INTRODUCTION Insurance provides financial protection against a loss arising out of happening of an uncertain event.

A person can avail this protection by paying premium to an insurance company. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type.

Definition: Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance. -Insurance Act 1938

The party bearing the risk is known as the 'insurer' or 'assurer' and the party whose risk is covered is known as the 'insured' or 'assured'. Concept of Insurance The concept behind insurance is that a group of people exposed to similar risk come together and make contributions towards formation of a pool of funds. In case a person actually suffers a loss on account of such risk, he is compensated out of the same pool of funds. Contribution to the

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pool is made by a group of people sharing common risks and collected by the insurance companies in the form of premiums.

Lets take an example to understand how general insurance actually works:

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SUPPOSE Houses in a village = 1000 Value of 1 House = Rs. 40,000/ Houses burning in a year = 5 UNITED INDIA INSURANCE COMPANY Total annual loss due to fire = Rs. 2,00,000/ Contribution of each house owner = Rs. 300/- real fast Solutions that bring back smiles... UNDERLYING ASSUMPTION All 1000 house owners are exposed to a common risk, i.e. fire PROCEDURE United India Insurance Company Limited was incorporated as a Company on 18th February 1938. General Insurance Business in India was All owners contribute Rs. 300/- each as premium to the nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative pool of funds Insurance Societies and Indian operations of 5 Foreign Insurers, besides General Insurance operations of southern region of Life Insurance Total India were merged with United India Insurance Company Corporation ofvalue of the fund = Rs. 3,00,000 (i.e. 1000 houses * Rs. India Limited. After Nationalization United 300) has grown by leaps and bounds and has 18300 work force spread across 1340 offices providing insurance cover to more than 1 Crore policy holders. The Company has variety of 5 houses get burnt during the year insurance products to provide insurance cover from bullock carts to satellites. United India has been in the forefront of designing and Insurance company pays Rs. 40,000/- out of the pool to all implementing complex covers to whose customers, as in cases of ONGC 5 house owners large house got burnt Ltd, GMR- Hyderabad International Airport Ltd, and Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc. They have been also the pioneer in INSURANCE EFFECT OF taking Insurance to rural masses with large level implementation of Universal Health Insurance Programme of Government Risk of 5 house owners is spread over 1000 house owners in the village, of India & Vijaya Raji Janani Kalyan Yojana ( owners. 45 lakhs women in thus reducing the burden on any one of the covering the state of Madhya Pradesh) , Tsunami Jan Bima Yojana (in 4 states covering 4.59 lakhs of families) , National Livestock Insurance and many such schemes.

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INDUSTRIAL PROFILE

The control on general insurance business started with the insurance act 1938, setting up the government control. In 1968 it was amended to add more provisions to and also Add Tariff Advisory Committee. This Tariff Advisory Committee now fixes the rates terms and conditions for many branches of general insurance like Fire, Engineering, Marine, Hull and Workmen compensation insurance. In 1972, the General Insurance (Business Nationalisation) Act was passed. It set up GIC and its subsidiaries. 107 private companies were merged into GIC and its subsidiaries and these companies included both Indian and foreign companies. General Insurance Corporation was formed as company under the Companies Act unlike LIC, which was setup as corporation. The GIC has only one office in Mumbai and is the holding companies for all the subsidiaries. It formulates general policy guidelines for general insurance industry and control the investment and reinsurance policy of the companies. GIC had four subsidiary companies, namely (with effect from Dec'2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies. 1. The Oriental Insurance Company Limited 2. The New India Assurance Company Limited 3. National Insurance Company Limited 4. United India Insurance Company Limited. In April 1993, the govt setup a high power committee headed by R. N. Malhotra, former Governor of Reserve Bank of India. The committee submitted its report to the ministry on 7th January 1994. On 23rd January 1996, The Insurance Regulatory Authority was set up by a Government order. N. Rangachari has taken over the function of

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the controller of the Insurance also. In that capacity he has the controlling authority over the General Insurance and Life Insurance business in India. In the budget speech of July 1996, the govt formally announced its plans to open the Insurance Industry and also the intention of bringing an Insurance Regulatory Authority Bill 1996 Insurance Regulatory and Development Authority Act 1999 An Act to provide for the establishment of an Authority to protect the interest of the policy holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters concerned there with or incidental thereto and further to amend Insurance Act 1938, and General Insurance Business (Nationalisation) Act 1972. On 26th August 1998 the Reddressal of public Grievances Rules 1998 was issued by the Insurance Division, Ministry of Finance by which the Govt of India setup the Insurance ombudsman scheme for GIC and LIC. This will handle cases against Industry from the public and would take over a large part of the consumer forums. The scope limited to personnel lineses of insurance i.e. Policies taken on individual capacity. Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme. General Insurance Corporation of India GIC and its subsidiaries have completed a Gross Premium of Rs. 8086 crores as on 31-03-2009. The industry registered an underwriting loss of 384.20 crores, but it because of its investment income of Rs. 2056 crores, it recorded a net profit after tax of Rs. 1255 arores. The consolidated result of 2008-2009. The total asset as on 31-03-2009 stood at 21,563 crores. Private General Insurance Company IncludesS.No. Registration Date of Name of the Company

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Number

Registratio n 23.10.200 0 23.10.200 0 04.12.200 0 22.01.200 1 02.05.200 1 03.08.200 1 03-082007 04-092007 16-112007 15.07.200 2 27.08.200 2 27.08.200 2 27.06.200 8 15.12.200 8 Royal Sundaram Alliance Insurance Company Limited Reliance General Insurance Company Limited. IFFCO Tokio General Insurance Co. Ltd TATA AIG General Insurance Company Ltd. Bajaj Allianz General Insurance Company Limited. ICICI Lombard General Insurance Company Limited. Apollo DKV Insurance Company Limited Future Generali India Insurance Company Limited Universal Sompo General Insurance Company Ltd. Cholamandalam General Insurance Company Ltd. Export Credit Guarantee Corporation Ltd. HDFC-Chubb General Insurance Co. Ltd. Bharti Axa General Insurance Company Ltd. Raheja QBE General Insurance Co. Ltd
Source: www.irdaindia.org.html

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Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is: Insurance Act 1938, and Insurance Regulatory & Development Authority Act 1999. Three Phases of De-Tariffing Indias general insurance industry has undergone de-tariffing in three phases: 1994 -- marine cargo, personal accident, health, banker liability and aviation 2005-06 -- marine hull segment 2007 -- fire, engineering and motor own damage (OD). However, the de-tariffing did not immediately allow for free pricing. Instead, insurers were required to follow the file and use method, whereby they were expected to file a charter of proposed rates, which was then approved by IRDA. The restrictions on price discounts during the initial periods were intended to ensure orderly price adjustments. They were removed in January 2008. The only segment that remains under a tariff regime is the third party motor business, although there has been a large upward revision in this areas premium rates by regulators in recent times. Moreover, commercial third party motor business, which has traditional Chart 1: Premium Public vs Private by segment before removal of tariff

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Source: www.moodys.com

Chart 2: Premium Public vs Private by segment after removal of tariff

Source: www.moodys.com

Charts 1 and 2 compare the premium income of the private and public sectors. Before the removal of tariffs, fire, engineering and motor own damage (OD) contributed a much greater proportion of business for private players than was the case for public firms. Market Share Redistribution Due to the effectiveness of private marketing strategies, the market share of public insurers has consistently declined. Chart 3 depicts the trend over the last five years.
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Given a faster growth rate, the market share of the private sector is catching that of the public sector and the two will likely converge over the medium term. In the past, private insurers had aggressively targeted the more profitable (and tariffed) corporate fire and engineering businesses by combining them with discounted offers on de-tariffed products, for example, personal accident & health, marine cargo and hulls.

Chart 3: Premium & Volume, Public versus Private-

Source: www.moodys.com

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COMPANY PROFILE UNITED INDIA INSURANCE CO United India Insurance co is formed as a subsidiary of General Insurance Corporation of India. Their quarters is in Chennai. Now they are the second largest insurer in India and the largest in Rural insurance and Insurance of major power plants. They have carved a niche for themselves in this segment because of their deep rooted commitment combined with experience and expertise over 7 decades. Investment Information and Credit Rating Agency of India Limited (ICRA) has awarded them with iAAA rating indicating sound financial position and highest claims paying capacity. The solvency margin is pegged at 3.32 and the net profit of the company for 2008-09 showed a healthy Rs. 745.485 crores. With over 1350 offices spanning the length and breadth of the country they have been at advantage to serve customers better. Besides this their core strength lies in their human resources. Having a work force of 17000+ people and an army of 2000 officers committed to the service of their customers, they are in a position to make light of the fact that they issue more than 1 crore policies in a year and settle more than 8 lac claims annually. They have 25 Regional Offices, 1 Regional Cell, 2 Large Corporate Brokers Unit, 362 Divisional Offices, 684 Branch Offices and 288 Micro Offices spread around the country. They have 17488 personnel working with them. There are 4451 officers (Class I) 2013 Development Officers (Class II) 8508 Staff Senior Assistant and Assistant (Class III),2516 Sub staff, Drivers, Peons and thousands of agents. UNITED INDIA IN KERALA United Indias Kerala Region was formed in the year 1984 and at the time the Premium was only around 12 crores. In 2008-09, this region
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completed a figure of 97 crores. There are 204 officers, 801 staff, 128 development officers and many agents working with them. They have a wide spread of officers in 16 divisional offices and 49 branch offices. United India in Kerala has the largest number of Corporate clients with them. FACT Ltd. Hindustan Newsprint Ltd. Cochin Shipyard Ltd. Appollo Tyres Ltd. BPL, ITI, Instrumentation Ltd. Etc are all their clients They are the largest insurers of various Kerala Govt Schemes. Last year they launched the Kambhenu programme which is probably the largest mass insurance scheme launched the Rural Insurance. At present they are launching a large core insurance plan to equip our offices to meet the requirements. The Regional Office has setup a risk management cell, A grievance cell and a Customer Service Cell for responding to the demand of the customers. The Customer Service Cell is set up in all the Divisional offices. One of their most successful policy which launched in Kerala is Rashtriya Swasthya Bhima Yogana they insured from 2008 to 2010 more than ten lakhs people who are in below poverty line and above poverty line.

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BASIC FACTS OF THE COMPANY

Name

: UNITED INDIA INSURANCE COMPANY LIMITED

Address

: Br Office P.B. No. 97, Ashiqua Towers, Narangapuram, Thalassery 670101 Kannur Dt. Kerala.

