home insurance-2

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CHAPTER - 1

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CONTENT PAGE

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1.1 BACKGROUND OF THE

INSURANCE SECTOR

2

1.2 HISTORY 3

1.3 TYPES OF HOME INSURANCE 4-8

1.4 FUNCTIONS OF INSURANCE 9-10


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1.1 BACKGROUND OF THE INSURANCE SECTOR

Insurance is over one and one-half centuries old in India. The First general

insurance company, Titan Insurance Company Ltd., was established in

1!".Life insurance came to India from the #.$. in 1", with theestablishment of the %riental Life &ssurance Company in Calcutta. 'y 1(),

the insurance mar*et was bu++ing with 1 companies--both life and non-life.

In 1(!, the overnment of India recogni+ed that malpractice had entered the

management of the life insurance. Conse/uently, the life insurance industry

was nationali+ed under the Life Insurance Corporation 0LIC of India. &lthough

efforts were made to maintain an open mar*et for the general insurance industry

by amending the Insurance &ct of 1() from time to time, malpractice escalated

beyond control. Thus, the general insurance industry was nationali+ed in 1(2.RECENT INITIATIVES

3rivati+ation is e4pected to foster competition, innovations and greater

awareness on the need for buying insurance services and variety of products.

The I56& bill 3assed by the parliament was an important development in the

field of Insurance business. The I56& &ct mar*s an end to the monopoly of the

government in the insurance sectors by opening it up to private players. It gives

priority in the #tili+ation of the policyholder7s funds for development of society

and Infrastructure sector.

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1.2 HISTORY

The first homeowners policy perse in the #nited 8tates was introduced in

8eptember 1(!", but similar policies had e4isted in reat 'ritain and certain

areas of the #nited 8tates. In the late forties #8 insurance law was reformedand during this process multiple line statutes were written, allowing

homeowners policies to become legal.

3rior to the 1(!"s, there were separate policies for the various perils that could

affect a home. & homeowner would have had to purchase separate policies

covering fire losses, theft, personal property, and the li*e. 6uring the 1(!"s,

policy forms were developed allowing the homeowner to purchase all the

insurance they needed on one complete policy. 9owever, these policies varied

by insurance company, and were difficult to comprehend.The need for standardi+ation grew so great that a private company based in

:ersey City, ;ew :ersey, Insurance 8ervices %ffice, also *nown as the I8%, was

formed in 1(1 to provide ris* information and issued a simplified homeowners

policy for resell to insurance companies. These policies have been amended

over the years.

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1.3 TYPES OF INSURANCE

There are however, four insurances that most financial e4perts recommend that

all of us have< life, health, auto and long-term disability. =ach one of these

covers a specific aspect of your life, and each one is very important to your

financial future.

L!" I#$%&'#("

The greatest factor in having life insuranceis providing for those you

leave behind. This is e4tremely important if you have a family that is

dependent on your salary to pay the bills. Industry e4perts suggest a life

insurance policy should cover >ten times your yearly income.> This sum

would provide enough money to cover e4isting e4penses, funeral

e4penses and give your family a financial cushion. That cushion will help

them re-group after your death.

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?hen estimating the amount of life insurance coverage you need, remember to

factor in not only funeral e4penses, but also mortgage payments and living

e4penses such as loans, credit cards and ta4es, but also child care, and future

college costs.

LI@5&, formerly *nown as the Life Insurance @ar*eting A 5esearch

&ssociation, says that if the primary wage earner dies in a family with

dependent children that family will only be able to cover their living e4penses

for a few months, and four in 1" would have difficulty immediately.

The two basic types of life insurance are Traditional ?hole Lifeand Term Life.

8imply e4plained, ?hole Life is a policy you pay on until you die and Term

Life is a policy for a set amount of time. Bou should see* the advice of a

financial e4pert when planning your life insurance needs. There are

considerable differences between the two policies. In deciding between these

two, consumers should consider their age, occupation, number of dependent

children and other factors to ensure they have the coverage necessary to protect

their families. 0For additional reading, see ?hat To =4pect ?hen &pplying For

Life Insurance.

H"')*+ I#$%&'#("

& recent 9arvard study noted that statistically, >your family is ust one

serious illness away fromban*ruptcy.> They also concluded that, >2D

of all personal ban*ruptcies in the #.8. in 2"" were caused by health

problems and D of those filers had medical insurance at the start of

their illness.>

Those numbers alone should urge you to obtain health insurance, or increase

your current coverage. The *ey to finding ade/uate coverage is shopping

around. ?hile the best option and the least e4pensive is participating in your

employer7s insurance program, many smaller businesses do not offer this

benefit.

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Finding affordable health insurance is difficult, particularly without

an employer-sponsored programor if you have apre-e4isting condition.

&ccording to the $aiserE95=T survey, the averagepremiumcost to the

employee in an employer sponsored health care program was around G,1"".

?ith rising co-payments, yearly deductiblesand dropped coverage7s, health

insurance has become a lu4ury less and less can afford, yet even a minimal

policy is better than having no coverage. The cost for a day in the hospital can

range from (! to 2,(. =ven if you have minimal coverage, it can provide

some monetary benefit for your hospital stay.

