Volume||4||Issue||09||September-2016||Pages-5938-5946||ISSN(e):2321-7545

Website: http://ijsae.in
DOI: http://dx.doi.org/10.18535/ijsre/v4i10.02

An Important Step of Life Insurance Companies towards Corporate Social Responsibility

Author
Kavita Vyas1, Dr. S.P.Mathur2
1
Research Scholar, Pacific University, Udaipur
2
Professor, Management Studies, Sangam University, Bhilwara
ABSTRACT
The growing concept of Corporate Social Responsibility (CSR) goes beyond charity and requires the
company to act beyond its legal obligations and to integrated social, environmental and ethical concerns
into companys business process.With the rapidly changing corporate environment and more functional
autonomy, many organizations have set up separate CSR wings as a strategic tool for sustainable growth. In
the current scenario, CSR goes way beyond the old philanthropy of the past donating money to good
causes at the end of the financial year. Instead, it is an all year round responsibility. Indeed, the brand
names depend not only on quality, price and uniqueness but on how, cumulatively, they interact with
companies workforce, community and environment.
Business has today, emerged as one of the most powerful institutions on the earth. The globalization and
liberalization of the Indian economy has helped in stepping up growth rates. Companies are expanding their
operations and crossing geographical boundaries. Indian Life insurance companies too have made their
way into the business boom and are today acknowledged as major player and fastest growing sector in
India. This sector has also made momentous contribution towards corporate social responsibility. CSR has
gained unprecedented importance and has become imperative to any companys strategic decision making
The aim of present paper is to study the conceptual framework of corporate social responsibility. The paper
as well highlights the CSR initiatives undertaken by the selected life insurance companies operating in
India. The paper is based on secondary data collected from different sources and websites. The paper
concludes that life insurance sector of India has taken a number of initiatives for corporate social
responsibility, LIC, being the prominent initiator.
Keywords : Corporate social responsibility, CSR initiatives, Life insurance
INTRODUCTION
CSR activities started in India by late 1990s and today have become a medium for most Indian corporate to
inclusive growth of Indian society. The 21 st century is characterized by unprecedented challenges and
opportunities, arising from globalization, the desire for inclusive development and the imperatives of climate
change.
It is recognized the world over that integrating social, environmental and ethical responsibilities into
businesses ensures their long term success, competitiveness and sustainability. This approach also reaffirms
the view that businesses are integral part of society, and have critical and active role to play in the
sustenance and improvement of healthy ecosystem, in fostering social inclusiveness and equity, and in
upholding the essentials of ethical practices and good governance.
Therefore, in the new economy the corporate are placed with added responsibility to provide social goods
and to serve the social purpose of existence of an economic entity.

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This also makes business sense as the companies with effective CSR, have image ofsocially responsible
companies, achieve sustainable growth in their operations in thelong run and their products and services are
preferred by the customers.
As the term CSR is used continually, many complementary and overlapping concepts,such as corporate
citizenship, business ethics, stakeholder management and sustainability, have emerged. These extensive
ranges of synonymously used terms indicate that multiple definitions have been devised for CSR, mostly
from different perspectives and by those in facilitating roles such as the corporate sector, government
agencies, academics and the public sector.
In 1953, Howard Bowen made the first momentous scholarly contribution by publishing the book, The
Social Responsibilities of the Businessman. Here he proposed the CSR definition as the obligations of
business to pursue those policies, to make those decisions or to follow those lines of action which are
desirable in terms of the objectives and values of our society.
In other words, CSR refers to ensuring the success of the business by inclusion of social and environmental
considerations into a companys operations. It means satisfying your shareholders and customers demands
while also managing the expectation of other stakeholders such as employees, suppliers and the community
at large. It also means contributing positively to society and managing your organizations environmental
impact.
OBJECTIVES
To study the concept of corporate social responsibility.
To emphasize the objectives & importance of corporate social responsibility.
To highlight the CSR initiatives taken by Selected Life insurance companies.