Activity Sr. Branch Manager Administrative Officer Regd. & Head Office Net income Total employees Web site

: General Insurance : P. K. Anil Kumar : Harish Kumar : 24, Whites Road, Chennai 600014 : 520 Crore INR : 21000 : www.uiic.in

Chairman-cum-Managing Director : G. Srinivasan Director & General Manager General Manager General Manager : Milind Kharat : V. Harshavardhan : P C James : S K Gosh

General Manager & Financial Advisor General Manager General Manager Chief Vigilance Officer

: K Sanath Kumar : P J Joseph : S P Sinha

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DIVISIONAL OFFICE BRANCHOFFICE HEAD OFFICE MICRO OFFICE REGIONAL LEARNING ORGANISATIONL STRUCTURE

Board of Directors 1. Shri G.Srinivasan , Chairman Cum Managing Director 2. Smt. Sukriti Likhi, Director, Govt of India 3. Shri M. S. Sundara Rajan,Chairman & Managing Director, Indian Bank 4. Shri. Milind. A. Kharat , Director & General Manager , UIIC 5. Shri.V.Harshavardhan , Director & General Manager , UIIC 6. Shri A V Ratnam ,Director 7. Shri Abhijit Bandyopadhyay ,Director

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FINANCIAL STRENGTH Table 2. Premium Analysis (Rs. in crores) Year 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2969.63 3063.47 2944.46 3154.78 3498.77 3739.56 4277.77 Gross 2092.43 2151.36 2172.66 2225.85 2529.53 2880.65 3510.41
*Source- Annual Reports

Net

By analysing the premium from 2002 to 2009 it is clear how much it stable UIIC as well as insurance industry

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Table 3. Profit Analysis (Rs. in crores) Year 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 Before Tax 214.16 393.39 318.30 452.74 520.34 658.13 502.91 After Tax 170.99 380.44 307.71 425.23 528.86 631.62 476.05
*Source- Annual Reports

Profit analysis showing a satisfactory positive growth from 2002 to 2009

CORPORATE MISSION

To provide insurance protection to all. To ensure customer satisfaction. To function on sound business principles. To help minimise national waste and to help develop the Indian economy.

CORPORATE VISION

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 The most preferred insurer in India, with global footprint &

recognition
Trusted brand admired by all stakeholders The best-in-class customer service provider leveraging technology &

multiple channels
The provider of a broad range of innovative products to meet the

needs of all customer segments

Great place to work with highly motivated and empowered

employees
Recognized for its contribution to the society

Their Bancassurance tie-ups Andhra Bank State Bank of Hyderabad Indian Bank Canara Bank Syndicate Bank State Bank of Travancore State Bank of Indore State Bank of Patiala Bank of Maharashtra Bank of Rajasthan Federal bank

Their Corporate Clients Oil and Petro-Chemical Majors Oil and Natural Gas Corporation Ltd. Indian Oil Corporation Hindustan Petroleum Corporation Ltd. Haldia Petrochemicals Ltd Gujarat State Fertilizer Corporation
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 Gujarat Narmada Valley Fertilizer Corporation. Power and Energy Sector Nuclear Power Corporation Kaiga, Kudankulam Karnataka State Electricity Board, Bellary Punjab State Electricity Board Tiesta Uraj Ltd Chattisgarh State Electricity Board National Hydro Power Corporation National Thermal Power Corporation BHEL Power Projects: Chandrapura, Bakreshwar, Jaindal Super Power Plant Raigarh, Sudan, Dadri GVK Industries Tata Power Neyveli Lignite Corporation Damodar Valley Corporation Tanir Bavi Power Company Pvt. Ltd
Tehri Hydro Development Corporation

Subansiri Lower Hydro Electric Project Torrent Power SEPCO IOC Panipat Naphtha Cracker Project IOC Haldia Hydro Cracker Project Tata Projects Ltd

Aviation National carriers: NACIL (Air India) Private carrier: King Fisher / Air Deccan Indian Space Satellites Programme Infrastructure Sector Larsen and Toubro

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 GMR Group Maytas Infrastructure Pharma Major Dr. Reddys Laboratories Hotels Oberoi Hyatt Regency Park Sheraton Manufacturing Ballarpur Industries MICO ITC FACT Nirma Asian Paints Oswal Group Balco Industries Hindalco Industries India Cements Vedanta Group Tata Motors TVS Group

OBJECTIVES AND METHODOLOGY

RESEARCH PROBLEM To study the product portfolio of UNITED INDIA INSURANCE COMPANY LIMITED.

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OBJECTIVES OF THE STUDY 1. To analyse the product portfolio in detail. 2. Put forth some suitable suggestions to improve performance of the Company on the basis of findings of the study. 3. To analyze the attitude of the customers towards companies products. 4. To make suggestions and recommendations to the management. RESEARCH METHODOLOGY 1. Methodology of data collection:To conduct the studies different methodologies have been

adopted. Both

primary and secondary data

are used. Primary data

were collected by conducting personal interviews with the departmental heads, casual talks with workers and secondary data were collected from the organization manuals.

Primary sources interview of the with the departmental data is heads , also detailed by

Direct and customers

interview with the divisional heads and by interaction with workers company . The collected observing the functions of the organization.

Secondary

sources

The secondary sources of data are: 1. Organization documents. 2. Departmental manuals. 3. Annual reports 4. Periodicals, books etc. published by the company. 5. Proposals Forums.

1. Methodology of data analysis:The data collected were edited, coded and processed. The information is presented through tables, graphs etc.

SCOPE OF THE STUDY

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This study is restricted to the analysis Product portfolio of United India Insurance Co Ltd. For the purpose of the study the data relating various products benefits premium risk covered are used. LIMITATION OF THE STUDY 1. In the given short time it is very difficult to cover all area aspect of the firm. 2. Only product portfolio is analyzed in the study. The firms overall performance cannot be evaluated in the study. 3. Company keeping some data confidential due to competition.

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PRODUCT PORTFOLIO

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PERSONNEL ACCIDENT HOUSEHOLDERPOLICIES UNIMEDICLAI POLICIES MEDICLAIM INDUSTRY LIABILITY COMMERCIAL POLICIES COMMERCIAL POLICIES MARINE MOTOR MFIREIP CARGO SPERSONAL PUBLIC PERSONAL MISC UPHRPRODUCTS IF S AL SOCIAL M WORKMEN LOP BP HULL RURAL PRODUCT CPM TRAVAL PROFESSION MB PACKAGE

PERSONAL POLICIES 1. U N IV E R

SAL HEALTH INSURANCE SCHEME for BPL FAMILIES The UNIVERSAL HEALTH INSURANCE policy will be available to both Individuals as well as in Group. Each Insured should cover all eligible members (insured persons) under one group policy only. In other words different categories of eligible members shall not be allowed to be covered under different group policies. It is not permissible to issue any unnamed group policy. The Individual Policy will be issued in the name of the earning head of family with details of insured family members. The Group policy will be issued in the name of the Group/Association/Institution (called insured) with a schedule of names of the members including his/her eligible family members(called Insured persons) forming part of the policy. Coverage: Section 1: Hospitalisation Expenses Hospitalisation Benefits A Room, Boarding Expenses as provided by the Hospital / nursing home. If admitted in IC Unit Limits Up to 0.5% of Sum Insured per day Up to 1% of Sum Insured per day Medical Up to 15% of Sum Insured Specialists per illness / Injury

Surgeon, Anaesthetist, Practitioner, Consultants, Fees, Nursing Expenses

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Anaesthesia, Blood, Oxygen, Operation Theatre Charges, surgical appliances, Up to 15% of Sum Insured Medicines & Drugs, Diagnostic Materials per illness / Injury and X-ray Dialysis, Chemotherapy, Radiotherapy Cost of Pacemaker, Artificial Limbs & Cost of organs and similar expenses. Maternity Benefit ONE CHILD ONLY (with 12 months waiting period) Rs.2,500/for normal delivery and Rs.5,000/- for caesarean delivery.

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Section 2: A. PERSONAL ACCIDENT COVER TO EARNING HEAD Death of Insured Person (earning head of the family) solely due to accident
B. DISABILITY COMPENSATION FOR EARNING HEAD AND / OR SPOUSE

Rs.25,000/-

OF THE FAMILY

SUM INSURED Section I: Hospitalisation Benefit : Rs.30,000/- per family per policy period (Rs.30,000/- is inclusive of Maternity benefit of Rs. 2500/- for normal and Rs.5000/- for caesarean delivery) (Total expenses incurred for any one illness is limited to Rs.15,000/(other than Maternity Benefit) ) Section II: (A) Accidental death of earning head of the family Rs.25,000/Section II: (B) Disability compensation payable due to hospitalisation of earning head and or spouse at the rate of Rs.50/- per day upto maximum of period of 15days in a policy tear with a time excess of 3 days . Maximum compensation is restricted to Rs.750/- in one policy year. This insurance is available to persons between the age of 5 to 70 years. Children between the age of 3 months and 5 years of age can be covered provided one or both parents are covered concurrently.

Payment of premium: Coverage Individual Family upto 5 Members Family upto 7 Members Premium Rs.300/Rs.450/Rs.600/Insureds share Rs.100/Rs.150/Rs.200/GOI Subsidy Rs.200/Rs.300/Rs.400/-

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1. HOUSE HOLDER POLICY Cover any loss/damage to: Building and its contents Jewellery and valuables Domestic appliances, TV, VCR, Audio Systems, PC etc. Baggage while on travel Accidental injury causing death/disability Liability to third parties Any householder exposed to any of the above contingencies. Benefits under four (minimum) or more sections can be chosen. P.A Cover available for insured's spouse and children (Age: 12 to 70) can insure. Cover under ten sections with option to choose minimum 4 sections for availing discount in premium. Cover against contents is compulsory.

Building and contents: Fire, lightning, Acts of God, Riot and Strike, impact, explosion of gas in domestic appliances, overflow of water tanks.

Burglary, House breaking and Theft. Jewellery and Valuables - Any accidental loss/damage Plate Glass Any accidental loss/damage

Baggage - While on travel Any accidental loss/damage Domestic Appliances any accidental loss/damage entirely due to electrical/mechanical breakdown.

TV, VCR, Audio System Fire and allied perils, burglary, housebreaking, theft, electrical or mechanical breakdown

Pedal cycle Fire and related perils, riot, strike, malicious damage, acts of god, housebreaking, burglary, theft, external accident and also legal liability to "Public" with a limit of Rs.10, 000.

Personal Accident Accidental injury causing death/disablement [total/partial] Third Party Liability Due to injury to third party or damage to third party property.

