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UNITED INDIA INSURANCE COMPANY LTD.

INTRODUCTON OF

INSURANCE SECTOR

1




INTRODUCTION

Definition of Insurance

Insurance may be described as a social device to reduce or eliminate risk of

life and property. Under the plan of insurance, a large number of people

associate themselves by sharing risk, attached to individual.

The risk, which can be insured against include fire, the peril of sea, death,

incident, & burglary. Any risk contingent upon these may be insured against

at a premium commensurate with the risk involved.

Insurance is actually a contract between 2 parties whereby one party called

insurer undertakes in exchange for a fixed sum called premium to pay the

other party happening of a certain event.

“Insurance is a contract whereby, in return for the payment of premium by

the insured, the insurers pay the financial losses suffered by the insured as a

result of the occurrence of unforeseen events”.

With the help of Insurance, large number of people exposed to a similar risk

makes contributions to a common fund out of which the losses suffered by

the unfortunate few, due to accidental events, are made good.

2




Classification of Insurance

LIFE INSURANCE

India Life Insurance sector came into existence with the nationalization of

Life Insurance Corporation (LIC) in 1956. At that time, all private companies

were taken over by LIC. Henceforth, the private insurance companies

remained subdued under the towering leadership of LIC until year 2000

when the Insurance Act of 1938 was amended to the Insurance Regulatory

and Development Authority Act (IRDA) of 2000. From this time onwards, the

IRDA started issuing licenses to private life insurers.

While LIC is the is the sole operator in the public sector, the following is the

list of private companies in the Life Insurance Sector in India as on

September,2006:

• ICICI Prudential Life Insurance

• HDFC Standard Life

• SBI Life Insurance

• Birla Sun life

• Bajaj Allianz Life

• Kotak Mahindra Life Insurance

• Tata AIG Life

• ING Vyasya Life Insurance

• Max New York Life Insurance

GENERAL INSURANCE

India General Insurance covers almost everything related to property,

vehicle, cash, household goods, health and also one's liability towards

others. The basic difference of general insurance with the life insurance

policy is that it offers protection against contingencies.

Nearly 100 general insurance companies have been nationalized under the

General Insurance Business (Nationalization) Act, 1972, and merged into

3

http://business.mapsofindia.com/insurance/icici-lombard.html

http://business.mapsofindia.com/insurance/standard-life-insurance-india.html

http://business.mapsofindia.com/insurance/birla-sun-life.html

http://business.mapsofindia.com/insurance/bajaj-allianz-insurance-india.html

http://business.mapsofindia.com/insurance/om-kotak-mahindra-insurance-india.html

http://business.mapsofindia.com/insurance/tata-aig-life-insurance-india.html

http://business.mapsofindia.com/insurance/ing-vysya-life-insurance-india.html

http://business.mapsofindia.com/insurance/max-life-insurance-india.html

http://business.mapsofindia.com/insurance/icici-lombard.html

http://business.mapsofindia.com/insurance/standard-life-insurance-india.html

http://business.mapsofindia.com/insurance/birla-sun-life.html

http://business.mapsofindia.com/insurance/bajaj-allianz-insurance-india.html

http://business.mapsofindia.com/insurance/om-kotak-mahindra-insurance-india.html

http://business.mapsofindia.com/insurance/tata-aig-life-insurance-india.html

http://business.mapsofindia.com/insurance/ing-vysya-life-insurance-india.html

http://business.mapsofindia.com/insurance/max-life-insurance-india.html




Benefits of insurance

Insurance benefits encompass the facilities associated with buying of

insurances. Insurance is mainly a instrument used by consumers for hedging

the future contingent risks related with life, health and non-life general

issues. Insurance benefits help the policy holder or beneficiary in combating

with the losses or hazards associated with him/her.

The policy holder buys the insurance to hedge against the future perceived

losses by paying a regular amount to he insurance company known as the

Premium. Insurance companies ensure financial reimbursement of the

insured losses to the policy holders or his/her beneficiary. This is the most

coveted Insurance Benefits.

But with time, more and more insurance companies have cropped up and

consequently the competition among them has increased. Every company is

trying to woo all the customers into its fold and in a way offering more and

more innovative Insurance Benefits to the consumers.

Affordability of Insurance

The foremost insurance benefit in today’s world is the low insurance rate and

premium one has to pay. While choosing an insurance policy, every

customer looks at this rate first and then to the other associated benefits.

The lesser the insurance rate, the more affordable the insurance becomes.

Thus, among all the insurance benefits, low insurance rate and premium is

the most coveted one.

Accessibility Of Insurance

The easy accessibility of insurance is the next most coveted Insurance

Benefits that the customers look for. The online access to insurance

companies and their policies has made them more lucrative to the

customers. Now-a-days, customers can search, compare and select their

insurance coverage through the click of a mouse from their own residence.

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Some of the other Insurance Benefits are:-

Basic benefits of the insurance policy. That is, the person enrolling for

the policy is entitled to receive the financial compensation in case of

actual occurrence of the loss/hazard/damage.

Health and dental insurance of the family, life insurance of the spouse

and the child,

Accidental death policy for the policy holder in addition to the actual

insurance for which he/she has enrolled for,

Long term and short term insurance plans against disability of the

policy holder

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Principles of insurance

Main principles of insurance:

• Utmost good faith

• Indemnity

• Subrogation

• Contribution

• Insurable Interest

•

Proximate Cause

UTMOST GOOD FAITH

As a client it is your duty to disclose all material facts to the risk being

covered. A material fact is a fact which would influence the mind of a

prudent underwriter in deciding whether to accept a risk for insurance and on

what terms. The duty to disclose operates at the time of inception, at renewal

and at any point mid term.

