icici prudential marketing strategy

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LIFE INSURANCE   Submitted in partial fulllment of the
requirements   for the award of the degree of 
 Affiliated To
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h)s )s "o *er")+y "ha" "he proje*" ,or- “Customer Sats!a"to# O! ICICI Pru$e#ta% L!e
I#sura#"e& made y Ra'es( )umar% B*COM(Hons +t( Sem , E#ro%% #o. 08320688813  )s
an au"hen")* ,or- *arr)ed ou" y h)m under /u)dan*e and super)s)on o+ MR* PRADEEP
he proje*" repor" sum)""ed has een +ound sa")s+a*"ory +or "he par")a +u+)men" o+ "he
de/ree o+ Ba*heor o+ Bus)ness dm)n)s"ra")on.
I#ter#a% Su-er.sor
MR. PR$$P N44R 
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&" )s )n par")*uar "ha" & am a*-no,ed/)n/ my s)n*ere +ee)n/ "o,ards my men"ors ,ho
/ra*)ousy /ae me "he)r ")me and e5per")se.
hey hae pro)ded me ,)"h "he auae /u)dan*e% sus"a)ned e++or"s and +r)endy approa*h. &"
,oud hae een d)++)*u" "o a*h)ee "he resu"s )n su*h a shor" span o+ ")me ,)"hou" "he)r 
& deem )" my du"y "o re*ord my /ra")"ude "o,ards "he &n"erna proje*" super)sors MR*
PRADEEP NAYYAR  ,ho deo"ed her pre*)ous ")me "o )n"era*"% /u)de and /ae me "he
r)/h" approa*h "o a**omp)sh "he "as- and aso heped me "o enhan*e my -no,ed/e and
unders"and)n/ o+ "he proje*".
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& herey de*are "ha" +oo,)n/ do*umen"ed proje*" repor" ")"ed 7C#OM$R
#&#'C&ON O' &C&C& PR$N&9 9&'$ &N#RNC$: )s an or)/)na and
au"hen")* ,or- done y me +or "he par")a +u+)men" o+ a*heors o+ us)ness
adm)n)s"ra")on de/ree pro/ram a" &C&C& PR$N&9 9&'$ &N#RNC$.
& herey *er")+)ed "ha" a "he endeaor pu" )n "he +u+)men" o+ "he "as- are /enu)ne
and or)/)na "o "he es" o+ my -no,ed/e and & hae no" sum)""ed )" ear)er
$nro no.; 08320688813
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R)s- and un*er"a)n")es are par" o+ )+e<s /rea" aden"ure= **)den"s% &ness% he+" >
 Na"ura Caam)")es "hey a are p)ars o+ "h)s ,ord. o oer*ome "hese r)s-s and
m)shaps "h)s proje*" des*r)es "he po)*)es and s*hemes o+ &C&C& PR$N&9 9)+e
&nsuran*e Compan)es. he ,ay "hese *ompan)es pro)de d)++eren" ene+)"s "o "he
 po)*yhoder. &nsuran*e )s Coopera")e en"ure ,here r)s- and un*er"a)n")es are shared
 y many. No, days a o" )s e)n/ done "o *rea"e a,areness amon/ "he &nsur)n/ Pu)*
aou" "he &mpor"an*e o+ &nsuran*e )n )+e. &n "h)s d)re*")on &R has panned "o *rea"e
a,areness "hrou/h $e*"ron)* and Pr)n" med)a. s"udy o+ 9)+e &nsuran*e des*r)es "he
mean)n/ o+ ar)ous po)*)es% *ompar)son and anays)s and *han/)n/ mar-e" s*enar)o.