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Policy will pay:

Actual extent of loss/damage to property under respective sections

chosen; Sum Insured is the limit of maximum liability under respective sections;
Limit of liability to third party for Personal injury/Property damage is

upto Rs.25,000 / Rs.10,000 / Rs.3000 under TV/Pedal Cycle/TV Antenna sections respectively. Exclusions: War and war like perils Wear and tear, depreciation, consequential loss Nuclear group of perils Gross and wilful negligence of Insured Violation of policy conditions Loss/damage/liability where Insured's family or Insured's employee are involved as principal/accessory Intentional act/self injury/ influence of drug/intoxicant.

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1. PERSONAL ACCIDENT POLICY Cover-Physical loss to an individual due to an accidental injury (including fatal) Any individual or group of individuals (through employer, association, and institution etc) aged between 12 and 70. Subject to medical examination at 70, a person can be covered up to 80 can be insured. Insured against the risk of death or disablement from accidental bodily injury (anywhere in the world). When an accidental injury being the sole and direct cause results ( during the period of insurance) in: Death Permanent Total Disablement Loss of two limbs/ Two eyes or one limb and one eye Loss of one limb or one eye Permanent Partial Disablement 50 % of Sum Insured Varying % of Sum Insured as per policy Temporary Total Disablement 1 % of Capital Sum Insured per week , Subject to a maximum of Rs 3000 per week, for a maximum period of 100 weeks Exclusions:
Compensation under more than one clause for same period of

100 % of Sum Insured 100 % of Sum Insured 100 % of Sum Insured

disability not exceeding capital sum insured.

Any payment after admission of a claim for 50 % / 100 % of Capital

Sum Insured.

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 Any claim in the same period of insurance exceeding the Capital

Sum Insured.
Suicide, attempt there at, criminal breach of law, accidental

death/injury under influence of liquor/drugs.

Pregnancy related claim. War and nuclear perils.

1. MEDICLAIM POLICY Cover-Expenses incurred by the insured for hospitalisation for illness / diseases or injury sustained (domiciliary hospitalisation also payable as per policy). These include Hospital charges ( Room, Boarding & Operation theatre) fees for surgeon, Anaesthetist Nursing, specialist etc., diagnostic tests, cost of medicines, blood, oxygen etc., cost of appliances like pacemaker, artificial limbs etc.,

The following can be insured Any person in the age group of 5 to 75 years Children between 3 months and 5 years can be covered only along with parent/s. Institutions ( Government or Private ) for their employees Clubs / association for their members in the said age group. Group schemes for homogenous groups of more than 50 persons. This policy covers risk of Illness / disease, accidental injury Other benefits includes Domiciliary hospitalisation benefits can be excluded under group mediclaim policy and a premium discount can be availed Exemption under income tax (80D of Income Tax Act) for Premium paid by cheque A discount of 10% of total premium for coverage of family under a single policy The policy will pay
Actual hospitalisation expenses of various types listed above subject

to a
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maximum of Rs. 15,000/- to Rs. 5,00,000/- depending upon the sum insured chosen at the inception of the policy ( sum insured is maximum liability under the policy.) Actual domiciliary hospitalisation expenses limited to Rs. 3,000/- to Rs. 50,000/- depending on the sum insured chosen at inception. Cost of health check up reimbursable at the end of 4 continuously claim free underwriting years limited to 1% of Average sum insured of 4 claim free years The sum insured will be increased by 5 % cumulative bonus for every claim free year. If there is a claim in a policy with cumulative bonus 10% of the sum insured will be reduced from the earned bonus Exclusions:
Broadly there would be no claim under policy under following

circumstances DOMICILLARY Syndrome, HOSPITALISATION: Pre and post hospitalisation and insipidus, treatment, treatment of Asthma, Chronic Nephritis and Nephritis Gastro-enteritis, diabetes mellitus epilepsy, hypertension, influenza, cough and cold, all psychiatric or psychosomatic disorder, pyrexia of unknown origin for less than 10 days, tonsilitis and URTI, arthritis, rheumatism ( the list is not exhaustive) Any treatment relating to any illness / disease already in existence at the time of proposal Any disease / injury during first 30 days of commencement of policy. ( accidental injury is not an exclusion ) During first year of cover of cataract, Benign prostatic Hypertrophy, Hysterectomy for menorrhagia on fibromyoma, Hernia, Hydrocele, Congenital internal disease, Fistula in anus, sinusitis and related disorder. Any pre-existing disease / illness is not covered during renewal also. Vaccination, inoculation circumcision or change of life or cosmetic or aesthetic treatment, plastic surgery, unless dental treatment unless
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requiring hospitalisation necessitated due to accident or as a part of any illness. Cost of spectacles, contact lenses, hearing aids. Convalescence, general debility, "run-down" conditions sterility, venereal disease, intentional self-injury use of intoxicants Any variation of deficiency syndrome or AIDS. Hospital / nursing home charges not consistent with or incidental to the diagnosis and treatment : Vitamins, tonics not forming part of any treatment. Any treatment related to pregnancy, child birth and voluntary medical termination of pregnancy during the first 12 weeks of pregnancy Nuclear perils and war group of perils Naturo pathy treatment.

1. UNI-MEDICARE INSURANCE Cover-Reimbursement of Hospitalisation expenses of illness/diseases or injury sustained. The insurance scheme also provides for Family discount in premium Cumulative Bonus Cost of Health Check-up Hospitalisation Benefits i) A Room, Boarding Expenses as i) Up to Limits 0.5% of Sum

provided by the Hospital / nursing home. ii) If admitted in IC Unit

Insured per day ii) Insured per da

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Surgeon, B Practitioner,

Anasthetist, Consultants,

Medical Specialists

Upto 15% of Sum Insured per illness / injury

Fees, Nursing Expenses Anaesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical appliances, Medicines & Drugs, Diagnostic Materials C and X-ray Dialysis, Cost Chemotherapy, of Peacemaker, Radiotherapy,

Upto 15% of Sum Insured per illness / Injury

Artificial Limbs & Cost of organs and similar expenses.

Exclusions: All diseases/injuries which are pre-existing when the cover incepts for the first time. Treatment arising from or traceable to pregnancy ( including voluntary termination of pregnancy) and childbirth, (including caesarean section) Naturopathy treatment

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COMMERCIAL POLICIES

1. MARINE INSURANCE a) Marine Cargo Insurance Cover- Any loss or damage to goods in transit by rail, sea, road, air or post. Owners or bankers of goods in transit/shipment can be insure. And the following can be insured: export and import shipments goods in transit by rail, sea, road, air or post goods carried by coastal vessels plying between the various ports within the country cargo transported by small vessels or country craft over inland waters goods moved from place to place by river transport The policy covers loss/damage to the property insured due to: Fire or explosion; stranding, sinking etc. Overturning, derailment ( of land conveyance) Collision Discharge of cargo at port of distress Jettison General average sacrifice, salvage charges Earthquake, lightning Washing overboard Sea, lake, river water Total loss of package lost overboard or dropped in loading or unloading

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 War and SRCC is specifically covered Premium Rating The normal basis of valuation for ocean/air consignment will be CIF + incidentals up to a percentage which is agreed upon at the inception of the policy (normally this is 10 %) Open Cover Open cover is usually issued for import/export. The open cover is a contract effected for a period of 12 months, whereby the insurance company agrees to provide insurance cover to all shipments coming within the scope of the open cover. Open cover is not a policy. It is an unstamped agreement. As and when shipments are declared, specific policies are issued as evidence of the contract and on collection of premium. Open Policy This policy is issued for transit of goods within India. Policy is valid for one year and all transits during the policy period and declared are automatically covered by the insurance company subject to the availability of the overall sum insured. It is a stamped document. In this case specific policies are not issued for each consignment. Premium can be collected in advance for the entire estimated value during the policy period. Stamp duty is collected in advance along with premium for despatches to be declared periodically. Specific Voyage Policy This policy is valid for a single voyage or transit. The policy will be issued before the voyage starts. The coverage will cease immediately on completion of the voyage. The specific voyage policy must show complete details of the risk...It should contain particulars of conveyance/Vessel name/ Bill of Lading or Way bill and date, sum insured, terms and conditions of cover, voyage, cargo description etc like all other marine policies Annual Policy

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This policy may be issued to cover goods in transit by road or rail or sea from specified depots or processing units owned or hired by the insured. The goods covered must belong to or held in trust by the insured. These policies cannot be issued to transport operators, clearing , forwarding and commission agents or freight forwarders or in joint names.. They cannot be assigned or transferred. For such policies the sum insured should not be less than Rs 5000/-. a) Marine Hull Insurance Cover- Any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing boats and sailing vessels. Owners or bankers of ships or vessels can be insured. The various vessels that are covered under this policy are: Fishing Vessels Ocean Going Vessels Sailing Vessels Other Vessels Cover the following risks: Fire or explosion; stranding, sinking etc. Overturning, derailment ( of land conveyance) Collision General average sacrifice, salvage charges Exclusions: Deliberate damage/destruction of the vessel by wrongful act of any person Use of any weapon of war employing atomic / nuclear fission and or fusion Insolvency or financial default of the vessel owner / operators / charterers War / civil war Strike, Riot or Civil Commotion

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 Any terrorist or person/s acting with political motive

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1. INDUSTRIAL INSURANCE
a)

Industrial All Risk Policy

Cover- All the risks other than petro chemical risks having a minimum sum insured of 100 crores are covered here. Perils CoveredSection I Fire & all covers burglary and theft Machinery breakdown / Boiler explosion / Electronic Equipment Insurance Section II Consequential Loss following Fire ( FLOP ) Machinery Loss of Profit Excluded causes Faulty design, materials , workmanship and construction Interruption loss due to failure of gas , electricity and water supply Collapse or cracking of buildings larceny, fraud or dishonesty wilfull negligence on the part of insured war group of perils nuclear group of perils destruction of property by public order Excluded Property Money , cheques , securities of any description , jewellery , works of art , goods held in trust or on commision , computer system records Vehicles licensed for road use

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 Property in transit outside premises Properties or structures in course of erection or demolition unless specifically covered. Land , pavements , railway and road lines untill specifically covered Property damaged as a result of its undergoing some process Livestock , growing crops or trees Property removed to other locations exceeding 60 days Loss payable to the property covered under marine / other policies Section II Insured's lack of sufficient capital Any restrictions imposed by any public authorities
Loss of business due to cancellation of order / Lease

Damage to boilers , machinery , economizers and data equipment

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a) Boiler & Pressure Plant Insurance Cover- Boilers like fire tube boilers/recovery boilers and unfired pressure vessels/steam pipes can be covered. The owners of the boiler/ pressure plant can take insurance can be insured. This policy affords protection against Damage to the boilers and/or pressure vessels Damage to the surrounding property of the insured Liability of the insured by law to any third party on account of death or bodily injury

Damage to property (not held in trust or in commission) caused by and solely due to explosion or collapse occuring in the course of ordinary working.