INDEMNITY

On the happening of an event insured against, the Insured will be

placed in the same monetary position that he/she occupied immediately

before the event taking place. In the event of a claim the insured must:

• Prove that the event occurred

• Prove that a monetary loss has occurred

• Transfer any rights which he/she may have for recovery from another

source to the Insurer, if he/she has been fully indemnified.

7




SUBROGATION

The right of an insurer which has paid a claim under a policy to step

into the shoes of the insured so as to exercise in his name all rights he might

have with regard to the recovery of the loss which was the subject of the

relevant claim paid under the policy up to the amount of that paid claim. The

insurer’s subrogation rights may be qualified in the policy.

CONTRIBUTION

The right of an insurer to call on other insurers similarly, but not

necessarily equally, liable to the same insured to share the loss of an

indemnity payment i.e. a travel policy may have overlapping cover with the

contents section of a household policy. The principle of contribution allows

the insured to make a claim against one insurer who then has the right to call

on any other insurers liable for the loss to share the claim payment.

INSURABLE INTEREST

If an insured wishes to enforce a contract of insurance before the

Courts he must have an insurable interest in the subject matter of theinsurance, which is to say that he stands to benefit from its preservation and

will suffer from its loss.

In non-marine insurances, the insured must have insurable interest when the

policy is taken out and also at the date of loss giving rise to a claim under the

policy.

PROXIMATE CAUSE

An insurer will only be liable to pay a claim under an insurance

contract if the loss that gives rise to the claim was proximately caused by an

insured peril. This means that the loss must be directly attributed to an

insured peril without any break in the chain of causation.

8




BRIEF HISTORY OF INSURANCE SECTOR

The insurance sector in India has completed all the facets of competition –

from being an open competitive market to being nationalized and then

getting back to the form of a liberalized market once again. The history of the

insurance sector in India reveals that it has witnessed complete dynamism

for the past two centuries approximately.

With the establishment of the Oriental Life Insurance Company in Kolkata,

the business of Indian life insurance started in the year 1818.

Important milestones in the Indian life insurance business

•1912: The Indian Life Assurance Companies Act came into force for

regulating the life insurance business.

•1928: The Indian Insurance Companies Act was enacted for enabling the

government to collect statistical information on both life and non-life

insurance businesses.

•1938: The earlier legislation consolidated the Insurance Act with the aim of

safeguarding the interests of the insuring public.

•1956: 245 Indian and foreign insurers and provident societies were taken

over by the central government and they got nationalized. LIC was formed

by an Act of Parliament, viz. LIC Act, 1956. It started off with a capital of Rs.

5 crore and that too from the Government of India.

The history of general insurance business in India can be traced back to

Triton Insurance Company Ltd. (the first general insurance company) which

was formed in the year 1850 in Kolkata by the British.

9




Important milestones in the Indian general insurance business

•1907: The Indian Mercantile Insurance Ltd. was set up which was the first

company of its type to transact all general insurance business.

•1957: General Insurance Council, an arm of the Insurance Association of

India, framed a code of conduct for guaranteeing fair conduct and sound

business patterns.

•1968: The Insurance Act improved for regulating investments and set

minimal solvency levels and the Tariff Advisory Committee was set up.

•1972: The General Insurance Business (Nationalization) Act, 1972

nationalized the general insurance business in India. It was with effect from

1st January 1973.

107 insurers integrated and grouped into four companies viz. the National

Insurance Company Ltd., the New India Assurance Company Ltd., the

Oriental Insurance Company Ltd. and the United India Insurance Company

Ltd. GIC was incorporated as a company.

Insurance companies in India

IRDA has till now provided registration to 12 private life insurance companies

and 9 general insurance companies. If the existing public sector insurance

companies are considered then there are presently 13 insurance companies

in the life side and 13 companies functioning in general insurance business.

General Insurance Corporation has been sanctioned as the "Indian reinsure"

for underwriting only reinsurance business.

10




ABOUT IRDA

Introduction

The Insurance Regulatory and Development Authority (IRDA) is anational agency of the Government of India, based in Hyderabad. It was

formed by an act of Indian Parliament known as IRDA Act 1999, which was

amended in 2002 to incorporate some emerging requirements. Mission of

IRDA as stated in the act is "to protect the interests of the policyholders, to

regulate, promote and ensure orderly growth of the insurance industry and

for matters connected therewith or incidental thereto."

Objective of IRDA

1) To protect the interest of and secure fair treatment to policyholders

2) To open the insurance sector for private sector.

3) To set, promote and enforce high standards of integrity, financial

soundness, fair dealing and competence of those it regulates

4) To regulate insurance and reinsurance companies.

5) To eliminate dishonesty and unhealthy competition.

6) To take action where such standards are inadequate or ineffectively

enforced

7) To supervise the activities of intermediaries.

Power of IRDA:

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of

IRDA.

1) Subject to the provisions of this Act and any other law for the time

being in force, the Authority shall have the duty to regulate, promote

and ensure orderly growth of the insurance business and re-insurance

business.