&n "oday<s *orpora"e and *ompe")")e ,ord% & +)nd "ha" )nsuran*e se*"or has "he
ma5)mum /ro,"h and po"en")a as *ompared "o "he o"her se*"ors. &nsuran*e has "he
ma5)mum /ro,"h ra"e o+ [email protected] ,h)e as 'MC se*"or has ma5)mum [email protected]!A o+ 
/ro,"h ra"e. h)s /ro,"h po"en")a a""ra*"s me "o en"er )n "h)s se*"or and &C&C&
PR$N&9 COMPN4 has /)en me "he oppor"un)"y "o ,or- and /e" e5per)en*e
)n h)/hy *ompe")")e and enhan*)n/ se*"or.
Compan)es no, are "app)n/ a o" o+ ,ays "o *ap"ure "he mar-e" and hen*e adop")n/
d)++eren" ,ays "o hod "he ar/e por")on o+ "he mar-e".My summer "ra)n)n/ earn)n/
heped me a o" "o *ompe"e my proje*" )n order "o earn a o" o+ "h)n/s o+ "he
*orpora"e. s a proje*" "ra)nee "he +)rs" "as- /)en "o me ,as "o unders"and "he as)*
 eha)our o+ "he *onsumer )n order "o man)pua"e "he mar-e" a**ord)n/ "o our "ar/e"
*ompe")")on. 'or "h)s & deeoped a ues")onna)re and & d)d my surey )n $9H& *)"y.
h)s jo "ra)n)n/ aso heped me a o" )n unders"and)n/ "he rea mo")e eh)nd "he
*us"omer pre+eren*e "o,ards "he )+e )nsuran*e po)*y & +ound "ha" 9&C *ompany
ha)n/ !!A mar-e" share )s "he numer 1 )nsuran*e *ompany )n &nd)a. Band name o+ 
9&C pays a ery )mpor"an" roe )n "he m)nd o+ *us"omers "o,ards "he sae o+ "he
he su**ess s"ory o+ /ood mar-e" share o+ d)++eren" mar-e" or/an)Da")ons depends
upon "he aa)a))"y o+ "he produ*" and ser)*es near "o "he *us"omer% ,h)*h *an e
d)s"r)u"ed "hrou/h a d)s"r)u")on *hanne. &n &nsuran*e se*"or% d)s"r)u")on *hanne
)n*udes ony a/en"sad)sors or a/en*y hoders o+ "he *ompany.
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&nsuran*e may e des*r)ed as a so*)a de)*e "o redu*e or e)m)na"e r)s- o+ oss "o )+e
and proper"y. nder "he pan o+ )nsuran*e% a ar/e numer o+ peope asso*)a"e
"hemsees y shar)n/ r)s-s a""a*hed "o )nd))duas. he r)s-s% ,h)*h *an e )nsured
a/a)ns"% )n*ude +)re% "he per)s o+ sea% dea"h and a**)den"s and ur/ary. ny r)s- 
*on")n/en" upon "hese may e )nsured a/a)ns" a" a prem)um *ommensura"e ,)"h "he
r)s- )noed. hus *oe*")e ear)n/ o+ r)s- )s )nsuran*e.
Types Of Insurance
&nsuran*e )ndus"ry )n &nd)a )s roady *ass)+)ed [email protected]
* L!e I#sura#"e;@ po)*)es pro"e*" )nd))duas a/a)ns" "he r)s- o+ )+e. 9)+e 100
&nsuran*e po)*)es no" ony pro"e*"s "he )nsured<s +am)y a/a)ns" h)s dea"h u" aso
 pro)des a /ood means "o aa) "a5 ene+)"% aa) oans +rom an-s and a*"s% as a /ood
sa)n/ "oo "o mee" +u"ure needs.
* Ge#era% I#sura#"e;@ on "he o"her hand pro"e*"s "he proper"y and *asua"y y
*oer)n/ osses +rom d)sas"ers and a**)den"s "herey pro"e*")n/ +rom proper"y dama/e
and )a))"y% pro)d)n/ "he means +or )*")ms "o resume "he)r )es and us)nesses and *on"r)u"e "o "he e*onomy.