RESEARCH METHODOLOGY
The paper's approach is an analysis of the existing literature, life insurance Companys websites and their
annual reports. By scouting the secondary data this study presents the brief about the concept of CSR and
CSR initiatives taken by life insurance companies in India. The study has used secondary sources of
information from selected life insurance companies websites and research papers, articles published by
researchers & insurance experts related to the topic. This study is an exploratory in nature.
Concept of CSR
While there may be no single universally accepted definition of CSR, each definitionthat currently exists
underpins the impact that businesses have on society at large andthe societal expectations of them. Although
the roots of CSR lie in philanthropicactivities (such as donations, charity, relief work, etc.) of corporations,
globally,the concept of CSR has evolved and now encompasses all related concepts such astriple bottom
line, corporate citizenship, philanthropy, strategic philanthropy, sharedvalue, corporate sustainability and
business responsibility. This is evident in some of the definitions presented below:
The European Union (EU) defines CSR as the responsibility of enterprises for their impacts on society.
To completely meet their social responsibility, enterprises should have in place a process to integrate
social, environmental, ethical human rights and consumer concerns into their business operations and core
strategy in close collaboration with their stakeholders
The WBCSD defines CSR as the continuing commitment by business to contribute toeconomic
development while improving the quality of life of the workforce and theirfamilies as well as of the
community and society at large.
According to the UNIDO, Corporate social responsibility is a managementconcept whereby companies
integrate social and environmental concerns intheir business operations and interactions with their
stakeholders. CSR is generallyunderstood as being the way through which a company achieves a balance of
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economic, environmental and social imperatives (Triple-Bottom-Line Approach), while atthe same time
addressing the expectations of shareholders and stakeholders. In thissense it is important to draw a
distinction between CSR, which can be a strategicbusiness management concept, and charity, sponsorships
or philanthropy. Even though the latter can also make a valuable contribution to poverty reduction, will
directly enhance the reputation of a company and strengthen its brand, the concept of CSR clearly goes
beyond that.
From the above definitions, it is clear that the CSR approach is holistic and integrated with the core business
strategy for addressing social and environmental impacts of businesses. It needs to address the well-being of
all stakeholders and not just the companys shareholders. The essence of CSR comprises philanthropic,
corporate, ethical, environmental and legal as well as economic responsibility.
An alternative, synonymous to CSR, is People, Planet, and Profit, also known as triple bottom line. In India,
the evolution of CSR refers to changes over time in cultural norms of corporations engagement and the way
businesses managed to develop positive impacts on communities, cultures, societies, and environment in
which those corporations operated. CSR motives changed during the independence movement in India
toward social reforms to encourage empowerment of women and rural development.
Objectives of CSR
The relevance of CSR within an organization CSR is not only relevant because of a changing policy
environment but also because of its ability to meet business objectives. Undertaking CSR initiatives and
being socially responsible can have a host of benefits for companies such as the following:
Strengthening relationships with stakeholders
To take competitive advantage among competitors
Enabling continuous improvement and encouraging innovation
Attracting the best industry talent as a socially responsible company
Additional motivation to employees
Risk mitigation because of an effective corporate governance framework
Enhanced ability to manage stakeholder expectations
Benefits of a robust CSR
As the business environment gets increasingly complex and stakeholders become vocal about their
expectations, good CSR practices can only bring in greater benefits, some of which are as follows:
Communities provide the license to operate: The communities is an important stakeholder of the
companies, and many companies have started realising that the license to operate is no longer given
by governments alone, but communities that are impacted by a companys business operations
Attracting and retaining employees: Several human resource studies have linked a companys ability
to attract, retain and motivate employees with their CSR commitments. Interventions that encourage
and enable employees to participate are shown to increase employee morale and a sense of belonging
to the company.
Communities as suppliers: There are certain innovative CSR initiatives emerging, wherein
companies have invested in enhancing community livelihood by incorporating them into their supply
chain. This has benefited communities and increased their income levels, while providing these
companies with an additional and secure supply chain.