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2) Without prejudice to the generality of the provisions contained in sub-

section (1), the powers and functions of the Authority shall include, -

1. Issue to the applicant a certificate of registration, renew,

modify, withdraw, suspend or cancel such registration;

2. Specifying requisite qualifications, code of conduct and

practical training for intermediary or insurance intermediaries

and agents;

3. Specifying the code of conduct for surveyors and loss

assessors;

4. Promoting and regulating professional organizations connected

with the insurance and re-insurance business;

5. To adjudicate disputes between insurers and intermediaries.

6. control and regulation of the rates, advantages, terms and

conditions that may be offered by insurers in respect of general

insurance business not so controlled and regulated by the

Tariff Advisory Committee under section 64U of the Insurance

Act, 1938 (4 of 1938);

7. Regulating investment of funds by insurance companies;

8. Regulating maintenance of margin of solvency;

9. Supervising the functioning of the Tariff Advisory Committee;

10.Exercising such other powers as may be prescribed

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MAJOR PLAYERS IN LIFE INSURANCE & GENERAL INSURANCE

Some of the life insurance companies and general insurance

companies including their web address is given below:-

LIFE INSURERS GENERAL INSURERS

Public Sector Public Sector

Life Insurance Corporation of India National Insurance Company Limited

Private Sector New India Assurance Company Limited

Allianz Bajaj Life Insurance Company Limited Oriental Insurance Company Limited

Birla Sun-Life Insurance Company Limited United India Insurance Company Limited

HDFC Standard Life Insurance Co. LimitedPrivate Sector

ICICI Prudential Life Insurance Co. Limited Bajaj Allianz General Insurance Co. Limited

ING Vysya Life Insurance Company Limited ICICI Lombard General Insurance Co. Ltd.

Max New York Life Insurance Co. Limited IFFCO-Tokio General Insurance Co. Ltd.

MetLife Insurance Company Limited Reliance General Insurance Co. Limited

Om Kotak Mahindra Life Insurance Co. Ltd. Royal Sundaram Alliance Insurance Co. Ltd.

SBI Life Insurance Company Limited TATA AIG General Insurance Co. Limited

TATA AIG Life Insurance Company Limited Cholamandalam General Insurance Co. Ltd.

Export Credit Guarantee Corporation

REINSURERS

General Insurance Corporation of India

13




CONTRIBUTION OF INSURANCE SECTOR IN THE GROWTH OF

ECONOMY

Insurance is the only sector which garners long term savings

Insurers are increasingly introducing innovative products to

meet the specific needs of the prospective policyholders. An

evolving insurance sector is of vital importance for economic

growth. While encouraging savings habit it also provides a

safety net to both enterprises and Individuals.

Insurance Companies receive, without much default, a steady

cash stream of premium or contributions to pension plans.

Various actuary studies and models enable them to predict,

relatively accurately, their expected cash outflows. Generates Long term funds for infrastructure and strong positive

correlation between development of capital markets and

insurance/pension sector

Spread of financial services in rural areas and amongst socially

less privileged

IRDA Regulations provide certain minimum business to be done

In rural areas

In the socially weaker sections

Life Insurance offices are spread over nearly 1400 centres.

Presence of representative in every tehsil – deeper penetration

in rural areas. Insurance agents numbering over 6.24 lakhs in

rural areas.

14




Policies sold in rural areas (2004-05) - No. of policies - 55

lakhs, Sum assured 46,000 crores. Social security - No. of lives

covered 2003-04 17.4 lakhs 2004-05 42.1 lakhs

Employment generation

Life insurance industry provides increased employment

opportunities. Employees in insurance sector as on 31st

March, 2005 is around 2 lakhs. Many agents depend on

insurance for their livelihood. No. of agents on 31st March 2004

– 15.59 lakhs. Brokers, corporate agents, training

establishments provide extra employment opportunities. Many

of these openings are in rural sectors.

15




INTRODUCTION OF

UNITED INDIA INSURANCE CO.LTD

16




HISTORY OF UNITED INDIA INSURANCE CO. LTD.

United India Insurance Company Limited was incorporated as a Company

on 18th February 1938. General Insurance Business in India was

nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative

Insurance Societies and Indian operations of 5 Foreign Insurers, besides

General Insurance operations of southern region of Life Insurance

Corporation of India were merged with United India Insurance Company

Limited.

After Nationalization United India has grown by leaps and bounds and has

18300 work forces spread across 1340 offices providing insurance cover to

more than 1 Crore policy holders. The Company has United India Insurance

Company Limited was incorporated as a Company on 18th February 1938.

General Insurance Business in India was nationalized in 1972. 12 Indian

Insurance Companies, 4 Cooperative Insurance Societies and Indian

operations of 5 Foreign Insurers, besides General Insurance operations of

southern region of Life Insurance Corporation of India were merged with

United India Insurance Company Limited. After Nationalization United Indiahas grown by leaps and bounds and has 18300 work forces spread across

1340 offices providing insurance cover to more than 1 Crore policy holders.

The Company variety of insurance products to provide insurance cover from

bullock carts to satellites.

United India has been in the forefront of designing and implementing

complex covers to large customers, as in cases of ONGC Ltd, GMR-

Hyderabad International Airport Ltd, Mumbai International Airport Ltd and

Tirumala-Tirupati Devasthanam etc. We have been also the pioneer in taking

Insurance to rural masses with large level implementation of Universal

Health Insurance Programme of Government of India & Vijaya Raji Janani

Kalyan Yojana (covering 45 lakhs women in 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.

17




United India Insurance Company has also made its presence in more than

200 tier II & III towns and villages through its innovative Micro Offices.