T(e .arous t2-es o! #sura#"e a.a%a3%e are 4 
1* Auto I#sura#"e
). ,o Eheeer &nsuran*e
)). Car &nsuran*e
). /r)*u"ure &nsuran*e
)). ')re &nsuran*e
))). &ndus"r)a &nsuran*e
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7* L!e I#sura#"e
+* A""$e#t I#sura#"e
). NR& **)den" &nsuran*e
)). Persona **)den" &nsuran*e
). Med)*a &nsuran*e
 Hstor2 o! I#$a# I#sura#"e
he us)ness o+ )+e )nsuran*e )n &nd)a )n )"s e5)s")n/ +orm s"ar"ed )n &nd)a )n "he year 
1818 ,)"h "he es"a)shmen" o+ "he Or)en"a 9)+e &nsuran*e Company )n Ca*u""a.
#ome o+ "he )mpor"an" m)es"ones )n "he )+e )nsuran*e us)ness )n &nd)a are;
• 1:15; he &nd)an 9)+e ssuran*e Compan)es *" ena*"ed as "he +)rs" s"a"u"e "o
re/ua"e "he )+e )nsuran*e us)ness.
• 1:5<; he &nd)an &nsuran*e Compan)es *" ena*"ed "o enae "he /oernmen" "o
*oe*" s"a")s")*a )n+orma")on aou" o"h )+e and [email protected])+e )nsuran*e us)nesses.
• 1:6<; $ar)er e/)sa")on *onso)da"ed and amended "o y "he &nsuran*e *" ,)"h
"he oje*")e o+ pro"e*")n/ "he )n"eres"s o+ "he )nsur)n/ pu)*.
• 1:+8; 2G! &nd)an and +ore)/n )nsurers and pro)den" so*)e")es "a-en oer y "he
*en"ra /oernmen" and na")ona)Ded. 9&C +ormed y an *" o+ Par)amen"% )D.
9&C *"% 1!6% ,)"h a *ap)"a *on"r)u")on o+ Rs.!*rore +rom "he oernmen" o+ 
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he enera )nsuran*e us)ness )n &nd)a% on "he o"her hand% *an "ra*e )"s roo"s "o "he
r)"on &nsuran*e Company 9"d.% "he +)rs" /enera )nsuran*e *ompany es"a)shed )n "he
year 18!0 )n Ca*u""a y "he Br)")sh. #ome o+ "he )mpor"an" m)es"ones )n "he /enera
)nsuran*e us)ness )n &nd)a are;@
• 1:=9; he &nd)an Mer*an")e &nsuran*e 9"d. se" up% "he +)rs" *ompany
"o "ransa*" a *asses o+ /enera )nsuran*e us)ness.
• 1:+9; enera &nsuran*e Coun*)% a ,)n/ o+ "he &nsuran*e sso*)a")on
o+ &nd)a% +rames a *ode o+ *ondu*" +or ensur)n/ +a)r *ondu*" and sound us)ness
• 1:8<; he &nsuran*e *" amended "o re/ua"e )nes"men"s and se"
m)n)mum soen*y mar/)ns and "he ar)++ d)sory Comm)""ee se" up.
• 1:95; he enera &nsuran*e Bus)ness (Na")ona)Da")on *"
na")ona)Ded "he /enera )nsuran*e us)ness )n &nd)a ,)"h e++e*" +rom 1s" Ianuary
1?3. 10? ama/ama"ed and /rouped )n"o +our *ompan)es )D. "he Na")ona
&nsuran*e Company 9"d.% "he Ne, &nd)a ssuran*e Company 9"d.% "he Or)en"a
&nsuran*e Company 9"d. and "he n)"ed &nd)a &nsuran*e Company 9"d. &C
)n*orpora"ed as a *ompany.