Enhancing corporate reputation: The traditional benefit of generating goodwill, creating a positive
image and branding benefits continue to exist for companies that operate effective CSR programs.
These benefits are important and most companies that are engaged in CSR are revisiting their strategies and
expanding their operations to reap enhanced benefits and contribute to inclusivity in growth.

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CSR in India
India has a long tradition of paternalistic philanthropy. The process, though acclaimed recently, has been
followed since ancient times albeit informally. Philosophers such as Kautilya from India and pre-Christian
era philosophers in the West preached and promoted ethical principles while doing business.
The concept of helping the poor and disadvantaged was cited in several ancient literatures. In the preindustrialized period philanthropy, religion and charity were the key drivers of CSR. The industrial families
of the 19th century had a strong inclination toward charity and other social considerations. However, the
donations, either monetary or otherwise, were sporadic activities of charity or philanthropy that were taken
out of personal savings, which neither belonged to the shareholders nor did it constitute an integral part of
business.
During this period, the industrial families also established temples, schools, higher education institutions and
other infrastructure of public use.So till now, it was an activity that was performed but not deliberated. As a
result, there is limited documentation on specific activities related to this concept.
The term CSR itself came into common use in the early 1970s. The last decade of the twentieth century
witnessed a shift in focus from charity and traditional philanthropy toward more direct engagement of
business in mainstream development and concern for disadvantaged groups in the society. In India, there is a
growing realization that business cannot succeed in isolation and social progress is necessary for sustainable
growth. An ideal CSR practice has both ethical and philosophical dimensions, particularly in India where
there exists a wide gap between sections of people in terms of income and standards as well socio-economic
status.
CSR in Life insurance Sector
The insurance industry brings numerous positive contributions to society, and that a number of pioneering
companies in the sector are striving hard to operate in a socially responsible way. 64 The CSR policy of
insurance companies in India mainly focuses on environment, education, community, workforce, human
rights, health, senior citizens, marginalized groups, safety and standard of business conduct. Insurance
companies favor the wellbeing of society as a whole through a variety of initiatives. They contribute to
improve and enhance the quality of life of society in which they operate by helping to create an equitable
society. In addition to it, they are strongly involved in promoting public health and their interventions have
led to the adoption of higher security standards in several important areas such as car safety. Insurance
companies also strive to integrate the environmental concern, both internally and externally. In recent
decades economic losses due to natural disasters have risen sharply and are doubling every ten years, this
directly affects the industry as the claims related to natural disasters are massive.
Therefore insurance industry is confronted with the responsibility to devise innovative responses to the
environmental challenges. 65 Apart from this insurance companies are also showing great interest in socially
responsible investment. A group of leading insurance companies have adopted clear policies of socially
responsible investment and have undertaken to implement them in their asset management practices. From
the above discussion it is clear that CSR is now an effective part of organizational objectives of insurance
companies and has become an effective tool by which a company can differentiate itself from their
competitors and can hold strong position in market.
CSR initiatives by Life insurance companies
In India maximum life insurance companies attain their corporate social responsibilities in their own way
but for this study the researcher have selected Indias top life insurance companies viz. Life Insurance
Corporation of India(LIC), SBI life Insurance Co. Ltd, ICICI Prudential Life insurance Co. Ltd, HDFC
Standard life Insurance Co. Ltd & Bajaj Allianz Life Insurance Co. Ltd. The CSR initiatives of these
companies as follows:

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Life Insurance Corporation of India (LIC)

LIC as a responsible Corporate Citizen has been fulfilling its social responsibilities from time to time. LIC
Golden Jubilee Foundation was established on 20.10.2006 as a part of LICs Corporate Social
Responsibility. The Foundation has been registered with the Charity Commissioner Mumbai and is also
exempt under Section 80G of Income Tax.
The objectives of the LIC Golden Jubilee Foundation are promoting education, health, relief of poverty or
distress and advancement of other objects of general public utility.
