A PROJECT REPORT ON

GUIDED BY
Dr.Smriti Khurasia
(H.O.D BBA Department)

SUBMITTED BY
Aashi
Bagga
B.B.A VI sem(finance)

certificate

CERTIFICATE
This is to certify that the project report entitled

which is being submitted here with for the award of

degree of Bachelor of Business Administration by Rani
Durgawati Vishwavidyalaya jabalpur is the result od the
original research work completed by Aashi Bagga (BBA
VIsemister) under my supervision and guidance.
I wish her all the success in future ebdeavours.

Dr Mrs Smriti khurasia

director sir
H.O.D (Business admn dept)
M.G.M.M jabalpur

DECLARATION
I hereby declarer that the project entitled which is being submitted
in partial fulfillment for award of degree of B.B.A AUTONOMUS is
the authentic record of my own work.
The matter reported in the propject is nether being used elsewhere nor
has been submitted earlier for the award of the degree of BACHELOR
OF BUSINESS ADMINISTRATION
Date:

Aashi Bagga
BBA VI semester

ACKNOWLEDGEMENT
I sincerely express indebtedness to esteemed and revered guide Dr. Mrs.
Smriti Khurasia and her invaluable guidance, supervision and
encouragement throughout the work without her kind patronage and
guidance the project would not have taken shape.
I take this opportunity to express deep sense of gratitude to respected Mr
(DIRECTOR) and Dr Mrs Vineeta Kaur Saluja(PRINCIPAL) for there
encouragement and kind approval. I would like to express my sincere regards to
them for advice and counseling from time to time.
And last but not the least ,I would like to thank my Family and God ,for making
the interaction possible between the required members and be there with me at
every step.

Aashi Bagga
BBA VI semester

PREFACE

The research provide an opportunity to demonstrate application of knowledge, skill

and competencies required during the technical session. Research also help to
analyze the problem and suggest alternative solution ,to evaluate them and to
provide feasible recommendation on the provide data .The research is on the topic
of
. Although I have tried my level
best to prepare this report an error free report every effort has been made to offer
the most authenticate position with accuracy.

CONTENT

1.Introduction
2.Company Profile
3.Objective Of Study
4.Research Methodology
5. Organisation Struvture
6. Findings
7.Suggestion
8.Conclusion
9.Biblography
10Appendix

INTRODUCTION
HISTORY OF INSURANCE
In 1818 the British established the first insurance company in India in
Calcutta, the OrientalLife Insurance Company. First attempts at regulation of
the industry were made with theintroduction of the Indian Life Assurance
Companies Act in 1912. A number of amendmentsto this Act were made until
the Insurance Act was drawn up in 1938. Noteworthy features inthe Act were
the power given to the Government to collect statistical information about
theinsured and the high level of protection the Act gave to the public through
regulation andcontrol. When the Act was changed in 1950,
this meant far reaching changes in theindustry. The extra requirements
included a statutory requirement of a certain level of equity capital, a ceiling
on share holdings in such companies to prevent dominant control (toprotect
the public from any adversarial policies from one single party), stricter control
oninvestments and, generally, much tighter control. In 1956, the market
contained 154 Indianand 16 foreign life insurance companies. Business was
heavily concentrated in urban areas
and targeted the higher echelons of society. Unethical practices adopted
by some of the players against the interests of the consumers then led
the Indian government to nationalize
the industry. In September 1956, nationalization was completed,
merging all thesecompanies into the so-called Life Insurance Corporation
(LIC). It was felt that
nationalization has lent the industry fairness, solidity, growth and
reach.

DEFINITION OF INSURANCEInsurance
is a contract between two parties where by one party is called insurer
undertakesin exchange for a fixed sum called premium , to pay other
party happening of certain event.
TYPES OF INSURANCE
Insurance can be termed as a form of risk management which is mainly
used to protect anindividual against the risk of prospective financial loss,
if any. Insurance can be used as atool to shield an individual against
potential risks like travel accidents, death, unemployment,theft, property
destruction by natural calamities, fire mishaps etc.Different types of
insurance is used to cover different properties and assets such as
vehicles,home, health care etc. Basically, an insurance policy can also be
known as a protection netwhich secures you from any financial losses in
future.All you have to do is pay the insurance agencies a specified
amount every month, known aspremium, so that they can take care of
you by providing you financial back up in case of asudden health
emergency or a fatal incident.
There are two ways for getting an insurance done.
One way is to visit an agent and consult him for the best option you can
avail for yoursituation. And then, trust him/her for their suggestion on
the type of insurance they feel isright.The other way is to research and
choose on your own, the type of insurance which will bebest suited for
your situation. You should research the market as well as the net, to look
forthe best insurance companies, and furthermore, the most suitable type
of insurance that theyoffer.Also explore the various types of policies