• &n &nd)a% )nsuran*e has a [email protected]"ed h)s"ory. &" +)nds men")on )n "he ,r)")n/s o+ 
Manu (Manusmr)"h)% 4a/naa-ya ( harmasas"ra and Kau")ya ( r"hasas"ra.
he ,r)")n/s "a- )n "erms o+ poo)n/ o+ resour*es "ha" *oud e [email protected])s"r)u"ed )n
")mes o+ *aam)")es su*h as +)re% +oods% ep)dem)*s and +am)ne. h)s ,as proay
a [email protected]*ursor "o modern day )nsuran*e. n*)en" &nd)an h)s"ory has presered "he
ear)es" "ra*es o+ )nsuran*e )n "he +orm o+ mar)ne "rade oans and *arr)ers<
*on"ra*"s. &nsuran*e )n &nd)a has eoed oer ")me hea)y dra,)n/ +rom o"her 
*oun"r)es% $n/and )n par")*uar.
•  1818 sa, "he aden" o+ )+e )nsuran*e us)ness )n &nd)a ,)"h "he es"a)shmen" o+ 
"he Or)en"a 9)+e &nsuran*e Company )n Ca*u""a. h)s Company ho,eer +a)ed
)n 183G. &n 182% "he Madras $u)"ae had e/un "ransa*")n/ )+e )nsuran*e
 us)ness )n "he Madras Pres)den*y. 18?0 sa, "he ena*"men" o+ "he Br)")sh
&nsuran*e *" and )n "he as" "hree de*ades o+ "he n)ne"een"h *en"ury% "he Bomay
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Mu"ua (18?1% Or)en"a (18?G and $mp)re o+ &nd)a (18? ,ere s"ar"ed )n "he
Bomay Res)den*y. h)s era% ho,eer% ,as dom)na"ed y +ore)/n )nsuran*e
o++)*es ,h)*h d)d /ood us)ness )n &nd)a% namey er" 9)+e ssuran*e% Roya
&nsuran*e% 9)erpoo and 9ondon oe &nsuran*e and "he &nd)an o++)*es ,ere up
+or hard *ompe")")on +rom "he +ore)/n *ompan)es.
•   &n 11G% "he oernmen" o+ &nd)a s"ar"ed pu)sh)n/ re"urns o+ &nsuran*e
Compan)es )n &nd)a. he &nd)an 9)+e ssuran*e Compan)es *"% 112 ,as "he +)rs"
s"a"u"ory measure "o re/ua"e )+e us)ness. &n 128% "he &nd)an &nsuran*e
Compan)es *" ,as ena*"ed "o enae "he oernmen" "o *oe*" s"a")s")*a
)n+orma")on aou" o"h )+e and [email protected])+e us)ness "ransa*"ed )n &nd)a y &nd)an and
+ore)/n )nsurers )n*ud)n/ pro)den" )nsuran*e so*)e")es. &n 138% ,)"h a )e, "o
 pro"e*")n/ "he )n"eres" o+ "he &nsuran*e pu)*% "he ear)er e/)sa")on ,as
*onso)da"ed and amended y "he &nsuran*e *"% 138 ,)"h *omprehens)e
 pro)s)ons +or e++e*")e *on"ro oer "he a*"))")es o+ )nsurer 
• he &nsuran*e mendmen" *" o+ 1!0 ao)shed Pr)n*)pa /en*)es. Ho,eer%
"here ,ere a ar/e numer o+ )nsuran*e *ompan)es and "he ee o+ *ompe")")on
,as h)/h. here ,ere aso ae/a")ons o+ un+a)r "rade pra*")*es. he oernmen"
o+ &nd)a% "here+ore% de*)ded "o na")ona)De )nsuran*e us)ness.
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n Ord)nan*e ,as )ssued on 1"h Ianuary% 1!6 na")ona)D)n/ "he 9)+e &nsuran*e
se*"or and 9)+e &nsuran*e Corpora")on *ame )n"o e5)s"en*e )n "he same year. he 9&C
asored 1!G &nd)an% 16 [email protected]&nd)an )nsurers as aso ?! pro)den" so*)e")esJ2G!