Golden Jubilee Foundation can provide a great avenue of fulfilling our social responsibility at the corporate
level and our philanthropic needs at the individual level.
The Foundation has supported the following projects:
Construction of Hospitals, school buildings, library & computer center
Construction of Old age homes
Hostel buildings for children in tribal areas
Vocational training centers for differently abled persons
Provides the infrastructural facilities to needy persons in different pockets of the country
It has also provided funds for purchase of School buses for transportation of differently abled
children and Ambulances for transportation of patients to Hospitals.
Provides scholarship' for students belonging to the economically weaker families for pursuing higher
studies and others.
Provides Group insuranceand social security schemes such as JanashreeBimaYojana,
AamAadmiBimaYojana, ShikshaSahayogYojana at nominal
So, CSR initiatives taken by the company to achieve long-term sustainability LIC is committed by business
to behave ethically and contribute to the economic development while improving the quality of the local
community and society at large. Most of LICs funds are invested for the community as a whole keeping in
view national priorities and the list of projects supported by Golden Jubilee Foundation in the different areas
of country to uplift the society.
SBI life Insurance Co. Ltd
SBI Life believes in Protection of Life. The core purpose of protection is reflected in its businesspractices
and services. SBI Life consciously nourishes long term relationships by enriching the qualityof life and
creating a bond of eternal trust with its customers and public in general. It is committed to ensure that
business is conducted in all respects according to ethical, professional and legal standards thereby enhancing
the values of the Company and with an aim ofgiving back to the Society. As a responsible Company, SBI
Life recognizes activities (operations,products and services) have a wider impact and can therefore
contribute to, the society in which it operates.
The main objective of SBI life to perform CSR is to generate community goodwill through a consolidated
effort of CSR initiatives pan India and to reinforce a positive and socially responsible image of SBI Life as a
corporate entity.
CSR Initiatives of SBI Life are as follows:
A) For Child Education:
Read India Pledge: The campaign, Read India Pledge sensitized general public towards the cause and
urged them to pledge & support the cause monetarily or by devoting time.
School Related Infrastructure: Contributions towards basic structure of school, building toilets in schools,
providing for new classrooms, providing / maintaining play area / ground for children, providing school
benches, class room boards, cupboards, ceiling fans, computers, etc.

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Child Uniforms & Stationary: Contributions towards school uniforms, bags, water bottles, books, other
stationary items.
Specialized Training and Skill Development: Contributions towards the specialized care andeducational
needs of visually impaired children, hearing impaired children, communication training to children with
development disabilities, speech training & vocational training, etc.
Shelter: Contributions to improve conditions of the shelters for the overall development of theorphans.
Sports Related Activities: Support sports amongst underprivileged and differently abled children by
providing sports equipment, sport kits, providing requisite infrastructure equipment, sponsor students for
National/ State level and/above championships, support sports activities conducted in schools.
School Fees: Donations towards the education fees of the children
B) For healthcare & social well being
Medical Infrastructure and Rehabilitation: Contributions towards infrastructure of health care centres,
hospitals, ambulances, mobile units, toilets, etc. End beneficiary must be the children from the
disadvantaged sections of the society.
Medical Programs:
Preventive Initiatives: Organising health check-ups, providing safe drinking water to schools /orphanages,
day cares, community centres, society at large, sanitation in community toilets,
community hospitals, awareness and prevention camps, etc. End beneficiary shall be children.
Curative Initiatives: Distribution of medicines, facilitating medical equipment to health care centers,
hospitals, etc. End beneficiary shall be children.
C) For Insurance Awareness
SBI Life Insurance conducts various activities as part of its Insurance Awareness Program to create
awareness about the basics of Life Insurance and the benefits of Life Insurance as a financial tool for
Retirement Planning, Savings, Financing Childrens Education etc., providing for financial contingencies.
D) For Eye sight of thousands of elderly citizens
AnotherCSR initiative - "Gift Drishti" (Restoring vision) was launched in partnership with Help Age India, a
registered national level voluntary body, working for the cause of disadvantaged aged persons. Its
employees made monetary contributions to the cause and it donated twice the sum contributed by its
employees. Eye sight for thousands of elderly citizens was restored across the rural parts of the country.
