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Apr 10, 2018

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Vijay Gupta
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    Presented by the ABC Group:Presented by the ABC Group:1. Aliva Das2. Debajit Bhattacharya3. Dipannita Bhattacherya4. Kumari Lata5. Pratik Thacker6. Puja Gupta7. Rohit Agarwal

    8. Saurabh Shah9. Vijay Gupta

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    Insurance can be termed as a form of risk management whichis mainly used to protect an individual against the risk of prospective financial loss, if anyInsurance companies ensure financial reimbursement of theinsured losses to the policy holders or his/her beneficiary. Thisis the most coveted Insurance Benefits

    Optional Insurance Benefits are also given by the companies totheir policy holders in order to entice them to access theirinsurance package. These optional benefits include:

    i) Health and dental insurance of the family, life insuranceof the spouse and the child

    ii) Accidental death policy for the policy holder in addition tothe actual insurance

    iii) Long term and short term insurance plans againstdisability of the policy holder

    Pre-tax insurance benefits

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    Indian insurance is a flourishing sector with several nationaland international players competing and growing at rapidrates, especially general and life insurance which accounts for2.5% and 0.65% respectively of total India's GDP

    The period from 2010 - 2015 projected to be the 'Golden Age'for the Indian insurance industry

    A comprehensive range of insurance plans target the growing economy and the increasing wealth of the middle classes

    Due to the growing demand for insurance and with theopening up of the Indian economy, more and more insurance

    companies are now emerging in theIndian insurance sector

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    IN DIA the fifth largest insurance market in Asia

    Insurance is a US$ 41-billion industry in India

    Growing at a rate of 32-34 per cent annually

    According to IRDA, total premium collected in 2009-2010 was US$ 24.64billion, an increase of 25.46 % over US$ 19.64 billion collected in 2008-

    2009

    A growth of 18 % is expected in total premium income and is likely to

    cross the US$ 64.93 billion mark --B Mathur, Secretary General, Life

    Insurance Council

    Insurance reforms under IRDA have spurred buoyant growth of the

    industry

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    Life Insurance Corporation (L IC) of IndiaLife Insurance Corporation (L IC) of India

    N ational Insurance Company LimitedN ational Insurance Company Limited

    Oriental Insurance LimitedOriental Insurance Limited

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    Savings and wealth creating solutions, child plans,Savings and wealth creating solutions, child plans,retirement plans, protection plansretirement plans, protection plansSavings and wealth creating solutions, child plans,Savings and wealth creating solutions, child plans,retirement plans, protection plansretirement plans, protection plans

    Public liability policy,Public liability policy, jewellers jewellers block policy,block policy, pravasipravasibharatiyabharatiya bimabima yojanayojana policy, universal health insurancepolicy, universal health insurancescheme, fire policyscheme, fire policy

    Public liability policy,Public liability policy, jewellers jewellers block policy,block policy, pravasipravasibharatiyabharatiya bimabima yojanayojana policy, universal health insurancepolicy, universal health insurancescheme, fire policyscheme, fire policy

    InnovativeInnovative products, customer service of the highestproducts, customer service of the highestorder, use of technology, increase market share andorder, use of technology, increase market share andprofessionalism in the businessprofessionalism in the business

    InnovativeInnovative products, customer service of the highestproducts, customer service of the highestorder, use of technology, increase market share andorder, use of technology, increase market share andprofessionalism in the businessprofessionalism in the business

    ServeServe the insurance needs of the entire community,the insurance needs of the entire community,provide services at reasonable cost, optimum utilizationprovide services at reasonable cost, optimum utilizationof the funds, maintain global standards, minimize lossesof the funds, maintain global standards, minimize losses&retention of business&retention of business

    ServeServe the insurance needs of the entire community,the insurance needs of the entire community,provide services at reasonable cost, optimum utilizationprovide services at reasonable cost, optimum utilizationof the funds, maintain global standards, minimize lossesof the funds, maintain global standards, minimize losses&retention of business&retention of business

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    LICLIC registered an 83 % increase in new business premium inregistered an 83 % increase in new business premium inMarch 2010, against a 47% growth by privateMarch 2010, against a 47% growth by private playersplayers

    AsAs per IRDA, insurers sold 10.55 million new policies inper IRDA, insurers sold 10.55 million new policies in 2009 2009- -20102010

    LIC 8.52 million & private companies 2.03 million policiesLIC 8.52 million & private companies 2.03 million policiesAt the end of March 2010,At the end of March 2010, L ICLIC held 65 % market share in termsheld 65 % market share in termsof new business income collection with the private sectorof new business income collection with the private sectorcontributed the remaining 35 % share incontributed the remaining 35 % share in 2009 2009 20102010

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    LifeLifeInsurersInsurers

    20022002 20032003 20042004 20052005 20062006 20072007 20082008 20092009

    PUBLICPUBLIC 1 1 1 1 1 1 1 1

    PRIVATEPRIVATE 12 12 13 13 15 15 21 22

    GeneralGeneralInsurersInsurers

    20022002 20032003 20042004 20052005 20062006 20072007 20082008 20092009

    PUBLICPUBLIC 2 6 6 6 6 6 6 6

    PRIVATEPRIVATE 8 8 8 8 9 10 15 15

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    BAN K ASSURAN CEBAN K ASSURAN CE Here banks act as corporate agents andHere banks act as corporate agents andhave been the force behind the success of private life insurancehave been the force behind the success of private life insurance(ICICI Prudential, SB I Life)(ICICI Prudential, SB I Life)

    Most of the private players have used a balanced approachMost of the private players have used a balanced approachbetween bank assurance & agency modelbetween bank assurance & agency model

    Brokers and corporate agents emerging new distribution channelBrokers and corporate agents emerging new distribution channel

    Internet /mobile are the new channels introduced by the privateInternet /mobile are the new channels introduced by the privateplayersplayers

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    Saturation of the insurance markets in many developed economies hasmade the Indian market more attractive for the international insuranceplayers according to Booming insurance markets in India (2008-2011)

    Total life insurance premium in India is projected to grow US $266 billion

    by 2010-2011

    Total non-life insurance premium is expected to grow at a CAGR of 25% forthe period spanning from 2008-2009 to 2010-2011

    The home insurance sector is expected to achieve a 100% growth

    In the next three years health insurance is poised to become the second

    largest after motor insurance in the non-life arena

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    LIC is the giant of the insurance sector. The overall size of L IC is

    much more than that of all private insurance companiesDue to excellent service quality and attractive offers privateinsurance companies have started getting a number of customers.They are growing rapidly. Though L IC is also increasing itscustomer base but private insurance companies are moving at afast pace & also penetrating in the customer base of L IC.

    Private insurance companies are expanding their business and willcertainly going to give a tough competition to Public sector in thecoming days

    LIC has not shown their good concern when the matter of grievance handling comes. Private insurance companies are farahead in this matter. L IC has just resolved 25% cases in the lastfive years while private insurance companies have resolved nearly70% cases

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