which are available to you in the market, and thencompare to decide

which one to choose finally.
Health Care Insurance
With such high medical
and health care costs these days, its hard to even think about visiting
a doctor. But what about an unexpected mishap or an unforeseen
disability or attack, wherethe potential medical bills could shoot up to a
sky? Where would you get so much moneyfrom?These are exactly the
situations where you feel you had a security, something which
couldcome to your rescue and save you from such financial crisis. While
some companies doprovide its employees with health insurance, for
others, this is a must.Especially for the aging couples, who have a
comparatively more chances of needingemergency bill money. The
health insurance does it all, so that they do not have to worry forthe huge
payments at the last minute.A health insurance can cover all from a
routine immunization to a major illness

6
Health Care Insurance
With such high medical
and health care costs these days, its hard to even think about visiting
a doctor. But what about an unexpected mishap or an unforeseen
disability or attack, wherethe potential medical bills could shoot up to a
sky? Where would you get so much moneyfrom?These are exactly the
situations where you feel you had a security, something which

couldcome to your rescue and save you from such financial crisis. While
some companies doprovide its employees with health insurance, for
others, this is a must.Especially for the aging couples, who have a
comparatively more chances of needingemergency bill money. The
health insurance does it all, so that they do not have to worry forthe huge
payments at the last minute.A health insurance can cover all from a
routine immunization to a major illness.
Life Insurance
Loss of a family member is a catastrophe which glooms a familys life.
But even more tragic
is the death of a sole bread earner for the family, who then has to go
through the pain of losing their loved one, as well as the financial loss
putting their survival in jeopardy.This financial hardship due to a sudden
death of a family member or a disability resulting toa loss of job or
inability to work can be avoided to a great extent by taking up a life
insurancepolicy.A Life insurance or disability insurance covers such
losses and pays a family, compensationto restore the earnings lost by
them due to a sudden death or disability.The monthly premiums for a life
insurance are generally based upon the age, health, andoccupation
information of the applicant, in addition to the total benefits to be paid to
him forhis policy

7
Home Insurance
Real estate property and hard assets are subject to accidental risks like
theft, destruction dueto natural disasters or fire accidents etc. with such
huge investments gone into buying a realestate property like your home

or office, the risk involved is a loss of large amount of money.Home and

property insurance helps you in managing and protecting against these
risks. Thecost of a real estate property and its insurance is mostly based
upon the worth of the alreadyinsured hard assets and also the location in
which the assets are situated.
Travel Insurance
This is intended to cover any of the financial or any other losses which
were incurred by theinsured while traveling, be it nationally or
internationally, such as mountain trekkers, cruiseetc.
Auto insurance
Any vehicle on road, no matter how safe its driver is, is bound to meet
with an accident ortwo, which may leave it with just a few scratches, or
crash it up totally. Most countries todayrequire you to have an auto
insurance while on road in your vehicles.If you have an accidental car
crash, a total repair could cost you a fortune. On the other hand,a little
scratch on your Land Cruiser might also soar up your bills to a
high.Whether or not you need an auto insurance mostly depends on the
type of car you own.If you have an expensive car and a little repair could
wipe you out financially, you shouldvery well go in for a buying an allinclusive and crash insurance which could protect you

8
Some of the important milestones in the life insurance business in India
are:1912:

The Indian Life Assurance Companies Act enacted as the first statute to
regulate thelife insurance business.
1928:
The Indian Insurance Companies Act enacted to enable the government
tocollect statistical information about both life and non-life insurance
businesses
1938:
Earlier legislation consolidated and amended to by the Insurance Act
with theobjective of protecting the interests of the insuring public
1956:
The market contained 154 Indian and 16 foreign life insurance
companies