COMPANY PROFILE

Address of registered office

United India Insurance Company Limited.

24, Whites Road,

Chennai -600014.

Ph: 044-8520161/8520027/8524017/8520147/8524042/8520008.

Website: http://164.100.110.58

Address of Branch Visited:

Insurance House,

Income tax circle,

Ashram road

Ahmadabad Gujarat-380014

Ph: 079-27544717

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MISSION & VISION

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.

Vision

United India, will be

• 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

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MANAGING BODIES

Shri G.Srinivasan , Chairman Cum Managing Director

Smt. Sukriti Likhi, Director, Govt of India

Shri M. S. Sundara Rajan,Chairman & Managing Director, Indian

Bank

Shri. Milind. A. Kharat , Director & General Manager , UIIC

Shri.V.Harshavardhan , Director & General Manager , UIIC

Shri A V Ratnam ,Director

Shri Abhijit Bandyopadhyay ,Director

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ORGANIZATIONAL STRUCTURE

Head Office Chennai

Regional Offices 25

Regional Cell 1

Large Corporate & Brokers Unit(LCBU) 2

Divisional Offices 362

Branch Offices 684

Micro Offices 288

TOTAL 1362

Employees Strength

CLASS I CLASS II CLASS III CLASS IV TOTAL

4451 2013 8508 2516 17488

Source: www.uiic.co.in

21

http://www.uiic.co.in/





22




AWARDS AND RECOGNITIONS

• United India Insurance Co. Ltd. has been awarded 'iAAA' rating for its

claims paying ability by ICRA (Investment Information and CreditRating Agency) for the third successive year. This rating indicates

company's highest claims paying ability, its strong fundamental and its

overall financial strength for meeting the policy holders obligations.

• PCQuest, one of India's premier IT magazines has selected MPLS

VPN project of UIIC as one of the best implemented IT projects in theyear 2007. The details of the same are published in the June 2007

issue of the PCQuest magazine. MPLS VPN project of UIIC was

selected after a rigorous screening process in which 250 IT projects of

various companies in the country were evaluated. Subsequently, a

jury of eminent personalities selected the top 21 IT projects

implemented in 2007, in which the MPLS project of UIIC figures

prominently.

23

http://en.wikipedia.org/wiki/IAAA

http://en.wikipedia.org/wiki/ICRA

http://en.wikipedia.org/wiki/PCQuest

http://en.wikipedia.org/wiki/Information_technology

http://en.wikipedia.org/wiki/MPLS

http://en.wikipedia.org/wiki/VPN







http://en.wikipedia.org/wiki/IAAA

http://en.wikipedia.org/wiki/ICRA














SERVICE

DEPARTMENT

24




PRODUCT AT THE GLANCE

FIRE POLICIES

STANDARD FIRE AND SPECIAL PERILS POLICY

This Policy Covers

• Buildings

• Machinery and Accessories

• Stock and stock in process

• Contents including furniture

What 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

25




Perils Covered

• Fire

• Lightning

• Explosion/Implosion

• Aircraft damage

• Riot, Strike

• Terrorism

•

Storm, Flood, inundation

• Impact damage

• Subsidence , landslide

• Bursting or overflowing of tanks

• Bush fire etc.

What is not covered?

The policy does not cover any loss if

• Loss or damage to property due to :

• Burning of property by order of any Public Authority

• Its undergoing any heating or drying process

• Permanent or temporary dispossession by order of Government

• Burglary, House breaking, theft

• Defective design, workmanship, defective materials

• Over-running, short circuit etc.

• Earthquake

26




Add on Covers

Some Add on covers:

• Terrorism

• 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.

27




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.

What 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 which ever comes first. The policy insures earnings of the

business lost during the indemnity period

28

http://www.uiic.co.in/firepolicy.jsp

http://www.uiic.co.in/firepolicy.jsp




MARINE POLICY

MARINE CARGO INSURANCE

This Policy Covers

Any loss or damage to goods in transit by rail, sea, road, air or post.

Who can insure?

Owners or bankers of goods in transit/shipment.

What is 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

Insured against what Risks?

The policy covers loss/damage to the property insured due to:

• Fire or explosion; stranding, sinking etc.

• Overturning, derailment ( of land conveyance)

• Collision

29




• 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

• War and SRCC is specifically covered

Open Cover

Open cover is usually issued for import/export. The open cover is a contractaffected 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 dispatches to be declared periodically

30




MARINE HULL INSURANCE

This policy covers

Any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing

boats and sailing vessels.

Who can insure?

Owners or bankers of ships or vessels

What is insured?

The various vessels that are covered under this policy are:

• Fishing Vessels

• Ocean Going Vessels

• Sailing Vessels

• Other Vessels

Insured against what Risks?

The policy covers loss/damage to the property insured due to:

• Fire or explosion; stranding, sinking etc.

• Overturning, derailment ( of land conveyance)

• Collision

31




• General average sacrifice, salvage charges

What is not insured?

The policy does not pay any loss/damage caused by, attributable to, due to

• 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.

• Any terrorist or person/s acting with political motive

32




MOTOR POLICIES

This policy cover

•

Motor vehicle which includes private cars, Motorized Two wheelersand Commercial vehicles excluding vehicles running on rail.

Who can Insure?

• Owners of the vehicle, Financiers or Lessee, who have insurable

interest in a motor vehicle.

Insured's Declared Value (IDV)

(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.