Partial loss In cases where damage to an item can be repaired, the policy shall pay expenses necessarily incurred plus the cost of dismantling and reerection. No deduction for depreciation but salvage value is deductible. Total loss Where an insured item is destroyed, the company pays the actual market value of the item immediately before the occurrence of loss including freight and erection cost. The salvage shall be taken into account and condition of average will apply (i.e. if sum insured is not adequate, claim will be paid only proportionately). Exclusions: Fire related losses including extinguishment Act of God perils Gradually developing flaws

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 Wearing away or wasting of the materials of a boiler like blockage, corrosion, fracturing, blisters, and lamination. Failure of individual tubes War group and nuclear group of perils Experiments/tests requiring abnormal conditions Defects, fracture, failure, deformation/bulging not resulting in explosion Consequential loss, loss arising out of existing defects known to insured Loss/damage for which manufacturer/ repairer is responsible
Wilful act/neglect or gross negligence of insured.

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a) Contractors Plant & Machinery Policy Cover- Various types of mobile equipments like earthmovers, excavators, cranes in particular location are covered. The policy is restricted to a particular location. The owners of the plant and machinery can be insured. CPM Policy can be issued by covering equipment on Anywhere in India basis with the following provisions: a. Full description with identification no. of each and every equipment with valuation should be declared. b. Transit risks from site to site will be excluded. c. Loading of 10% on the basic CPM rate shall be charged to cover floater risks. This policy shall cover any unforeseen and sudden physical damage to the property by any cause not specially excluded. This policy shall apply to the insured item whether: They are at work or at rest or being dismantled for the purpose of cleaning or overhauling or when being shifted within the premises or subsequent re-erection. Partial loss Full cost of replacement of parts plus repair charges, cost of dismantling and re-erection. Depreciation is applied only for the parts with limited life. If the repair works are undertaken by the insured, actual material and labour costs plus a reasonable quantum of overheads is payable. Salvage is deducted. If the sum insured is not adequate, policy pays only proportionately. Total loss

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The actual market value of item immediately before the occurrence of loss, less salvage and depreciation subject to adequacy of sum insured In both cases freight and customs duty are also paid if they are included in sum insured. Policy excess is deducted from the claim. Exclusions: 1. Electrical or mechanical breakdown or boiler explosion . 2. Replaceable parts like bits, knives, ropes & bolts, chains etc., wear and tear, corrosion, damage whilst in transit, war and nuclear perils. 3. When undergoing test or while used for a purpose different from what was originally intended . 4. Damage due to accidents to carrying vehicle /train/vessel/and craft. 5. Damage to plant&machinery working underground . 6. Contractual liability, consequential loss, existing defect, inventory loss.

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a) Machinery Breakdown Policy Cover- Various types of machinery, plant and equipment (mechanical/electrical) can be insured. Any type of installed machinery with an option to insure/to cover only selected equipments. The following persons can be insured The owner of the machinery. In case of any financiers interest eg. Bank, IDBI etc. machinery can be insured in the joint names. The sum insured should represent: Present day replacement value which includes - Basic cost + customs duty - Incidental cost

Covers the following risks Policy covers the insured machinery, plant and equipments while at work/idle, being dismantled or removed or re-erected, if performed in the same premises, damage to electrical machinery due to fire originating within itself. It covers loss or damage due to faulty operation, adjustment, casting, vibration, entry of foreign objects, loosening of parts, self heating, centrifugal force, short circuit.

Basis of Indemnity The sum insured representing the present replacement cost of the machinery. Partial Loss Full cost of parts plus the labour charges, to and fro freight, customs duty and charges for dismantling and re-erection. Excess applicable to the

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affected item is deducted from claim. Depreciation is applied for items with limited life. Total Loss Actual value of items immediately before the occurrence less appropriate depreciation. If under insured, claim is paid only on proportionate basis. Exclusions: Fire and allied perils War and War like operations, Nuclear perils Wilful act or gross negligence, existing defects, normal wear and tear and consequential loss Loss or damage falling under manufacturers warranty

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a) Deterioration of Stock Usually this policy is issued to cold storages. There should be Machinery Breakdown Insurance for the machineries of concerned cold storage units. This policy covers the risk of loss or damage to the perishable stock by deterioration or putrefaction due to Rise or fall in temperature resulting from breakdown of refrigeration plant and equipment at the premises. Damage to the said plant and equipment by an incidental extraneous cause subject to the perils excluded. Failure of electric supply Basis of Indemnity The insured is indemnified for damage caused to the stocks by deterioration, contamination or rotting due to an accidental damage to the plant resulting in a rise in temperature. The total liability of the company under this policy shall be limited to the insured value or market value whichever is less. Provided always that The insured should possess an unqualified permission in writing of the competent Licensing Authority to the Cold Storage during the entire period of insurance. The damaged stock should be stored at the refrigeration chambers specified in the policy The Plant and Machinery used should be covered by Machinery Insurance. The insured has to maintain daily stock book, Log books as per the format prescribed by company Stock book & log book should be made available for the inspection of company representative Appropriate deductions-Shrinkage and rottage - Value of damaged stock by sale or survey

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- Under insurance, if any - Excess - Recovery of rent, if any a) Electronic Equipment Insurance CoverElectronic equipments such as Computers, Medical, Bio-Medical, Micro Processors, Audio-visual equipments etc. The owner of the equipment. Interest of any financier may be protected by issuing a policy in the joint names can be insured. Policy CoverSection 1. Material damage. Section 2. External data Media. Section 3. Increased cost of working. Risk coveredUnforeseen and sudden physical loss or damage from fire and allied perils breakdown, short circuiting etc. Basis of Indemnity Section 1: Partial loss: Actual expenses incurred to restore it to its former state plus cost of dismantling, re-erection, ordinary freight, Duty (Depreciation only on parts with limited life). Total loss: Actual market value immediately before the loss plus ordinary freight, erection charges, Duty Excess, Salvage are deducted. Section 2: Expenses incurred within 12 months and strictly necessary for restoring the data media to its pre-accident condition would alone be payable.

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 Section 3: 1. Rental expenses incurred for substitute equipments on hourly basis. 2. Personal expenses. 3. Transportation charges. Exclusions: Section 1: Excess specified in policy, wear and tear, existing faults, loss/damage to exchangeable parts and consumables. Section 2: Excess specified, intrinsic value, consequential loss, Programming error data media Section 3: Expenses due to: restrictions imposed by public authorities, nonavailability of funds.

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1. MOTOR INSURANCE Motor Package and Liability only Policies Cover-Motor vehicle which includes private cars, Motorised Two wheelers and Commercial vehicles excluding vehicles running on rails. Owners of the vehicle, Financiers or Lessee, who have insurable interest in a motor vehicle can be insure. Insured's Declared Value (a) In case of vehicle not exceeding 5 years of age, the IDV has to be arrived at by applying the percentage of depreciation specified in the tariff on the showroom price of the particular make and model of the vehicle. (b) In case of vehicles exceeding 5 years of age and Obsolete models (manufacture of those vehicles which have been stopped by the manufacturers), they have to be insured for the prevailing market value of the same as agreed to between the insurer and the insured. (a) Package Policy - Section I Section I (Own Damage - OD) of Package Policy : Section I of package policy covers loss or damage to the vehicle and / or accessories due to Accidental external means Fire, Self ignition, lightning Burglary, house breaking or theft Terrorist activity Riot, Strike and Malicious Damage Earthquake Flood, cyclone and Inundation etc While in transit by rail, road, air, elevator, lift or inland waterways Landslide or workslide

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None of the above perils can be excluded from the scope of a policy. Loss or damage to accessories by burglary/house breaking/theft 1. For private car it is covered 2. In case of Motorised Two Wheelers this can be covered on payment of an additional premium at 3% of the IDV of such accessories 3. Loss or damage to Lamp, Tyres, mudguard and / or bonner side parts, bumpers etc., can be covered on payment of additional premium. This is applicatble only to Commercial Vehicles. If the vehicle is disabled in an accident, cover is provided for the reasonable cost of the following:
Its removal to nearest repairers The cost of reasonable repairs immediately necessary

subject to the limit provided for. (a) Package Policy - Section II Section II (Liability) of Package Policy : 1. Liability to third parties bodily injury and or death and property damage 2. Personal accident cover for the owner driver for a specified sum insured The following are payable under Section II of the Package Policy subject to the limit of liability laid down in the Motor Vehicles Act : The insured's legal liability for death / disability of third party Loss or damage to third party property Claimant's cost as decided by the court All costs and expenses incurred with company's written consent In case of death of an Insured person, entitled to indemnity for a liability incurred under this policy, his legal representative will be indemnified in place of insured, if he observed all conditions as the insured himself. (b) Liability Only Policy

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As per Section II of the package policy Discounts The following are the discounts available on the premium payable.
Vintage Cars - Cars manufactured prior to 31.12.40 and duly

certified by the Vintage and Classic Cars Club of India : A discount of 25% on the OD rates is available. Policies issued covering these vehicles are Agreed Value Policies. No Claim Bonus : Ranging from 20% to 50% depending on the number of claim free years. Automobile Association Membership Discount : Discount of 5% on the Own Damage premium subject to a maximum of Rs. 200/- for private cars and Rs. 50/- for Motorised Two wheelers only. Discount for Anti Theft Devices : A discount of 2.5% on the OD component of premium subject to a maximum of Rs. 200/-. Device approved by the ARAI, Pune - installation of the same in vehicle certified by the Automobile Association of India. Concession for vehicles laid up for continuous periods exceeding 2 months 50% discount on the OD premium on the vehicle specialy designed / modified for use of the blind, handicapped and mentally challenged persons Use of vehicles withing Insured's premises/sites : A discount of 33 1/1 % on the tariff rates is permissible. Extension of Cover on payment of additional premium Additional premium is payable to extend the cover under the Package and Liability Only policies in case of the following : The Geographical area may be extended to include

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a) Bangladesh b) Bhutan c) Nepal d) Pakistan e) Sri Lanka f) Maldives by charging additional premium of Rs. 500/- per vehicle in case of package policy and Rs.100/- per vehicle in case of Liability only Policy. Personal Accident covers are available to names and unnamed persons travelling in the Motor Vehicles including employees. In case of vehicles belonging to Embassies / Consulates etc., where the "import duty" element is not included in the IDV the premium for Own Damage shall be loaded by 30%. Electrical / Electronic Fittings : Electrical / Electronic Fittings which do not form part of the vehicle manufactured and imported have to be specifically covered separately by paying additional premium of 4% on the value of such fittings. CNG / LPG-Bi-fuel Kits : Vehicles fitted with CNG/LPG Bi-fuel kits have to be separately declared and premium is chargeable at 4% on the value of such kit. Fibre Glass Fuel Tanks : An additional premium of Rs.50/- for OD cover for all vehicles except Miscellaneous Type of Commercial Vehicles : for Miscellaneous Type of Commercial Vehicle it is Rs. 100/-.