&s the health care debate continues in ?ashington, appro4imately G million&mericans are without insurance coverage. Chec* with your employer

regarding health care benefits, in/uire of any occupational organi+ations that

you belong to regarding possible group health coverage. If you are over age

!", &&53has some health insurance offers available. 0To learn more, chec*

out 'uying 3rivate 9ealth Insurance.

L,#-T"& D$'/)* C,"&'"

This is the one insurance most us thin* we will never need, as none of us

assumes we will become disabled. Bet, statistics from the 8ocial 8ecurity

&dministrationshow that three in 1" wor*ers entering the wor*force will

become disabled, and will be unable to wor* before they reach the age of

retirement. %f the population, 12D are currently disabled in some form,

and nearly !"D of those wor*ers are in their wor*ing years.

=ven those wor*ers that have great health insurance, a nice nest eggand a good

life insurance policy never prepare for the day when they might not be able to

wor* for wee*s, months or may not ever be able to return to the ob. ?hile

health insurance pays for your hospitali+ation and medical bills, where is money

coming from to pay those daily e4penses that your paychec* coversH 9ere are a

few very sobering statistics regarding disability

$eep a copy of the police report.

et an estimate or two.

DOCUMENTS RE:UIRED

6ocuments are the most valid and appropriate proof for your home insurance

claims. &lways *eep your documents in place and ready both before you need to

ma*e a claim and when you need to ma*e one. It is always advisable to save the

receipts for items you buy. This will give the indication and estimation of the

total cost of items and damage claim amount accordingly. 3hotographs andEor

videotapes of your home 0both in pre- and post-disaster form can also be

beneficial. These will help you establish an inventory of your belongings should

the need arise. &lways save photos or videos of the damage before you begin

cleaning up.

List of 6ocuments 5e/uired

1. 6uly completed and signed claim form

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2. Mero4 copy of policy

). Copy of FI5

G. Final 5eport from police

!. Copy of all invoices, price lists, repair estimate

2.HOME INSURANCE CLAIMIn case of any incident leading to a valid claim under the policy, following steps

should be ta*en I#6' A$$%&'#(" C,. L*6.

H,%$"+,)6"&$ P,)(

H+)+*$

This is a pac*age policy specially designed to meet the insurance re/uirements

of a householder by combining under a single policy, a number of our standard

policies usually ta*en by householders. 6iscount in premium is offered

depending upon the number of sections of the policy, opted for, by the proposer.

S(,5"

The policy comprises of 1" sections as given here under

8ection I - Fire A &llied 3eril

Coverage for building

Covers contents of the dwelling belonging to the proposer and hisEher

family members permanently residing with himEher.

A))"6 P"&)$

Fire, Lightening, =4plosion of gas in domestic appliances

'ursting and overflowing of water tan*s, apparatus or pipes.

6amage caused by &ircraft , 5iot, 8tri*e, @alicious or Terrorist &ct

=arth/ua*e, Fire andEor 8hoc*, subsidence and Landslide 0including

5oc*slide damage

Flood, Inundation, 8torm, Tempest, Typhoon, 9urricane, Tomado or

Cyclone, Impact damage

S"(*,# II - B%&)'& ? H,%$" B&"'7# #()%6# )'&("# '#6 *+"!*.

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Covers contents of the dwelling against loss due to burglary, house brea*ing,

larceny or theft.

S"(*,# III - A)) R$7$ # ,! D,"$*( '55)'#("$

Covers domestic appliances against unforeseen and sudden physical damage

due to mechanical or electrical brea*down.

S"(*,# VI - T.V. S"* #()%6# VCPVCR ALL RISKS

Covers loss or damage to T.. 8et including C3EC5 by fire and allied perils,

burglary, house brea*ing or theft, brea*age due to accidental e4ternal means,

mechanical or electrical brea*down. &ny legal liability arising out of bodily

inury or accidental death of any person other than insured7s family members or

employee as also damage to property not belonging to or in the custody ofinsured , caused by use of the T.. 8et is also covered up to a limit of

5s.2!,"""E-.

S"(*,# VII - P"6') C()"$ A)) R$7$

Covers loss or damage to pedal cycles by


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S"(*,# I - P%/)( A((6"#*

Covers 6eath or bodily inury by accidental, violent, e4ternal and visible means

to the insured person named in the schedule and subect to limits specified

therein.

S"(*,# - P%/)( )'/)*.

Covers Insured7s legal liability for bodily inury or loss of or damage to property

of third party limited to amount specified in the schedule and wor*men7s

compensation liability to domestic servants engaged in insured7s premises. It is

compulsory to opt for 8ection I' of the policy. & minimum of three sections

including 8ection I' have to be ta*en for issuance of this policy.