33




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 work slide

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 Motorized 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 applicable 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

34




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.

What is not payable under the policy?

• Contractual liability.

• War perils, nuclear perils and drunken driving

• Consequentail loss, Depreciation, Wear and tear, mechanical or

electrical break down

• Damage suffered due to driving the vehicle under the influence of

intoxicating liquor or drugs

• Claims arising outside the geographical area specified in the policy

• Claims arising whilst the vehicle is used in contravention of the

limitations as to use

35




Claims arising when the vehicle is driven by a person without valid driving

licence

LIABILITY ONLY POLICY

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 Motorized 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

36




• Use of vehicles withing Insured's premises/sites :

37




Extension of Cover

On payment of 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

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 unnamedpersons 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.

38




INDUSTRIAL INSURANCE POLICY

ELECTRONIC EQUIPMENT INSURANCE

This policy cover

Electronic equipments such as Computers, Medical, Bio-Medical, Micro

Processors, Audio-visual equipments etc

Who can be Insured ?

The owner of the equipment. Interest of any financier may be protected by

issuing a policy in the joint names..

What is insured ?

Section 1. Material damage.

Section 2. External data Media.

Section 3.Increased cost of working

Insured against what risk?

Unforeseen and sudden physical loss or damage from fire and allied perils

breakdown, short circuiting etc.

39




What is the 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.

SECTION 3:

1. Rental expenses incurred for substitute equipments on hourly basis.

2. Personal expenses.

3. Transportation charges.

What will policy not pay?

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, non-

availability of funds.

40




INDUSTRIAL ALL RISK POLICY

This policy cover

All the risks other than petro chemical risks having a minimum sum

insured of 100 crores are covered here.

Perils Covered

The scope of the cover can be divided into two sections

SECTION 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

What is not Covered ?

The exclusions are elaborated under two sections : excluded causes &

excluded property 41




Excluded causes

• Faulty design, materials , workmanship and construction

• Interruption loss due to failure of gas , electricity and water supply

• Collapse or cracking of buildings

• wilfull negligence on the part of insured

• 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

• Property in transit outside premises

• 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

42




What will Policy Pay and How Much ?

• 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.

• 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

• 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

What will Policy not Pay ?

• 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.

44




• Liability of insured assumed under an agreement

• unless cover is extended on extra premium.

PROFESSIONAL INDEMNITY POLICY

This policy cover

• 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

• Policies will be issued for a period of 12 months (1 year) .


• Doctors

• Medical Establishments

• Engineers

• Architects

• Chartered Accountants

• Lawyers

What is not covered?

Applicable in case of Doctors Policy

• Any criminal act or violation of any Act of Statute

• Services rendered under the influence of intoxicants or narcotics

• Performance by Dentists under general anesthesia or any procedures

carried out under general anesthesia unless performed in a hospital.

• Willful neglect or deliberate act

• Third Party Public Liability

• Pure financial loss due to loss of goodwill or loss of market

45




HEALTH POLICY

a) Platinum

b) G old

c) S enior citizen

HEALTH INSURANCE POLICY – PLATINUM

Salient Features Of The Policy

The policy can be availed by persons who are in the age group 3

months to 35 years and taking a mediclaim policy for the first time. In

respect of persons with existing insurance, they will be fitted into the

respective age group.

In the event of any claim/s becoming admissible under this scheme,

the company will pay through TPA to the Hospital / Nursing Home or the

insured person the amount of such expenses as wouldfall under different

heads mentioned below, and as are reasonably and necessarily incurred

thereof by or on behalf of such Insured Person, but not exceeding the Sum

Insured in aggregate mentioned in the schedule hereto.

• Room, Boarding and Nursing expenses as provided by the

Hospital/Nursing Home.

• Nursing expenses.

• Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialists

Fees.

• Blood, Oxygen, Operation Theatre Charges, surgical appliances,

Medicines & Drugs, Diagnostic Materials and X-ray, Dialysis,

Chemotherapy, Radiotherapy, Cost of Artificial Limbs& cost of organs

and similar expenses.

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Definitions:

HOSPITAL / NURSING HOME means any institution in India established for

indoor care and treatment of sickness and injuries and which

1) Has been registered as a Hospital or Nursing Home with the local

authorities and is under the supervision of a registered and qualified

Medical Practitioner.

2) Should comply with minimum criteria as under:-

a. It should have at least 15 inpatient beds.

b. Fully equipped operation theatre of own wherever surgicaloperations are carried out.

c. Fully qualified Nursing Staff under its employment round the

clock.

d. Fully qualified Doctor (s) should be in-charge round the clock.

Age limit:

Persons between the age of 3 months and 35 years at the time of taking

policy. Children from the age of 3 month are covered provided the parents

are covered concurrently.

Family Discount:

A family discount of 15% of the total premium will be allowed comprising the

insured and any one or more of the following

a. Spouse,

b. Dependent children (i.e., legitimate or legally adopted children)

c. Dependent parents

47




Payment Of Claim

All claims under this policy shall be payable in Indian currency. All medical

treatments for the purpose of this insurance will have to be taken in India

only. Payment of claim shall be made through TPA to the Hospital/Nursing

Home or the Insured Person as the case may be.

No Claim Discount

The insured shall be entitled for No Claim Discount of 5% for every claim

free year subject to a maximum of 25% provided the policy is renewed

continuously without break.

SHORT PERIOD RATE TABLE

PERIOD ON RISK RATE OF PREMIUM TO BE CHARGED.