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Other Information (I) Transfers : In case of change of ownership, please ensure to effect the transfer of Insurance policy within 14 days from the date of transfers of ownership. (II) Change of Vehicles : A vehicle can be substituted by another vehicle for the same class, for the balance period of a policy subject to adjustment of premium, if any, on prorata basis from the date of substitution.

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1. MISCELLANEOUS INSURANCE a) SOCIAL INSURANCE i) Janata Personal Accident Cover- Any Individual aged between 10 -70. Accident resulting in, Death Permanent total disablement Total and irrecoverable loss of use of limb Loss of eye sight Policy can be availed for an amount of Rs. 25,000/- to Rs. 1,00,000/- sum insured. In the event of accidental injury, it provides compensation as follows Death or permanent total disablement - 100% of sum insured. Loss of two limbs or two eyes or one limb and one eye - 100% of sum insured. Loss of one limb or one eye - 50% of sum insured. Exclusions: No compensation is payable for any disablement that exists at the time of taking the policy. No payment will be made in excess of the sum insured for each individual. Intentional self-injury Suicide or attempted suicide Whilst under the influence of intoxicating liquor or drug Whilst racing on wheels Hunting Big game shooting

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 Mountaineering or whilst engaged in winter sports or resulting from the insured committing any breach of law with criminal intent. War and nuclear perils.

i) Bhagyashree Child Welfare Policy Cover- Cover is applicable to girl child in the age group of 0 to 18 years whose neither parents' age should be greater than 60 years. Cover is to provide relief to insured girl in the case of death of either/both of the parents arising out of accident. In the event of death of the parent(s), Rs.25,000/- will be deposited in the name of the child in any of the nationalised banks and the benefits will be provided as under. Benefits Provided Age of the child Amount of relief Rs.1,200/-per 1-5 years annum Surviving parent or guardian Payable to Surviving parent or guardian, provided the expenditure is incurred for the child's education Surviving parent or guardian, 6-11 years Rs.1,200/- per annum provided the expenditure is incurred for the child's education Surviving parent or guardian 12-17 years Rs.2,400/- per annum provided the expenditure is incurred for the child's education 18 years Balance amount to To the girl on attaining the age the child's credit of 18 completed years

In the event of the death of the girl before attaining 18 years, the balance amount standing to the credit of the girl child will be paid to the surviving parent/guardian.

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Unique Features Relief to the girl child in the event of death of any of the parents Relief to orphaned girl for maintenance and education Lumpsum payment on attaining the age of 18 completed years

Premium - Rs.15/- per child per annum. Discounts - Varies from 5 to 30% depending upon the group size. i) RajaRajeshwari Mahila Kalyan Yojna Policy

This scheme provides economic security to women. All sections of women in the age group of 10 - 75 years irrespective of their income, vocation or occupation can be covered in this policy. Basic cover For Disablement of Insured women Permanent total disablement Loss of two limb/both eyes/one limb and one eye Loss of one limb/one eye For Death
For married women - Policy provides compensation of Rs.25, 000/-

Rs.25,000/Rs.25,000/Rs.12,500/

in the event of death of husband due to accident. For unmarried women - Policy provides compensation of Rs. 25,000/-in the event of death of the insured to the nominee/legal heir. Additional Cover Temporary Total Disablement Expenses incurred for legal Divorce proceeding Rs.500/- per month subject to a maximum of Rs.1,500/ Actual not exceeding Rs.2,000/-

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Loss/damage to HouseholdFire, flood, riot, terrorism

Up to a limit of Rs.2,000/-

Death/Disablement would mean not only Death/Disablement arising out of accident, but also include death during child birth at hospital and surgical operation such as sterilisation, caesarean, hysterectomy and removal of breast due to cancer provided that it occurs within 7 days from the date of operation. Unique Features Policy provides cover not only for the disablement of women but also for the death of her husband. Additional cover provides for Temporary Total Disablement and also for loss/ damage to household goods. Premium: Rs.15/- per woman per annum for the basic cover and Rs.23/- per woman per annum for both basic and additional cover. Discounts: Group discount varies from 5% to 30% based on the group size. Long Term Discount ranges from 5% to 20% depending upon the period of insurance.

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i) Mother Teresa Women & Children Policy All sections of women in the age group 10 to 75 years irrespective of their income, occupation or vocation can be covered under the policy. Section i : economic security scheme to women Basic Cover-For Disablement of Insured women Permanent total disablement Loss of two limb/both eyes/one limb and one eye Loss of one limb/one eye For Death For married women Policy provides compensation of Rs.25,000/- in the event of death of husband due to accident. For unmarried women Policy provides compensation of Rs. 25,000/-in the event of death of the insured to the nominee/legal heir. Additional Cover For Women Temporary Total Disablement Rs.500/- per month subject to a maximum of Rs.1,500/ Expenses incurred for legal Divorce Actual not exceeding Rs.2,000/proceeding Loss/damage to Household Fire, flood, riot, terrorism Death/Disablement would mean not only Death/Disablement arising out of accident, but also include death during child birth at hospital, and surgical operation such as sterilisation, caesarean, hysterectomy and removal of breast due to cancer provided that it occurs within 7 days from the date of operation. Up to a limit of Rs.2,000/Rs.12,500/Rs.25,000/Rs.25,000/-

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Premium Rs.15/- per woman per annum for the basic cover and Rs.23/- per woman per annum for both basic and additional cover.

Additional Accident Cover for Wife As a special case we can consider in the event death due to accident of married women, husband gets the compensation of Rs.25,000/- with an additional premium of Rs.9/-. This cover is only death due to accident and disablement is not considered under the policy. Discounts Group discount varies from 5% to 30% based on the group size. Long Term Discount ranges from 5% to 20% depending upon the period of insurance

Unique Features Policy provides cover not only for the disablement of women but also for the death of her husband. Additional cover provides for Temporary Total Disablement and also for loss/ damage to household goods. Section ii - insurance cover applicable to children Basic Cover Cover is applicable to two children in the age group of 0 to 18 years whose parents age does not exceed 60 years. Cover is to provide relief to insured children in the case of death of either/both of the parents arising out of accident.

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 In the event of death of the parent(s), Rs.25,000/- will be deposited in the name of the child with the GIC Asset Management Co. Ltd. and the benefits will be provided as under

Benefits provided Age of the children 1-5 years 6-11 years Amount of Relief Payable to

Rs.1,200/-per annum Rs.1,200/- per annum

Surviving parent or guardian Surviving parent or guardian, provided the expenditure is incurred for the childrens education Surviving parent or guardian provided the expenditure is incurred for the childrens education To the children on attaining the age of 18 completed years

12-17 years 18 years

Rs.2,400/- per annum

Balance amount to the childs credit

In the event of the death of the children before attaining 18 years, the balance amount standing to the credit of the children will be paid to the surviving parent/guardian. Premium Rs.15/- per child per annum.(coverage limited to two children only and the premium would be Rs.30/- per annum.) Discount Varies from 5 to 30% depending upon the group size. Unique Features Relief to the children in the event of death of any of the parents Relief to orphaned children for maintenance and education

Lump-sum payment on attaining the age of 18 completed years Hence the total premium for a comprehensive policy would as follows:

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i. Rs.32/- for comprehensive cover to the women inclusive of husband ii. Rs.30/- for two children Totaling Rs.62/- only for the entire family cover. The insured can either opt A full family cover for Rs.62/- or Section I only for Rs.32 or Section II - only for Rs.30/- as per their need. In case the premium is routed through a single source, the applicable discount would be the highest and the premium at the lowest.

i) Jan Arogya Bima Policy Any Individual aged between 5 -70. Children between 3 months and 5 years can be covered provided one or both parents are covered concurrently. Hospitalisation/Domiciliary hospitalisation expenses incurred for medical or surgical treatment for illness/disease (contracted after 30 days from commencement of risk) and injury. Reimbursement of hospitalisation/domiciliary hospitalisation expenses incurred by an insured person for treatment of illness/disease/injury as an inpatient in a Nursing Home. The limit of liability under the policy per year per person is Rs.5,000/-. Risk Covered-Any sudden illness like heart attack, jaundice, pneumonia, appendicitis, paralytic, food poisoning or accidents and the same require hospitalisation/domiciliary hospitalisation Exclusions Any disease contracted within 30 days from commencement of risk. Injury/disease caused by war perils/nuclear perils Circumcision Routine eye examination

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 Dental

treatments/surgery

of

any

kind

unless

requires

hospitalisation. Convalescence/general disability/run down condition or rest cure etc. Expenses on vitamins and tonics
Treatments arising from or traceable to pregnancy/child birth

inclusion of caesarian section.

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a) RURAL INSURANCE i) Cattle & Livestock Insurance All indigenous/cross breed/exotic animals in the prescribed age groups duly fixing the value and certifying the health of the proposed animal by a qualified Veterinary Doctor. Animal owners / private dairies / cooperative dairies / NDDB owned dairies can be insured. Risk covereda. Death due to accidents including fire, lightning, flood and cyclone or disease contracted or occurred during the currency of the policy period. b. Permanent Total Disability due to total incapacity to conceive or yield milk by paying extra premium. Sum insured or market value prior to illness subject to production of following documents. a) Duly completed claim form. b) Death certificate from a qualified veterinary surgeon. c) Policy / Certificate. d) Ear tag. Exclusions Malicious or wilful misconduct or neglect, over loading, unskilled treatment or use of the animal for the purpose other than stated in the policy without the consent of the company in writing. Accidents occurred or diseases contracted prior to commencement of risk. Intentional slaughter. Transport by air / sea and road beyond 80 kms. Theft / clandestine sale, missing of insured animal. Partial disablement of any type. War perils.

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 Nuclear perils Consequential loss Death of animals due to disease within 15 days from the inception of policy. Pleuro pnemonia --- Lakhimpur ----- districts of Assam. i) Agricultural Pumpset Insurance All kinds of pumpsets like centrifugal, jet and submercible (both electrical and diesel) upto 30 HP of approved makes. Owners of pumpset or financing banks and manufacturers of pumpset can insure under Pumpset Package Policy. Risk covered Fire and lightning Theft/burglary Mechanical/Electrical breakdown RSMD and Terrorism Flood

For total loss of sum insured or market value prior to loss whichever is less is payable . For replace parts, dpereciation is chargeable in the event of electrical / mechanical breakdown losses. The rewinding charges are reimbursable subject to maximum limits specified in the policy. There will be due deduction for salvage and excess Exclusions Normal wear and tear, gradual deterioration due to atmospheric condition or otherwise. Wilful or gross negligence of insured or his representative. Faults existing at the time of commencement of insurance known to insured or his representative.