&nd)an and +ore)/n )nsurers )n a. he 9&C had monopoy ") "he a"e 0s ,hen "he
&nsuran*e se*"or ,as reopened "o "he pr)a"e se*"or.
Ge#era% I#sura#"e I#$ustr2
he h)s"ory o+ /enera )nsuran*e da"es a*- "o "he &ndus"r)a Reou")on )n "he ,es"
and "he *onseuen" /ro,"h o+ [email protected]+ar)n/ "rade and *ommer*e )n "he 1?"h *en"ury. &"
*ame "o &nd)a as a e/a*y o+ Br)")sh o**upa")on. enera &nsuran*e )n &nd)a has )"s
roo"s )n "he es"a)shmen" o+ r)"on &nsuran*e Company 9"d.% )n "he year 18!0 )n
Ca*u""a y "he Br)")sh. &n 10?% "he &nd)an Mer*an")e &nsuran*e 9"d% ,as se" up. h)s
,as "he +)rs" *ompany "o "ransa*" a *asses o+ /enera )nsuran*e us)ness.
1!? sa, "he +orma")on o+ "he enera &nsuran*e Coun*)% a ,)n/ o+ "he &nsuran*e
sso*)a")on o+ &nd)a. he enera &nsuran*e Coun*) +ramed a *ode o+ *ondu*" +or 
ensur)n/ +a)r *ondu*" and sound us)ness pra*")*es.
&n 168% "he &nsuran*e *" ,as amended "o re/ua"e )nes"men"s and se" m)n)mum
soen*y mar/)ns. he ar)++ d)sory Comm)""ee ,as aso se" up "hen.
&n 1?2 ,)"h "he pass)n/ o+ "he enera &nsuran*e Bus)ness (Na")ona)Da")on *"%
/enera )nsuran*e us)ness ,as na")ona)Ded ,)"h e++e*" +rom 1s" Ianuary% 1?3. 10?
)nsurers ,ere ama/ama"ed and /rouped )n"o +our *ompan)es% namey Na")ona
&nsuran*e Company 9"d.% "he Ne, &nd)a ssuran*e Company 9"d.% "he Or)en"a
&nsuran*e Company 9"d and "he n)"ed &nd)a &nsuran*e Company 9"d. he enera
&nsuran*e Corpora")on o+ &nd)a ,as )n*orpora"ed as a *ompany )n 1?1 and )"
*ommen*e us)ness on Ianuary 1ss" 1?3.
h)s m)enn)um has seen )nsuran*e *ome a +u *)r*e )n a journey e5"end)n/ "o neary
200 years. he pro*ess o+ [email protected])n/ o+ "he se*"or had e/un )n "he eary 10s and
"he as" de*ade and more has seen )" een opened up sus"an")ay. &n 13% "he
oernmen" se" up a *omm)""ee under "he *ha)rmansh)p o+ RN Maho"ra% +ormer 
oernor o+ RB&% "o propose re*ommenda")ons +or re+orms )n "he )nsuran*e se*"or.
he oje*")e ,as "o *ompemen" "he re+orms )n)")a"ed )n "he +)nan*)a se*"or. he *omm)""ee sum)""ed )"s repor" )n 1G ,here)n% amon/ o"her "h)n/s% )" re*ommended
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"ha" "he pr)a"e se*"or e perm)""ed "o en"er "he )nsuran*e )ndus"ry. hey s"a"ed "ha"
+ore)/n *ompan)es e ao,ed "o en"er y +oa")n/ &nd)an *ompan)es% pre+eray a
 jo)n" en"ure ,)"h &nd)an par"ners.