Upto one month ¼th of the annual rate

Upto three months ½ of the annual rate

Upto six months ¾th of the annual rate

Exceeding six months Full annual rate

48




HEALTH INSURANCE POLICY – GOLD

Salient Features Of The Policy

The policy can be availed by persons who are in the age group 36 years to

60 years and taking a mediclaim policy for the first time. In respect of

persons with existing insurance, they will be fitted into the respective age

group.

Hospitalization Benefits LIMITS RESTRICTED TO

Cataract 10% of SI or Max. Rs. 25,000/-

Hernia 15% of SI or Max. Rs. 30,000/-

Hysterectomy 20% of SI or Max. Rs. 50,000/-

Pre & post hospitalization Maximum 10% Of The Sum Insured

Definitions:






2) Should comply with minimum criteria as under: -


b. Fully equipped operation theatre of its own wherever surgical

operations is carried out.


clock.


49




Age limit:

Persons between the age of 36 years and 60 years at the time of taking



Family Discount:

A family discount of 15% of the total premium will be allowed comprising the

insured and any one or more of the following

a. Spouse,

b. Dependent children (i.e., legitimate or legally adopted children)

c. Dependent parents

Payment Of Claim


treatments for the purpose of this insurance shall be taken in India only.

payment of claim shall be made through TPA to the Hospital/Nursing Home

or the Insured Person as the case may be.

6. No Claim Discount


free year subject to a maximum of 25%,

7. Short Period Rate Table

PERIOD ON RISK RATE OF PREMIUM TO BE CHARGED.

Upto one month ¼th of the annual rate

Upto three months ½ of the annual rate

Upto six months ¾th of the annual rate

Exceeding six months Full annual rate

50




HEALTH INSURANCE POLICY – SENIOR CITIZENS

Salient Features of The Policy

The policy can be availed by persons who are in the age group 61 years to

80 years and taking a mediclaim policy for the first time. In respect of

persons with existing insurance, they will be fitted into the respective age

group.

Definitions:






2) Should comply with minimum criteria as under:-


b. Fully equipped operation theatre of its own wherever surgical

operations are carried out.


clock.


Any One Illness: -

Any one illness will be deemed to mean continuous period of illness and it

includes relapse within 45 days from the date of discharge from the

Hospital / Nursing Home where treatment has been taken. Occurrence of the

same illness after a lapse of 45 days as stated above will be considered as

fresh illness for the purpose of this policy.

51




• Pre - Hospitalisation:-

Relevant medical expenses incurred during period up to 30 days prior to

Hospitalisation on disease /illness / injury sustained will be considered as

part of claim.

• Post Hospitalisation: -

Relevant medical expenses incurred during period up to 60 days after

hospitalisation on disease / illness/ injury sustained will be considered as

part of claim.

Age Limit:

Persons between the age of 61 years and 80 years at the time of taking



Special Conditions

• Medical examination

• CBC & ESR

• Urine routine & microscopic

• Cholesterol

• SGPT

Payment Of Claim


treatments for the purpose of this insurance will have to taken in India only.

Payment of claim shall be made through TPA to the Hospital/Nursing Home

or the Insured Person as the case may be.

No Claim Discount


free year subject to a maximum of 25%.

52




MISCELLANEOUS POLICIES

List of Miscellaneous Policies

Accident & Hospitalization Policies

Social Policies

Rural Policies

Travel Policies

Package Policies

54




ACCIDENT & HOSPITALISATION POLICIES

A. Personal Accident Policy

B.Mediclaim Policy

C. Overseas Mediclaim Policy for Buisness and Holiday

D. Road safety package Policy

E. Unimedicare Policy

PERSONAL ACCIDENT POLICY

This policy cover

Physical loss to an individual due to an accidental injury (including fatal)

Who can be Insured?

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.

Insured against what risk ?

Death or disablement from accidental bodily injury (anywhere in the world).

What will Policy Pay?

When an accidental injury being the sole and direct cause results ( during

the period of insurance) in:

Death 100 % of Sum Insured

Permanent TotalDisablement

100 % of Sum Insured

Loss of two limbs/ Two eyesor one limb and one eye

100 % of Sum Insured

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Loss of one limb or one eye 50 % of Sum Insured

Permanent PartialDisablement

Varying % of Sum Insured as per policy

Temporary TotalDisablement

1 % of Capital Sum Insured per week , Subject to amaximum of Rs 3000 per week, for a maximum periodof 100 weeks

On payment of extra premium, medical expenses incurred up to 25 % of

claim or 10 % of Sum Insured can be covered.

Attractive cumulative bonus at the time of renewal, by way of increasing the

Sum Insured by 5 % for each completed claim free year of insurance(maximum of 50 % CSI ) without collecting extra premium as per policy.

What will policy not pay ?

• Compensation under more than one clause for same period of

disability not exceeding capital sum insured

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

Sum Insured

• Any claim in the same period of insurance exceeding the Capital Sum

Insured

• Pregnancy related claim

• War and nuclear perils

56




MEDICLAIM POLICY

This policy covers

Expenses incurred by the insured for hospitalization for illness / diseases or

injury sustained (domiciliary hospitalization also payable as per policy).

These include Hospital charges ( Room, Boarding & Operation theatre ) fees

for surgeon, Anesthetist Nursing, specialist etc., diagnostic tests, cost of

medicines, blood, oxygen etc., cost of appliances like pacemaker, artificial

limbs etc.,

Who 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.