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 Loss

or

damage

for

which

manufacturers

or

suppliers

are

responsible either by law or under contract. Cost of dismantling, transport, re-erection. War and nuclear perils.

i) Poultry Insurance A Layer birds and hatchery birds in a poultry farm in the age group of 1 day old to 72 weeks and broilers in the age group of 1 day to 8 weeks. Ducks and Quails are also insured under the policy. Own Poultry farmers / financing bank can insure the birds. All the birds in the farm should be insured without selection. Risk coveredPolicy provides indemnity against death of birds due to accidents including fire, lightning, flood, cyclone, strike, riot, civil commotion, terrorism, earthquake and disease contracted or occurred during the policy period (a fewer specified diseases are however excluded and can be covered subject to vaccination. Policy pay80% of the value of the bird at the time of loss as per stage wise valuation table attached to the policy subject to deduction of a specified policy excess. Exclusions Malicious / wilful misconduct / negligence. Transit by any mode of transfer.

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 Improper management. Theft and clandestine sale of birds. Intentional slaughter of birds. Consequential loss War and nuclear perils.
Mareks, Ranikhet, Foul Pox and infectious bronchitis unless birds are

successfully protected against them.

Loss of production, mall nutrition, under growth, cannibalism, loss

due to huddling and piling of birds.

i) Gramin Accident Policy Any Individual aged between 10 -70. Policy can be availed for an amount of Rs.5,000/- sum insured. Death Permanent total disablement Total and irrecoverable loss of use of limb Loss of eye sight due to accidental injury. In the event of accidental injury, it provides compensation as follows Death or permanent total disablement - 100% of sum insured. Loss of two limbs or two eyes or one limb and one eye - 100% of sum insured. Loss of one limb or one eye - 50% of sum insured. Exclusions No compensation is payable for any disablement that exists at the time of taking the policy. No payment will be made in excess of the sum insured for each individual. Intentional self-injury
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 Suicide or attempted suicide Whilst under the influence of intoxicating liquor or drug Whilst racing on wheels Hunting Big game shooting Mountaineering or whilst engaged in winter sports or resulting from the insured committing any breach of law with criminal intent. War and nuclear perils

i) Plantation Insurance Trees/plants/shoot/vegetative part only for crop duration or 12 months whichever is shorter. Farm owners/lessees cultivating the plantations /horticulture.

Coverage and indemnity to insured to the extent of loss or damage to the crop by operation of any one of the following perils a) Fire including forest fire and bush fire. b) Lightning c) Riot, strike, acts of terrorism d) Storm, hailstorm, cyclone, hurricane, flood and inundation. The input costs or recurring expenses incurred for raising the crop (establishment and maintenance) upto the date of the loss. Limits of indemnity on input cost basis are fixed at each stage of the crop. Claims are subject to Franchise and Excess deductibles. ExclusionsThe policy excludes to pay for loss or damage to crop arising due to theft, malicious damage, negligence, natural mortality, war perils, nuclear perils, insects, pests and diseases, drought, earthquake, climatic

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variations, water logging, inconsequential losses, damage to structures capital items, irrigation systems, agricultural implements, harvested produce.

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a) TRAVAL INSURANCE i) Baggage Policy Baggage Insurance Policy covers all accompanied baggage during a journey like suitcases, trunks etc., containing the baggage and additions during the journey. It covers accompanied baggage(not dealers', stock or travellers samples) during a specified journey (including air travel).Suitcases, trunks etc., containing the baggage and additions can also be insured provided they are declared specifically before the commencement of the journey. The policy provides cover against loss or damage to accompanied personal baggage due to fire, riot and strike, terrorist activity or theft or accident during the course of journey including stoppages en route anywhere in India. Insured and insureds family members in respect of their baggage as specified above. The policy pays for the contents of the baggage damaged/lost due to any of the perils stated above on a strict basis of indemnity. Exclusions To articles of consumable nature, cash, securities, jewellery, precious stones, furs, watches etc. To any property conveyed/transported by a carrier under receipt Due to depreciation, wear and tear, consequential loss, legal liability, theft from unsecured car Due to war perils, nuclear perils, moth, vermin or while cleaning, repairing.

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i) Marga Bandhu Policy This policy covers persons whilst on a tour or a pilgrimage.Groups of individuals who go on study tour, educational trips or pilgrimage. Educational institutions, tour operators, travel agents, clubs, associations etc., who arrange tours, picnics, yatras etc can avail this cover for persons going on tour. a) Death or disablement ( Permanent Total or Permanent Partial ) due to accident, hospitalisation expenses b) Additional expenses towards alternative travel arrangement due to detour or cancellation caused by accident to carrying vehicle / train and c) loss / damage to baggage whilst on tour. Basic cover: Death, PTD 100 % Capital Sum Insured ( CSI ) Loss of one limb or one eye 50% of Capital Sum Insured Permanent Partial disablement varying percentages of CSI as per policy Extensions: Following covered at an additional premium Medical expenses incurred up to 25% of claim or 10 % of sum insured which ever is lower Loss / damage to accompanied baggage subject to limits of Rs. 1,000/- or Rs. 2,000/- (depending on CSI chosen). Additional expenses incurred towards alternative travel

arrangement on account of detour / cancellation subject to a limit of Rs. 1,000/- or Rs. 2,000/- (depending on CSI chosen) - if detour arises by loss / damage to mode of transport by Act of God. Exclusions Compensation under more than one clause for same period of disability Any payment after admission of a claim for 50% / 100% of CSI Any claim in the same period of insurance exceeding the CSI

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 Suicide, attempt there at, VD, Criminal breach of law, influence of liquor / drugs Pregnancy related claim War and nuclear perils Loss / damage due to cracking, scratching, depreciation, wear and tear Loss / damage to money / securities, manuscripts, documents. i) Suhana Safar Policy The policy covers the risks of Personal Accident and loss of Baggage of the insured, spouse and dependent children covered during the period of outstation travel with in India from the declared place of departure(includes places of sojourn). Coverage available for a single round of travel to the places declared up to the scheduled date of return . Cover available for journeys less than 60 days. Policy Covers Section I PERSONAL ACCIDENT Risk Up to Rs.1 lakh per head with reimbursement of reasonable actual

emergency incidental expenses up to Rs.1000/- per head both as defined in the policy. Bodily injury sustained by the insured arising out of an accident resulting in death or disablement within 12 calendar months of the accident will be indemnified. Section II BAGGAGE

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Loss or

damage to the personal effects carried as accompanied baggage

due to fire, riots, strike, terrorism, malicious damage , theft , burglary for the actual value of the articles but not exceeding Rs.500/- per article unless specifically declared.

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a) PACKAGE INSURANCE i) House Holders Policy Any loss/damage to Building and its contents Jewellery and valuables Domestic appliances, TV, VCR, Audio Systems, PC etc. Baggage while on travel Accidental injury causing death/disability Liability to third parties Cover under ten sections with option to choose minimum 4 sections for availing discount in premium. Cover against contents is compulsory. Building and contents :Fire, lightning, Acts of God, Riot and Strike, impact, explosion of gas in domestic appliances, overflow of water tanks. Burglary, House breaking and Theft. Jewellery and Valuables - Any accidental loss/damage Plate Glass Any accidental loss/damage
Baggage - While on travel Any accidental loss/damage Domestic Appliances Any accidental loss/damage entirely due to

electrical/mechanical breakdown. TV, VCR, Audio System Fire and allied perils, burglary, housebreaking, theft, electrical or mechanical breakdown Pedal cycle Fire and related perils, riot,strike, malicious damage, acts of god, housebreaking, burglary, theft, external accident and also legal liability to "Public" with a limit of Rs.10,000. Any householder exposed to any of the above contingencies. Benefits under

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four (minimum) or more sections can be chosen. P.A Cover available for insured's spouse and children (Age: 12 to 70) Personal Accident Accidental injury causing death/disablement [total/partial] Third Party Liability Due to injury to third party or damage to third party property. Policy pay
Actual extent of loss/damage to property under respective sections

chosen; Sum Insured is the limit of maximum liability under respective sections;
Limit of liability to third party for Personal injury/Property damage is

upto Rs.25,000 / Rs.10,000 / Rs.3000 under TV/Pedal Cycle/TV Antenna sections respectively. Personal Accident Section If injury directly/solely causes within 12 months of its occurrence:
Death / loss of two limbs / eyes / Total permanent disablement : Full

Sum Insured Loss of a hand / foot / eye / use of hand / foot : 50% Sum Insured
Specified

Percentage (%) of Sum Insured in other cases of

permanent disablement [partial] Weekly benefits (Rs.3000/- max.) upto 100 weeks payable for Temporary Total Disability. Exclusions War and war like perils Wear and tear, depreciation, consequential loss Nuclear group of perils Gross and wilful negligence of Insured

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 Violation of policy conditions Loss/damage/liability where Insured's family or Insured's employee are involved as principal/accessory Intentional act/self injury/ influence of drug/intoxicant.

i) Compact Policy The policy covers offices and Establishments (non manufacturing). Generally this policy does not cover shops, godowns, ware houses etc. There are different sections of the policy. Section I - Fire & Allied Perils Sub Section 1A (Building) Covers building above plinth and foundation with connected utilities, sanitory fittings etc.External walls of the building should be made of stone/bricks/RCC etc Sub Section I B (Contents including incidental stock)
Contents of insured premises described in the schedule of policy,

belonging to insured Contents belonging to insured when temporarily removed to some place with in India from insured premises for a period not exceeding 60 days only for an amount not exceeding 5 % of the total sum inured for contents subject to maximum of Rs.20,000/ Stock incidental to the trade for an amount not exceeding 10% of total sum insured under this section Cost of removal of debris of insured property affected subject to maximum 10% of sum insured for this sub section if it is specifically declared for insurance and additional premium paid Sub Section IC (Tenants Legal Liability) This is applicable only if insured is a tenant of the building

