

97%

Data analysis:
Yes 97%
No 3%

Data interpretation:
For this above given data we can interpret that 97% of people out of 50 sample people take
General Insurance policies to cover risk whereas only 3% of people take General Insurance
policies not to cover risk but because it is compulsory.

Q.8) Are you aware of the terms and conditions of the policy which you have
taken?
53
 2%
5%

Aware

Not aware

No idea at all

93%

Data analysis:
Aware 93%
Not aware 5%
No idea at all 2%

Data interpretation:
From this above given data we can interpret that 93% of people out of 50 sample peoples is aware
about the terms and conditions of the policies which they have taken. 5% of people are not aware
of terms and conditions of ths policies which they have taken whereas only 2% of people have no
idea at all about the terms and conditions of the policies.

Q.9) I know the procedure of settlement of claims.

54
 1% 5%

Strongly agree

37% Agree

Strongly disagree

Disagree
57%
Neither agree nor disagree

Data analysis:
Strongly agree 375
Agree 57%
Strongly disagree 1%
Disagree 5%
Neither agree nor disagree 0%

Data interpretation:
For this above given data we can interpret that 37% of people out of 50 sampling people's
strongly agree that they know about the procedure of settlement of claims whereas 1% of people
strongly disagree with the statement. 57% of people agree that they know about the procedure of
settlement of claims whereas 5% of people disagree with the statement. No such person in the
sampling people's neither agree nor disagree with the claims procedure.

Q.10) Which types of General Insurance Companies are more reliable

according to you?

55
 15%

Public

Private

85%

Data analysis:
Public 15%
Private 85%

Data interpretation:
For this above given data we can interpret that 85% of people out of 50 samples of people's go for
private companies for taking General Insurance policies to their assests as they provide better
services to them whereas 15% of people go for public companies for taking Insurance policies as
they have trust on it.

 Ratings to your General Insurance Company overall.

56
 1%
3%
12%

Excellent

Very Good

Good

49%
35% Poor

Very Poor

Data analysis:
Excellent 12
Very Good 35
Good 49
Poor 3
Very Poor 1

Data interpretation:
For this above given data we can interpret that 49% of people out of the 50 samples of people's
rate their Insurance as good whereas 3% of people rate their Insurance as poor. 12% of people
rate their Insurance policies as excellent and 35% of people rate their Insurance as very good
whereas only 1% of people rate their Insurance as very poor as it does not satiafy their
satisfaction.

CHAPTER – 5.1

FINDINGS
57
 It is pointed out from the study that General Insurance Industry is lagging behind
the other states and the factors acts as barriers for the growth of the industry are like Lack of
Awareness of customer (27.33%) 1st, followed by Delay in settlement of disputes (22.83%) 2nd,
Low Income level of people 22% (3rd), Poor agency network (4th), lack of buying habits of
customer (5th), Delay in payment of monetary compensation (6th) and Poor cooperation of
agents and employees is last factor. So it can be concluded that the main obstacle for the General
Insurance Services is lack of awareness among the people followed by delay in settlement of
disputes.

All Insurers should take the necessary steps by conducting meeting and awareness
program, giving advertisement in newspaper and different T.V channels to make awareness
among people to go for different general insurance schemes. From the study regarding the most
influential factors for future growth and development of the industry, it may be inferred that
whatever may be the sex, living place, education, occupation but the overall perception of the
customers is that highly satisfied customer service & general awareness program and redressal of
consumer disputes are the most motivating factors for the future growth of the general insurance
industry.

In India to achieve the objective of growth of insurance business, new private

players should not treat government as a rival, rather should integrate with each other with a
common objective to increase density, penetration and for a whole development of the Indian
insurance industry.

CHAPTER – 5.2

LIMITATION OF STUDY
58
 The study is confined to Mumbai city only.

 There is a possibility of sampling errors in the study.

 The responses of consumers may not be genuine.

 The questions included in the questionnaire may not be comprehensive.

CHAPTER – 6

CONCLUSION
59
 India is geographically large and has the world’s second largest population, but it
also has one of the under develop Insurance industry. (R.Kumar-2011).So the Indian General
Insurance Companies should identify the factors related to the success of their organization, since
failure in achieving the goals related to these factors may lead to the failure of the organization.
Influential factors will help the organizations and its personnel to focus on different areas in
which to invest their resources and time and to achieve success. The factors responsible for
growth and development are the specifically consumer awareness, increase in income, increasing
in literacy level and introduction of more and more innovative products. These factors have been
a driving force for the development of insurance industry of India thereby changing prevalent
attitude of the Indian insurance consumers.