Insured against what risk ?

Illness / disease, accidental injury sustained leading to one or more of

class of expenses listed above.

Other Benefits

57




• 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.


• Actual hospitalisation expenses of various types listed above subject

to a

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

What will policy not pay ?

• 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.

• 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.

58




• 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

UNI-MEDICARE INSURANCE

This policy cover

Reimbursement of Hospitalisation expenses of illness/diseases or injury

sustained

Other Benefits

The insurance scheme also provides for

• Family discount in premium

• Cumulative Bonus

• Cost of Health Check-up


When the event of any claim/s becoming admissible under this scheme, the

company will pay through TPA to the Hospital / Nursing Home or the insured

person the amount of such expenses as would fall under different heads

mentioned below.

59





The policy does not cover the following:

• Malicious or willful 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.

• Consequential loss

• Death of animals due to disease within 15 days from the inception of

policy.

62




POULTRY INSURANCE

This policy covers

• 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.

Insured against What Risks ?

Policy 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.


The policy will not pay for the losses caused by the following:

•

Malicious / willful misconduct / negligence.• Transit by any mode of transfer.

• Improper management.

• Theft and clandestine sale of birds.

• Intentional slaughter of birds.

• Consequential loss

• War and nuclear perils.

63




• 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.

64




PACKAGE POLICIES

A. Shop keepers Policy

B. Burglary Policy

C. Money in Transit Policy

SHOP KEEPERS POLICY

This Policy Covers

The package cover offers protection against loss/damage to the building and

its contents

• Money in transit

• Pedal Cycles

• Plate Glass

• Neon Sign & Glow sign

• Baggage while on travel


Any small shopkeeper exposed to one or more of the above-named

contingencies. He can choose benefits under four (minimum) or more

sections. P.A Cover is offered for insured, spouse and children (Age 12 - 70)

What is Insured ?

• Building and contents Fire, lightning, Acts of God, Riot, Strike and

malicious damage, impact damage, explosion of gas in domestic

appliances, overflow of water tanks. Burglary, House breaking and

Theft.

• Money in Transit Loss due to accident or misfortune

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• Pedal CyclesFire, lightning, explosion, Riot, Strike and Malicious

Damage,

• Acts of God, Burglary, House breaking, Theft, external accident and

also

• Legal liability with a limit of Rs.10, 000/-.

What will Policy Pay and How Much?

If injury directly/solely causes within 12 months of its occurrence:

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.10,000/- under Pedal Cycle section respectively.


Loss or damage due to

• 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.

66




BURGLARY POLICY

This policy cover

• Property contained in a business premises, stocks owned, held in

trust/commission and for which one is responsible

• Premises itself against damage (which one has to make good)

• Cash, valuables, securities kept in a locked safe or cash box in locked

steel cupboard can be specifically covered.


Any individual whose property is exposed to risk of burglary; one who is

liable for goods in trust/commission; one who is liable to make good damage

to premises.

What is insured?

• Property lost/damaged by Burglary/House breaking;

• Damage to premises caused by burglars during burglary or attempts

at burglary


Policy will not pay for loss/damage

• To goods in trust/commission, jewellery, curios, title deeds, business

books - unless specifically insured

• Due to shop lifting, acts involving insured/his family

members/employee

• Recoverable under Fire/Plate glass insurance policy

• Due to war perils, Riot & Strike, Acts of God, Nuclear perils

67




HUMAN RESOURCEDEPARTMENT

68




INSURANCE AGENT

“Representative of an insurance company in soliciting and servicing

policyholders.”

An agent's knowledge concerning an insurance transaction is said to be the

knowledge of the insurance company as well. Wrongful acts of the agent are

the responsibility of the company; these bind the company to the customer.

Notice given by an insured to the agent is the same as notice to the

company.

United India Insurance Company has a wide network of its efficient

insurance agents over India. They have efficient skills of insurance business.

69




PROCEDURE TO BE AN INSURANCE AGENT IN UIIC

Any person who wishes to act as an Insurance Agent or as a Composite

Insurance Agent of United India Insurance Company limited should apply for

agency as per following procedure:

Application to be given in "Form IRDA-AGENTS-VA" along with payment of

requisite fees to the Insurance Regulatory and Development Authority

provided that the applicant fulfills the following criteria.

• Minimum qualification - A pass in 12 th standard or equivalent

examination conducted by any recognized Board or Institution in

places where there is a population of five thousand or more,

otherwise a pass in 1Oth standard or equivalent examination from

recognized board or institution if the applicant resides in any other

place.

• Practical Training - The applicant who is seeking license for the first

time shall have completed from an approved Institution at least 100hours of practical training in General Insurance Business or 150 hours

of practical training in both life and General Insurance Business in

cases where the applicant wishes to act as a composite insurance

agent.

• Fees - The fees payable to the Insurance Regulatory and

Development Authority for Issue or Renewal of license to act as an

insurance agent or as a composite agent will be Rs. 450 /- per license

period. Based upon the issue of the license by the Designated Person

of the Insurance Company the agent should enter into an agency

agreement with the Insurance Company which is valid for a specific

period

70




RESPONSIBILITIES OF AGENT IN UIIC

Liability of agent to third party

If the agent has actual or apparent authority, the agent will not be liable for

acts performed within the scope of such authority, so long as the relationship

of the agency and the identity of the principal have been disclosed. When

the agency is undisclosed or partially disclosed, however, both the agent and

the principal are liable. Where the principal is not bound because the agent

has no actual or apparent authority, the purported agent is liable to the third

party for breach of the implied warranty of authority.