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 Insureds legal liability as tenants of the insured premises for damage to the building of the offices and land lords fixture and fittings Perils Covered Fire, Lightning, Explosion/implosion Bursting & overflowing of water tanks Riot, Strike, malicious damage Earth quake, Fire and /or Shock, subsidence and land slide Flood, inundation, cyclone etc Impact damage by rail/road vehicle or animal by direct contact Aircraft or articles dropped from them Section II (Contents - Burglary & Housebreaking) Deals with the loss or damage of the contents of the insured premises as a result of burglary and house breaking. Section III(Mechanical & Electrical Appliances) All electrical & mechanical appliances other than Diesel Generator sets pertaining to insureds business/trade Perils covered loss or damage due to unforeseen and sudden accidental physical damage caused by and /or solely due to the mechanical and / or electrical break down. Section IV (Electronic Appliances) Deals with loss or damage of electronic appliances, portable computers , cellular phones, data carrying materials etc due to any cause other than the exclusions specified in the policy. Section V (Money Insurance) Money relating to profession or business while in Transit from and to the insured premises described in the schedule Safe installed at the insured premises Till at the insured premises

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 Cost of replacement or repair of the insureds safe in the insured premises in the event of it being damaged by thieves/burglars.
Perils

Covered Loss due to accident or misfortune

Section VI (Personal Accident) Provides accident cover to the insured or any Director or employee of the insured aged between 18 years and 70 years . The person should be a permanent employee of the insured at the office as stated in the Schedule. Section VII (Legal Liability) Deals with legal liability towards Third Parties Employees Section VIII (Fixed Glass / Sanitary Fittings) This section covers loss or damage due to accidental breakage of Fixed Plate Glasses and Sanitary fittings Frames of frame work Lettering consequent upon the breakage of glasses. Section IX (Neon Sign / Glow Sign / Hoarding) Section covers Neon sign and/glow sign and/ hoarding belonging to the insured. Perils Covered - Loss or damage due to Accidental external means Fire, Lightning, explosion Theft Riot , Strike. Malicious damage Storm, Flood and Inundation etc. Discount Available More sections selected, allows more discount. Loyality discount for continuous renewal.

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i) Dukan Mitra Policy

The Dukan Mitra policy is a modified version of the shopkeeper's policy which can be issued to smaller establishments. The main features of this policy are (a) there is a fixed sum insured (b) condition of average need not be applied. SECTION I This section also covers the Insured's property when removed to another premises for custody during his absence and for a temporary period limited to 90 days in all. SECTION II Loss / damage to the contents whilst contained in insured premises by burglary / housebreaking. SECTION III If bodily injury by external violent means and caused accidentally shall, within 12 months of such injury, by the sole and direct cause of death or permanent total disablement of the persons specified, the Company will pay each such person specified amount. Permanent total disablement would mean total, irrecoverable loss of sight of both eyes / physical loss of entire hands or entire feet / one foot and one eye or one eye and one hand / one foot or irrecoverable loss of use of both limbs. SECTION IV This section indemnifies the Insured subject to the limit under column 4, in respect of all sums which the Insured shall become legally liable to pay as compensation and incur litigation expenses with the Company's written consent. a. in respect of accidental death or bodily injury to any person other than a person under the Insured's employment b. accidental damage to property caused by or through fault or negligence of the Insured or his employee or a member of Insured's household c. compensation to Insured's employees as per the WC act for any employment injury (including fatal) d. This section excludes liability for

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accidents involving Insured's ownership or use of vehicles, vessels of any kind, aircraft or animals.

SECTION V Indemnifies the Insured for any direct pecuniary loss, subject to the limit under column 4, caused by an act of fraud or dishonesty committed by any salaried employee of the Insured in the course of his duty in the insured premises, on conviction and prosecution of an employee responsible for dishonesty / fraud. Withholding of any money due to the delinquent employee and deduction of such moneys from the claim are preconditions to settlement of a valid claim. SECTION VI Indemnifies the Insured, subject to the limit per carrying (under column 3) in respect of loss by accident or misfortune while the Insured's money in his hands of his employees is in transit between any two places within 15 kms from insured premises (only such money of the Insured's business transactions and entrusted to the permanent employee handling cash is covered), loss / damage by burglary or housebreaking whilst contained in a safe, cash box or such place under lock and key, loss / damage whilst lying in cashier's till or counter in the Insured's premises during business hours due to violence, assault or threat. It is a policy condition under this section that a complete and arithmetic account of cash in various places be kept and that such records / account books be kept in a place other than where money is kept. The Policy covers
The risk of fire, lightning, storm, earthquake, flood, riot, strike etc

The risk of burglary The loss of money while it is being carried by the employee from one place to another due to accident/misfortune Any Pecuniary loss arising out of dishonesty or fraud by any employee

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 Death or any bodily injury directly or indirectly caused by accidental, violent, external and visible means applicable for persons aged between 12 and 70 years. Exclusions Loss or damage to fragile articles such as chinaware, articles made of glass or materials of brittle nature due to impact. Loss or damage due to war and/or warlike perils, nuclear and/or atomic radiation. Loss or damage due to wear and tear, gradual deterioration or slowly developing flaws. Consequential loss of any kind. Loss of or damage caused by or due to action of any lawfully constituted authority or Government body. Loss or damage to cash, securities, bullion, stamps, deeds, documents, manuscripts and articles of antique value. Loss of valuables due to theft from unattended vehicles. Loss or damage for which the manufacturer or supplier or repairer or transporter or any other third party is responsible either by law or by contract.

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1. LIABILITY INSURANCE a) Public Liability Insurance The Public Liability Act, 1991 was made effective from 1st April 1991. The object of this Act is to provide through insurance immediate relief to persons affected due to accident while handling hazardous substance by the owners on no fault liability basis. This has also been brought under Tariff. The definition of Owner is so comprehensive as to cover any person who owns or has control over any hazardous substance at the time of accident. This includes any Firm or its partners. Association or its members, Company or its Directors and all other persons associated and responsible to that Company in the conduct of their business. The various terms like Accident, Hazardous substances as defined in the Act are given below. Accident means an accident involving a fortuitous, sudden or unintentional occurrence while handling any hazardous substance resulting in continuous, intermittent or repeated exposure to death of, or injury to any person or damage to any property but does not include an accident by reason only of war or radioactivity. Handling in relation to any hazardous substance, means the

manufacture, processing, treatment, package, storage, transportation by vehicle, use, collection, destruction, conversion, offering for sale, transfer or the like of such hazardous substance. Hazardous Substance means any substance or preparation which is defined as hazardous substance under the Environment (Protection) Act, 1986 and exceeding such quantity as may be specified by notification by the Central Government. Hazardous Substance means any substance or preparation which, by reason of its chemical properties or handling is liable to cause harm to human beings, other living creatures, plants, micro-organism, property or the environment (as per the Environment (Protection) Act, 1986). Insurance Limits

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Any one accident: Minimum equal to Paid up Capital upto a maximum of Rs.5 crores. Any one year: 3 times of `Any one accident limit subject to a maximum of Rs.15 crores. Liability beyond Insurance In case of claim/s exceeding the above statutory limit/s, it is to be met by the Environmental Relief Fund to be set up under Section 7A of the Act and managed by the Authority appointed by the Central Government The liability beyond the total of the insurance and the Relief / Fund is to be borne by the Owner. Contribution to the relief fund An amount equal to the insurance premium chargeable is to be paid simultaneously by every owner with the insurance premium to the underwriting Company. Schedule of Compensation 1. Reimbursement of medical expenses incurred upto a maximum of Rs.12,500/- in each case. 2. For a fatal accident the relief will be Rs.25,000/- per person in addition to reimbursement of medical expenses, if any incurred on the victim upto a maximum of Rs.12,500/-. 3. For permanent total or permanent partial disability or other injury or sickness, the relief will be : a. Reimbursement of medical expenses incurred, if any, upto a maximum of Rs.12,500/- in each case and, b. Cash relief on the basis of percentage of disablement as certified by an authorized physician. The relief for total permanent disability will be Rs.25,000/-. 4. For loss of wages due to temporary partial disability which reduce the earning capacity of the victim, there will be a fixed monthly relief not exceeding Rs.1,000/- per month upto a maximum of 3 months provided the victim has been hospitalized for a period exceeding 3 days and above 16 years of age.

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5. In respect of damage to private property, upto Rs.6,000/- per claim. Apart from Public liability insurance Act policy, policies are also available to cover the legal liability of the insured against third parties for claims arising due to industrial accidents. Two different types of policies are available to cover accidents in industries like factories etc and non industries like hotels, schools, exhibitions and storage tanks etc a) Workmen Compensation Insurance Liability of an employer for employment injury (including death) of any of his employees who is a workman as defined under Workmen Compensation Act. Any employer whether as a Principal or contractor engaging "workmen" as defined in WC Act to cover his liability to them under statute and at common law. Employer can cover Employees who do not qualify as "Workmen" under separate table Risk covered Indemnity to insured against his liability as an employer to accidental injuries (including fatal) sustained by the workman whilst at work. On extra premium-medical, the cost of surgical, to and hospital hospital for expenses accidental including transport

employment injuries Liability in respect of diseases mentioned in Part C / schedule III of WC Act, on additional premium; which arise out of and in the course of employment The Policy pay Where employment injury results in death, then we pay 40% of the monthly wages of the deceased multiplied by the relevant factor or Rs. 20,000/- which ever is more. Permanent Total Disablement 50% of the monthly wages of the injured disabled (PTD) workman multiplied by relevant factor or Rs. 24,000/- which ever is more. Permanent Partial Disablement

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a) For an injury specified in Part II of disablement (PPD) schedule. The percentage of loss of earning capacity caused applied to the compensation payable for permanent total disablement b) For an injury not specified in schedule - the percentage of permanent loss of earning capacity as assessed by qualified Medical Practitioners applied to the compensation payable for permanent total disablement. Where more than one injury caused by same accident it shall be aggregate but in any case not to exceed the amount payable for permanent total disablement Temporary disablement - A half monthly payment equivalent to 25 % (total or partial) of monthly wages of the workman to be paid in accordance with the provisions of Sub section (2) of the WC Act. Actual medical expenses incurred in connection with on-duty accident ranging from Rs.80/- to 2400/- per case as per the option given at the inception of the policy by the insured and extra premium paid. Legal costs and expenses incurred with the Company's consent. Exclusions Any injury which does not result in fatality or partial disablement for period exceeding 3 days First 3 days of disablement where the total disablement is less than 28 days
For any non-fatal injury caused by any accident which is directly

attributable to
a) Influence of drinks or drugs. b) Willful disobedience of an order for securing safety of the

workman. c) Willful removal or disregard of safety guard device. War group and nuclear group of perils Liability to employees of contractors of the insured (unless specifically declared) Employee who is not a "workman" as per WC act. Liability of insured assumed under an agreement