ICICI Prudential Life insurance Co. Ltd
The Corporate Social Responsibility Policy (CSR Policy) of ICICI Prudential Life sets out the framework
guiding the Company's CSR activities. The Policy also sets out the rules that need to be adhered to while
taking up and implementing CSR activities. ICICI Prudential is continuesouly provide fund to ICICI
Foundation for the CSR activities. Contributions by the Company to ICICI Foundation form a part of the
ICICI Prudential Lifes CSR outlay.
CSR Initiatives of ICICI Prudential are as follows:
For Education: The Company, both directly and through ICICI Foundation, will continue to work with
state governments and other not-for-profit organizations to improve the quality of education in government
and municipal schools, which account for the vast majority of school-going children in the country. It also
contribute to guide individuals in understanding financial products including increasing awareness of life
insurance, health insurance and pension products as a long term tool for protection and wealth creation.
For Health: The Company and ICICI Foundation focused on developing innovative models with the
potential to scale up and bring about improvements in the delivery of healthcare to the marginalized
segments of society. It enhanced the availability of affordable healthcare to low income households, improve
health seeking behavior among low-income and vulnerable groupsthrough higher awareness and improve
child nutrition.
For Skill development and sustainable livelihoods:
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The ICICI Academy for Skills has been set up across the country to provide job-oriented skill trainingto
youth. Several centers have been set up across the country. In this initiative, ICICI Foundation isalso
leveraging the skills and training capabilities of large corporates in developing training modulesin their
respective domains. ICICI Foundation is also liaising with corporates and businesses to getthe trained youth
employed, through a job portal.
For Financial inclusion:
The Company provides the micro-insurance to Indias low-income population, as part of
its commitment to make life insurance accessible to low income groups and rural population,
including the urban poor and migrant workers.
HDFC Standard life Insurance Co. Ltd
HDFC Life has always believed that establishing a strong and ethical foundation is an essential prerequisite
for long-term sustainable growth. HDFC Life focuses on maintaining the quality of business and creation of
long-term value for policy holders and stakeholders.
CSR Initiatives of HDFC Life are as follows:
Education: HDFC life is continuously promoting Education, including special education and employment
enhancing vocation skills .Some projects are as follows:
SOS childrens village project: This project helps children living on the margins of the society to break
away from the cycle of poverty to a secure future.
Teach for India: To facilitate the development of Change Leaders and channelize the aspirations of its
dynamic employees, HDFC Life has been partnering with Teach for India, a non-profit organization
engaged in supporting education for underprivileged children since 2010.
Financial Literacy project: With this belief, HDFC Life has initiated a financial literacy project to educate
and equip children (from grades 5 to 8) with financial knowledge to help them effectively manage their
finances.
Akshaya Patra: HDFC Life in its endeavor to enhance access to education for children of underprivileged
groups is partnering with the Not for Profit organization, Akshaya Patra. The organization runs school lunch
programs across India. Akshaya Patra distributes freshly cooked, healthy meals daily to 1.37 million
children.
Health :
HDFC life is also promoting health care, sanitation and making available safe drinking water Livelihood
and skill training for employment.
Environment Sustainability
Tree plantation- HDFC Life partnered with a non-profit organisation - Plant a Tree Today Foundation - to
plant 1,500 saplings in Mumbai in August 2012.
In this regard it also prohibiting the use of paper cups completely, saving paper by setting printing on both
sides as a default on printers, ensuring desktops hibernate after 15 minutes to minimise electricity use,
setting usage hours for air conditioners, initiating internal campaigns to save water, power and paper
wastages and encouraging employees to organise environment friendly celebrations and festivities.
Payroll Giving
HDFC Life encourages its employees to contribute a small part of their salary to establish their own charity
account through the Payroll Giving programme. This initiative has been implemented in partnership with
Give India, an organization dedicated to help individuals donate to credible NGOs.