H,> *, $")"(* $% #$%&"6

For the insurance of household items, it would be necessary to group the items

in a broad category li*e furniture, clothing , linen, utensils , croc*ery etc. and

give a value e/uivalent to the mar*et value i.e. the value for which this used

item could be bought or sold in the mar*et. 8ections I & A ', II, III, I, I, II

A III should be insured on mar*et value basis as described above. It is a

condition of 8ection i.e. brea*down of domestic appliances, that the sum

insured should represent the current replacement value of a similar item. For

e.g. to insure 1! ltr. odre fridge which is ) years old, the sum insured should

be e/uivalent to the cost price of a new 1! ltr. odre fridge. 9owever, theclaim amount payable would be the amount re/uired to bring the damaged item

to the same condition as it was prior to the damage subect to the ade/uacy of

the sum insured. The sum insured under section IM i.e. 3ersonal &ccident

should not e4ceed 2 months salary from gainful employment.

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CHAPTER -4

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CONTENT PAGE

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4.1 DATA ANALYSIS 39-48


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4.1 DATA ANALYSIS

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CHAPTER

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CONTENT PAGE

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.1 FINDINGS AND SUGGESTION 0-1

.2 CONCLUSION 2

.3 ANNEURE 3-4

.4 EBLOGRAPHY

.1 FINDINGS AND SUGGESTION

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F#6# ,! *+" S*%6

&fter doing survey I have analysed that many of customers

having Insurance, but they are not aware about all the *inds of

9ome Insurance plans which can be more beneficial for them.

From above survey and find out most of the people are not

prefer to but 9ome Insurance and they have absence of

*nowledge above 9ome Insurance.

From above survey and find out many people not having much

more *nowledge about 9ome Insurance.

LIMITATIONS

Inade/uate time was the maor constraints during the whole

proect.

&ll the answers given by the respondents have been assumed

true.

SUGGESTIONS

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It is necessary that every person should be aware 9ome

Insurance company plan.

The home insurance company provide proper and detail

information to their customers of 9ome Insurance.

Today is competitive world. 9ome Insurance Company provide

online claim facility to their customers.

.2

CONCLUSION

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The insurance industry is in the silent revolution and the best part is that all of

us are part of this revolution process, contributing to it and influencing shape of

things to emerge. It will be /uite interesting to see an e4cess of distribution

system ta*ing shape and competing with each otherJs.

There is one truth in mar*eting that is Odifferent consumers &pproach buying

differently. 8tudies have time and again shown that insurance is bought because

of convenience, product features, product placement, and safety of funds,

advice, and not the price.

From the survey of customers I came to conclusion that many of the customers

are not aware about the concept home insurance. &s this policy is generally

ta*en by the businessmenJs, self-professionals. ?e can e4pect from this

organi+ation that it will lead the innovative process with /uality of services that

will help the Indian consumer to ta*e advantage from insurance business.

.3 ANNEURE

;&@=< - PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP

&=< - PPPPPP

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1 &re you aware about 9ome InsuranceH

1. Bes 2. ;o

2 6o you have 9ome InsuranceH

1. Bes 2. ;o

) From which company you have 9ome Insurance, 3lease specify

the name of the company

1.PPPPPPPPPPPPPPPPPPPPPP

G 9ave you ta*en this 3olicy from any O&gentQ or have you visitedcompany OpersonallyQH

1. &gent 2. 3ersonally

! 6oes company provide *nowledge on entire product range in its

portfolioH

1. Bes 2. ;o

&re you satisfied with the service provided by themH 1. Bes 2. ;o

6oes your Insurance Company provide information and alerts

about your policy from time to timeH

1. Bes 2. ;o

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6oes your company provide online claim facilityH

1. Bes 2. ;o

( 9ow would you li*e to pay premiumH

1. @onthly

2. 9alf-Bearly

). Ruarterly

G. Bearly

1" ?hich Insurance company is good for 9ome Insurance planH

1. ICICI 9ome Insurance

2. '&:&: &LLI&;S

). %riental Insurance Co. Ltd.

G. Tata &I eneral Insurance

.4 EBLOGRAPHY

.GOOGLE.COM

.ICICILOMBARD .COM

>>>.#&,).(,*'*'-'5&,5"&*-#$%&'#("

55
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https://www.orientalinsurance.org.in/http://www.iffcotokio.co.in/home-insurancehttps://www.bajajallianz.com/Corp/property-insurance/home-insurance.jsphttps://www.bajajallianz.com/Corp/property-insurance/home-insurance.jsphttp://www.royalsundaram.in/home-insurance-online.aspxhttp://www.royalsundaram.in/home-insurance-online.aspxhttp://www.investopedia.com/terms/h/homeowners-insurance.asphttp://www.investopedia.com/terms/h/homeowners-insurance.asphttps://www.orientalinsurance.org.in/http://www.iffcotokio.co.in/home-insurancehttps://www.bajajallianz.com/Corp/property-insurance/home-insurance.jsphttps://www.bajajallianz.com/Corp/property-insurance/home-insurance.jsphttp://www.royalsundaram.in/home-insurance-online.aspxhttp://www.royalsundaram.in/home-insurance-online.aspxhttp://www.investopedia.com/terms/h/homeowners-insurance.asphttp://www.investopedia.com/terms/h/homeowners-insurance.asp

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