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 For occupational diseases mentioned in part "C" of schedule III of WC Act , unless cover is extended on extra premium.
Increase due to any change in statute provisions after policy had

incepted. Under more than one statute / one forum for the same injury

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a) Product Liability Insurance This insurance is intended to provide an indemnity to the insured (upto the limit of liability) in the event of a claim being brought against him. This may be caused by anything harmful or defective in the products sold or supplied by the insured in connection with the business specified. The Company in addition will reimburse all costs and expenses incurred with its written consent defending such a claim for compensation. The insurance will however not cover the cost of removing, replacing or repairing defective products or loss of use thereof. Liability Covered The policy seeks to indemnify the insured against his legal liability to pay compensation (including claimants costs, fees and expenses) in respect of injury damage or pollution for third parties for claims arising out of accidents due to any defects in the products specified in the policy during the period of the insurance and first made against the insured during the policy period. For the purpose of determining the indemnity granted: 1. Injury shall mean death, bodily injury, illness or disease of or to any person 2. Damage shall mean actual and / or physical damage to the atmosphere or of any water, land or other tangible property 3. Pollution shall mean pollution or contamination of the atmosphere or of any water, land or other tangible property 4. Product shall mean any tangible property after it has left the custody or control of the Insured which has been designed, specified, formulated, manufactured, constructed, installed, sold, supplied, distributed, treated, serviced, altered or repaired by on behalf of the Insured 5. Accident shall mean a fortuitous event or circumstance which is sudden, unexpected and unintentional including resultant continuous,

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intermittent or repeated exposures arising out of the same fortuitous event or circumstances Special Features
1. Claims made basis

The policy is on `Claims made basis. This means that the accident giving rise to the claim shall occur during the period of insurance and further that the claim shall be first made against the insured during the policy period.
2. Retroactive date

This is the date of commencement of the first `Claims made product liability policy. This date will remain unaltered as long as the policy has been renewed without break and there has been no substantial material change in the risk.
3. Period of insurance

This is the period commencing from the retroactive date and terminating on the expiry date of the policy.
4. Policy period

This is the period commencing from the midnight on the inception date and terminating at midnight on the expiry date of the policy. Special Exclusions 1. The policy excludes liability for costs in the repair, reconditioning, modification or replacement of any part of any product which is or is alleged to be defective. 2. For cost arising out of the recall of any product or part thereof. 3. Arising out of any product which is intended for incorporation into the structure, machinery or control of any aircraft. 4. Arising out of deliberate, willful or intentional non-compliance of any statutory provision. 5. Arising out of pure financial loss such as loss of goodwill, loss of market, etc. 6. Arising out of fines, penalties, punitive and exemplary damages.

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7. For injury and/or damage occurring prior to the Retroactive date shown in the schedule. 8. Arising out of deliberate, conscious or intentional disregard of the insureds technical or administrative management of the need to take all reasonable steps to prevent claims. 9. For injury to any person under a contract of employment or apprenticeship with insured where such injury arises out of the execution of such contract. 10.Arising out of contractual liability which would not have existed in the absence of the specific contract. 11.Arising out of any product guarantee. 12.Arising out of claims for failure of the goods or products to fulfill the purpose for which they were intended General Exclusions War and war like perils Wear and tear, depreciation, consequential loss Nuclear group of perils Gross and wilful negligence of Insured Violation of policy conditions Loss/damage/liability where Insureds family or Insureds employee are involved as principal/accessory Intentional act/self injury/ influence of drug/intoxicant.

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a) Professional Indemnity Policy The cover granted under the policy provide indemnity for legal liability to third party arising out of errors and omissions or negligence in professional service rendered by the insured The following professionals can be insured Doctors Medical Establishments Engineers Architects Chartered Accountants Lawyers Exclusions Any criminal act or violation of any Act of Statute Services rendered under the influence of intoxicants or narcotics Performance in a hospital. Willful neglect or deliberate act Third Party Public Liability Pure financial loss due to loss of goodwill or loss of market by Dentists under general anesthesia or any

procedures carried out under general anesthesia unless performed

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1. FIRE INSURANCE a) Standard Fire and Special Perils Policy Cover Buildings Machinery and Accessories Stock and stock in process Contents including furniture The following can be insured Dwellings, Offices, Shops, Hospitals(Located outside the compounds of industrial/manufacturing risks) Industrial / Manufacturing Risks Utilities located outside industrial/manufacturing risks Machinery and Accessories Storage Risks outside the compound of industrial risks Tank farms / Gas holders located outside the compound of industrial risks Perils Covered Fire Lightning Explosion/Implosion Aircraft damage Riot, Strike Storm, Flood, inundation Impact damage Subsidence , landslide Bursting or overflowing of tanks Bush fire etc.
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Exclusions Spontaneous combustion, fermentation Burning of property by order of any Public Authority Its undergoing any heating or drying process Explosion of boilers (other than domestic boilers) Total or partial cessation of work Permanent or temporary dispossession by order of Government Burglary, House breaking, theft Normal Cracking or settlement or bedding down of new structures War or war like operations Defective design, workmanship, defective materials Pollution or contamination Over-running, short circuit etc. Earthquake Spoilage loss Add on Covers Terrorism Removal Of Debris Architects, Surveyors, Consulting Engineers fees Earthquake (Fire and Shock only) Spontaneous combustion Startup expenses Spoilage Material Damage Cover Leakage and Contamination cover These additional covers are available by payment of additional premium.

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a) Fire Loss of Profit Policy Pre-Requisite for the Policy This policy can be taken only if a Standard fire and Special Perils Policy exists for the risk. The following can be insured Net profit due to the stoppage of business as a result of an insured

peril Standing charges which continue to accrue in spite of stoppage of business Additional expenditure incurred by the insured to maintain normal business activity, during the period in which the normal business is affected. Indemnity Period The indemnity period commences with the date of damage and lasts till such a time as the business is restored to its pre damaged level or the period stipulated policy whichever comes first. The policy insures earnings of the business lost during the indemnity period.

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FINDINGS

1. As a public sector company they having lot of social welfare plans

were the private corporates are not interested such as; Universal Health Insurance Scheme For BPL Families, Janata Personal Accident, Bhagyashree Child Welfare Policy, RajaRajeshwari Mahila Kalyan Yojna Policy, Mother Teresa Women & Children Policy, Jan Arogya Bima Policy, Cattle & Livestock Insurance, Agricultural Pumpset Insurance, Poultry Insurance, Gramin Accident Policy, Plantation Insurance. In these policies they charging only nominal premium and in some policies they are providing subsidies from Govt of India. 1. The companys marketing activities are much focussed on personnel policies.
2. This Thalassery Branch is located in coastal area but there are no

ports, due to this the sales of marine insurance policies is very few. Only for inland and rail transit marine policies are issuing.
3. Majority portion of the policies issuing from this branch includes

Mediclaim, Motor insurance, Standard Fire and Special Peril Policy. 4. Sales of Social policies are few. It is due to peoples are not known about these policies.

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5. Peoples in this area were not involved in farming so there is no

scope for Agricultural Pump set Insurance, Poultry Insurance, Plantation Insurance
6. The company facing cutthroat competition from both private and

public sector companies. Their major competitors include The New India Assurance Company Limited, National Insurance Company Limited, Reliance General Insurance Company Limited,
Bajaj Allianz General Insurance Company Limited,

ICICI Lombard General Insurance Company Limited. 1. Lack of awareness existing among the customers regarding policy terms, perils covered, discounts available, procedure for applying claims. 2. Customers doesnt having much idea regarding how claims are calculating, conditions regarding claims calculation, due to this reason some customers are complaining that the insurance companies are good in collecting premium but not good in paying claims.

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SUGGESTIONS

1. The social welfare policies are designed for serve the people these

policies not contributing much profit so they can go for low budget advertisement, and then only these will reach among peoples. 2. The company can also focus on the marketing of commercial policies because it will contribute more premium and profit.
3. The company can go for awareness programme regarding to the

social policies, because they can serve the community in better manner by these policies. 4. For meeting the competition they can Rather than try to satisfy everyone, marketers start with market segmentation and develop a market offering that is positioned in the minds of the target market.
The company must analyze the patterns of segmentation in a

market to get a sense of their positioning alternatives and that of the competitors,
Targeting strategies can the company use to select and enter

the most attractive market segments, The company can update their portfolio timely with reference to competitors products.
1. Once

when issuing the policy they can provide information policy for terms, perils claims, covered, how discounts are available, calculating, applying claims

regarding procedure

conditions regarding claims calculation by talk as well as printed documents; it will avoids the customers lack of awareness.

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2. This branch having lot of agents; by motivation rewards and

appreciation, practical oriented training by expertise will help to procure more business. 3. The company can keep in touch with the customers. They can send detail regarding the new policy brochures, renewal notices; it will help to retain the customers.
4. The company can effectively utilize technology platforms to retain

customers. Almost every clerical work such as issuing of new policy, renewal of policy, underwriting, claims settlement are doing with the help of computer but they dont have customer interacting technology.

5. It is not compulsory to every staff in the organisation have good

knowledge regarding whole functional area; but they must have ample knowledge regarding their own department.

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6.

CONCLUSIONS

This study is mainly focused on the study of product portfolio of the company. The secondary data from various sources is used for this study. As a leading private sector insurance company they have their own foot prints in the industry. The company providing variety of products to the peoples which start from insurance cover for pedal cycle to satellites. Their social welfare policies are really a protecting hand to backward and typical middleclass peoples. Peoples in India receiving a lot of advantage from those policies which offering tie-ups with Govt of India. The company is much interested national development that we can understand by analysing their social and rural insurance policies. The study has enabled to arrive at the conclusion regarding product portfolio. Majority of the customers are satisfied with the products offered by this organisation. Any effort in the part of the company to develop the product portfolio will definitely improve the present position. I hope in the coming days they would be the largest insurer in India by all means.

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BIBLIOGRAPHY Books IC 34 General Insurance, Insurance Institute of India, 2007, 1-23, 30-176 Philip Kotler, Marketing Management Millenium Edition, PEARSON CUSTOM PUBLISHING 75 Arlington Street, Suite 300, Boston, MA 02116 A Pearson Education Company 2001, 4-16, 143-158 E. P. Kurian Kuzhiveli, Agents Manual, United India Insurance Co Regional Office Kochi, 1999, 7-12, 21-275

Web Pages
http://www.uiic.co.in/products.html

Date of access: 12 January 2010 http://www.uiic.co.in/downloads.html Date of access: 12 January 2010 http://www.icra.in/Files/PDF/ArticleFiles/Insurance-ICRA-Moodys200704.pdf Date of access: 15 January 2010
http://www.appuonline.com/insurance/basics.html

Date of access: 24 January 2010

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