Liability of agent to principal

If the agent has acted without actual authority, but the principal is

nevertheless bound because the agent had apparent authority, the agent is

liable to indemnify the principal for any resulting loss or damage.

71




FINANCEDEPARTMENT

72




PREMIUM ANALYSIS

0

1000

2000

3000

4000

5000

2002-

03

2003-

04

2004-

05

2005-

06

2006-

07

2007-

08

2008-

09

Gros s Net

PREMIUM ANALYSIS (RS IN CRORES)

Year Gross Net

2002-03 2969.63 2092.43

2003-04 3063.47 2151.36

2004-05 2944.46 2172.66

2005-06 3154.78 2225.85

2006-07 3498.77 2529.53

2007-08 3739.56 2880.65

2008-09 4277.77 3510.41

INTERPRETATION: The above graph shows that the gross premium in

crores of United India Insurance Company Limited keeps on rising as per the

years and the net premium that is after all the deductions made by the

company is also increasing with the years and it will grow on and on.

73




PROFIT ANALYSIS

0

100

200

300

400

500

600

700

2002-

03

2003-

04

2004-

05

2005-

06

2006-

07

2007-

08

2008-

09

Before Tax After Tax

PROFIT ANALYSIS (RS IN CRORES )

Year Before Tax After Tax

2002-03 214.16 170.99

2003-04 393.39 380.44

2004-05 318.30 307.71

2005-06 452.74 425.23

2006-07 520.34 528.86

2007-08 658.13 631.62

2008-09 502.91 476.05

INTERPRETATION: The above graph shows that the profit in crores before

tax of United India Insurance Company Limited shows some ups and down

in the year 2004 & 2008 even after tax the same years show decrement in

the profit.

74




MARKETINGDEPARTMENT

75




MARKETING STRATEGIES OF UNITED INDIA INURANCE COM.

LTD

There are insurance marketing strategies that can take any insurance

agency from average to success when utilized correctly. Breaking into a new

business climate and finding customers is hard work, but when equipped

with innovative ideas and proven techniques, financial markets sales

personnel can become extremely successful. Getting an education and

training is very important in every industry, sales is certainly no exception.

Those selling insurance will want begin their careers with the very best tools

of the trade and those with already established businesses that are in need

of a motivational push will also gain great benefits by researching and

learning new insurance marketing tips.

This article serves to give a few helpful hints and to encourage those in this

career to seek further and find the right system or push for their

business.Those in this industry will also want to keep constant contact with

existing customers, too.

The competition is fierce today, and no one wants to loose a customer to the

next guy or service to come along. Clients that have had no contact for a

period of time loose loyalty. Keep birthday and anniversary postcards going

into the home on a regular basis. Keeping a name before a consumer will

keep a name in their conscience. A small gift or token of appreciation is also

a means for keeping customers loyal. Christmas goody packages or dinner

out certificates will leave lasting impressions on consistent customers.

Community marketing is another great way to get advertising and name

recognition. Successful net workers join local community agencies, such as

the local Chamber of Commerce, and sign up to help in activities. This is a

great way to get name and photographs listed in newspaper articles and

other media avenues.

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Also, charity work cannot only be greatly beneficial to the community and

those served, but may also open doors to communicating with other

volunteers, who could be potential clients. People enjoy using services

extended by like-minded providers. Creating a sense of community is

extremely important to insurance marketing strategies.

Perhaps the most important insurance marketing tips are tips that speak of

integrity and honest business dealings. There are so many scams in various

industries today, consumers are looking for products and services that they

can trust. It is of the upmost importance that Christian insurance agents

conduct their businesses as unto the Lord, himself. God's Word is extremely

clear about how He feels when there is misconduct in business transactions.

Building trust will be crucial to keeping a business growing in a stable

direction.

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MARKETING CHANNEL OF UNITED INDIA INSURANCE COMPANY LTD

Zero level channel

One level channel

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CONCLUSION

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There is no equivalent way to learn things than learning it practically.

Everyone learns from his mistakes, on experience. The practical experience

is an entirely different aspect when considered about what we learnt in

classroom. This training report would reveal the various learning process.

We have learned some of the key things like how to behave in the

organization? , How to talk with customers? , How to communicate with

senior officials?

The research project titled as “GENERAL TRAINING AT UNITED INDIA

INSURANCE COMPANY” enabled us to understand the actual functioning of

the general insurance company which will help us throughout our career.

The practical knowledge we have gained from this visit will always provide

us the correct understanding about the insurance sector.

United India Insurance Company is one of the companies in the public sector

of general insurance business which are doing exceptionally good in this

sector due to their policies to which people find very attracting according to

their needs.

In this project we have seen that there is numbers of policies are available in

the market but all of them are not known to people. The services provided by

the company to the customers are very nice. In the case of customer

satisfaction, United India Insurance is at the top of his competitors in the

general insurance market.

We would like to conclude that United India Insurance has provided us with a

very good friendly learning environment; they are equipped with high quality

infrastructure, pantry Facilities combined with neat and clean environment.

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8. BIBLIOGRAPHY

1. www.uiic.co.in

2. www.IRDA.co.in

3. Author Name:- S.D Sane

4. Goggle Search Engine

5. Proposal Form of the company

6. Annual Report of the company


http://www.irda.co.in/


http://www.irda.co.in/

remaining project

Documents