'oo,)n/ "he re*ommenda")ons o+ "he Maho"ra Comm)""ee repor"% )n 1% "he
&nsuran*e Re/ua"ory and eeopmen" u"hor)"y (&R ,as *ons")"u"ed as an
au"onomous ody "o re/ua"e and deeop "he )nsuran*e )ndus"ry. he &R ,as
)n*orpora"ed as a s"a"u"ory ody )n pr)% 2000. he -ey oje*")es o+ "he &R
)n*ude promo")on o+ *ompe")")on so as "o enhan*e *us"omer sa")s+a*")on "hrou/h
)n*reased *onsumer *ho)*e and o,er prem)ums% ,h)e ensur)n/ "he +)nan*)a se*ur)"y
o+ "he )nsuran*e mar-e".
he &R opened up "he mar-e" )n u/us" 2000 ,)"h "he )n)"a")on +or app)*a")on +or 
re/)s"ra")ons. 'ore)/n *ompan)es ,ere ao,ed o,nersh)p o+ up "o 26A. he
u"hor)"y has "he po,er "o +rame re/ua")ons under #e*")on 11G o+ "he &nsuran*e
*"% 138 and has +rom 2000 on,ards +ramed ar)ous re/ua")ons ran/)n/ +rom
re/)s"ra")on o+ *ompan)es +or *arry)n/ on )nsuran*e us)ness "o pro"e*")on o+ 
 po)*yhoders< )n"eres"s.
&n e*emer% 2000% "he sus)d)ar)es o+ "he enera &nsuran*e Corpora")on o+ &nd)a ,ere res"ru*"ured as )ndependen" *ompan)es and a" "he same ")me &C ,as *oner"ed
)n"o a na")ona [email protected])nsurer. Par)amen" passed a ) [email protected])n-)n/ "he +our sus)d)ar)es
+rom &C )n Iuy% 2002.
oday "here are 1G /enera )nsuran*e *ompan)es )n*ud)n/ "he $CC and /r)*u"ure
&nsuran*e Corpora")on o+ &nd)a and 1G )+e )nsuran*e *ompan)es opera")n/ )n "he
*oun"ry. he )nsuran*e se*"or )s a *oossa one and )s /ro,)n/ a" a speedy ra"e o+ [email protected]
20A. o/e"her ,)"h an-)n/ ser)*es% )nsuran*e ser)*es add aou" ?A "o "he
*oun"ry<s P. ,[email protected] and eoed )nsuran*e se*"or )s a oon +or 
e*onom)* deeopmen" as )" pro)des on/@ "erm +unds +or )n+ras"ru*"ure deeopmen"
a" "he same ")me s"ren/"hen)n/ "he r)s- "a-)n/ a))"y o+ "he *oun"ry.
enera &nsuran*e pro)des mu*[email protected] pro"e*")on a/a)ns" un+oreseen een"s su*h
as a**)den"s% )ness% +)re% ur/ary e" a. n)-e 9)+e &nsuran*e% enera &nsuran*e )s no" mean" "o o++er re"urns u" )s a pro"e*")on a/a)ns" *on")n/en*)es. mos" eery"h)n/
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"ha" has a +)nan*)a aue )n )+e and has a proa))"y o+ /e"")n/ os"% s"oen or 
dama/ed *an e *oered "hrou/h enera &nsuran*e po)*y. Proper"y (o"h moae
and )mmoae% eh)*e% *ash% househod /oods% hea"h% d)shones"y and aso ones
)a))"y "o,ards o"hers *an e *oered under /enera )nsuran*e po)*y. nder *er"a)n
*"s o+ Par)amen"% some "ypes o+ )nsuran*e )-e Mo"or &nsuran*e and Pu)* 9)a))"y
&nsuran*e hae een made *ompusory. Major )nsuran*e po)*)es "ha" are *oered
under enera &nsuran*e are;
1. Home &nsuran*e
3. Mo"or &nsuran*e
G. rae &nsuran*e
he /enera )nsuran*e )ndus"ry )n &nd)a ,as na")ona)Ded and a /oernmen" *ompany
-no,n as enera &nsuran*e Corpora")on o+ &nd)a (&C ,as +ormed y "he Cen"ra
oernmen" )n Noemer 1?2. E)"h e++e*" +rom 1 Ianuary 1?3 "he ers",h)e 10?