Every General Insurance Company must try to remove their barriers to successful
performance, because that deters them from growth and development. So, enlisting the factors
that act as barriers to performance for the General Insurance of India and making attempts to
overcome that will play a vital role for the success of the general insurance industry as well as
increasing the density and penetration level of Indian general insurance industry. From the study
it can be concluded that in India general insurance companies have a lot of scope for present as
well as for future as there is vast untapped market .The situation also reflects the fact that India’s
insurance market is still in its infancy, meaning good growth potential . Today, in this liberalized
world, in order to survive, grow and to do better performance the insurance companies have to
ensure quality products at a competitive price.

CHAPTER – 7

ANNEXURE
60
 SAMPLE QUESTIONNAIRE

I Sharanya Chandrashekar Mendon of TYBBI (Banking and Insurance) am

doing project on General Insurance Awareness in India. I ensure you that all the
information that you provide shall remain confidential.

1) For which item below you have Insurance Cover? (Please tick as many
as appropriate)
Vehicle:
 Two Wheelers
 Four Wheelers
 Computer/Laptop
 Health
 Home
 Travel
 Office
 Marine
 Jewellery
 Mobile
 Locker
 Any other thing

2) One must take General Insurance policies for items stated in Q.1)
 Strongly agree
 Agree
 Strongly disagree
 Disagree
 Neither agree nor disagree
3) For how much is your policy insured?
 Less than 100,000
 Between 100,000 – 300,000
61
  Between 300,000 – 500,000
 Between 500,000 – 10,00,000
 Above 10,00,000

4) Do you go for General Insurance because it is compulsory?

 Yes
 No

5) One must take General Insurance cover every year for the assets as long
as they last.
 Strongly agree
 Agree
 Strongly disagree
 Disagree
 Neither agree nor disagree

6) From which Company you have taken the General Insurance Policy?
 Reliance General Insurance
 HDFC ERGO General Insurance
 L & T General Insurance
 New India Assurance
 SBI General Insurance Ltd.
 Tata AIG General Insurance
 National Insurance Company Ltd.
 Oriental Insurance Company
 Bharti AXA General Insurance
 Star Health and Allied Insurance
 Bajaj Allianz General Insurance
 Max Bupa General Insurance
 Liberty Videocon General Insurance

62
  Shriram General Insurance Company Ltd.
 United India Insurance
 Magma HDI General Insurance
 General Insurance Corporation of India
 Future Generali India Insurance
 ICICI Lombard
 Kotak Mahindra General Insurance
 Cigna TTK
 IFFCO Tokio
 Cholamandalam MS General Insurance
 Apollo Munich Insurance
 Agriculture Insurance Company of India
 Raheja QBE General Insurance Company Ltd.
 Universal Sompo General Insurance Company
 Export Credit Guarantee Corporation of India
 Royal Sundaram General Insurance Company Ltd.
 Other

7) Do you go for General Insurance to cover risk?

 Yes
 No

8) Are you aware of the terms and conditions of the policy which you have
taken?
 Aware
 Not aware
 No idea at all

9) I know the procedure of settlement of claims.

63
  Strongly agree
 Agree
 Strongly disagree
 Disagree
 Neither agree nor disagree

10) Which types of General Insurance Companies are more reliable

according to you?
 Public Sector
 Private Sector

 Ratings to your General Insurance Company overall.

 Excellent
 Very Good
 Good
 Poor
 Very Poor

CHAPTER – 8
64
 REFERENCES

 www.allresearchjournal.com/archives/2015/vol1issue9/PartB/1-8-87.pdf

 https://www.slideshare.net/mubarak999/mmm-34099829

 www.policyholder.gov.in/insurance_awareness_survey.aspx

 https://www.universalsompo.com/images/pdf/links/insurance-awareness-policy.pdf

 https://www.gicouncil.in/insurance-education/.../insurance-awareness-campaign/

 https://www.scribd.com/doc/16523445/Project-on-General-Insurance

 https://www.scribd.com/document/170037400/Insurance-Awareness-in-India-Main-3

 https://en.wikipedia.org/wiki/General_insurance

 https://www.policybazaar.com/general-insurance/

 https://economictimes.indiatimes.com › Definitions › Insurance

 https://www.icicibank.com/Personal-Banking/insurance/general-insurance/index.page

65