For Financial Security:
As an insurer, HDFC Life focuses on the long-term financial well-being of the policyholders and their
dependents and thereby launched the Swabhimaan Careers project. This initiative proactively reaches out
to the policyholders dependents and extends an opportunity to the dependents to send their applications to
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HDFC Life. Basis the suitability of the profile, it is assessed and considered for employment in the
company.
Bajaj Allianz Life Insurance Co. Ltd.
The Bajaj Allianz life insurance believes that the true and full measure of growth, success and progress lies
beyond balance sheets or conventional economic indices. It is best reflected in the difference that business
and industry make to the lives of people. For society, it wants to be more than a corporate identity. It is a
catalyst for social empowerment.
CSR Initiatives of Bajaj Allianz Lifeinsurance are as follows:
For Health Care: Under the project Smile Train India the company is provided 170 safe, quality and
totally free cleft surgeries for poor children at selected Smile Train Centers in cities across India. The
company is also contributed to Swachh Bharat Kosh (SBK) set up by the Government of India to enable the
desiring corporate to contribute in the Swachh Bharat AbhiyaanTo eradicating hunger, poverty &
malnutrition Bajaj life insurance supports to the medical expenses for orphan children for 2 years under
BSSK project.
For Education: To promote education and employment in the country the company established the
Rainbow foundation India. To endeavor towards eradiation of poverty and hunger it Support for education
of 4000 extremely poor children for 4 years under the project Bandhan.
For Financial inclusion: The company is engage in serving the micro insurance segment of society for
financial stability in india.In this regard it was also launched in joint efforts with its flagship business partner
Gramin Bank Of Aryavat (GBA), a Regional Rural Bank (sponsored by Bank of India) specifically catering
to the banking needs of rural customers headquartered at Lucknow, Uttar Pradesh.
Findings
From the above it is found that Philanthropy and CSR is not a novel concept for Indian life insurance
companies. They all are actively participating in the corporate social responsibilities in their own manner.
Actually the companies are facing increased pressure for transparency and accountability, being placed on
them by their employees, customers, shareholders, media and civil society. Thus the companies cant
operate in isolation and there is today, an increased realization that not only can companies affect society at
large, but they are also in a unique position to influence society and make positive impact. Thats why
Companies contributes in the field of Health care, Education, Environment sustainability and Social issues
like poverty, literacy etc. By doing all these CSR activities life insurers can win the supports from society or
local communities and enhance their brand value to persuade the products and services.
CONCLUSION
It can be concludedthat CSR activities are symbiotic in nature leading to the welfare of alli.e., customers and
the common people. Therefore, in this era of highcompetition companies need to pin their attention on social
welfareprojects besides caring for their economic health. Thats whythe concept of corporate social
responsibility has gained immense importance throughout the country. The Indian corporate sector has
realized the importance of CSRactivities for attaining the persistent dominance in the marketplace.
Though, the concept of CSR evolved in 1920s but in India, the conceptwas recognized only in 1990s after
the liberalisation of the economy. Itcan be articulated that on the advent of globalisation, the Indian
corporate were inclined towards CSR activities because of the increased competitive pressures. More
recently, the companies Act 2013 madea landmark development in the CSR history of India. Today,numbers
of industries have started CSR activities for enhancing theirreputation and brand value and the life insurance
sector is no exception to it. LIC and other private sector life insurance companies in India have been
contributing impressively in various socio-economic development projects through different CSR
schemes/projects.
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CSR activities have theiradvantages. The benefits are in terms ofbuilding a positive image,
encouragingsocial involvement of employees, which inturn develops a sense of loyalty for theorganization.
CSR activities help bondemployees as a team with theorganization, which in turn helps increating a
dedicated workforce. Therefore in last we can conclude that Corporate SocialResponsibility is the
continuingcommitment by business to behaveethically and contribute to economicdevelopment while
improving the qualityof the workforce as well as of the localcommunity and society at large.
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