&nd)an and +ore)/n )nsurers ,h)*h ,ere opera")n/ )n "he *oun"ry pr)or "o
na")ona)Da")on% ,ere /rouped )n"o +our opera")n/ *ompan)es% namey% () Na")ona &nsuran*e Company 9)m)"ed= ()) Ne, &nd)a ssuran*e Company 9)m)"ed= ()))
Or)en"a &nsuran*e Company 9)m)"ed= and () n)"ed &nd)a &nsuran*e Company
9)m)"ed. "he aoe +our sus)d)ar)es o+ &C opera"e a oer "he *oun"ry
*ompe")n/ ,)"h one ano"her and under,r)")n/ ar)ous *asses o+ /enera )nsuran*e
 us)ness e5*ep" +or a)a")on )nsuran*e o+ na")ona a)r)nes and *rop )nsuran*e ,h)*h )s
handed y "he &C. 'rom ? o++)*es )n 1?3% "he ne",or- /re, "o G%208 o++)*es as
on 31 Mar*h 18.
Bes)des "he domes")* mar-e"% "he )ndus"ry )s presen"y opera")n/ )n 1? *oun"r)es
d)re*"y "hrou/h ran*hes or a/en*)es and )n 1G *oun"r)es "hrou/h sus)d)ary and
asso*)a"e *ompan)es. he ,[email protected],ned sus)d)ary o+ &C -no,n as &nd)a
&n"erna")ona &nsuran*e Pr)a"e 9)m)"ed se" up )n 188 )n #)n/apore has /ro,n )n"o a
ead)n/ *ompany )n "he #)n/apore mar-e". he /ross prem)um )n*ome o+ "he /enera
)nsuran*e )ndus"ry )n &nd)a dur)n/ [email protected] ,as Rs ?%?36 *rore as a/a)ns" Rs ?%021
*rore dur)n/ [email protected] ? represen")n/ a /ro,"h o+ 10.2 per *en" oer "he prem)um )n*ome o+ [email protected] ?. he ne" prem)um )n*ome o+ "he /enera )nsuran*e )ndus"ry )n
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&nd)a dur)n/ [email protected] ,as Rs 6%?2! *rore as a/a)ns" Rs 6%0G1 *rore dur)n/ [email protected] ?
represen")n/ a /ro,"h o+ 11.3 per *en" oer "he ne" prem)um )n*ome o+ [email protected]?. he
/ross pro+)" o+ "he )ndus"ry dur)n/ [email protected] ,ere Rs 1%623 *rore as a/a)ns" Rs 1%08G
*rore )n [email protected]? re*ord)n/ a /ro,"h o+ G.? per *en" oer "he pre)ous year. he ne"
 pro+)"s o+ "he )ndus"ry dur)n/ [email protected] ,ere Rs 1%2!! *rore as a/a)ns" Rs ?1 *rore )n
[email protected]? represen")n/ a /ro,"h o+ ?G.! per *en" oer "he pre)ous year.
Hut I#sura#"e S"(eme  +or Poor 'am))es )n Rura reas pro)des +)re )nsuran*e
*oer +or hu"s and eon/)n/s o+ andess aorers% sma +armers% ar")sans and o"her 
 poor +am))es )n rura areas. nder "he #*heme% *ompensa")on )s pro)ded +or an
amoun" no" e5*eed)n/ Rs 1%000 +or a hu" and Rs !00 +or eon/)n/s )n "he hu"
des"royed y +)re. he Cen"ra oernmen" )s ear)n/ "he en")re prem)um )n respe*" o+ 
"he s*heme. ur)n/ "he year [email protected]% G0%!!G *a)ms )no)n/ an amoun" o+ Rs G.8!
*rore ,ere se""ed.
Me$"%am I#sura#"e Po%"2  has re*en"y een re)sed. he re)sed po)*y does
a,ay ,)"h "he [email protected])m)"s under "he ar)ous [email protected] and o++ers jus" one [email protected])nsured
ran/)n/ +rom Rs 1!%000 "o Rs 3%00%000. he *oer pro)des +or re)mursemen" o+ 
med)*a e5penses )n*urred y an )nd))dua "o,ards hosp)"a)Da")ondom)*))ary
hosp)"a)Da")on +or any )ness% )njury or d)sease *on"ra*"ed or sus"a)ned dur)n/ "he
 per)od o+ )nsuran*e. Prem)um )s *a*ua"ed on "he as)s o+ a/e o+ "he proposer and "he
sum )nsured op"ed +or Ian ro/ya B)ma Po)*y ,h)*h )s pr)mar)y mean" +or "he ar/er 
se/men" o+ "he popua")on ,ho *anno" a++ord "he h)/h *os" o+ med)*a "rea"men"% ,as
)n"rodu*ed ,)"h e++e*" +rom 12 u/us" 16. he )m)" o+ *oer per person )s Rs !%000
 per annum. he prem)um payae )s ery o, depend)n/ on "he a/e o+ "he person
*oered ran/)n/ +rom Rs ?0 "o Rs 1G0 per person per year and Rs !0 per dependen"
*h)d eo, 2!years. he *oer pro)des +or re)mursemen" o+ med)*a e5penses
)n*urred y an )nd))dua "o,ards hosp)"a)Da")ondom)*))ary hosp)"a)Da")on +or any
)ness% )njury or d)sease *on"ra*"ed or sus"a)ned dur)n/ "he per)od o+ )nsuran*e.
he e5)s")n/ O.erseas Me$"%am Po%"2 o++er)n/ emer/en*y med)*a e5penses *oer 
"o oerseas "raeers has een e5"ended "o )n*ude &[email protected]+)/h" Persona **)den" *oer 
up "o # L 10%000 and 9oss o+ Passpor" *oer up "o # L 1!0 +rom 1 pr) 1?.he
e5"ended *oer ,) e aa)ae ,)"hou" paymen" o+ add)")ona prem)um under 
Bus)ness and Ho)day *oer and under "he Corpora"e 'reuen" raeers *oer.
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more *omprehens)e po)*y ,)"h add)")ona ene+)"s has aso een de)sed. ne,
 po)*y *aed F)desh 4a"ra M)"ra *oer)n/ suppemen"ary ene+)"s es)des pro)d)n/
)ndemn)"y +or med)*a e5penses dur)n/ "he per)od o+ oerseas "rae% has een
)n"rodu*ed y "he /enera )nsuran*e )ndus"ry ,)"h e++e*" +rom 1 Ianuary 18.,o
"ypes o+ po)*)esJone o++er)n/ )m)" o+ ene+)"s up"o # L 2%!0%000 +or ,ord,)de
"rae u" e5*ud)n/ # and Canada and "he o"her o++er)n/ )m)" o+ ene+)"s up "o
#L !%00%000 +or ,ord,)de "rae )n*ud)n/ # and Canada are aa)ae under "he
#*heme. &n add)")on "o med)*a *oera/e% "he po)*y aso pro)des *oera/e +or ; ()
Persona **)den" up "o # L 2!%000= ()) 9oss o+ Persona Ba//a/e up "o # L 1%000=
())) eayed Ba//a/e up "o # L 100 and () Persona 9)a))"y up "o # L 2%00%000.
he prem)um under "he po)*y )s ony 1G per *en" more "han "ha" under "he e5)s")n/
Oerseas Med)*a)m Po)*y (OM% ,h)e "he med)*a ene+)"s ,) e )n*reased +)e
")mes )n add)")on "o suppemen"ary…